Acquisitions

Core Spaces Acquires 822-Bed Student Housing Community in Raleigh

by Julia Sanders July 26, 2021

RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …

July 26, 2021

Acquisitions Office Texas

CP Group, Rialto Capital Buy 28-Story Office Tower in Houston’s Galleria District

by Taylor Williams July 26, 2021

HOUSTON — A joint venture between owner-operator CP Group and funds managed by Miami-based Rialto Capital Management has acquired Five Post Oak Park, a 28-story office tower in Houston’s Galleria District. The property offers a 3,000-square-foot fitness center and a multi-use conferencing facility. The new ownership plans to implement a capital improvement program that will modernize the lobby and add a new coffee bar, restaurant space and outdoor dining space. The seller and sales price were not disclosed. The deal marks the latest collaboration in a series of recent transactions between Rialto Capital and CP Group, including the acquisition of the 1.2 million-square-foot CNN Center in Atlanta and of One Biscayne Tower in Miami.

July 26, 2021

Acquisitions Multifamily Texas

SWBC Sells 248-Unit Falconhead Apartments in Austin

by Taylor Williams July 26, 2021

AUSTIN, TEXAS — Multifamily developer SWBC has sold Falconhead Apartments, a 248-unit community in the Bee Cave/Lakeway submarket of Austin. Built in 2003, the property features one-, two- and three-bedroom units and amenities such as a pool, spa, outdoor grilling areas, clubhouse, fitness center and a dog park. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented SWBC, which purchased the property in 2019 and implemented a value-add program, in the transaction. The buyer was Texas-based investment firm Domain Communities.

July 26, 2021

Acquisitions Healthcare Texas

IRA Cos. Acquires Four Healthcare Buildings in San Antonio Totaling 55,457 SF

by Taylor Williams July 26, 2021

SAN ANTONIO — Investment firm IRA Cos. has acquired the Gastroenterology Consultants of San Antonio’s ambulatory surgery center and three of its medical office buildings in San Antonio. The properties total 55,457 square feet. All of the medical office buildings were fully leased to a single tenant at the time of sale. Alan Grilliette and Justin Brasell of Transwestern represented Gastroenterology Consultants of San Antonio as the seller in the transaction.

July 26, 2021

Acquisitions California Office Western

Invesco Sells Five-Building Westlake Park Place Office Campus in California for $80.8M

by Amy Works July 26, 2021

WESTLAKE VILLAGE, CALIF. — Invesco Real Estate has completed the disposition of Westlake Park Place, a five-building office campus located in Westlake Village. A partnership between Amstar and Searles Property Group purchased the asset for $80.8 million. Delivered in 2008, Westlake Park Place features 239,003 rentable square feet of office space. At the time of sale, the property was 85 percent leased to a diverse mix of tenants. Kevin Shannon, Rob Hannan, Ken White and Laura Stumm of Newmark represented the seller in the deal.

July 26, 2021

Acquisitions Arizona Multifamily Western

IPA Brokers $45M Sale of Strayhorse Arrowhead Ranch Apartments in Glendale, Arizona

by Amy Works July 26, 2021

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Strayhorse Arrowhead Ranch, a multifamily property in Glendale. WhiteHaven Capital acquired the asset from Shelter Asset Management for $45 million, or $330,882 per unit. Built in 1998, Strayhorse Arrowhead Ranch features 136 apartments with full-size washers/dryers, soaking tubs, walk-in closets and oversized patios or balconies. The community also offers a resort-style swimming pool and spa. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

July 26, 2021

Acquisitions Retail Washington Western

Transnational Management Buys Hazel Dell Towne Center Retail Asset in Vancouver, Washington for $28.8M

by Amy Works July 26, 2021

VANCOUVER, WASH. — CBRE has arranged the sale of Hazel Dell Towne Center, a 264,000-square-foot retail power center located at 8801 N.E. Hazel Dell Ave. Transnational Management acquired the property from a partnership managed by Pine Tree for $28.8 million. Built between 2005 and 2007 on 23 acres, Hazel Dell Towne Center is occupied by 21 local and national retailers. At the time of sale, the property was 87 percent leased. Tenants include Kohl’s, Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse, America’s Best and Massage Envy. Philip Voorhees, Jimmy Slusher and James Tyrrell of CBRE’s National Retail Partners (West), along with Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners (Northwest), represented the seller in the deal.

July 26, 2021

Acquisitions California Industrial Western

Colliers Negotiates Sale of 102,516 SF Logistics Building in Rancho Cucamonga, California

by Amy Works July 26, 2021

RANCHO CUCAMONGA, CALIF. — Colliers has arranged the sale of a distribution building located at 9180 Center Ave. in Rancho Cucamonga. A fund managed by Black Creek Group, which was acquired by a subsidiary of Ares Management in July, purchased the property from Woomer Reverse for $24.5 million. The 102,516-square-foot building features an ESFR sprinkler system, 30-foot clear heights, two suites and a large concrete truck court. The building was constructed is 2004. Clyde Stauff and Jace Gan of Colliers represented the seller and buyer in the deal.

July 26, 2021

Acquisitions Net Lease Retail Washington Western

Hanley Investment Group Arranges $3.3M Purchase of PetSmart-Occupied Retail Property in Union Gap, Washington

by Amy Works July 26, 2021

UNION GAP, WASH. — Hanley Investment Group Real Estate Advisors has brokered the acquisition of a single-tenant retail building located at 1403 E. Washington Ave. in Union Gap. A Florida-based private investor sold the property to a Southern California-based buyer for $3.3 million. PetSmart occupies the 19,677-square-foot property, which was built in 2000, on a net-lease basis. Jeff Lefko and Bill Asher of Hanley Investment, in association with ParaSell, represented the buyer in the deal.

July 26, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

TUFF, Collaborative Real Estate Acquire 160,000 SF Life Sciences Facility in Pittsburgh

by Taylor Williams July 26, 2021

PITTSBURGH — A partnership between nonprofit developer The University Financing Foundation (TUFF) and full-service firm Collaborative Real Estate has acquired Bridgeside Point, a 160,000-square-foot life sciences facility in Pittsburgh. The property is located adjacent to the University of Pittsburgh and Carnegie Mellon University campuses and includes lab, office and academic space. Patterson Real Estate Advisory Group arranged acquisition financing for the deal through Georgia-based Ameris Bank.

July 26, 2021

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