Acquisitions

Cadence Living, Dylan Investments Acquire Tanner Spring Seniors Housing Asset Near Portland

by Amy Works June 17, 2020

WEST LINN, ORE. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our growing portfolio,” says Rob Leinbach, Cadence principal. “Tanner Spring has a terrific reputation and we love the West Linn neighborhood. It is a unique property with sweeping views of the Willamette River valley that we believe is well positioned for the long term.” Cadence Living is currently developing, owns and/or operates communities throughout the South and West.

June 17, 2020

Acquisitions California Industrial Mixed-Use Retail Self-Storage Western

Colliers Brokers $7.2M Sale of Big Oaks Center Mixed-Use Property in Northern California

by Amy Works June 17, 2020

CLEAR LAKE OAKS, CALIF. — Colliers International has brokered the sale of Big Oaks Center, a mixed-use property located in Clear Lake Oaks in Northern California. Las Vegas-based Crystal View Capital sold the property to Redding, California-based Berg Family for $7.2 million. Totaling 98,811 square feet, Big Oaks Center features 78,845 square feet of self-storage space, 17,086 square feet of retail space and a 2,880-square-foot United States Postal Service location. Tom de Jong of Colliers International National Self Storage Group represented the seller in the deal. The purchase was partially completed via a 1031 exchange, with the balance financed by Five Star Bank.

June 17, 2020

Acquisitions Industrial Michigan Midwest

Cushman & Wakefield Brokers Sales of Two Industrial Buildings in Suburban Detroit

by Kristin Harlow June 17, 2020

LIVONIA, MICH. — Cushman & Wakefield has brokered the sales of two industrial buildings totaling nearly 250,000 square feet in Livonia, a western suburb of Detroit. Sales prices were undisclosed. In the first transaction, Anthony Avendt of Cushman & Wakefield represented Country Fresh in the sale of 31770 Enterprise Drive to Caresoft Global LLC. The 148,000-square-foot property, partially renovated in 2004, will be upgraded to meet the needs of the global technology and solutions company. In the second transaction, Avendt and colleague Evan Miller represented Livonia East Corporate Center in the disposition of 12622-645 Inkster Road, a 101,089-square-foot building. MobilityTRANS acquired the asset for its assembly and manufacturing operations. The property underwent renovations beginning last year.

June 17, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 250-Unit Multifamily Community in Raleigh

by Alex Tostado June 16, 2020

RALEIGH, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the Trace, a 250-unit multifamily community in Raleigh. The property was built in 1995 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, playground, dog park, valet trash pickup, picnic area, grilling area, fitness center and a clubhouse. The asset is located at 8224 Green Lantern St., 10 miles northwest of downtown Raleigh. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Hawthorne Residential Partners, in the transaction. NKF’s Debt & Structured Finance team arranged financing on behalf of the buyer, KnightVest, which bought the community for an undisclosed price. The terms of the loan were also not disclosed.

June 16, 2020

Acquisitions Florida Retail Southeast

Current Capital Acquires Retail Property in South Florida for $12.6M

by Alex Tostado June 16, 2020

LAUDERHILL, FLA. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided the buyer with an $8.5 million acquisition loan.

June 16, 2020

Acquisitions Florida Industrial Self-Storage Southeast

Skyview Advisors Arranges Sale of 530-Unit Self-Storage Facility in Florida’s Space Coast

by Alex Tostado June 16, 2020

TITUSVILLE, FLA. — Skyview Advisors has arranged the sale of Prestige Self Storage, a 530-unit, 57,600-square-foot facility in Titusville. The self-storage property is situated on five acres at 4706 S. Washington Ave., four miles south of downtown Titusville and 37 miles east of downtown Orlando. Zack Urow and Ryan Clark of Skyview Advisors represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.

June 16, 2020

Acquisitions Illinois Industrial Midwest

Kiefer Associates Sells 82,000 SF Industrial Building in Zion, Illinois, Leases Back Smaller Portion

by Kristin Harlow June 16, 2020

ZION, ILL. — Kiefer Associates has sold its 82,000-square-foot industrial building located at 1700 Kiefer Drive in Zion within northern Illinois. The sales price was undisclosed. As part of the transaction, Kiefer has agreed to an early termination of its lease and will lease back a smaller portion of the property on a short-term basis. The property sold to an investment group that includes the principals of American Eagle Packaging Co. (AEP), a full-service packaging company that will move into a portion of the facility. The remainder of the building will be subdivided into three additional spaces. Dan Benassi, Dan Jones and Sam Deihs of Entre Commercial Realty brokered the transaction. The team will manage and lease the property going forward.

June 16, 2020

Acquisitions Arizona Office Western

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

Acquisitions California Industrial Office Western

LPC West Sells Flex R&D Building in San Diego’s Sorrento Mesa for $17M

by Amy Works June 16, 2020

SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.

June 16, 2020

Acquisitions Industrial Texas

Stream Realty Negotiates Sale of 114,150 SF Industrial Building in Plano

by John Nelson June 15, 2020

PLANO, TEXAS — Stream Realty Partners has arranged the sale of a 114,150-square-foot industrial building located at 2801 Summit Ave. in Plano. OPEX Corp., doing business as Generation Y LLC, purchased the property for an undisclosed price and is currently the property’s sole tenant. According to LoopNet Inc., the facility was built in 1990 and features office space and 24-foot clear heights. Jason Moser and Ridley Culp of Stream Realty represented the buyer in the transaction. Kacy Jones and John Hendricks of CBRE represented the seller, AdvoCare. The weight loss and sports supplement producer recently built another facility in Plano where it has set up operations.

June 15, 2020

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