SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living, a 71-unit apartment community in San Bernardino, approximately 60 miles east of Los Angeles. Built in 1984, Bernadine Senior Independent Living is a four story, 71-unit retirement community totaling 36,210 rentable square feet and situated on a one-acre site. A private investor out of Los Angeles acquired the property for $6.8 million, or $95,423 per unit. The seller was an Inland Empire-based acquisition group. Alex Mogharebi, Otto Ozen and Bryan LaBar of TMG represented both the seller and buyer in the deal.
HOUSTON — Avison Young has arranged the sale of a 40,000-square-foot industrial building located at 1690 North Loop West in Houston. Situated on 6.2 acres, the facility formerly served as a printing complex for local firm Greensheet Media. Todd Mason, Jeff Lindenberger, Richard Mason and Taylor Wilson of Avison Young represented the seller, Helen Gordon Interests Ltd., in the transaction. The buyer, GSD North Loop 610 LLC, plans to develop a self-storage facility on a portion of the property.
BIG SPRING, TEXAS — Quorum Health Corp. (NYSE: QHC), an operator of general acute care and outpatient facilities across the country, has sold Scenic Mountain Medical Center, a 146-bed healthcare facility in Big Spring, about 40 miles east of Midland in West Texas. Total proceeds from the sale were approximately $22 million. The buyer was not disclosed.
ATLANTA AND SIOUX CITY, IOWA — Americold Realty Trust has entered into a definitive agreement to acquire Cloverleaf Cold Storage from the company’s management and an investor group led by private equity funds managed by Blackstone. The purchase price was $1.24 billion. Atlanta-based Americold will acquire 22 cold storage facilities in nine states in the Midwest and Southeast, 21 of which are owned by Cloverleaf and one is managed by the company, totaling 5.2 million refrigerated square feet. Sioux City, Iowa-based Cloverleaf is the fifth largest cold storage provider in the United States. The company acquired competitor Zero Mountain in January. Bank of America Merrill Lynch and Goldman Sachs & Co. LLC are Americold’s financial advisors in the transaction, and King & Spalding LLP is its legal advisor. Wells Fargo Securities and Deutsche Bank Securities Inc. are Cloverleaf and Blackstone’s financial advisors, and Kirkland & Ellis LLP is their legal advisor.
ATLANTA — Columbia Property Trust has sold One and Three Glenlake Parkway, a 711,000-square-foot office campus in Atlanta’s Central Perimeter submarket, for $227.5 million. Columbia recently completed renovations to the campus, which led to the leasing of 460,000 square feet since 2017. Columbia purchased One and Three Glenlake in 2003 and 2008, respectively. The campus is situated 15 miles north of downtown Atlanta. The buyer was an affiliate of Starwood Capital.
LOS ANGELES — CBRE has arranged the $90 million sale of 22 medical buildings in Florida, Georgia, Alabama and Illinois. The sale includes the Dermatology Solutions Group portfolio, an eight-building portfolio totaling 51,505 square feet in Alabama and Florida. The portfolio is fully occupied by Dermatology Solutions Group, which signed 10-year leases at each site at closing. Physician Group sold the properties to a public single-tenant REIT. A 47,936-square-foot building situated at 2061 Peachtree St. in Atlanta’s Buckhead district was included in the sale as well. The asset was built in 2013 and fully occupied by tenants including Georgia Hand, Shoulder & Elbow (GHSE), the largest hand and upper extremity practice in Georgia. Physician Group sold the building to a public healthcare REIT. The other 13 buildings total 197,385 square feet and are located in Chicago. The undisclosed developer sold the assets to Institutional Fund.
JACKSONVILLE, FLA. — Becovic Management Group (BMG) has acquired Lost Lake Resort Apartments, a 280-unit community, for $48.5 million. The property was built in 2014 and offers one-, two- and three-bedroom floor plans. Community amenities include an indoor sports court, swimming pool, spa, clubhouse, fitness center, coffee bar, theater room, pet park and a car wash. HFF represented the Indiana-based buyer and the seller, Illinois-based Inland Investments.
HOUSTON, AUSTIN, IRVING AND SAN ANTONIO — Tampa-based American Landmark has acquired a portfolio of six multifamily properties totaling 2,284 units located throughout the Big Four Texas markets. The sales price was $311 million. The properties include: Hyde Park at Wells Branch and Hyde Park at Ribelin Ranch in Austin; Hyde Park at Lake Wyndemere and Hyde Park at Enclave in Houston; Lakepointe at Las Colinas in Irving; and Manor at Castle Hills in San Antonio. All properties will be rebranded, and a $14.7 million capital improvement program will be implemented across the portfolio, which was about 96 percent occupied at the time of sale. The seller was not disclosed. The acquisition brings the size of American Landmark’s Texas portfolio to 33 properties and its total volume of holdings to more than 25,000 units across Texas and the Southeast.
FORT WORTH, TEXAS — SHOP Cos. has brokered the sale of Woodmont Plaza North, a 42,004-square-foot retail center in Fort Worth. The property was approximately 95 percent leased at the time of sale to tenants such as Schlotzsky’s Deli, Supercuts, H&R Block, Little Caesar’s Pizza and Boost Mobile. Tim Axilrod, Tommy Tucker and Cameron Burk of SHOP Cos. represented the seller, California-based Black Lion Investment Group, in the transaction. The trio also procured the buyer, a Texas-based limited liability company.
PHILADELPHIA — HFF has brokered the sale of The Commonwealth, a 15-story, 98-unit apartment building in Philadelphia. The sales price was undisclosed. Located at 1201 Chestnut St., the high-rise was built in 1906 and was fully renovated in 2012. The residential component is currently 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick-and-mortar location. Mark Thomson, Carl Fiebig and Francis Coyne of HFF represented the seller, global real estate investment manager Invesco Real Estate, in the transaction. The buyer was a joint venture partnership between The Carlyle Group and Alterra Property Group.