Acquisitions

Montecito Medical Acquires 32,000 SF Medical Office Property in Visalia, California

by Jeff Shaw July 18, 2023

VISALIA, CALIF. — Montecito Medical has acquired a 32,300-square-foot medical office property in the San Joaquin Valley city of Visalia. The property, located on the campus of Kaweah Delta Medical Center, is fully leased by Kaweah Health. Founded in 1963, Kaweah Health operates the largest healthcare facility in the county and works with more than 5,200 medical professionals across its eight campuses. The acquisition aligns with Montecito Medical’s focus on acquiring medical office properties nationwide.

July 18, 2023

Acquisitions Industrial Massachusetts Northeast Self-Storage

Marcus & Millichap Brokers Sale of 496-Unit Self-Storage Facility in Lakeville, Massachusetts

by Taylor Williams July 18, 2023

LAKEVILLE, MASS. — Marcus & Millichap has brokered the sale of Community Square Storage, a 496-unit self-storage facility located about 35 miles south of Boston in Lakeville. Built on 3.3 acres in 2022, the three-story facility spans 53,462 net rentable square feet across 436 climate-controlled units and 60 non-climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also not disclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

July 18, 2023

Acquisitions Louisiana Southeast Student Housing

Landmark Properties Acquires 1,290-Bed Student Housing Community in Baton Rouge, Louisiana

by John Nelson July 17, 2023

BATON ROUGE, LA. — Athens, Ga.-based Landmark Properties has acquired The Lodges at 777, a student housing community located in Baton Rouge, roughly two miles from Louisiana State University (LSU). Constructed in 2011, the property comprises 1,290 beds across 382 units. Amenities at the community, which was 100 percent preleased for the fall 2023 term at the time of sale, include a swimming pool, clubhouse and fitness center. The seller and sales price were not disclosed.

July 17, 2023

Acquisitions Florida Multifamily Southeast

Joint Venture Sells 312-Unit Altís Ludlam Trail Apartments in Miami

by John Nelson July 17, 2023

MIAMI — A joint venture sponsored by The Altman Cos. has sold Altís Ludlam Trail, a 312-unit apartment community located in Miami. Developed between 2020 and 2022, the property was 98 percent occupied at the time of sale. GID purchased the property for an undisclosed price, and the company’s in-house property management company, Windsor Communities, will operate the community going forward. Altman, a wholly owned subsidiary of BBX Capital Real Estate, developed Altís Ludlam Trail in partnership with MV Real Estate Holdings and The Mattoni Group.

July 17, 2023

Acquisitions Florida Industrial Southeast

CBRE Arranges Acquisition of 230,000 SF Distribution Center in Jacksonville

by John Nelson July 17, 2023

JACKSONVILLE, FLA. — CBRE has arranged the acquisition of Airport Industrial Park, a 230,000-square-foot warehouse distribution center in Jacksonville. Located at 14467 Duval Place W, the property was 100 percent leased to 51 tenants at the time of sale. Ben Stewart and Kyle Fisher of CBRE’s Industrial & Logistics team represented the buyer, a joint venture between East Capital Partners and Tramview Capital Management, in the transaction. An entity doing business as BRC Florida Holdings sold the property for an undisclosed price. CBRE will manage leasing at the center, which includes spaces ranging in size from 2,250 to 10,000 square feet.

July 17, 2023

Acquisitions California Office Western

Global Net Lease Sells Office Property in San Jose for $50M

by Jeff Shaw July 17, 2023

SAN JOSE, CALIF. — Global Net Lease. has agreed to sell an office property in San Jose for $50 million. The property, originally acquired by GNL in 2014 for $52.5 million, will be converted to residential use by a local developer. Further details were not disclosed.

July 17, 2023

Acquisitions California Industrial Western

Levin Johnston Arranges $14.5M Sale of Industrial Portfolio in Burlingame, California

by Jeff Shaw July 17, 2023

BURLINGAME, CALIF. — Levin Johnston has arranged the $14.5 million sale of an industrial portfolio in the Bay Area city of Burlingame. The 1.6-acre site consists of eight separate industrial suites in two adjacent buildings. The transaction comprised two adjacent properties with 31,415 square feet of leasable space. Both properties are zoned for warehouse use with flex office space. The properties include on-site external parking, 14-foot ceiling heights and multiple drive-in bays for warehouse access. They are located at 890 Mahler Road and 1550 Gilbreth Road. The Levin Johnston team of Adam Levin, Robert Johnston and Jessica Tomasetti represented both the buyer and seller of the properties.

July 17, 2023

Acquisitions Colorado Office Western

Ivy Realty Buys Junction 23 Creative Office Redevelopment in Denver

by Jeff Shaw July 17, 2023

DENVER — Ivy Realty has purchased Junction 23, a creative office property at 2323 Delgany St. in Denver’s River North (RiNo) District. The price was not disclosed. The project represents a 12-month renovation by EverWest, which converted a 1975-built industrial building into 86,127 square feet of creative workspace in 2019. Junction 23 features an open interior, indoor-outdoor concept with a 73,915-square-foot ground floor and 12,212-square-foot second floor. The project incorporates numerous flexible work areas including modern conference rooms, small-group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting. John Jugl of Newmark represented the seller, EverWest, in the transaction.

July 17, 2023

Acquisitions California Office Western

American Plus Bank Acquires Two Office/Flex Buildings in Arcadia, California for $5.3M

by Jeff Shaw July 17, 2023

ARCADIA, CALIF. — American Plus Bank has acquired two office/flex buildings in Arcadia, just northeast of Los Angeles, for $5.3 million. The buyer plans to utilize a portion of the property for one of its retail bank locations. Built in 1968, the property includes 38 parking spaces and provides high visibility and easy access. The office suites feature kitchens, private restrooms, private offices/conference rooms, server rooms, reception areas and open work areas. Andrew Berk of Avison Young represented the seller, a local family trust, while Jennie Ching of KW Commercial represented the buyer.

July 17, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.1M Sale of Retail Property in St. Charles, Illinois

by Kristin Harlow July 17, 2023

ST. CHARLES, ILL. — Marcus & Millichap has brokered the $4.1 million sale of a 31,650-square-foot retail property in St. Charles, a far west suburb of Chicago. Located at 300 S. 2nd St., the building was formerly home to Blue Goose Market, which closed in March 2022. The buyer, a developer, plans to redevelop the asset into a national-branded grocery store. The property was originally built in 2008. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer.

July 17, 2023

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