DENVER — Denver-based RedPeak has purchased The Manchester, a multifamily community located at 2030 E. 11th Ave. in Denver’s Cheesman Park neighborhood. This is the first time the property has sold since it was developed in 1973. Terms of the transaction were not released. Craig Stack, Bill Morkes and Nate Moyer of Colliers facilitated the transaction. Originally designed by late architect Roland Wilson, The Manchester features 101 one- and two-bedroom apartments. Each unit offers an expansive balcony, city/mountain views, individual heating and cooling, while each of the six penthouses provide in-unit washers/dryers. Community amenities include laundry rooms on each floor of the building, an indoor pool (a hallmark of Roland Wilson designs), a sun deck, fitness area, lounge and pool tables, as well as racquetball and basketball courts. The Manchester is the sixth Roland Wilson-designed community to be owned and operated by RedPeak.
Acquisitions
VISTA, CALIF. — Gildred Cos. has purchased La Mirada Business Park, a multi-tenant industrial property in Vista, from Catesgarb Holdings for $16.1 million. Williams Roth Group of Lee & Associates represented the buyer, while the team, alongside Jeffrey Bethel of Lee & Associates, represented the seller in the off-market acquisition. Located at 975 and 985 Poinsettia Ave. and 2835 La Mirada Drive, La Mirada Business Park features 76,391 square feet across 4.4 acres. The fully occupied park is divided into six suites ranging from 6,766 to 22,054 square feet, with grade-level loading throughout.
APEX, RALEIGH AND WILMINGTON, N.C. — BWE Investment Sales has brokered the $349.9 million sale of the Cambridge Village Portfolio, a three-property independent living portfolio in Apex, Raleigh and Wilmington. The portfolio comprises Cambridge Village of Apex, a 219-unit community in Apex; The Cambridge at Brier Creek, a 195-unit community in Raleigh; and Cambridge Village of Wilmington, a 222-unit community in Wilmington. In addition, the acquisition includes entitled land parcels adjacent to the Apex and Brier Creek communities. Miami Beach, Fla.-based Starwood Capital Group purchased Cambridge Village of Apex and The Cambridge at Brier Creek senior living communities for a combined $209 million, according to the Triangle Business Journal. The firm also acquired Cambridge Village of Wilmington for $140.9 million. Oliver Development built the three communities, which were constructed between 2010 and 2022 and are operated by Cambridge Village Senior Living. Each campus features resort-style amenities including fitness centers with instructor-led programming, heated indoor pools, a full-service salon and spa, restaurant-style dining, movie theaters, libraries and landscaped outdoor gathering areas.
SRS Arranges $133M Sale of Central Florida Industrial Property Occupied by Sherwin-Williams
by Abby Cox
WINTER HAVEN, FLA. — SRS Real Estate Partners has arranged the $133 million sale of a 685,000-square-foot, single-tenant industrial property in Winter Haven occupied by Sherwin-Willaims. Situated on nearly 40 acres about 46 miles south of Orlando, the property serves as a major distribution center for Sherwin-Williams, which operates on a corporate-guaranteed triple-net lease with a new long-term extension option. Sherwin-Williams uses the property for the storage and distribution of paint and related products. John Redfield of SRS represented the seller, a New Jersey-based private owner. Matthew Mousavi and Patrick Luther, also with SRS, represented the buyer, an East Coast-based, family-owned company with interests in real estate and agriculture. Both parties requested anonymity. SRS also managed the multi-loan financing strategy for the property. Originally constructed in 1992, the industrial property underwent a significant expansion this year, adding new buildings and office space to enhance the facility’s operational capacity.
GREENVILLE, S.C. — Insite Properties has acquired Pelham @ Hyland, a four-building small bay/flex portfolio located along the I-85 corridor in Greenville. Trinity Partners represented the undisclosed buyer, while BWE’s Charlotte office supported the buyer for capital sourcing. CBRE represented the undisclosed seller in the transaction. The sales price was also not disclosed. Trinity Partners will handle leasing for the property, and Insite will provide property management services. Insite is planning a capital improvement program for the 120,000-square-foot property, which includes parking lot and landscaping upgrades, new signage and branding, additional dock and roll-up doors and the addition of spec suites.
CentrePoint Properties Divests of 52,743 SF Mixed-Use Property in Wheat Ridge, Colorado
by Amy Works
WHEAT RIDGE, COLO. — CentrePoint Properties has completed the sale of Wilmore Center, a mixed-use property in Wheat Ridge, to HCA HealthONE for $14.5 million. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller in the transaction. Situated on 5 acres at 7615 W. 38th Ave., Wilmore Center comprises two single-story multi-tenant buildings offering a total of 52,743 square feet of mixed-use space and 236 parking spaces. At the time of sale, the asset was 84 percent occupied by 15 tenants. The tenant mix includes retail, food and medical, with 68 percent of the leased area occupied by medical-related tenants.
WHEATON, ILL. — Mid-America Real Estate Corp. has arranged the sale of Rice Lake Square, a grocery-anchored shopping center in Wheaton, a western suburb of Chicago. Pete’s Fresh Market anchors the 244,924-square-foot center. Additional tenants include PetSmart, Massage Envy, Pure Barre, Xfinity, Potbelly, 7Brew and Taco Bell. Rick Drogosz, Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Core Acquisitions. Phillips Edison Co. was the buyer.
CHICAGO — Greenstone Partners has brokered the $4.1 million sale of a 10,600-square-foot, two-level retail condominium in Chicago’s Wicker Park neighborhood that is fully leased to Urban Outfitters. Danny Spitz and Brewster Hague of Greenstone represented the seller, Newcastle Investors. Spitz also brokered Newcastle’s acquisition of the property in 2013. Urban Outfitters has occupied the asset since 2005. The tenant completed an early extension of its lease, which now runs through January 2034.
MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington. The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …
ARLINGTON, TEXAS — A partnership between Los Angeles-based lender and investment firm PCCP and owner-operator RPM Living Investments has acquired a 358-unit apartment community in Arlington. Truman at Arlington Commons is a four-story building that was built in 2021 and offers studio, one-, two- and three-bedroom units that range in size from 576 to 1,594 square feet. Amenities include a pool, dog park, fitness center, private event space, dining lounge, indoor and outdoor gaming areas, and grilling and dining stations. The building also houses 4,900 square feet of retail space that is leased to a coffee shop.