Acquisitions

Glencrest Group Acquires Briggs Village Apartments in Olympia, Washington

by Amy Works August 17, 2020

OLYMPIA, WASH. — San Francisco-based Glencrest Group has purchased Briggs Village Apartments, a multifamily community located at 4225 Briggs Drive SE in Olympia. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance arranged a $12.8 million Freddie Mac acquisition loan for the buyer. The 10-year loan features interest-only payments and a fixed-interest rate. Jay Timpani, Mitchell Belcher and Steven Chattin of CBRE represented the seller, Briggs Apartments LLC, in the transaction. Built in 2019, Briggs Village Apartments features six buildings offering a total of 72 one-, two- and three-bedroom apartments with high ceilings, modern appliances and balconies or patios. Community amenities include covered parking, a playground, park and basketball court. The property is part of a 137-acre master-planned community two miles from downtown Olympia.

August 17, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of 112-Bed Skilled Nursing Facility in Athens, Texas

by Taylor Williams August 14, 2020

ATHENS, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 112-bed skilled nursing facility in Athens, approximately 80 miles southeast of Dallas. Built in 1987, the property is located near the University of Texas Health East Texas campus. An undisclosed REIT sold the asset to a Fort Worth-based owner-operator. The sales price was undisclosed.

August 14, 2020

Acquisitions Healthcare New Jersey Northeast

Hudson Regional Hospital Buys Healthcare Property Near Brooklyn for $76M

by Taylor Williams August 14, 2020

BAYONNE, N.J. — Hudson Regional Hospital (HRH) has purchased Bayonne Medical Center, a healthcare property located across the Hudson River from Brooklyn, for $76 million. HRH has purchased the operations of the property, which features 278 beds, from its current operator CarePoint Health. Additional terms of sale were not disclosed.

August 14, 2020

Acquisitions Connecticut Multifamily Northeast

CBRE Brokers $16.3M Sale of Multifamily Portfolio in Hartford

by Taylor Williams August 14, 2020

HARTFORD, CONN. — CBRE has brokered the sale of a $16.3 million multifamily portfolio in the Connecticut capital city of Hartford. The portfolio spans two properties, a 165-unit community at 873 West Blvd. and a 52-unit property at 748 New Britain Ave. Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley, David Gavin, Simon Butler and Biria St. John of CBRE represented the seller, a partnership between Forum Capital Partners and Cantor Real Estate, in the transaction. The team also procured the buyer, New York-based private investment firm 25th Century, which will implement a value-add program.

August 14, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works August 14, 2020

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

August 14, 2020

Acquisitions Arizona Industrial Western

ViaWest Group Sells Bell 17 Industrial Campus in Phoenix’s Deer Valley Submarket for $8.3M

by Amy Works August 14, 2020

PHOENIX — ViaWest Group has completed the disposition of Bell 17 Industrial, a three-building industrial park in North Phoenix’s Deer Valley submarket. An undisclosed private investor acquired the asset for $8.3 million. Totaling 70,495 square feet, Bell 17 Industrial is located at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps Road. At the time of sale, the three buildings were fully occupied by multiple tenants. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan and Bryan Johnson of CBRE Capital Markets represented the seller, while Mark Trueblood of Glendale, Calif.-based Trumark Real Estate Management Services represented the buyer in the deal.

August 14, 2020

Acquisitions California Company News Restaurant Retail Western

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

by Amy Works August 13, 2020

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.

August 13, 2020

Acquisitions Arizona Industrial NAI Self-Storage Western

NAI Horizon Arranges $8.3M Sale of American Self Storage & Mail Center in Chandler, Arizona

by Amy Works August 13, 2020

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of American Self Storage & Mail Center, a self-storage facility located at 12220 E. Riggs Road in Chandler. Apache Junction-based Lawhead Family LLC sold the asset to Phoenix-based 535 Wilmot Investors for $8.3 million. Totaling 59,239 square feet, American Self Storage & Mail Center offers 652 units in a mix of drive-up and climate-controlled options, as well as RV parking and six commercial retail store tenants. Denise Nunez and Victoria Filice of NAI Horizon represented the seller in the transaction.

August 13, 2020

Acquisitions California Retail Western

Hanley Investment Negotiates $3.8M Sale of Four-Tenant Retail Building in Inland Empire

by Amy Works August 13, 2020

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar Tree. Kevin Fryman and Bill Asher of Hanley represented the seller in the deal.

August 13, 2020

Acquisitions Industrial Texas

Provender Sells 267,702 SF Cold Storage Facility in San Antonio Leased to Dollar General

by Taylor Williams August 13, 2020

SAN ANTONIO — Provender Partners, a California-based owner-operator of food-related industrial buildings, has sold a 267,702-square-foot cold storage facility located at 5505 Kaepa Court in San Antonio. Provender Partners purchased the asset in 2019 and implemented a multimillion-dollar capital improvement plan prior to signing Dollar General to a 10-year lease. Guy Ponticello and Robert Gibson of CBRE, along with Scott Delphey of Food Properties Group, represented Provender Partners in the transaction. The buyer was not disclosed.

August 13, 2020

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