Acquisitions

CBRE Arranges $142M Sale of Veterans Affairs Outpatient Clinic in Austin

by Taylor Williams July 18, 2023

AUSTIN, TEXAS — CBRE has arranged the $142 million sale of a 272,636-square-foot outpatient facility in Austin that is fully leased to the U.S. Department of Veterans Affairs. The two-story building was originally constructed in 2013. Services offered at the clinic include physical therapy, mental health counseling, radiation treatments, prosthetic replacements, cardiology and neurology. Will Pike, Lee Asher, Brian Pfohl, Cyrus Felfeli and Jordan Selbiger of CBRE represented the seller, Health Care Property Advisors, in the transaction. The buyer was not disclosed.

July 18, 2023

Acquisitions Florida Multifamily Southeast

ZOM Living to Sell Azalea Apartments in Metro Tampa to Trilogy Real Estate for $85.8M

by John Nelson July 18, 2023

BRANDON, FLA. — ZOM Living has sold Azalea Apartments, a 289-unit luxury multifamily community that the developer is currently building in Brandon, for $85.8 million. Simon Banke and Jesse Wright of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer, Trilogy Real Estate Group. Azalea Apartments is located on a 13-acre site in Brandon’s East Tampa neighborhood and will feature one-, two- and three-bedroom units ranging in size from 700 to 1,400 square feet. Amenities will include a resort-style pool deck with cabanas, relaxation area with hammocks and a fire pit, event lawn, pool pavilion, gaming area with a pool table and corn hole, fenced dog park and pet salon, personal workstations, meeting rooms and a fitness center with a spinning studio and an outdoor yoga lawn. ZOM Living is managing the project through completion.

July 18, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Retail Strip Center in Miami Gardens, Florida

by John Nelson July 18, 2023

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity. Shoppes of Ives Dairy’s tenant roster includes Wells Fargo, Smoothie King, The UPS Store, Subway, T-Mobile, Foot Locker and local restaurants and service retailers.

July 18, 2023

Acquisitions Industrial Iowa Midwest

Phoenix Investors Acquires 365,640 SF Industrial Building in West Burlington, Iowa

by Kristin Harlow July 18, 2023

WEST BURLINGTON, IOWA — An affiliate of Phoenix Investors has acquired a 365,640-square-foot industrial building in West Burlington, a city in Southwest Iowa. Constructed in 1955 with additions in 1964, 1966, 1980 and 1993, the building is located at 510 E. Agency Road. The Burlington Junction Railroad connects the property to the BNSF mainline about 1.5 miles north. The facility also features a variety of cranes. The sales price and seller were undisclosed.

July 18, 2023

Acquisitions Development Industrial Midwest Nebraska

Investors Realty Brokers 38.5-Acre Land Sale in Papillion, Nebraska

by Kristin Harlow July 18, 2023

PAPILLION, NEB. — Investors Realty has brokered the sale of 38.5 acres of land at 14289 Prairie Corners Road in Papillion, a southern suburb of Omaha. The sales price was undisclosed. Kevin Stratman of Investors Realty represented the buyer, Keizer Refrigeration/Mid States Utility, which plans to relocate its Omaha operations to a new 50,000-square-foot facility to be built on the site. Located just north of a new Amazon fulfillment center, the tract of land is one of the final undeveloped industrial sites on the Highway 50 corridor, according to Investors Realty. Denny Sciscoe of Cushman & Wakefield/The Lund Co. and Erin Pogge of Traction CRE represented the undisclosed seller.

July 18, 2023

Acquisitions California Hospitality Western

Meriwether Buys Morgan Run Club & Resort in Rancho Santa Fe, California

by Jeff Shaw July 18, 2023

RANCHO SANTA FE, CALIF. — Meriwether Cos. has acquired Morgan Run Club & Resort in the San Diego suburb of Rancho Santa Fe. The company plans to invest more than $25 million in renovating the resort and private club, including its racquet sports, golf, dining and hotel components. The renovation is scheduled over the next two to three years. The construction will occur in phases, allowing the resort to remain open. Planned enhancements include upgrades to the common areas in the dining, banquet and fitness spaces of the clubhouse; converting the existing spa into a communal recovery area; investments in the golf course irrigation, bunkering and re-grassing; construction of a new pool and casual dining outlet; renovation of the racquet sports area including the tennis, pickleball and sports courts; and an improved pool. The hotel will be completely revitalized with upscale exterior and interior room renovations, along with new management and operations.

July 18, 2023

Acquisitions California Healthcare Office Western

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

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