SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $25 million sale of a two-tenant retail property located in Santa Clarita, roughly 30 miles north of Los Angeles. Situated within Centre Pointe Marketplace, the 83,953-square-foot property is occupied by DICK’S Sporting Goods and Burlington. DICK’S has extended its lease and remodeled its store. Meanwhile, Burlington has acquired the lease previously held by JOANN after its bankruptcy. Sean Cox and Kevin Fryman of Hanley represented the seller and developer, locally based Spirit Properties Ltd., and the buyer, in the transaction.
Acquisitions
LAKEWOOD, COLO. — Brixton Capital has acquired Whisper Creek, a garden-style multifamily community at 3505 S. Nelson Circle in Lakewood. Terms of the transaction were not disclosed. Built in 2002 by Fairfield Residential, Whisper Creek offers 272 apartments featuring nine-foot ceilings and averaging 928 square feet spread across two- and three-story residential buildings. Community amenities include 501 parking spaces with detached garages, a resort-style pool and spa, a 24-hour fitness center, clubhouse, business center, outdoor grilling stations, a pet park and a playground. Greystar will manage the property. Tony Nargi of JLL Capital Markets secured acquisition financing on behalf of Brixton Capital.
IRVINE, CALIF. — CBRE has directed the sale of Creek Medical Buildings, a three-building medical office property located at 37, 39 and 41 Creek Road in Irvine. The asset traded for $16.2 million. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su of CBRE represented the undisclosed seller in the deal. At the time of sale, the 43,374-square-foot property was fully occupied. The asset was built in 1986.
KANSAS CITY, MO. — Tutera Senior Living & Health Care has added 26 senior living communities to its portfolio through a transaction with AlerisLife and an ongoing partnership with Diversified Healthcare Trust. The expansion, which includes eight owned acquisitions and 18 new management agreements, strengthens Tutera’s Midwest presence. With this addition, Kansas City-based Tutera will operate 108 communities across 11 states, with 66 dedicated senior living communities totaling 5,422 units. The company’s overall portfolio now encompasses 9,755 units, with a mix of 56 percent senior living and 44 percent skilled nursing. The expansion broadens Tutera’s footprint into Tennessee, adding to its presence in Alabama, Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Nebraska, Oklahoma and South Carolina. The phased acquisition and transition of the 26 communities is expected to be completed by the end of the year. Some properties will transition to new names under Tutera.
ANNAPOLIS, MD. — Federal Realty Investment Trust (NYSE: FRT) has completed the acquisition of the retail center situated within Annapolis Town Center in Anne Arundel County, roughly 30 miles outside Washington, D.C. Federal Realty, a REIT based in North Bethesda, Md., purchased the property for $187 million. According to local reporting by the Capital Gazette, PGIM Real Estate was the seller. Anchored by Whole Foods Market, Annapolis Town Center totals 480,000 square feet. Other tenants at the property include a Life Time fitness club, Anthropologie, Sephora, RH (formerly Restoration Hardware), True Food Kitchen and Williams Sonoma. Target shadow-anchors the acquired portion of Annapolis Town Center. Greenberg Gibbons Commercial developed the mixed-use Annapolis Town Center property in 2008, with development costs estimated at $500 million. In addition to the retail component, the development features office space, luxury condominiums and apartments. The Capital Gazette reports that PGIM acquired the property from Greenberg Gibbons in 2018 for an undisclosed price. This acquisition marks the continuation of Federal Realty’s growth of its retail portfolio; the firm also acquired Town Center Plaza and Town Center Crossing in Kansas earlier this year. Federal Realty owns 102 properties that comprise approximately 3,500 tenants across 27 million commercial square feet, as well as approximately …
FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of a 68,080-square-foot, vacant industrial building in North Fort Worth. The building was constructed in 1981 on a 3.9-acre site at 2500-2536 N.E. Loop 820 and can accommodate a single or multiple users. Todd Lambeth and Richard Hitz of Bradford represented the seller, an entity doing business as Direct Investment Ltd., in the transaction. The buyer, Dallas-based CanTex Capital, has also retained Bradford as the leasing agent.
GRANBURY, TEXAS — Locally based investment firm Skywalker Property Partners has purchased a 60,000-square-foot industrial facility in Granbury, located southwest of Fort Worth. Old Granbury Industrial Park consists of 11 buildings on a 9.3-acre site that were fully leased at the time of sale. Trevor Short of Trinity Real Estate Investment Services represented the undisclosed seller in the transaction. Jack Mock represented Skywalker on an internal basis.
CELINA, TEXAS — CBRE has brokered the sale of Bobcat Crossing, a 29,309-square-foot retail center located in the North Texas city of Celina. The center is located within the Carter Ranch master-planned development and is home to 13 tenants, including Sherwin-Williams and Subway. Michael Austry and Jared Aubrey of CBRE represented the seller, Standridge Cos., in the transaction. The buyer was Houston-based investment firm Stablewood.
AcquisitionsArkansasFloridaGeorgiaIndustrialNorth CarolinaSelf-StorageSouth CarolinaSoutheastVirginia
Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio
by Abby Cox
CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.
Cushman & Wakefield | Thalhimer Negotiates $11.6M Sale of Distribution Facility in Salem, Virginia
by Abby Cox
SALEM, VA. — Cushman & Wakefield | Thalhimer has negotiated the $11.6 million sale of a 170,000-square-foot distribution facility located in Salem. ReaderLink Distribution Services LLC, the country’s largest book distributor to mass merchandisers and other non-bookstore outlets, fully occupies the facility and has been a tenant at the site for 25 years. Bo McKown of Thalhimer’s Capital Markets Group represented the undisclosed buyer in the transaction. Davis Stoneburner of Thalhimer’s Industrial Services Group will lead leasing efforts for the new ownership.