MONUMENT, COLO. — Inland Real Estate Acquisitions has negotiated and closed the purchase of Jackson Creek Senior Living, a 132-unit seniors housing property in Monument, approximately 20 miles north of Colorado Springs. Mark Cosenza of Inland Acquisitions, with assistance from Brett Smith of The Inland Real Estate Group, Law Department, completed the transaction. Constructed in 2017 at 16601 Jackson Creek Parkway, Jackson Creek features 27 independent living, 75 assisted living and 30 memory care units. The community also features a collective dining room with chef-prepared meals, a bistro, library, fitness center, salon, movie theater, complimentary transportation, daily resident safety checks and 24-hour concierge service. Additionally, the property is located 1.5 miles from the Tri-Lakes Health Pavilion and nine miles from UCHealth Memorial Hospital in Colorado Springs. Dial Senior Living will manage the property, which has maintained an average occupancy of 96 percent over the last year.
Acquisitions
Tacoma Public Schools Acquires Two-Building Industrial Property in Washington for $12.1M
by Amy Works
TACOMA, WASH. — Tacoma Public Schools (TPS) has purchased a two-building industrial property in Tacoma from Broadstone Cable LLC for $12.1 million. Located at 4401 S. Orchard St. on 6.1 acres, the asset offers 86,000 square feet of industrial space. The buyer plans to use the property for its construction and operational plans. Vladimir Olyanich and Bob Frederickson of Coldwell Banker Commercial Danforth managed the transaction for TPS.
DETROIT — Colliers has arranged the sale of Huntington Tower, a 21-story office building located at 2025 Woodward Ave. in downtown Detroit. Completed in 2022, the 311-foot-tall property includes 203,300 square feet of office space across 10 floors along with 10 levels of structured parking, a ground-floor bank and lobby, collaborative workspaces and flexible floor plates designed to accommodate up to 800 employees. The asset, located across from Comerica Park in the heart of The District Detroit, features a long-term net lease to Huntington Bancshares. Raymond Jonna of Colliers represented the undisclosed buyer and the seller, The Herrick Co., a Florida-based investment firm. The transaction is likely the most expensive office sale in city history, according to Crain’s Detroit Business.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has brokered the sale of the New Mark Shopping Center, an 81,884-square-foot neighborhood retail center in Kansas City anchored by a 52,000-square-foot Sun Fresh Grocery store. The property was 95 percent leased at the time of sale. Block & Co. originally purchased the center in 2001, one year after it was developed by Associated Wholesale Grocers. Since that time, Block & Co. served as the leasing and property management company for the shopping center. David Block and Jay Friedman of Block & Co. negotiated the investment sale on behalf of the property ownership.
ORLANDO, FLA. — Foundry Commercial, a commercial real estate services firm, developer and investor based in Orlando, has acquired five seniors housing communities in Georgia and Florida. Totaling 320 units, the portfolio comprises two communities in Warner Robins and Boynton Ridge, Ga., and three communities in Jacksonville, Titusville and Plant City, Fla. Allegro Living Management, an affiliate of Foundry, will operate the portfolio under the Alto brand. Each community features 44 assisted living units and 20 memory care units and has an average vintage age below five years, according to Foundry. Blueprint Healthcare Real Estate Advisors represented the undisclosed seller, a regional development firm, in the transaction. The sales price was also not disclosed.
Cushman & Wakefield | Thalhimer Arranges Sale of 927,500 SF Industrial Property in Danville, Virginia
by John Nelson
DANVILLE, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of a 927,500-square-foot manufacturing facility located at 100 Morgan Olson Way in Danville, a city in south Virginia on the border of North Carolina. The property is situated within Cane Creek Park and offers ample space for manufacturing and/or distribution tenants. Ben Brenner and Jake Hermann of Cushman & Wakefield, along with Davis Stoneburner, Price Gutshall and Rett Turner of Cushman & Wakefield | Thalhimer, represented the seller, an unnamed private individual, in the transaction. The buyer and sales price were also not disclosed.
WALLINGFORD, CONN. — Marcus & Millichap has negotiated the $9.2 million sale of a 116-room, Marriott-branded hotel in Wallingford, located north of New Haven. The four-story hotel at 100 Miles Drive was built in 1985 as a Susse Chalet hotel but has been operated under the Fairfield Inn & Suites brand since 2001. Jerry Swon, Andrew Kern and John Krueger of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — London-based real estate brokerage firm Savills has entered into an agreement to acquire global advisory firm and real estate investment bank firm Eastdil Secured for roughly $1.1 billion. The transaction is expected to close following the satisfaction of customary regulatory and closing conditions. Under the terms of the agreement, Savills will purchase all of the equity of Eastdil, which has its U.S. headquarters in New York City. Originally founded in 1967 and acquired by Wells Fargo in 1999, Eastdil Realty merged with real estate investment banking firm Secured Capital Corp. in 2006, forming Eastdil Secured. In 2019, Temasek and Guggenheim Investments acquired Eastdil, with Wells Fargo retaining a minority ownership interest. Eastdil Secured will continue to operate its existing business model within Savills Group, serving as the company’s global real estate investment bank and maintaining headquarters in New York City, Santa Monica, California, and London. In connection with the acquisition, Eastdil has announced changes to its executive leadership, effective immediately. Roy March, CEO, has been appointed executive chairman. D. Michael Van Konynenburg has been appointed CEO, and James McCaffrey will now serve as president. Van Konynenburg and McCaffrey will also join the Savills Group executive board. …
COLLEGE STATION, TEXAS — A partnership between Landmark Properties, a Georgia-based student housing owner-operator, and San Francisco-based investment firm Stockbridge has acquired an 801-bed property in College Station. The Junction Cottages & Townhomes was built on 22 acres in 2016 and offers 186 units across three- and five-bedroom standalone cottages, as well as three-, four- and five-bedroom duplex townhomes. The average unit size is 1,700 square feet. Amenities include a clubhouse with office space, pool with a swim-up bar, outdoor grilling and dining stations, social gaming lounge and a fitness center. CBRE brokered the deal. The seller and sales price were not disclosed.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of IMT Prestonwood, a 438-unit apartment community in North Dallas. Built in 2018 just off the Dallas North Tollway, the property offers one- and two-bedroom units with an average size of 815 square feet. Amenities include two pools with cabanas, a clubhouse, sports lounge and outdoor entertainment spaces. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill, Shelby Vosburg and Jack Windham of IPA represented the seller, IMT Capital, in the transaction. The team also procured the undisclosed buyer, which has rebranded the property as Windsor Addison Apartments.