DES PERES, MO. — Cohen & Steers Income Opportunities REIT Inc. (CNSREIT), in partnership with Phillips Edison & Co. Inc. (PECO), has acquired Des Peres Corners in the western St. Louis suburb of Des Peres. The 121,000-square-foot, open-air shopping center was built in 2009. The property is 90 percent occupied and is anchored by a 74,000-square-foot Schnucks grocery store. The companies completed the acquisition through a joint venture targeting $300 million in equity that is owned 80 percent by CNSREIT and 20 percent by PECO. The joint venture will focus on acquiring open-air, grocery-anchored shopping centers.
WEST DES MOINES, IOWA — CBRE has arranged the sale of PointeWest Apartment Homes, a 223-unit multifamily property in West Des Moines. The sales price was undisclosed. Built in 1989, the community features a range of one-, two- and three-bedroom floor plans averaging 904 square feet. Amenities include underground parking, an indoor pool and outdoor sauna, pickleball courts, a fitness center, indoor basketball court, game room, dog park and two picnic areas. Cy Fox, Ray Hamilton, Keith Collins and Danny Baker of CBRE represented the East Coast-based seller. California-based Canyon View Capital was the buyer.
BOTHELL, WASH. — Security Properties has completed the disposition of Woodstone Apartments, a multifamily property located at 16520 North Road in the Seattle suburb of Bothell. An undisclosed buyer acquired the asset for $34.7 million. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE represented the seller in the deal. Built in 1989 on 6.4 acres, Woodstone Apartments features 124 one-, two- and three-bedroom units, 86 percent of which are renovated. Community amenities include a pool, spa, fitness center, playground and clubhouse.
LOS ANGELES — BOLOUR Associates has acquired a site with three retail buildings in the Los Angeles Mid City submarket for $6 million. Located at 601, 611 and 619 S. Fairfax Ave., the buildings offer more than 11,500 square feet of net rentable area, including a former 99 Cents Only store. BOLOUR purchased the 99 Cents Only property through a bankruptcy auction after Number Holdings Inc., the parent company of 99 Cents Only Stores LLC, filed for Chapter 11 bankruptcy earlier this year and closed all of its stores. The company will renovate the three buildings to cater to gallery, design, furniture and showroom uses. In the long-term, BOLOUR plans to redevelop the site into 120 multifamily residential units. Hilco Global represented the undisclosed seller, while BOLOUR was self-represented in the deal.
SAN DIEGO — Marcus & Millichap has arranged the sale of North Park Retail, a restaurant property at 2884 University Ave. in San Diego’s North Park neighborhood. Carlos Partners LLC sold the asset to 1295 University Family LP for $1.9 million. Built in 1948, North Park Retail features 3,200 square feet of space. The single-tenant property was renovated in 2014 for Saiko Sake and Sushi Bar’s tenant build out. After operating for 10 years, Saiko Sushi will close when its lease expires in October. The buyers plan to lease out the property after Saiko Sake and Sushi Bar’s vacates. Ross Sanchez and Nick Totah of The Totah Group of Marcus & Millichap represented the seller, while Nate Benedetto of Next Wave Commercial procured the buyer in the transaction.
MIAMI— Florida-based Orion Real Estate Group has acquired a net lease retail portfolio located in Florida, Texas and Illinois for $50 million. An undisclosed family office sold the portfolio, which totals 94,000 square feet across 12 properties. Tenants at the portfolio — which include 11 single-tenant properties and two two-tenant properties — include banks, a fitness center, pharmacy, urgent care facility and a quick-service restaurant. The portfolio has 6.5 years of weighted average remaining lease term. Alex Sharrin, Jeff Cicurel, Eric Osika and Noel O’Donnell of JLL represented the seller in the transaction.
LUTZ, FLA. — Argyle Real Estate Partners and Sembler Investments Real Estate Partners (SIREP) have acquired a 576-unit multifamily portfolio located in Lutz, roughly 14 miles north of downtown Tampa. The acquisition includes the communities Sage at Cypress Cay and Lantana at Cypress Cay. Built in 2022, Sage at Cypress Cay totals 324 units. Apartments at the property feature one-, two- and three-bedroom layouts. Amenities include a resort-style pool with outdoor kitchens and firepits, a clubhouse, fitness center, dog park and pet spa. Lantana at Cypress Cay was developed in 2023 and comprises 252 units. According to a press release issued by Argyle, the property includes residences and amenities comparable to those of Sage of Cypress Cay. The buyers plan to implement minor capital improvements at Lantana at Cypress Cay. Both communities are situated near the University of South Florida (USF), Veterans’ Hospital and Advent Health’s main hospital campus. “With approximately 30,000 healthcare and education jobs in the immediate vicinity, and their proximity to downtown Tampa, these two properties are well positioned to benefit from these growing and diverse employment hubs and provide quality living solutions to these employees,” says Mark Sembler, chief executive officer of SIREP. — Hayden Spiess
SAN ANTONIO — JLL has brokered the sale of Cottages at Leon Creek, a 284-unit build-to-rent (BTR) residential community in northwest San Antonio. The development’s two-story homes come in two-, three- and four-bedroom formats, and some residences feature fenced-in private yards. Amenities include a pool, fitness center, cinema, private workstations and pickleball courts. Cottages at Leon Creek was 92 percent occupied at the time of sale. Robert Arzola, Ryan McBride, Robert Wooten, Matthew Putterman and Daniele Colbertaldo of JLL represented the undisclosed seller in the transaction. Jayme Nelson, Brian Carlton and Leon McBroom, also with JLL, arranged acquisition financing for the deal on behalf of the undisclosed buyer.
HOUSTON — Birmingham, Ala.-based investment and brokerage firm Shannon Waltchack has acquired The Vintage Center, a 29,483-square-foot unanchored retail center located at 10300 Louetta Road in northwest Houston. The center was fully leased at the time of sale to tenants such as First Community Credit Union, Vintage Smile Family Dentistry, Chicken Salad Chick, Memorial Hermann-GoHealth and Trademark Salon. John Indelli and Ryan West of JLL represented the undisclosed seller in the transaction.
FORT SMITH, ARK. — Sila Realty Trust Inc., a publicly traded net lease healthcare REIT based in Tampa, has purchased a 50-bed inpatient healthcare facility in Fort Smith, a city on the Arkansas-Oklahoma border. An undisclosed seller sold the approximately 62,500-square-foot healthcare property for $28.3 million. Built in 2021, the facility was fully leased at the time of sale to Mercy Rehabilitation Hospital, a joint venture between Mercy Hospital Fort Smith and Lifepoint Health. The rehabilitative property is tailored for individuals recovering from stroke, brain injury, neurological conditions, trauma, spinal cord injury, amputation and orthopedic injury. Year-to-date, Sila Realty Trust has purchased eight Class A healthcare properties for an aggregate price of $164 million.