BLOOMINGTON, MINN. — Altus Properties has acquired the Minnesota Center office building in Bloomington for an undisclosed price. The property is 97 percent occupied. Amenities include an on-site deli and conference center along with newly renovated lobbies and common areas. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, Minnesota Center JV LLC.
LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has brokered the sale of the former Silpada Jewelry headquarters building in Lenexa for an undisclosed price. The Class A facility includes 150,000 square feet of office space and 65,000 square feet of industrial warehouse space. Scott Bluhm, David Zimmer, Tracey Mann and Nick Pickard of NGZ marketed the property on behalf of Silpada, which ceased operations in 2016. Heart to Heart International purchased the building.
ST. PETE BEACH, FLA. — A venture led by Gencom has purchased the Grand Plaza Hotel and the Beachcomber Beach Resort and Hotel for $100 million. The hotels are located a quarter-mile apart from each other in St. Pete Beach, a barrier island on the Gulf of Mexico southwest of Tampa. Situated on 3.7 acres at 5250 Gulf Blvd., the 156-room Grand Plaza Resort opened in 1975 as a Hilton hotel and was most recently renovated between 2014 and 2016. The hotel is home to Spinners Rooftop Revolving Bistro & Lounge, the state of Florida’s only revolving rooftop restaurant. Other restaurants at the property include Bongos Beach Bar & Grille, Level 11 Rooftop Lounge and The Palm Room Restaurant. Additional hotel features for the Grand Plaza Resort include direct beach access, beach cabanas, private balconies, water sports rentals, 8,000 square feet of meeting space, a fitness center, swimming pool and business center. The Beachcomber Beach Resort and Hotel is a 102-room beachfront property situated on 6.2 acres at 6200 Gulf Blvd. Restaurants include Jimmy B’s Beach Bar and Grill and Players Sports Bar and Grill. Additional amenities include two outdoor swimming pools, a business center and a central courtyard. Daniel …
TOLEDO, OHIO AND ORLANDO, FLA. — One of the giants of the healthcare REIT sector, Welltower Inc. (NYSE: WELL), has agreed to acquire 55 medical office and outpatient facilities from CNL Healthcare Properties for $1.25 billion. The megadeal is expected to close in the first half of this year. The Class A portfolio, which spans 16 states, is 94 percent occupied. Additionally, 92 percent of the facilities are affiliated with leading healthcare systems. The newly acquired portfolio is expected to overlap significantly with Welltower’s existing outpatient medical footprint. “Welltower was able to act quickly and definitively when the opportunity presented itself, leveraging our proprietary data science platform and deep local presence through our real estate services platform to come to an agreement with CNL as a high quality and reputable sponsor,” says Shankh Mitra, chief investment officer for Toledo-based Welltower. The acquisition includes 3.3 million square feet of rentable space in major metropolitan markets, including San Diego, Miami, Atlanta, Los Angeles and Cincinnati. In an investor presentation detailing the transaction, Welltower said it expects the initial cash yield to be 5.7 percent with a weighted average annual rent increase of 2.4 percent. Orlando-based CNL plans to use the proceeds from …
NEW YORK CITY — Cushman & Wakefield has brokered the $5.4 million sale of a 5,467-square-foot mixed-use building on the Lower East Side of Manhattan. Located at 48 Clinton St., the four-story property was formerly known as the Loho Studios and has hosted a number of recording artists through the years, including Willie Nelson, John Mayer, Joey Ramone, Phish, Patti Smith, Lindsay Lohan, OAR, Art Garfunkel and Joan Jett. Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley of Cushman & Wakefield represented the seller, the Blue Man Group, in the transaction. The buyer was Arani Bose.
CARTERET, N.J. — Seagis Property Group has acquired a 93,000-square-foot warehouse in Carteret. The sales price was undisclosed. The property is located at 1001 Roosevelt Ave., which is approximately 10 miles from Newark Liberty International Airport. With the acquisition, Seagis now owns 28 buildings totaling 4.4 million square feet throughout Northern New Jersey. The seller was undisclosed.
WASHINGTON, D.C. — Akridge and STARS REI have partnered to buy 1025 Vermont Avenue N.W., a 12-story, 116,000-square-foot office building in downtown Washington, D.C. The sales price was not disclosed, but multiple media outlets are reporting the building traded for $48.5 million. The property, also referred to as The Global Building, is situated about four blocks north of the White House. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann of Cushman & Wakefield represented the seller, Carr Properties. This is STARS and Akridge’s second joint venture, having already partnered for a redevelopment of 1101 16th Street, which is expected to be delivered this month.
CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.
SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.
NORTH LAS VEGAS, NEV — Cushman & Wakefield has directed the sale of Craig Promenade, a neighborhood shopping center located at 655-755 W. Craig Road in North Las Vegas. Tulsa, Okla.-based Liberty Crossing Apartments LLC, an entity formed by Precision Equity, purchased the asset from RREF-II KI Promenade, an entity formed by Rialto Capital Advisors. The acquisition price was $12.6 million. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the company’s Las Vegas office, represented the seller in the deal. Big Lots anchors the 81,057-square-foot retail center, which sits on 7.6 acres. At the time of acquisition, the property was 84.8 percent occupied.
