VENTURA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property in Ventura. Planet Fitness occupies the newly renovated, 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.
ADELANTO, CALIF. — Frontier Enterprises has sold a single-tenant, net-leased industrial asset at 9841 Bartlett Ave. in the Inland Empire city of Adelanto for $5.5 million. The 29,925-square-foot unit is fully leased by General Dynamics Information Technology. The aerospace and defense corporation recently signed a triple-net, three-year base term and annual increase with options to extend. It will occupy the space once it’s completed. Several units are still available that can be delivered in configurations ranging from 30,000 to 120,000 square feet. A 240,000-square-foot expansion to the park has already been approved and the developer is entertaining built-to-suit options for select buyers and tenants. Jim Root and Matthew Hardke of Graystone represented Frontier Enterprises, which was the original developer. The buyer was not disclosed.
SPOKANE, WASH. — Marcus & Millichap has arranged the sale of a 17-unit apartment portfolio in Spokane. An unnamed buyer acquired the assets for $2.5 million. The three-property portfolio is located at 212-218 W 7th Aven. and 45 E 8th Ave. Each of the apartment buildings are two-story, garden-style assets. Most of the units have been renovated with new floors, countertops, appliances and fixtures. The buyer intends to hold the property long term. Georgie Christensen-Riley and Joshua C. Reynolds of Marcus & Millichap’s Portland office marketed the property on behalf of the undisclosed seller. Joel Deis assisted in securing the buyer.
SPOKANE, WASH. — A local investor has acquired the 39-unit Pioneer Pathway House Apartments in Spokane for $1 million. The community is located at 224 S. Howard St. It is designated as a low-income, affordable housing complex. The majority of units are SRO (single-room occupancy), dorm-style, private living spaces with shared bathrooms. Max Frame of the Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the seller. They were the only brokers involved in the transaction.
AUSTIN, TEXAS — A partnership between North Texas-based developer M2G Ventures and Chicago-based Blue Vista Capital Management has purchased a 54,000-square-foot industrial property in Austin. The seller was not disclosed. The new ownership plans to add value to the property by enhancing the landscaping and office space, adding new signage, painting the building and extending the truck court. Leigh Ellis, Will Sikora and Chris Perry of locally based brokerage firm AQUILA Commercial negotiated the sale and will also market the property for lease.
TULSA, OKLA. — An affiliate of Dallas-based SkyWalker Property Partners has sold a 20,160-square-foot industrial flex facility in Tulsa. The building at 3717 S. Sheridan Road sits on 1.7 acres and was vacant at the time of sale. Michael Schnake and Ward Seibert of Oil Capital Commercial Real Estate Services represented SkyWalker in the transaction. The buyer, local sign maker manufacturer Gravley Holdings LLC, was self-represented.
RIVERHEAD, N.Y. — JLL has negotiated the sale of Riverhead Centre, a 395,000-square-foot retail power center in Long Island’s Suffolk County. Grocer ShopRite and The Home Depot anchor the center, which was originally built on 50 acres in 2003 and was 99 percent leased at the time of sale. Other tenants include Bed Bath & Beyond, Best Buy, Petco, Michaels, Designer Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL represented the seller, an entity advised by PNC Realty Investors, in the transaction. The buyer was New York City-based Prestige Properties & Development Co. Inc.
OGUNQUIT, MAINE — Regional hospitality owner-operator Giri Hotels has acquired Anchorage by the Sea, a 249-room waterfront resort in Ogunquit, located in southern coastal Maine. The property offers amenities such as indoor and outdoor pools, reception and meeting rooms, outdoor lounges and gathering spaces and an onsite restaurant and bar. Wason Associates Hospitality Real Estate represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.3 million sale of an 8,892-square-foot retail property at 4225 White Plains Road in The Bronx. Formerly occupied by Dollar Tree, the building was vacant at the time of sale. Scott Plasky, Alexander Arustamian and Billy Stephan IV of Marcus & Millichap represented the seller, New York-based E&G Realty Group, in the transaction. The buyer was KSR Acquisitions Corp. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
On the April 12 episode of “The Most Insightful Hour in CRE” webcast, Willy Walker, CEO of Walker & Dunlop, spoke to renowned economist Dr. Peter Linneman, founding principal of Linneman Associates, about pressing issues facing the economy, pandemic repercussions, market predictions and much more. The discussion began by diving into the economy and real estate market in its current state of flux, with many challenges facing both investors and developers. Walker outlines the unease created by the recent Silicon Valley Bank and Signature Bank crises. “One of the data points announced by the Fed is that since the crisis, bank lending in the United States has gone down by $110 billion over the two weeks since the Silicon Valley Bank collapse. Banks borrowed $160 billion in the two-week window prior. There’s a big drive toward liquidity; and yet there’s no new liquidity going out into the market.” “There’s 4.4 trillion dollars of commercial real estate (CRE) loans outstanding across all lending sources — CMBS, life insurance companies, banks, etc.,” continues Walker. “About half of that is non-multifamily properties. Banks hold about 40 percent of total outstanding loans on commercial properties.” If banks were to pull back from holding 40 percent …
