Acquisitions

Intercapital Group Sells 825-Unit Multifamily Portfolio in Hoover, Alabama

by Alex Tostado May 10, 2019

HOOVER, ALA. — Intercapital Group has sold three multifamily properties totaling 825 units in Hoover. The portfolio includes the 431-unit The Park at Galleria, the 150-unit The Place at Galleria and the 244-unit The Renaissance at Galleria. The properties are situated within 3.5 miles of each other. Sunbelt Residential acquired Park at Galleria, BAF Associates bought Place at Galleria and Myers Apartment Group purchased The Renaissance at Galleria. According to Jimmy Adams of Cushman & Wakefield, each property will undergo renovations in the near future. Adams and colleague Josh Jacobs represented the seller in the transaction. Sales prices for the properties were not disclosed.

May 10, 2019

Acquisitions Healthcare Texas

Ridgeline, Harrison Street Acquire 124,990 SF Behavioral Health Facility in Fort Worth

by Taylor Williams May 10, 2019

FORT WORTH, TEXAS — A partnership between Ridgeline Capital Partners and Harrison Street has acquired Fort Behavioral Health, a 124,990-square-foot healthcare property in Fort Worth. The Class A facility was renovated in 2018, includes 125 beds and offers services such as addiction treatment programs and residential programs for adolescents with autism spectrum disorder. Vizion Health is the operator of the property, the seller of which was not disclosed.

May 10, 2019

Acquisitions Multifamily Seniors Housing Texas

Cushman & Wakefield Brokers Sale of 228-Unit Senior Living Campus in Corpus Christi

by Taylor Williams May 10, 2019

CORPUS CHRISTI, TEXAS — Cushman & Wakefield has brokered the $20.3 million sale of Mirador, a 228-unit seniors housing community in Corpus Christi. The Class A facility was developed in 2011 and offers 125 independent living apartments, 44 assisted living residences, 18 memory care units and 41 skilled nursing units. Mirador was 82 percent occupied at the time of sale. Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield represented the seller, Addison, Texas-based Senior Quality Lifestyles Corp., in the transaction. The buyer was an affiliate of Methodist Retirement Communities, which is based in metro Houston.

May 10, 2019

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers Sale of 68,862 SF Industrial Facility in Chestnut Ridge, New York

by Taylor Williams May 10, 2019

CHESTNUT RIDGE, N.Y. — Cushman & Wakefield has brokered the sale of 3 Alpine Court, a 68,862-square-foot industrial facility in Chestnut Ridge, New York, located just north of New Jersey. Situated on 6.3 acres, the property is 30 miles west of Manhattan and within a one-hour drive of Port Newark and all three metro area commercial airports. Privately held firm Weiss Real Estate Investments purchased the asset from CMS Holding Co. Inc. for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Stan Danzig and Stephen Elman of Cushman & Wakefield brokered the deal.

May 10, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $30.3M

by Amy Works May 10, 2019

LOS ANGELES AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for a combined total of $30.3 million. The acquisitions were funded using cash on hand. The company acquired a single-tenant industrial building, located at 15835 Oxnard St. in Los Angeles for $16.8 million, or $235 per square foot, in an off-market transaction. Situated in the Van Nuys neighborhood, the 71,467-square-foot building features 24-foot clear heights and 1,000 feet of freeway frontage along the Interstate 405 and substantive excess paved lane. Rexford also purchased a low-coverage building, located at 19100 S. Susana Road in Rancho Dominguez, for $13.5 million, or $77 per land square foot, in an off-market transaction. Situated on four acres, the 52,630-square-foot property features 24 dock-high loading positions, excess land for trailer storage and Interstate 710 freeway frontage. At the time of sale, the property was fully leased to a regional logistics operator.

May 10, 2019

Acquisitions Colorado Office Western

McWhinney Acquires 179,688 SF Office Building in Fort Collins, Colorado

by Amy Works May 10, 2019

FORT COLLINS, COLO. — Colorado-based McWhinney has purchased an office building, located at 3420 E. Harmony Road in Fort Collins, for an undisclosed price. The three-story, 179,688-square-foot building is adjacent to the Arapaho Bend Natural Area. Comcast, Madwire and Micro Focus occupy the property. Peter Kelly of CBRE represented the buyer, while Peter Kast, Alex Sommerville and Chad Flynn of CBRE represented the undisclosed seller in the deal.

May 10, 2019

Acquisitions Colorado Office Retail Western

Monfort Cos., Magnetic Capital Purchase Historic Building in Denver for $2.9M, Plan Redevelopment

by Amy Works May 10, 2019

DENVER — Monfort Cos. and Denver-based Magnetic Capital have acquired a historic building located at 2100 Larimer St. in Denver’s Ballpark neighborhood. An undisclosed seller sold the property for $2.9 million. The buyers plan to redevelop the two-story, 11,600-square-foot property into a mix of retail and office space. Formerly the site of the bar El Charrito, the renovation will preserve the building’s historic character while repositioning the property for new tenants. The developers are targeting a restaurant tenant for the 5,830-square-foot first-floor space, while seeking office tenants for the upper floors. Completion is slated for the second half of 2020. Jamis Cos. represented the undisclosed seller in the transaction.

May 10, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers $3.9M Sale of Apartment Building in Detroit

by Kristin Harlow May 10, 2019

DETROIT — Greystone Bel has brokered the sale of Wayne Court Apartments in Detroit for $3.9 million. The 45-unit apartment building is located along Cass Avenue near Little Caesars Arena. The property, built in 1925, also includes two retail spaces. Buyer and seller information was not disclosed.

May 10, 2019

Acquisitions Florida Retail Southeast

Sleiman Enterprises Acquires 200,000 SF Shopping Center in Jacksonville

by Alex Tostado May 9, 2019

JACKSONVILLE, FLA. — Sleiman Enterprises has acquired Lakewood Promenade, a 200,000-square-foot shopping center in Jacksonville’s Lakewood neighborhood. The property was 82 percent leased at the time of the sale to 47 retailers and food providers, including anchors Stein Mart, Tijuana Flats, Winn-Dixie and Starbucks Coffee. The seller and sales price were not disclosed, but the Jacksonville Daily Record reports the seller was Kite Realty Group Trust.

May 9, 2019

Acquisitions Healthcare Texas

NAI Robert Lynn Buys 22,654 SF Medical Office Building in Dallas

by Taylor Williams May 9, 2019

DALLAS — RLI, the investment division of NAI Robert Lynn, has purchased a 22,654-square-foot medical office building located at 9500 N. Central Expressway in Dallas. The building currently houses DaVita Central Dallas Dialysis, and RLI has a new long-term agreement with a national surgical company to anchor the building. RLI expects the new space to be operational in the first quarter of 2020. Nick Lee and Justin Utah of NAI Robert Lynn sourced the off-market building purchase and handled lease negotiations with the new tenant.

May 9, 2019

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