CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.
WILMINGTON, MASS. — An affiliate of Harbor Group International (HGI) has purchased Regency Place, a 120-unit multifamily property in Wilmington, a northern suburb of Boston. The property is situated on 11.8 acres and features one- and two-bedroom units with an average size of 1,012 square feet. Amenities include a pool, fitness center and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by CBRE Global Investors, and procured HGI as the buyer.
PHILADELPHIA — CBRE has negotiated the sale of a 40,900-square-foot industrial building located at 3440 Bartram Ave. in Philadelphia. The property was built in 1980 and is located near Interstate 95 and Philadelphia International Airport. Michael Kane and Les Haggett of CBRE, along with Vincent Jolly of CVA Commercial Group, represented the seller, the Philadelphia Housing Authority, which has owned and occupied the building since 1990. Alliance HSP purchased the asset for $3.6 million.
FORT LAUDERDALE, FLA. — JLL Capital Markets has arranged the $44.2 million sale of Cypress Financial Center, a 201,305-square-foot, Class A office tower in Fort Lauderdale. JLL represented the seller, a joint venture between funds managed by Apollo Global Management, Square2 Capital and Steelbridge Capital. JLL also procured the buyer, Vision Properties. Cypress Financial Center is located at 5900 N. Andrews Ave. and is 13 miles from Fort Lauderdale-Hollywood International Airport. The building has 250 feet of frontage along Interstate 95 and is situated across from the Cypress Creek Tri-Rail station and adjacent to the Fort Lauderdale Executive Airport. The 11-story office tower features a six-level, 785-space parking garage. At the time of sale, Cypress Financial Center was approximately 90 percent leased to tenants including Hayes Medical Staffing, which anchors the office tower. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, which recently completed a multi-year renovation of the property. Square2 Capital is an investment management company based in Miami that invests and operates throughout Florida and the Southeast, Steelbridge Capital is a Miami-based private equity firm that invests in single- and multi-tenant real estate properties nationwide and Vision Properties is a commercial real estate firm …
SARASOTA, FLA. — Tricera Capital has acquired a nine-story, Class A office building in downtown Sarasota known as BB&T Financial Center. The Miami-based real estate investment firm purchased the office building for $35 million. Tricera Capital partnered with private investor Alex Karakhanian and Fort Lauderdale, Fla.-based investment firm Merrimac Ventures on the acquisition. The seller was private real estate investor George Spector. BB&T Financial Center is located at 1800 Second St. The 550,000-square-foot building spans across two towers and features 500 covered parking spaces. Originally developed in the 1980s, the building underwent more than $1 million in capital improvements over the past three years, including upgrades to the roof, lobby and elevator systems. The property spans an entire city block between Links and North Osprey avenues. The building was approximately 70 percent occupied at the time of sale. Douglas Mandel of Institutional Property Advisors, a division of Marcus & Millichap, marketed BB&T Financial Center for sale. Scott Wadler of Berkadia’s Miami office arranged acquisition financing through Prime Finance.
MIAMI BEACH, FLA. — An affiliate of Casa Hotels Group has purchased a 30-room hotel in Miami Beach known as the Eva Hotel. CBRE facilitated the $8.1 million sale of the property, which features a fast-casual restaurant and covered parking. Natalie Castillo and Joshua Beene of CBRE represented the seller, Lender West LLC, in the transaction. The Eva Hotel is located at 1506 Collins Ave., between the shopping and entertainment enclaves of Lincoln Road and Española Way and just across the street from the northernmost point of Ocean Drive. The property is situated a half-block from the beach and five miles away from Miami International Airport. The Eva Hotel was originally built in 1962 and last renovated in 2016. The Casa Hotels Group plans to renovate the property before reopening in 2022.
AUSTIN, TEXAS — California-based investment firm DB Capital Management has acquired a portfolio of three multifamily properties totaling 422 units in North Austin. The properties were built in the early 1980s, range in size from 130 to 160 units and were collectively 95 percent occupied at the time of sale. DB Capital Management will implement a two-year value-add program focused on upgrading unit interiors and mechanical systems. Michael Wardlaw, Charles Cirar and Colin Cannata of CBRE represented the undisclosed seller in the transaction.
INDIANA AND OHIO — JLL Capital Markets has brokered the sale of 12 industrial properties spanning approximately 3 million square feet in Cleveland, Fort Wayne and Bloomington for nearly $140 million. John Huguenard, Sean Devaney, Kurt Sarbaugh and Peter Moriarty of JLL represented the seller, Raith Capital Partners. Plymouth Industrial REIT purchased 10 buildings totaling 2.1 million square feet in the greater Cleveland area. The assets are 90 percent leased. STAG Industrial Inc. acquired the 764,177-square-foot facility in Fort Wayne. The building is fully leased to a supplier of parts and components to the recreational vehicle industry. Lastly, Legacy Investing LLC purchased the 125,000-square-foot manufacturing and distribution facility in Bloomington. It is fully leased to a healthcare and pharmaceutical company.
DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.
AMES, IOWA — The Boulder Group has negotiated the sale of a 14,820-square-foot property net leased to Walgreens in Ames for $5.1 million. The single-tenant building is located at 2719 Grand Ave. Walgreens has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm. A West Coast-based real estate firm purchased the asset.
