Acquisitions

IDEAL Capital Group Buys Sentio Apartment Community in Phoenix for $108M

by Amy Works March 11, 2024

PHOENIX — California-based IDEAL Capital Group has acquired Sentio, a multifamily property in North Phoenix, from Hines for $108 million. Completed in 2023, Sentio features 325 open-concept floorplans with top-of-market unit interiors. The Class A property offers smart-home technology; energy-efficient appliances and window treatments; sustainability-focused construction; high-end finishes; interconnected, resident-centric amenity spaces; and walking paths. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Greon of CBRE represented the seller in the deal. Trevor Breaux, Troy Tegeler and Ryan Greer of CBRE Debt & Structured Finance arranged financing for the buyer.

March 11, 2024

Parkview-Christian-Retirement-Portland-OR

Acquisitions Multifamily Oregon Seniors Housing Western

Ziegler Negotiates Sale of 177-Unit Parkview Christian Retirement Community in Portland, Oregon

by Amy Works March 11, 2024

PORTLAND, ORE. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres of land. The buyer is a for-profit owner-operator. The price was not disclosed. The Ziegler investment banking team included Humair Sabir, Stephen Johnson, Marie Carlson, and Ryan Anders.

March 11, 2024

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 94,949 SF Plaza West at Aurora Town Center in Colorado

by Amy Works March 11, 2024

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Plaza West at Aurora Town Center, a 94,949-square-foot retail center in the Denver suburb of Aurora. The Colorado- and California-based sellers sold the asset to a Colorado-based investment group for $8 million. Situated on 7.8 acres at 13670 E. Alameda Ave., Plaza West at Aurora Town Center was 65 percent occupied at the time of sale. The property consists of a shopping center, which was built in 1985, anchored by Dollar Tree and Harbor Freight Tools, and a freestanding drive-thru building built in 2021 and occupied by Starbucks Coffee. Justin Krieger of Pinnacle Real Estate Advisors handled the transaction.

March 11, 2024

Acquisitions California Industrial Western

Multiple Organics Sells 49,805 SF Warehouse, Cold Storage Facility in Hercules, California

by Amy Works March 11, 2024

HERCULES, CALIF. — Multiple Organics has completed the disposition of a warehouse and cold storage facility, located at 200 Linus Pauling Drive in the Bay Area city of Hercules. A Sutter Health entity acquired the asset for an undisclosed price. The 49,805-square-foot property features 7,700 square feet of office space, six dock doors, four grade-level doors, 22-foot clear heights, 2,000 amps of power and 8,000 square feet of cooler space. Kevin Hatcher and Austin Hinder of CBRE represented the seller in the transaction.

March 11, 2024

Acquisitions North Carolina Retail Southeast

IPA Brokers $12.7M Sale of Shopping Center in Rockingham, North Carolina

by John Nelson March 8, 2024

ROCKINGHAM, N.C. — IPA, a division of Marcus & Millichap, has brokered the $12.7 million sale of Richmond Plaza, a 202,504-square-foot retail center in Rockingham. Ross Dress for Less, Planet Fitness, Belk and Burkes Outlet anchor the property, which is located about 70 miles east of Charlotte. Other tenants include Dunkin’ and Hibbett Sports. Zach Taylor of IPA arranged the transaction on behalf of the seller, CF Smith Property Group, and secured the buyer, Florida-based Coastal Equities. “This sale marks the culmination of a very successful repositioning by the sellers, who replaced JC Penney, Save-A-Lot and a movie theater with Burkes Outlet, Ross Dress for Less and Planet Fitness, respectively,” says Taylor.

March 8, 2024

Acquisitions Industrial Texas

Stonelake Capital Partners Buys 119,995 SF Distribution Facility in Fort Worth

by Taylor Williams March 8, 2024

FORT WORTH, TEXAS — Texas-based investment firm Stonelake Capital Partners has purchased a 119,995-square-foot distribution facility in Fort Worth. The building at 4400 Diplomacy Drive, which was fully leased at the time of sale to Litex Industries, is located just south of DFW International Airport in the central part of the metroplex. Jim Carpenter, Jud Clements, Robby Rieke and Madeleine Supplee of Cushman & Wakefield represented the undisclosed seller in the transaction. Coleman Brown, Michael Massad, Will Thomas and Keontae Burns represented Stonelake on an internal basis.

March 8, 2024

Acquisitions Industrial Texas

Finial Group Arranges Sale of 19,259 SF Industrial Building in Northwest Houston

by Taylor Williams March 8, 2024

HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 19,259-square-foot industrial building in northwest Houston. The building at 6606 Gessner Road sits on 1.5 acres and includes outdoor storage space. Jason Gibbons and Christian Villarreal of Final Group represented the seller in the transaction. Christy Bowen of Fox & Graham Real Estate represented the buyer. Both parties requested anonymity.

March 8, 2024

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Brokers Sale of 94-Room Fairfield Inn & Suites Hotel in Hammond, Indiana

by Kristin Harlow March 8, 2024

HAMMOND, IND. — Marcus & Millichap has brokered the sale of the Fairfield Inn & Suites Southeast | Chicago for an undisclosed price. The 94-room hotel is located at 7720 Corinne Drive in Hammond, a city in Northwest Indiana. The four-story property features an indoor breakfast area, fitness center, meeting space, laundry facility, dry cleaning service and convenience store. The hotel will undergo a full renovation in the coming year. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Marcus & Millichap’s Chris Gomes and Allan Miller were listed on the deal as supporting brokers, and Josh Caruana, the firm’s broker of record in Indiana, assisted in closing the transaction.

March 8, 2024

Acquisitions Michigan Midwest Office

Friedman Negotiates Sale of 60,000 SF Office Building in Southfield, Michigan

by Kristin Harlow March 8, 2024

SOUTHFIELD, MICH. — Friedman Real Estate has negotiated the sale of a 60,000-square-foot office building in Southfield for an undisclosed price. The property at 19900 W. Nine Mile Road was formerly home to Specs Howard School of Media Arts. Dan Verderbar of Friedman represented the undisclosed seller. Life Skills Village, an outpatient mental health and rehabilitation facility, will occupy the building.

March 8, 2024

Acquisitions Multifamily New York Northeast

Alchemy Ventures Buys Manhattan Multifamily Property for $11.2M

by Taylor Williams March 8, 2024

NEW YORK CITY — Alchemy Ventures has purchased a 36-unit multifamily property located at 310 W. 80th St. on Manhattan’s Upper West Side for $11.2 million. The six-story building was originally constructed in 1910 and houses an equal mix of studios and one-bedroom apartments. John Stewart and Dylan Torey of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction and procured Alchemy Ventures as the buyer. ax Herzog and Marko Kazanjian of Institutional Property Advisors, a division of Marcus & Millichap, arranged acquisition financing for the deal.

March 8, 2024

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