Acquisitions

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Acquisitions Idaho Retail Western

Ironwood Partners Sells 105,406 SF Ironwood Square Shopping Center in Coeur d’Alene, Idaho

by Amy Works January 30, 2023

COEUR D’ALENE, IDAHO — Ironwood Partners LLC has completed the disposition of Ironwood Square, a retail center in Coeur d’Alene. EMES Ironwood LLC acquired the property for an undisclosed price. Kobe Furqueron of Marcus & Millichap’s Salt Lake City office represented the seller, while Allan Friedman of Westlake Associates procured the buyer in the deal. Adam Lewis is Marcus & Millichap’s brokers of record in Idaho. At the time of sale, the 105,406-square-foot Ironwood Square was 96.2 percent occupied. Current tenants include Staples, Rite Aid, Holiday’s Hallmark, Wells Fargo, Tesoro Fuel Center, Beyoutiful Hot Yoga and Norco Medical. Staples and Rite Aid recently extended their leases by seven and 10 years, respectively.

January 30, 2023

Acquisitions California Retail Western

Blue West Capital Brokers $4M Sale of Shops at Belleview in Littleton, Colorado

by Amy Works January 30, 2023

LITTLETON, COLO. — Blue West Capital has arranged the acquisition of Shops at Belleview, a net-leased retail building, located at 2727 and 2817 W. Belleview Ave. in Littleton. A Hawaii-based 1031 exchange investor acquired the asset from an undisclosed seller for $4 million. Shops at Belleview consists of two structures totaling 7,359 square feet, and was fully occupied at the time of sale. Current tenants include Black Rock Coffee, WingStop, Marco’s Pizza, Metro by T-Mobile and Trinity Nails & Spa. Bryce McNeely of Blue West Capital represented the buyer in the deal.

January 30, 2023

Acquisitions Loans Multifamily Texas

Trez Capital Sells Two Apartment Communities Totaling 608 Units in Metro Austin

by Taylor Williams January 30, 2023

PFLUGERVILLE, TEXAS — Trez Capital has sold The Dalton and The Beacon, two apartment communities in the northern Austin suburb of Pflugerville that total 350 and 258 units, respectively. Trez Capital developed both properties in partnership with Thompson Realty Capital, with construction on both projects commencing in late 2019/early 2020 and wrapping up in 2021 and 2022, respectively. The Dalton and The Beacon both feature one-, two- and three-bedroom units and amenities such as pools, fitness centers, outdoor grilling and dining areas, dog parks and resident lounges. TerraCap Management purchased the assets. The sales price was not disclosed, but global real estate private equity firm ACRE provided $111 million in acquisition financing for the deal. Newmark arranged the debt.

January 30, 2023

Acquisitions Multifamily Texas

Northmarq Arranges Sale of 74-Unit Multifamily Property in Corpus Christi

by Taylor Williams January 30, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Carmel Apartments, a 74-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

January 30, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $6.8M Sale of Apartment Building in East Orange, New Jersey

by Taylor Williams January 30, 2023

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $6.8 million sale of a 52-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 60 N. Arlington Ave. offers 30 one-bedroom units, 17 two-bedroom residences and four three-bedroom apartments. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.

January 30, 2023

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $5.3M Sale of Office Building in Ocean Township, New Jersey

by Taylor Williams January 30, 2023

OCEAN TOWNSHIP, N.J. — Marcus & Millichap has brokered the $5.3 million sale of a 25,000-square-foot office building in the coastal New Jersey community of Ocean Township. Built in 1986, the two-story building was fully leased at the time of sale to law firm Ansell, Grimm, & Aaron PC, which has occupied the entirety of the property since 1996. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Kevin Taub, also with Marcus & Millichap, procured the buyer. Both parties were limited liability companies.

January 30, 2023

Acquisitions Healthcare Indiana Midwest

Marcus & Millichap Brokers $2.5M Sale of Medical Office Building in Valparaiso, Indiana

by Kristin Harlow January 30, 2023

VALPARAISO, IND. — Marcus & Millichap has brokered the $2.5 million sale of a 7,433-square-foot medical office building in Valparaiso, a city in Northwest Indiana. The newly constructed property, located at 4400 Calumet Ave., is leased to a dentist and an ophthalmology practice. Mitchell Kiven of Marcus & Millichap represented the seller, the property’s original developer. Kiven also procured the Indiana-based buyer. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.

January 30, 2023

Acquisitions Hospitality Massachusetts Northeast

Wardman Group Sells 57-Room Hotel in Lenox, Massachusetts

by Taylor Williams January 30, 2023

LENOX, MASS. — The Wardman Group, a Baltimore-based boutique investment firm, has sold Seven Hills Inn, a 57-room hotel in Lenox, located in the Berkshires region of western Massachusetts. The property was built in phases between 1910 and 1950 and offers recently renovated guestrooms, a pool, outdoor lounge area and two onsite food-and-beverage establishments. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

January 30, 2023

Acquisitions Industrial Midwest Southeast Top Stories

Arch Street, Brennan Sell 2 MSF Industrial Portfolio

by Taylor Williams January 30, 2023

NEW YORK CITY AND CHICAGO — A partnership between New York City-based Arch Street Capital Advisors and Chicago-based Brennan Investment Group has sold a national portfolio of 11 industrial properties totaling approximately 2 million square feet. The sales price and buyer were not disclosed. The partnership acquired the portfolio in 2017 for $100 million and implemented a value-add program. The assets are primarily located throughout major markets in the Midwest and Southeast, including Chicago; Minneapolis; Jacksonville, Fla.; and Birmingham, Ala. Arch Street and Brennan launched their partnership in 2011. Since that time, the duo of investment firms has executed seven such ventures in which it acquires, operates and disposes of a portfolio of industrial assets. The partnership will continue to primarily target single-tenant, net-leased industrial assets and/or portfolios as the cornerstone of its investment strategy. “The success of this portfolio demonstrates the unique benefits of this strategy, which provides both residual upside and consistent yield,” says Christopher Collins, vice president of asset management at Arch Street. “We continue to remain bullish on warehouse, distribution and manufacturing assets in both the U.S. and Europe.” Arch Street is a full-service real estate investment and advisory firm that specializes in advising investors on …

January 30, 2023

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