Acquisitions

Montecito Acquires 109,000 SF Medical Office Complex Near Nashville

by John Nelson January 9, 2019

CLARKSVILLE, TENN. — Montecito Medical Real Estate has acquired two medical office buildings that house Premier Medical Group in Clarksville. The adjacent buildings span 109,000 square feet of space combined and were 100 percent leased at the time of the transaction. Building 1 was constructed in 2016 and offers 55,000 square feet of space that Premier Medical Group uses to provide family medicine, internal medicine, occupational and travel medicine, a walk-in clinic, diagnostic imaging services (CT, fluoroscopy, ultrasound, MRI and mammography) and a laboratory. Building 2 was built in 2018 and offers 54,000 square feet of space that Premier uses to offer pediatrics services and obstetrics and gynecology, along with the practice’s administrative, business offices and scheduling services. The Class A buildings are located about 45 miles northeast of Nashville. Anthony Lunceford and Joe Massa of Colliers International Healthcare Investment Services brokered the transaction on behalf of Nashville-based Montecito. The seller and sales price were not disclosed. Founded in 1995, Clarksville-based Premier Medical Group is a multi-specialty healthcare practice employing a workforce of 300 employees.

January 9, 2019

Acquisitions Georgia Retail Southeast

Palomar Group Arranges $15M Sale of Walmart Supercenter in Augusta

by John Nelson January 9, 2019

AUGUSTA, GA. — The Palomar Group has arranged the $15 million sale of a single-tenant Walmart Supercenter in Augusta. The 217,068-square-foot property is situated within Village Plaza shopping center, located about five miles from Augusta National Golf Club. Palomar Group represented the seller, a national real estate investment group, in the transaction. Jordan Trotter Commercial represented the 1031 exchange buyer.

January 9, 2019

Acquisitions Connecticut Mixed-Use Northeast

HFF Brokers $21.7M Sale of Mixed-Use Portfolio in Bridgeport, Connecticut

by David Cohen January 9, 2019

BRIDGEPORT, CONN. — HFF has brokered the $21.7 million sale of a mixed-use portfolio totaling 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. The three-building portfolio includes the City Trust Building, an 11-story, 135,544-square-foot property; Arcade Mall, a four-story, 52,355-square-foot structure; and Golden Hill, an eight-story, 51,194-square-foot building. Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman, JB Bruno, and Dana Brome of HFF represented the seller, Ginsburg Development Cos., in the transaction. The buyer was Time Equities Inc.

January 9, 2019

Acquisitions Arizona Office Western

ViaWest Group Buys 240,000 SF Office Building in Downtown Phoenix for $37.6M

by Amy Works January 9, 2019

PHOENIX — ViaWest Group has purchased an office building and a semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St., respectively. Phoenix Newspapers Inc. sold the 240,000-square-foot property for $37.6 million. Barry Gabel and Chris Marchildon of CBRE’s Capital Markets Institutional Properties in Phoenix represented the seller in the deal. The Arizona Republic and azcentral.com will remain anchor tenants, occupying approximately 99,000 square feet, of the property. Additional tenants include KPNX-TV (Channel 12) and G/O Digital. This transaction was ViaWest’s sixth acquisition in 2018 and its second purchase in downtown Phoenix.

January 9, 2019

Acquisitions Multifamily Oregon Seniors Housing Western

1031 Crowdfunding Acquires Assisted Living Community in Oregon for $19.1M

by Amy Works January 9, 2019

BANDON, ORE. — 1031 Crowdfunding LLC, through its affiliate 1031 CF Properties LLC, has acquired an 84-unit assisted living and memory care facility in Bandon, a coastal city in the southwest portion of Oregon. The purchase price was $19.1 million. The existing operator, Seasons Management, will continue to manage the property following the sale. Although the name of the property was not released, Pacific View Senior Living Community is Seasons’ only community in Bandon. The 72,430-square-foot community has featured an average occupancy of 92 percent under Seasons, which has operated the property since 2013. “Seniors housing has already outperformed other noted real estate sectors in the past and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and chief executive officer of 1031 Crowdfunding. “The acquisition of this facility is a great way to start off the new year.”

January 9, 2019

Acquisitions California Office Western

Two California School Districts Purchase 115,612 SF Office Building in Oxnard for $13.7M

by Amy Works January 9, 2019

OXNARD, CALIF. — Oxnard Union High School District and Rio School District have acquired an office building, located at 1800 Solar Drive in Oxnard. Thatch Inc. sold the property for $13.7 million. Oxnard Union High School District will own 70 percent of the 115,612-square-foot building and occupy the first two floors, while Rio School District will the remaining 30 percent of the property, occupying the third floor. The school districts plan to use the property for administrative headquarters. David Kim and Mike Tingus of Lee & Associates-LA North/Ventura, in collaboration with Joel Kirschenstein of Sage Realty Group, represented the buyers, while Fred Ferro of NAI Capital, Ventura County, represented the seller in the deal

January 9, 2019

Acquisitions California Healthcare Office Western

Providence Health Sells 26,000 SF Medical Office Building in California for $7.5M

by Amy Works January 9, 2019

TORRANCE, CALIF. — Providence Health has completed the sale of a vacant medical office building in Torrance. California-based Meridian, a full-service real estate developer and owner of medical real estate, acquired the property for $7.5 million. Meridian plans to invest an additional $3.6 million into the 26,000-square-foot building by the time it’s fully leased. Renovations will include an exterior facelift, lobby modernization, the addition of common area restrooms and a new roof, HVAC systems, landscaping and signage, as well as a parking lot restriping/resurfacing. Improvements are scheduled for completion by third-quarter 2019. Located at 3531 Fashion Way, the building is in close proximity to two major hospitals, including the 436-bed Providence Little Company of Mary Medical Center and the 401-bed Torrance Memorial Medical Center. Brendan McArthur, Steve Solomon, Jeff Adkinson and Kristen Bowman of JLL’s Los Angeles represented the seller, while Meridian was self-represented in the transaction.

January 9, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Three-Property Skilled Nursing Portfolio in Pennsylvania

by David Cohen January 9, 2019

SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.

January 9, 2019

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Orchestrates $2.6M Sale of Office Building in Fairfield, Connecticut

by David Cohen January 9, 2019

FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via a 1031 exchange. Jamar Arbelo of J Aaron Investments represented the buyer in the transaction.

January 9, 2019

Acquisitions Multifamily Texas

Kalkan Real Estate Acquires Apartment Portfolio in Houston for $50M

by Taylor Williams January 9, 2019

HOUSTON — Houston-based Kalkan Real Estate Investment has acquired a three-property multifamily portfolio totaling 962 units in Houston for $50 million. The properties include Timbers of Cranbrook, Monticello on Cranbrook and Pecan Square Village on Cranbrook. Jerad Rector of Frisco-based Worldwide Commercial represented the undisclosed seller in the transaction.

January 9, 2019

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