Acquisitions

Marcus & Millichap Negotiates $8M Sale of Apartment Building in Santa Monica

by Amy Works September 9, 2020

SANTA MONICA, CALIF. — Marcus & Millichap has directed the sale of 2647 6th Street, a 24-unit multifamily property located in Santa Monica. A private investor sold the asset to another private investor for $8 million in an all-cash transaction. David O’Keefe and Steve Bogoyevac of Marcus & Millichap represented the seller and buyer in the deal. Built in 1968, the building was converted to condominiums via Tenant Ownership Rights Charter Amendment (TORCA), but is currently operating as an apartment building. The property features four studios, 19 one-bedroom units and four two-bedroom units.

September 9, 2020

Acquisitions Hospitality Washington Western

Crystal Investment Property Brokers Sale of Quality Inn & Suites in Toppenish, Washington

by Amy Works September 9, 2020

TOPPENISH, WASH. — Crystal Investment Property (CIP) has arranged the sale of the Quality Inn & Suites in Toppenish. Terms of the transaction were not released. The hotel features 44 guest rooms with interior corridors and room entrances in a mix of accessible rooms, suites, kitchenettes and family rooms. On-site amenities include a breakfast area, exercise room, guest laundry, truck/bus/RV parking and a business center. Additionally, the property offers excess land for potential development of hotel amenities and/or expansion. CIP represented the undisclosed seller in the sale. The name of the buyer was also not disclosed.

September 9, 2020

Acquisitions California Industrial Western

Sierra Way Industrial Partners Buys Asset in California for $3.9M

by Amy Works September 9, 2020

CORONA, CALIF. — Redlands, California-based Sierra Way Industrial Partners has purchased an industrial building located at 1160 California in Corona. A private seller sold the asset for $3.9 million. Built in 1990 on 1.1 acres, the 22,547-square-foot property features 2,400 square feet of office space, 24-foot clear heights, a large secured yard and two ground- and grade-level doors. Avison Young’s Cody Lerner and Stan Nowak represented the buyer and seller in the transaction. Additionally, Lerner and Alex Heim and Nesha Ritchie of Lee & Associates have been retained by the owner as leasing agents.

September 9, 2020

Acquisitions Multifamily Southeast West Virginia

Marcus & Millichap Arranges $10M Sale of Multifamily Property in Martinsburg, West Virginia

by Alex Tostado September 8, 2020

MARTINSBURG, W.VA. — Marcus & Millichap has arranged the $10 million sale of Elmtree Townhouse Apartments, a 97-unit multifamily community in Martinsburg. The property, which is two stories tall and was built in 2006, offers two- and three-bedroom floor plans. The asset is situated at 125 Winslow Drive, four miles north of downtown Martinsburg and five miles from the West Virginia-Maryland border. Marcus & Millichap’s Dana Newton and Mike Maxwell, along with the firm’s broker of record Francis McGuire, represented both the buyer and seller, undisclosed private investors, in the transaction.

September 8, 2020

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 34-Unit Apartment Building in Metro Boston for $6.9M

by Taylor Williams September 8, 2020

QUINCY, MASS. — Marcus & Millichap has brokered the sale of a 34-unit apartment building located at 40 Butler Road in the southern Boston suburb of Quincy for $6.9 million. The property consists of 30 one-bedroom units and four two-bedroom residences and is located within walking distance of the Quincy Center MBTA station. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity

September 8, 2020

Acquisitions Healthcare Midwest Missouri

Montecito Medical Acquires 76,000 SF Medical Office Building in Metro Kansas City

by Kristin Harlow September 8, 2020

HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.

September 8, 2020

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Negotiates $1.9M Sale of Retail Building Near Minneapolis

by Kristin Harlow September 8, 2020

SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.

September 8, 2020

Acquisitions Colorado Multifamily Western

Connor Group Acquires 300-Unit Broadstone Lowry Multifamily Community in Denver

by Amy Works September 8, 2020

DENVER — Dayton, Ohio-based The Connor Group has purchased Broadstone Lowry, an apartment property located at 8505 Lowry Blvd. in Denver. Alliance Residential sold the asset for an undisclosed price. Built in 2019, Broadstone Lowry features 300 apartments with designer kitchens, hardwood-style plank flooring, stainless steel appliances, walk-in closets with built-in shelving, and patios and decks. Community amenities include a resort-style pool, spa, pool-side cabanas, outdoor kitchen and large fire pits; rooftop amenity deck with panoramic views, outdoor kitchens and entertaining areas; wellness center with meditation pods and a living green wall; pet wash and grooming station; fitness center; yoga studio; and several courtyards. Terrance Hunt, Shane Ozment, Amanda Meldrum and Craig Ratterman of Newmark Knight Frank represented the seller in the deal.

September 8, 2020

Acquisitions Montana Multifamily Seniors Housing Western

CareTrust Buys Two Skilled Nursing Facilities in Montana for $16.5M

by Amy Works September 8, 2020

HELENA AND CLANCY, MONT. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added challenges in these somewhat unusual times, but these buildings were well-run and the parties were pragmatic in dealing with those uncertainties,” says Dave Sedgwick, CareTrust’s chief operating officer. CareTrust’s total initial investment for the two assets was $16.5 million, inclusive of transaction costs and $500,000 of funding to Eduro to improve the facilities. Annual cash rent under the existing Eduro master lease, to which the two properties were added, will increase by approximately $1.6 million. The master lease has a remaining term of approximately 9.5 years, with two five-year renewal options and CPI-based annual rent escalators. The acquisitions were funded using cash on hand.

September 8, 2020

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers Sale of Bank of the West-Occupied Property in Colorado

by Amy Works September 8, 2020

SUPERIOR, COLO. — Marcus & Millichap has arranged the sale of a retail property located at 400 Center Drive in Superior. An out-of-state family trust sold the asset to a California-based investor for $2.1 million. Bank of the West occupies the 3,532-square-foot building on an absolute triple-net lease with 2.5 years remaining on the term. Built in 2004, the property is situated on a 0.94-acre lot less than half a mile from U.S. 26. Drew Isaac, Ryan Bowlby and James Rassenfoss of Marcus & Millichap’s Net Lease Properties Group represented the seller in the deal.

September 8, 2020

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