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Acquisitions

3948-3964-University-Ave-Riverside-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Arranges $3.6M Sale of Retail Strip Center in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail strip center located at 3948-3964 University Ave. in the Inland Empire city of Riverside. A Los Angeles-based seller sold the asset to an Orange County-based private investor for $3.6 million, or $503 per square foot. Fully leased to six tenants at the time of sale, the 7,250-square-foot property offers suites ranging from 750 square feet to 1,750 square feet. The asset was recently remodeled. Greg Bedell of Progressive Real Estate Partners represented the seller, while Girges Gad of Pacific Realty & Finance represented the buyer in the transaction.

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18435-Bear-Valley-Rd-Hesperia-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Merit Hill Capital Purchases 726-Unit Bear Valley RV Park and Self Storage in Hesperia, California

by Amy Works

HESPERIA, CALIF. — New York-based Merit Hill Capital has acquired Bear Valley RV Park and Self Storage, a self-storage facility at 18435 Bear Valley Road in the Inland Empire city of Hesperia. The price was not disclosed. Brian Somoza of JLL Capital Markets Self Storage team represented the undisclosed seller and procured the buyer in the deal. Built in 1996 on 49.6 acres, Bear Valley RV and Self Storage features 726 units spread across a single-story structure, RV parking units, surface parking units and portable storage units. Additionally, the facility offers electronic gate access, 24-hour video surveillance, climate-controlled units and an on-site office. Right Move Storage manages the property, which is 87 percent occupied.

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AcquisitionsFloridaRetailSoutheast

Colliers Arranges $23M Sale of Tampa Bay Store Leased to The Home Depot

by John Nelson

CLEARWATER, FLA. — Colliers has arranged the $23 million sale of a 111,694-square-foot retail property in the Tampa Bay area. Located at 2495 Gulf to Bay Blvd. in Clearwater, the store has been leased to The Home Depot for the past 25 years, and the home improvement retailer has several years remaining on its current lease term. Eric Carlton and Jereme Snyder of Colliers represented the seller, a private institutional investor, in the transaction. The buyer was an undisclosed individual investor.

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AcquisitionsLouisianaMultifamilySoutheast

Reynolds, Slabotsky Family Office Acquire Riverside Oaks Apartments in Shreveport, Louisiana for $9.5M

by John Nelson

SHREVEPORT, LA. — A partnership between Reynolds Asset Management and Slabotsky Family Office has purchased Riverside Oaks Apartments, a 185-unit community located at 109 Southfield Road in Shreveport. The undisclosed seller sold the property to the partnership for $9.5 million. John Hamilton of Marcus & Millichap brokered the transaction, with Tom Didio, Max Custer and Michael Mataras of JLL procuring acquisition financing. Built in 1972, Riverside Oaks features one-, two- and three-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, bicycle storage, picnic area and a dog park. Reynolds and Slabotsky are planning to invest $4 million to overhaul Riverside Oaks, including installing new roofs, driveways, site lighting, landscaping and fencing, as well as upgrading the pool and dog park, improving security features and renovating interiors. Renovations are anticipated to begin immediately and continue over the next two years.

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AcquisitionsIllinoisIowaMidwestMissouriMultifamilySeniors Housing

Arrow Senior Living Acquires Eight Communities in Midwest Region

by Kristin Harlow

ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Arranges $5.7M Sale of Multifamily Property in Thiensville, Wisconsin

by Kristin Harlow

THIENSVILLE, WIS. — Marcus & Millichap has arranged the $5.7 million sale of Grand Avenue Apartments in Thiensville, a northern suburb of Milwaukee. The 47-unit multifamily property is situated on nearly four acres on Grand Avenue. The original building was constructed as a school in 1920 and totals 18,668 square feet. The rear building was constructed in 1986 and totals 34,560 square feet. The complex offers a mix of one- and two-bedroom units, many of which are townhome style. Blake Hanlon and Mark Peltin of Marcus & Millichap represented the seller, a family office, and procured the buyer, a local real estate investor.

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AcquisitionsMichiganMidwestRetail

Dominion Negotiates Sale of Retail Redevelopment Site in Shelby Township, Michigan

by Kristin Harlow

SHELBY TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of a 0.78-acre retail development site located at 56166 Van Dyke Road in Shelby Township for an undisclosed price. Andrew Boncore of Dominion represented the seller. Steven Murphy of Century 21 Campbell Realty represented the buyer, a local business owner who plans on redeveloping the site into a retail center to expand his existing business.

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AcquisitionsIndustrialMaineNortheast

MAG Capital Partners Buys 84,800 SF Manufacturing, Headquarters Facility in South Paris, Maine

by Taylor Williams

SOUTH PARIS, MAINE — In a sale-leaseback transaction, MAG Capital Partners has acquired the manufacturing and headquarters facility of KBS Builders, a wholly owned subsidiary of Star Equity Holdings. The 84,800-square-foot facility, which is located about 30 miles from the Maine-New Hampshire border in South Paris, was originally built on 18.6 acres in 2004 and features a clear height of 40 feet and nine dock doors. Jeff Lizzo and Krupa Shah of STREAM Capital Partners represented KBS Builders in the transaction. The sales price was not disclosed.

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AcquisitionsCaliforniaCivicWestern

City of Oakland Sells Share of Athletics Coliseum to African American Sports and Entertainment Group for $105M

by Amy Works

OAKLAND, CALIF. — The City of Oakland has agreed to sell its share of the Oakland-Alameda County Coliseum complex to African American Sports and Entertainment Group (AASEG) for $105 million. Mayor Sheng Thao signed off on the city’s sale of the property, where the MLB’s Oakland Athletics currently play. Revenue from the sale to AASEG will be used to close part of the city’s budget deficit — $117 million this year and $175 million next year. Payments for the sale of Oakland’s 50 percent stake in the Coliseum site to AASEG will be made in installation over the next several years. AASEG is also in talks to purchase the portion of the Coliseum owned by the Athletics, which is still paying off the team’s 2019 purchase of Alameda County’s share of the site. The Athletics plan to finish the season at the Coliseum before moving to Sacramento for at least three seasons. The team’s long-term plan remains to build a stadium in Las Vegas.

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