GRAHAM, TEXAS — Stream Realty Partners has brokered the sale-leaseback of a 44,833-square-foot office/industrial property in Graham, about 90 miles northwest of Fort Worth. Todd Noonan of Stream represented the seller/tenant, Dallas-based digital solutions company SpotSee, in the transaction. The City of Economic Improvement Corp. purchased the property for an undisclosed price.
ORLANDO, FLA. — ARA Newmark has brokered the $65.8 million sale of GrandeVille at Jubilee Park, a 330-unit apartment community in Orlando. Patrick Dufour, Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, LeCesse Development Corp. Cortland Partners LLC acquired the asset and will manage the community, renaming it Cortland Jubilee Park. Constructed in 2015, the community features a pool with sundeck, outdoor kitchen, community dog park, fitness center and a clubhouse with a pub and a game room.
SEATTLE — Columbia Pacific Advisors, a Seattle-based investment firm, has agreed to acquire Vancouver, Wash.-based seniors housing owner-operator Hawthorn Retirement Group for an undisclosed price. Hawthorn owns, develops and operates communities located across 20 U.S. states and two Canadian provinces. Hawthorn currently operates 55 communities, with another 24 communities under construction or in pre-development. In addition to the real estate portfolio, the acquisition will include Hawthorn’s management and construction businesses. The principal owners of Hawthorn — Bart Colson, Brad Colson, Norm Brenden and Pat Kennedy — have all known and worked with Columbia Pacific co-founder Dan Baty for many years. Bill Colson and Dan Baty were the primary owners of Holiday Retirement prior to its sale to Fortress Investment Group in 2007. Bart Colson and Brad Colson are Bill’s sons, and Bart was Holiday’s COO for 10 years prior to the sale to Fortress. Norm Brenden and Pat Kennedy were also high-ranking executives at Holiday. “We are buying what we believe to be one of the best senior living companies ahead of a huge and quickly approaching demographic trend of an aging U.S. population,” said Alex Washburn, managing partner and co-founder of Columbia Pacific Advisors. “The Hawthorn platform consists of …
MIAMI — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler St., the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.
LA MESA, CALIF. — Pathfinder Partners has partnered with San Diego-based Silvergate Development to acquire a 4.1-acre former convent and seniors housing community in La Mesa for an undisclosed price. The partnership plans to develop Little Flower Haven, a 130-unit apartment community on the site. Development plans include preserving portions of the 1930s-era mission-style property, including the existing bell tower and chapel. Once complete, the property will feature 68 one-bedroom/one-bath units, 55 two-bedroom/two-bath apartments and seven studio units. Each unit will feature stainless steel appliances, in-unit washer/dryers, central heat and air conditioning, new flooring and solid-surface countertops. On-site amenities will include a recreation room with kitchen, fitness facility, exterior decks, pool and spa, barbecues, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and dog park. Construction is slated to begin this fall. Austin Dias of Duhs Commercial represented the buyer, while Eric Knowles of Kidder Mathews represented the undisclosed seller in the deal.
CHICAGO — Clear Height Properties has acquired a four-property, 522,000-square-foot industrial and office portfolio in suburban Chicago for $30 million. The portfolio includes a 201,800-square-foot office building in Oak Brook as well as more than 320,000 square feet of flex properties in Elmhurst, Bensenville and Willowbrook. The office building was 81 percent leased at the time of acquisition. Clear Height plans to upgrade the amenities, including the fitness center, lobby and conference facilities. The other properties include Elmhurst Metro Court in Elmhurst, Tower Lane Business Park in Bensenville and Willowbrook Court in Willowbrook. Transwestern represented the seller, a private investor.
TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.
WEST CHESTER, OHIO — Marcus & Millichap has brokered the $6.2 million sale of a Comfort Inn & Suites in West Chester, about 20 miles north of Cincinnati. The 92-room hotel is located at 5944 W. Chester Road. Alexandre Duong and Andrew Bankhurst of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.
GARDEN CITY, MICH. — Signature Associates has arranged the sale of a 46,200-square-foot industrial building in Garden City, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 32330 Ford Road. Brad Viergever and Steve Kozak of Signature Associates represented the seller, First Parker Realty Inc., as well as the buyer, WMES.
HOUSTON — Chicago-based LaSalle Investment Management has acquired Memorial Hermann Medical Plaza, a 510,000-square-foot medical office property in Houston. The 28-story building is located within the Texas Medical Center on the city’s south side. The property, which features retail amenities and a 13-level parking garage, was 99 percent leased at the time of sale. Scott Galloway, Colby Mueck and Rusty Tamlyn of HFF represented the seller, a partnership between Mischer Healthcare, Memorial Hermann Health System and other private investors, in the transaction.