Acquisitions

SRS Real Estate Partners Brokers $13.3M Sale of EoS Fitness-Occupied Retail Property in French Valley, California

by Amy Works August 7, 2024

FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the sale of a retail property located at 35914 Winchester Road in French Valley, located in the Inland Empire region. A Southern California-based private developer sold the recently developed building to a Southern California-based private investor for $13.3 million in a 1031 exchange. EoS Fitness occupies the 38,000-square-foot building under a 20-year, absolute triple-net, corporate-guaranteed lease. The gym, which is the anchor tenant at French Valley Marketplace, is slated to open in late August. Additional tenants at the 78,400-square-foot shopping center includes Grocery Outlet, McDonald’s, Chipotle and 7-Eleven. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Capital Markets represented the seller in the deal.

August 7, 2024

Acquisitions Loans Mixed-Use Office Retail Washington Western

BH Properties Receives $3M Bridge Loan for Acquisition of Olympic Block Mixed-Use Complex in Seattle

by Amy Works August 7, 2024

SEATTLE — Gantry has arranged a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a downtown Seattle mixed-use complex. The borrower is BH Properties. Located at 101 Yesler Way, the 75,000-square-foot property offers creative office space and ground-floor retail space. Acquired through a deed in lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Mark Ritchie and Alicia Sabanero of Gantry secured the three-year, fixed-rate loan through one of Gantry’s correspondent insurance company lenders. The financing features interest-only payments for the entirety of its duration.

August 7, 2024

Acquisitions Industrial Northeast

Colliers Brokers $8M Sale of Central New Jersey Warehouse

by Taylor Williams August 7, 2024

EDISON, N.J. — Colliers has brokered the $8 million sale of a 29,000-square-foot warehouse in the Central New Jersey community of Edison. The building at 6 Olsen Ave. includes 3,000 square feet of office space and 100 parking spaces. Jacklene Chesler and Patrick Norris represented the seller in the transaction. Christopher Galiano of NAI DiLeo-Bram represented the buyer, which also plans to occupy the building. Both parties requested anonymity.

August 7, 2024

Walker-Baptist-Medical-Center_Jasper-Ala

Acquisitions Healthcare Texas Top Stories

Tenet Healthcare to Sell Five Metro Birmingham Hospitals to Orlando Health for $910M

by Hayden Spiess August 7, 2024

BIRMINGHAM, ALA. — Dallas-based Tenet Healthcare Corp. has agreed to sell its 70 percent majority ownership interest in Brookwood Baptist Health in Birmingham for roughly $910 million. Orlando Health is the buyer in the all-cash transaction. The sale will include five hospitals located in the Birmingham metro — Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center and Citizens Baptist Medical Center. Affiliated physician practices and other related operations are also included in the transaction. The sale is expected to close this fall, subject to customary regulatory approvals, clearances and closing conditions. Under the agreement, Conifer Health Solutions, a subsidiary of Tenet Healthcare Corp., will enter into a new and expanded 10-year contract to provide revenue cycle management services to the hospitals and related operations. According to a press release issued by Tenet, its equity interest in the Brookwood Baptist Health joint venture generated pre-tax income of approximately $12 million over the 12-month period that ended June 30. Tenet has been a seller in recent years. In 2015, Georgia-based WellStar Health System purchased five metro Atlanta hospitals and related operations from Tenet for $575 million, marking the seller’s exit from the Georgia market. …

August 7, 2024

Acquisitions District of Columbia Multifamily Office Southeast

JLL Arranges $21.5M Sale of Office Building in DC, Buyer Plans Multifamily Conversion

by John Nelson August 6, 2024

WASHINGTON, D.C. — JLL Capital Markets has arranged the $21.5 million sale of an office building located at 1201 Connecticut Ave. NW in the Dupont Circle neighborhood of Washington, D.C. The 12-story building comprises 190,385 square feet of Class B office space. Tom Hall, Matt Nicholson, Kevin Byrd, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller, a subsidiary of BrightSpire Capital, in the transaction. An affiliate of Duball acquired the property, with plans to convert the development to a 161-unit multifamily community. Plans include the utilization of the ground-floor for retail space and the addition of a pool and amenity spaces to the roof. A development timeline was not disclosed.

August 6, 2024

Acquisitions Industrial Southeast Virginia

SL Nusbaum Brokers $9M Sale of Former James River Transportation Building in Richmond

by John Nelson August 6, 2024

RICHMOND, VA. — S.L. Nusbaum Realty Co. has brokered the $9 million sale of an industrial property located at 915 N. Allen Ave. in Richmond. James River Transportation formerly occupied the property, which totals 16,560 square feet situated on 4.3 acres. Jefferson Street Partners II LLC, an affiliate of Academy Bus Lines that acquired James River Transportation last year, was the buyer. Douglas Tice III of S.L. Nusbaum represented the seller, Storyland Properties, in the transaction.

August 6, 2024

Acquisitions Multifamily Seniors Housing Texas

Green Courte Partners Acquires 348-Unit Active Adult Community in Seabrook, Texas

by Taylor Williams August 6, 2024

SEABROOK, TEXAS — Green Courte Partners, a private equity real estate investment firm, has acquired Chesapeake Bay, a 348-unit active adult community in Seabrook, located just south of Houston. The property offers a mix of apartments and cottages. Amenities include a pool, fitness center, business center, craft room, game lounge, putting green, hair and nail salon, theater and a dog park. The firm’s wholly owned operating platform, True Connection Communities, will manage the property. The seller and sales price were not disclosed.

August 6, 2024

Acquisitions California Multifamily Western

Cityview, Wafra Buy 221-Unit Silva Multifamily Project in Los Angeles’ Silver Lake Neighborhood

by Amy Works August 6, 2024

LOS ANGELES — Cityview and Wafra have acquired Silva, a newly constructed, Class A apartment community in the Silver Lake neighborhood of northeast Los Angeles. The seller and price were not disclosed. Silva is currently vacant and recently received a temporary certificate of occupancy. The new owners plan to lease the community as construction is finalized and a permanent certificate of occupancy is obtained. Located at 235 N. Hoover St., Silva offers 221 studio, one-, two- and three-bedroom floor plans featuring nine-foot ceilings and floor-to-ceiling windows with views of downtown Los Angeles, Griffith Park Observatory, the Hollywood Sign and the Santa Monica Mountains. Units feature full-size washers/dryers, smart thermostats, and kitchens with quartz countertops, high-end fixtures, high-end appliances and full-height tile backsplashes. Select units offer walk-in closets and private oversized balconies or patios. Community amenities include coworking space, a large deck, resort-style pool and spa, a club room with arcade games and a private screening room, programmatic outdoor space, a double-height fitness center and outdoor dining areas with firepits and barbecues. Additional amenities include a dog run, green space, secure storage areas and electric vehicle charging stations. Chris Tresp and Derrek Ostrzyzek of CBRE brokered the transaction. Westhome, an affiliate of …

August 6, 2024

Acquisitions Colorado Industrial Office Western

Libitzky Property Cos. Sells Rampart Center Office/Flex Property in Englewood, Colorado for $18M

by Amy Works August 6, 2024

ENGLEWOOD, COLO. — Libitzky Property Cos. has completed the sale of Rampart Center, a two-building asset in Englewood, just south of Denver. River Rise Capital acquired the asset for $18 million. Located at 7173 and 7245 S. Havana St., Rampart Center offers 100,455 square feet of office/flex space spread across two buildings. The single-story properties were originally built in 1999 and have gone through recent improvements, including the addition of a fitness center. At the time of sale, Rampart Center was 94 percent leased to five tenants in a variety of industries, including government services, healthcare, engineering and co-working. Larry Thiel and Sean Whitney of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

August 6, 2024

Acquisitions Industrial Nevada Western

CapRock Acquires Two Industrial Buildings in Sparks, Nevada Totaling 177,100 SF

by Amy Works August 6, 2024

SPARKS, NEV. — CapRock Partners has purchased two industrial properties totaling 177,100 square feet in Sparks, just east of Reno. An owner-user sold the assets for an undisclosed price in an off-market transaction. The 94,000-square-foot building at 120 Greg St. features eight dock-high doors and three grade-level doors. Initially constructed in 1995, the building is currently divided into four suites ranging in size from approximately 20,000 square feet to 27,000 square feet. Located at 250 Greg St., the second, 83,1000-square-foot building offers three dock-high doors and eight grade-level doors. Constructed in 1980, the building was expanded in 1995 and 2001 and offers suites ranging in size from 9,000 square feet to 36,000 square feet. CapRock plans to renovate the two buildings and implement extensive capital improvements to enhance functionality. Planned renovations include adding storefronts, building new offices, refreshing existing offices, installing LED lighting, new interior and exterior building paint, and improvements to the site’s parking lots and landscaping. Brian Armon, Tony Machabee and Derek Carroll with NAI Alliance facilitated the transaction.

August 6, 2024

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