LEXINGTON, KY. — Capital Real Estate Group’s (CREG) U.S. Healthcare Investment Sales practice has arranged the sale of a four-building medical office portfolio in Lexington totaling 29,800 square feet. An undisclosed private equity group purchased the property for approximately $8.8 million. Allen Inman and Andrew Larwood of CREG represented the seller in the transaction. The properties were fully leased at the time of sale to Kentucky Eye Institute (KEI), an ophthalmology practice with 11 locations in Central Kentucky. KEI comprises 13 physicians who provide consultative and surgical eye care.
DENVER — Riverfront Shops LLC has completed the disposition of The Shops at Riverfront Park located in the Riverfront Park neighborhood of downtown Denver. A local private partnership acquired the property for $11.8 million, or $370 per square foot. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. The Shops at Riverfront Park features 31,898 square feet of retail space along the ground floors of Riverfront Tower, Park Place Lofts and Promenade Lofts, all of which are at the base of the Millennium Bridge.
LAS VEGAS — RealComm Advisors has arranged the sale of an industrial building located at 3711 Regulus Ave. in Las Vegas. SWE Enterprises sold the 12,000-square-foot asset to FGM Fund for $3.1 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the seller in the deal.
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Investors Drawn to Single-Family Rentals During Tough Economic Times
By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …
SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of a 108-unit Fairfield Inn & Suites hotel in the Central Texas city of San Marcos. The property was built on 2.8 acres in 2015 and features a pool, fitness center, meeting space and a convenience mart. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
FRISCO, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Parsons House Frisco, a 64-unit assisted living and memory care community located on the northern outskirts of Dallas. The community spans 53,651 square feet on a 4.1-acre site. A regional owner-operator sold the asset to a family office located in the Western part of the country for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB brokered the deal.
DOWNINGTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Ashbridge Square, a 386,248-square-foot retail power center in Downingtown, a western suburb of Philadelphia. Built in 2000, Ashbridge Square was 88 percent leased at the time of sale to tenants such as The Home Depot, Ashley Furniture, Dollar Tree, Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First and Wine & Spirits. Brad Nathanson of IPA represented the undisclosed seller in the transaction and procured the buyer, a partnership between regional firms E. Kahn Development Corp. and J. Loew & Associates.
BREA, CALIF. — AdelFi Credit Union has completed the disposition of Imperial Mariner, a four-building office and medical office campus in Brea. Healthcare Property Advisors acquired the campus for $80 million. The 288,189-square-foot Imperial Mariner was built between 2002 and 2008. At the time of sale, the property was 89 percent leased to 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback. The campus is situated on 17.4 acres at 915-975 W. Imperial Highway and 950 Mariner St. The site’s zoning allows for further medical office development or future redevelopment into industrial use. Blake Bokosky, John Chun, Louis Tomaselli and John Andreasen of JLL Capital Markets represented the seller in the deal. Additionally, John Chun, Sam Godfrey and Anthony Sardo of JLL’s debt advisory team advised HPA on a $44 million acquisition loan with Farmers & Merchants Bank.
BURBANK, CALIF. — Newmark has arranged the sale of 2777 North Ontario Street, an office and industrial campus in Burbank. A joint venture between Washington Capital Management, on behalf of its client, and SSV Properties sold the asset to Montana Avenue Capital for $37 million. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark represented the seller in the transaction. Totaling 127,140 square feet, the two-story office and industrial campus is 71 percent leased to entertainment and media-related companies. Eikon, a post-production firm, occupies 79,312 square feet in the office component, while Iron Mountain occupies 47,828 square feet of the industrial space. The campus recently underwent a $7 million renovation, including a revitalized common area, updated HVAC and MEP systems, a seismic retrofit, remodeled bathrooms, resurfaced parking, operable windows and skylights, and new landscaping and hardscaping, as well as revitalized branding and color scheme.
TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.