SAN DIEGO — Family Health Centers has acquired a retail property, located at 4650 Mission Bay Drive in San Diego, from an undisclosed seller for $11 million. Located on the corner of Garnet Avenue and Mission Bay Drive, the two-story building features 20,987 square feet of retail space. The building was built in 1977 on a 1.7-acre lot. Reg Kobzi, Michael Peterson, Joel Wilson and Rosie Cooper of CBRE represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal.
LAKE SAINT LOUIS, MO. — Mia Rose Holdings has sold The Solstice, a 156-unit Class A apartment complex in Lake Saint Louis, a northwest suburb of St. Louis. The sales price was undisclosed. Minneapolis-based Timberland Partners was the buyer. The Solstice features 48 two-bedroom units and 108 one-bedroom units spread across five buildings. Mia Rose completed development of the property this spring. The St. Louis-based multifamily developer has more than 3,000 units in development across the St. Louis, Northwest Arkansas, Indianapolis and North Texas markets.
WEST CHICAGO, ILL. — SVN Chicago Commercial has brokered the sale of Tower Station Center in West Chicago for $2.4 million. The 11-unit retail center, located at 956 N. Neltnor Blvd., is 73 percent occupied. Aldi shadow anchors the property. Ron Weissenhofer and Karen Kulczycki of SVN represented the undisclosed seller. After six months of negotiations, the property sold to an out-of-state buyer completing a 1031 exchange.
SARCOXIE, MO. — Marcus & Millichap has arranged the $2.4 million sale of a 5,118-square-foot property net leased to Kum & Go in Sarcoxie, a city in Southwest Missouri. The gas station and convenience store has operated at the property for 16 years. The triple-net lease features annual rental increases and a corporate guarantee. Austin Weisenbeck, Sean Sharko and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the buyer, an out-of-state private investor.
WEBSTER, TEXAS — Sila Realty Trust, a nontraded real estate investment trust based in Tampa, has sold the 199-bed UTMB Health Clear Lake Hospital in Webster, a southeastern suburb of Houston, for $258.1 million. The University of Texas Medical Branch (UTMB), which is part of the larger UT healthcare system, occupies the 373,000-square-foot, acute-care hospital. The buyer was the Board of Regents of the University of Texas, which exercised a purchase option in the lease agreement. In addition to multiple onsite dining options, a family lounge and a children’s play area, the hospital offers: Sila Realty Trust is using proceeds from the sale to pay down existing debt and to fund other general corporate costs. “We are pleased to have executed the sale of the UTMB Health Clear Lake Hospital, which was a significant asset within our portfolio and one of our few owned short-term, acute-care hospitals,” says Michael Seton, president and CEO of Sila Realty Trust. “We anticipate expanding our high-quality, diversified healthcare portfolio into more outpatient and post-acute healthcare assets.” — Taylor Williams
CORAL SPRINGS, FLA. — Continental Realty Corp. (CRC) has sold Cypress Run Marketplace, an 87,000-square foot retail center located at 10599 W. Atlantic Blvd. in Coral Springs, a city in South Florida’s Broward County. The Q.V.H. Corp. acquired the property for $23.3 million. Walmart Neighborhood Market anchors the center, which was constructed in 1989. Popeye’s Louisiana Kitchen recently signed a 15-year lease at the center, bringing the property to full occupancy. CRC originally acquired Cypress Run Marketplace in 2015 for $13.6 million and executed more than 17,000 square feet of leases during its ownership. Dennis Carson, Sriram Rajan and Casey Rosen of CBRE represented CRC in the transaction.
MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.
CLEAR LAKE, TEXAS — Colliers has brokered the sale of Clear Lake Apartments, a 244-unit multifamily complex located on the southeastern outskirts of Houston. Built in 1979, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million. The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas. The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.
GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.