LAKEWOOD, COLO. — Rouler Advisors, through an affiliate, has purchased Westgate Centre, a mixed-use property in Lakewood. Avatar Westgate LP, a special purpose company that originally acquired the asset in late 2014, sold the property for an undisclosed price. Located at 3225-3265 S. Wadsworth Blvd., Westgate Centre features 108,897 square feet of mixed-use space. Rouler Advisors also controls the Mission Trace Center, a retail and office asset adjacent to Westgate Centre. The combined properties offer more than 16 acres of commercial property totaling 275,000 square feet along Wadsworth Boulevard. Rouler plans to implement several upgrades, including a new parking lot, landscaping, lighting and other improvements, at the new property.
SAN FRANCISCO — Presidio Bay has purchased 60 Spear Street, an 11-story office building in San Francisco’s South Financial District, for $40.9 million. Erik Hanson and Robert Hielscher of JLL represented the undisclosed seller in the deal. Originally built in 1967, 60 Spear Street currently offers 157,436 square feet of office space. At the time of sale, the property was 30 percent occupied and is expected to be vacant by summer 2025. Presidio plans to expand the building’s current footprint to a 170,000-square-foot, Class A trophy office building. The redevelopment program also includes adding a spa with cold and warm plunges, saltwater floating pools, steam/sauna rooms, a fitness center, a conference and employee entertainment area, coworking lounges, an integrated café bakery and a rooftop bar and restaurant.
COLORADO SPRINGS, COLO. — Evergreen Devco has completed the disposition of six retail parcels located on the northeast corner of Centennial Boulevard and Filmore Street in Colorado Springs. The 8.5-arce retail development at West Mesa Commons is part of Evergreen Devco’s 51-acre mixed-use project. The development includes the 317-unit Outlook West Mesa apartment community developed by Evergreen, a 6.6-acre parcel sold to Lokal Communities for the development of 105 townhomes at The Vistas at West Mesa, and collaboration with the City of Colorado Springs’ parks department for the remaining 21.7 acres within the West Mesa corridor, called West Mesa Commons. Evergreen sold the last retail parcel, which a 2,213-square-foot Starbucks Coffee occupies, in May for an undisclosed price. Other already open retailers at the center are a 5,606-square-foot Super Star Car Wash and a 5,533-square-foot Circle K. California-based Pacific Dental Service will commence construction of a location this fall, while Popeyes Louisiana Kitchen and Les Schwab Tire Centers both plan to start construction before year’s end.
FORT COLLINS, COLO. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Fort Collins for $7.6 million. The seller was an independent owner-operator. Although the number of beds was not released, the per-bed price of $79,166 equates to 96 beds. Initially built in 1968, the seller owned and operated the community for nearly two decades, achieving a four-star CMS rating. However, being its only skilled nursing facility, the company faced the challenges of today’s operating environment and lacked economies of scale. Upon marketing, the facility was 68 percent occupied, generating over $7.5 million in annual revenue, leading to negative net operating income of over $500,000. ESI was able to showcase the possibility for a new ownership group to align the community’s census with the averages of competitors in the area, as well as the potential to tap into the robust network of hospitals in Fort Collins. “Evans Senior Investments was able to showcase Colorado’s recent Medicaid rate increase, which was projected to add over $450,000 in revenue beginning in July 2023,” says Hank Fuller, senior associate at ESI. The buyer was a West Coast-based operator with an existing presence in the state of Colorado.
BANNING, CALIF. — CBRE has brokered the sale of a retail building located at 806 W. Ramsey St. in Banning, approximately 90 miles east of Los Angeles. A local private investor acquired the asset from another private investor for $6.8 million. David McNevin, Melissa Ley Marshall and Ian Schroeder of CBRE’s Net Lease Property Group in Newport Beach represented the seller in the transaction. Rite Aid occupies the 17,272-square-foot property, which was built in 2009, on a double-net lease.
FORT WORTH, TEXAS — JLL has brokered the sale of Eastchase Market, a 261,730-square-foot shopping center in Fort Worth. Built in 1995, the center was 92 percent leased at the time of sale to tenants such as AMC Theatres, Ross Dress for Less, Spec’s Wine, Spirits & Finer Foods, Big Lots, Harbor Freight Tools and Marshalls. Adam Howells, Barry Brown and Cole Sutter of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.
RALEIGH, N.C. — CBRE Investment Management has acquired The Legacy at Wakefield, a 369-unit, garden-style apartment community located at 14411 Calloway Gap Road in Raleigh. The seller and sales price were not disclosed, but Triangle Business Journal reports the property traded for $79.9 million. Legacy at Wakefield features one-, two- and three-bedroom units, as well as a 24-hour fitness center, dog park, grilling stations, a fireplace lounge with screened veranda, clubhouse, a car wash center and 684 parking spaces.
LUMBERTON, N.C. — Legacy Realty Group Advisors has arranged the $7.1 million sale of Northeast Plaza, a 53,867-square-foot shopping center in Lumberton. Built in 2000, the property was leased to 10 tenants at the time of sale. Jacob Baruch of Legacy represented the undisclosed seller in the transaction. Lisa Schaefer of LRS Management represented the buyer.
HOUSTON — Locally based brokerage firm The Blue Ox Group has arranged the sale of Centre at Oak Park, a retail strip center located in Houston. According to LoopNet Inc., the center was built in 2016 and totals 9,200 square feet. Tenants at the property include Jimmy Johns and Smart Financial Credit Union. Burdette Huffman of Blue Ox represented the seller in the transaction. Gigi Wenjie Wang of The Sunet Group represented the buyer. Both parties requested anonymity.
SAN FRANCISCO — BH Properties has acquired Anchorage Square, a 322,000-square-foot mixed-use property located in Fisherman’s Wharf in San Francisco. The seller and price were not disclosed. Built in 1974 and situated on 2.6 acres, the development features 63,000 square feet of retail space, as well as a 128-room hotel, 28,000 square feet of office space and a 685-space parking garage. The buyer plans to implement an extensive capital improvement program, which will include upgraded façades, landscaping, lighting, signage, wayfinding and tenant and common areas. The firm will also explore alternative uses for the office space such as restaurant and entertainment options. Eastdil Secured brokered the transaction, and Laura Barr of CBRE will lead the repositioning and leasing efforts at the property.