NEW YORK STATE — Jacobson Properties has brokered the $45 million sale of the New York State Medical Office Portfolio, five properties located in the Capital Region and Hudson Valley of New York State. The 209,382-square-foot portfolio is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the undisclosed seller in the transaction. The buyer was a national private equity healthcare investor.
Acquisitions
YONKERS, N.Y. — Marcus & Millichap has negotiated the $2.7 million sale of a 9,500-square-foot retail property in Yonkers. Located at 896 McLean Ave., the property is currently net leased to Dollar Tree. Alan Cafiero, Ben Sgambati and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a personal trust.
CARLSBAD, CALIF. — As 2019 begins to take shape, commercial real estate investors across the country are starting to hedge their positions on the overall strength of the market, according to Real Capital Markets’ (RCM) 2019 National Investor Sentiment Report. While investors remain optimistic about the overall fundamentals of America’s commercial real estate market, they are increasingly expressing cautionary tones, according to the report. There are still investment opportunities available as long as investors adjust their strategies, as suggested by survey responses. “For the past decade we’ve experienced unprecedented levels of investment activity, with each year establishing another new record,” says Tina Lichens, COO of Real Capital Markets. “With words like ‘plateau’ and ‘flattening’ now entering the lexicon, it’s important to note how far the market has come and that in these good times, plateaus are part of a healthy cycle.” Wayne Vandenburg, chairman and CEO at TVO Capital Management, an owner, investor and manager of multifamily assets globally, attributes the continued run in the investment markets to a strong U.S. economy. “The only place you can be assured of business doing pretty well overall is in the U.S.,” says Vandenburg. “Due to the size of our economy, we aren’t insulated by …
MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the asset, which it has owned since 2014. The joint venture bought the asset in all cash in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (BVK), Germany’s largest manager of public pension schemes.
CM Knight Logistics Acquires Industrial Building in Upstate South Carolina for $7.7M
by Alex Tostado
ANDERSON, S.C. — CM Knight Logistics has acquired the former LaFrance Industries manufacturing facility and rebranded the asset as Anderson Industrial & Logistics Pointe. The 405,000-square-foot building sits on 45 acres in Anderson. Mauldin, S.C-based Mount Vernon Mills, the parent company of LaFrance Industries, sold the property. LaFrance Industries has leased back 120,000 square feet of space, making 288,000 square feet of space available.
TULSA, OKLA. — Arlington-based SkyWalker Property Partners has acquired a 56,497-square-foot educational campus leased to Platt College in Tulsa. Platt College’s parent company, North Texas-based Ancora Education, provides vocational training in healthcare, technology and other skilled trades. Angela West of CBRE represented the seller, CMS EDU Tulsa LP, in the transaction. Gary Walker and Clint Holland of SkyWalker Property Partners negotiated the acquisition for the buyer of record, Cooking with Gas LLC.
AUSTIN, TEXAS — HFF has negotiated the sale of 3208 Red River Street, a 20,762-square-foot office building in Austin. Walter Saad, Cathy Nabours and Drew Fuller of HFF represented the seller, San Francisco-based Drawbridge Realty, which acquired the property in 2013 and performed a complete redevelopment. Avison Young represented the buyer, an undisclosed private real estate trust. Tenants at the property include Xeris Pharmaceutical and YMCA.
KEARNS, UTAH, AND CASA GRANDE, BULLHEAD CITY AND KINGMAN, ARIZ. — MedCore Partners, in partnership with Trinity Private Equity Group, has acquired four seniors housing assets throughout Arizona and Utah for $98 million. The acquisition is the first tranche of a five-property, 531-unit, $130 million portfolio acquisition for the partnership. The final property is still under construction, with the sale slated for completion upon delivery in May. SunTrust Bank provided financing for the transactions. The four communities involved in this deal total 409 units of assisted living and memory care. The properties include Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, White Cliffs Senior Living in Kingman with 103 units and the 97-unit Summit Senior Living in Kearns. Immediately upon closing on the assets, Watermark Retirement Communities took over the management of each of the properties.
HAYWARD AND SAN LEANDRO, CALIF. — Levin Johnston of Marcus & Millichap has directed two property sales, totaling $23.4 million, in the East Bay area of San Francisco. In the first deal, Levin Johnston, Adam Levin and Eymon Binesh of Marcus & Millichap brokered the acquisition of Stratford Village Center, located at 1641-1645 Industrial Parkway West in Hayward. A private buyer acquired the property for $12.9 million. Originally constructed in 2003 and 2004, Stratford Village Center features 40,852 square feet of retail space. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Starbucks Coffee, Subway, Fremont Bank, Straw Hat Pizza, DaVita Inc., Select Staffing, CosmoProf and Manheim Inc. In the second transaction, Levin and Johnston represented the buyer and seller, both local apartment owners, in a $10.5 million multifamily transaction. Located at 15977 Maubert Ave. in San Leandro, The Maubert Apartments is a garden-style apartment community comprising four buildings offering a total of 34 apartments in a mix of two-bedroom/two-bath and one-bedroom/one-bath flats. On-site amenities include a gated and secured entryway, private balconies, assigned covered parking and on-site laundry.
SAN DIEGO — Trion Properties has completed the disposition of Willow Glen Apartments, located in the Rolando/College Area submarket of San Diego. Bernard Xavier acquired the property for $17.9 million. Located at 3635 College Ave., Willow Glen Apartments features 97 units, high-speed internet and free Wi-Fi for residents. Trion purchased the property in June 2015 for $9.6 million and implemented $2.2 million in capital improvements and rebranding. Renovations included the installation of quartz countertops, stainless steel appliances and new cabinetry in each of the units. Exterior upgrades include a revamped façade with new paint, as well as the integration of low-water and drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property. Peter Scepanovic and Corey McHenry of Colliers International represented the seller in the deal.