Acquisitions

CBRE Brokers $41.5M Sale of Two Industrial Ground Leases in San Diego’s Sorrento Mesa

by Amy Works August 28, 2020

SAN DIEGO — CBRE has arranged the sale of two ground leases covering three land parcels totaling 12.5 acres in San Diego’s Sorrento Mesa neighborhood. A private investor acquired the assets from San Francisco-based Stockbridge Capital Group for $41.5 million. Louay Alsadek, Hunter Rowe and Madison Mawby of CBRE represented the seller, while Bob Safai of Madison Properties represented the buyer in the transaction. Totaling 76,000-square-feet, the first parcel is under South Rim Business Park, a three-building flex office campus located at 5744, 5754 and 5764 Pacific Center Blvd. The second parcel is under two data center buildings totaling 115,000 square feet located at 5732 and 5738 Pacific Center Blvd., while the third parcel is a 0.85-acre open space adjacent to the two other properties.

August 28, 2020

Acquisitions California Healthcare Top Stories Western

Verity Health System Completes Sale of Six Hospitals as Part of Bankruptcy Process

by Katie Sloan August 28, 2020

REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures. The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties including tertiary and quaternary care. Most recently, Verity Health completed the sale of St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood, for $350 million to Prime Healthcare. The provider also sold Seton Medical Center, a 357-bed hospital located in the San Francisco suburb of Daly City, and Seton Coastside, a 116-bed hospital located in Moss Beach, Calif., for $40 million to AHMC Healthcare. The agreement to sell St. Francis Medical Center was announced in April of this year. Also in April, Verity agreed to sell St. Vincent Medical Center, a 381-bed hospital located in Los Angeles, for $135 million to surgeon and medical researcher Dr. Patrick Soon-Shiong. Santa Clara County was the buyer in Verity’s first two asset sales — O’Connor Hospital and St. …

August 28, 2020

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of 110,101 SF Office Portfolio in Winston-Salem

by Alex Tostado August 27, 2020

WINSTON-SALEM, N.C. — CBRE has negotiated the sale of the Novant Healthcare portfolio, a two-building office portfolio totaling 110,101 square feet in Winston-Salem. The portfolio was fully leased at the time of sale to Novant Health and serve as offices for billing, human resources and IT operations for the locally based healthcare system. The two buildings are situated at 480 W. Hanes Mill Road, seven miles north of downtown Winston-Salem, and 4020 Kilpatrick St., six miles west of downtown Winston-Salem. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Patrick Gildea, Greg Wilson, Matt Smith and Grayson Hawkins of CBRE represented the seller, RiverOak Investment Corp., in the transaction. Raleigh-based Nova Capital acquired the assets for an undisclosed price.

August 27, 2020

Acquisitions Industrial NAI Northeast Pennsylvania

NAI Summit Brokers Sale of 180,000 SF Industrial Facility in Easton, Pennsylvania

by Taylor Williams August 27, 2020

EASTON, PA. — NAI Summit has brokered the sale of a 180,000-square-foot industrial facility located at 3700 Glover Road in Easton, about 70 miles north of Philadelphia. According to LoopNet Inc., the property is situated on 15 acres and features 26-foot clear heights, 15 loading docks and parking for 242 cars and numerous trucks. Mike Adams of NAI Summit represented the buyer, personal care products manufacturer A.P. Deauville, which is relocating and expanding from New Jersey into this facility. The new owner-occupant is effectively doubling its footprint and expects to bring more than 100 new jobs to the region. The seller was not disclosed.

August 27, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $3.7M Sale of Retail Building in Algonquin, Illinois

by Kristin Harlow August 27, 2020

ALGONQUIN, ILL. — Marcus & Millichap has arranged the sale of a 7,926-square-foot retail building in Algonquin for $3.7 million. Located at 1496 S. Randall Road, the property serves as an outparcel to a Walmart Supercenter. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a developer. A Midwest-based investment company purchased the asset, which was fully leased at the time of sale to The Vitamin Shoppe, FedEx and Bentley’s Pet Stuff.

August 27, 2020

Acquisitions Illinois Midwest Restaurant Retail

Hanley Investment Group Brokers $3.5M Sale of Panera Bread-Occupied Property in East Peoria, Illinois

by Kristin Harlow August 27, 2020

EAST PEORIA, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.5 million sale of a newly constructed retail property occupied by Panera Bread in East Peoria, about 70 miles north of Springfield. The 4,380-square-foot, drive-thru location is situated within a 650,000-square-foot mixed-use development known as The Levee District. Jeff Lefko and Bill Asher of Hanley represented the seller, Cullinan Properties Ltd. David Rush of CBRE represented the buyer, a Santa Barbara, Calif.-based private investor.

August 27, 2020

Acquisitions Office Texas

Nitya Capital Acquires 466,025 SF One Westchase Center Office Building in Houston

by Taylor Williams August 27, 2020

HOUSTON — Locally based investment firm Nitya Capital has acquired One Westchase Center, a 466,025-square-foot office building located at 10777 Westheimer Road in Houston. Built in 1982 and renovated in 2019, the 12-story building features an onsite deli, fitness center and a 2,700-square-foot conference center, as well as a 1,400-space parking garage. Transwestern handles the office building’s leasing assignment, and Griffin Partners manages it.

August 27, 2020

Acquisitions Multifamily Texas

29th Street Capital Buys 350-Unit Greenhouse Apartments in Metro Houston

by Taylor Williams August 27, 2020

KATY, TEXAS — Multifamily owner-operator 29th Street Capital has purchased Greenhouse Apartments, a 350-unit multifamily community located at 2040 Greenhouse Road in the western Houston suburb of Katy. Built in 2016, the property offers one-, two- and three-bedroom floor plans with quartz countertops, glass backsplashes, European cabinetry and stainless steel appliances. Amenities include a pool, fitness center, coffee bar, playground, dog park, outdoor grilling areas, conference center and a clubroom. The new ownership will implement a value-add program by upgrading the landscaping, adding a package locker system and making technological improvements.

August 27, 2020

Acquisitions California Multifamily Western

Matthews Negotiates $26.4M Purchase of Mountain View Manor Apartments in Los Angeles

by Amy Works August 27, 2020

LOS ANGELES — Matthews Real Estate Investment Services has brokered the acquisition of Mountain View Manor Apartments, located at 21700-34 Septo St. in the Chatsworth neighborhood of Los Angeles. Sussex Capital Group purchased the property from a private family for $26.4 million. Built in 1977, Mountain View Apartments features 97 units in a mix of one- and two-bedroom layouts. The gated community features four swimming pools, a hot tub, barbecue area, laundry facilities and assigned parking. John Boyett and Daniel Withers of Matthews Real Estate Investment Services represented the buyer, while Keller Williams represented the seller in the transaction.

August 27, 2020

Acquisitions Colorado Office Western

Quiver Investments Arranges $12M Acquisition of Viewpoint Office Property in Littleton, Colorado

by Amy Works August 27, 2020

LITTLETON, COLO. — Denver-based Quiver Investments has arranged the purchase of Viewpoint I & II, a two-building office property located in Littleton. Pantheon Viewpoint LLC acquired the asset from IBC Denver VII for $12 million. Located at 7901-7921 Southpark Plaza, the 93,069-square-foot property was 72 percent occupied at closing. The buyer plans to continue reinvestments that are currently underway in the building resulting in increased energy efficiency, HVAC optimization and improved common areas. John Witt and Ben Swanson of Quiver Investments represented the buyer, while Riki Hashimoto of Newmark Knight Frank represented the seller in the deal.

August 27, 2020

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