Acquisitions

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FREMONT, CALIF. — Boston-based Longpoint has acquired a three-building light industrial portfolio in Fremont for $31.5 million. Known as The Silicon Valley Portfolio, the 122,168-square-foot asset is Longpoint’s first acquisition in the Bay Area. The portfolio is situated on the East Bay area near the major transportation corridors of Interstates 680 and 880. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark’s Western region team handled the transaction. The name of the seller was not released. Joe Kelly of Newmark serves as the leasing advisor for the portfolio.

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AUBURN, WASH. — Cushman & Wakefield has brokered the sale of Auburn Park 167, an industrial park at 3703 and 3941 I Street NW in Auburn, approximately 20 miles south of Seattle. Terms of the transaction were not released. Situated on 17.6 acres, the 385,986-square-foot Auburn Park 167 features two industrial warehouses with a variety of bay sizes, 30-foot clear heights and grade/dock-high loading doors. Currently, Auburn Park 167 is 100 percent leased. Bryce Aberg, Jeff Chiate, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s national industrial investment advisory group represented the seller in the transaction.

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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.

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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.

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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.

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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. …

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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.

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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.  

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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.

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Silva-Apts-Los-Angeles-CA

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 …

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