Acquisitions

Peninsula-Life-Science-Center-Gemini-Rosemont

Gemini Rosemont Buys Peninsula Life Science Center in Burlingame, California for $59.3M

by Amy Works December 23, 2022

BURLINGAME, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center in Burlingame from Sansome Street Advisors and Gordon Brothers for $59.3 million in an all-cash transaction. The acquisition was fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Located at 1828 El Camino Real, the eight-story building features 65,804 square feet of office space. At the time of sale, the property was 98 percent leased and anchored by three life sciences tenants. Built in 1974 and most recently renovated in 2022, the property features floor-to-ceiling windows, an above-market parking ratio and a nearby BART train stop. Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield represented the sellers, while Gemini Rosemont was self-represented in the transaction. David Wilson, a property manager with Gemini Rosemont, will manage the asset.

December 23, 2022

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Taylor Morrison Sells 145-Unit Build-to-Rent Community in Mesa, Arizona for $53M

by Amy Works December 23, 2022

MESA, ARIZ. — Scottsdale-based Taylor Morrison has completed the disposition of a 145-unit build-to-rent community located at 250 N. Ellsworth Road in Mesa. San Diego-based Ellsworth Housing Partners acquired the property for $53 million, or $368,055 per unit, and plans to brand the community as The Logan at Ellsworth. Built in 2022, the community features 58 one-bedroom, 650-square-foot units and 87 two-bedroom, 995-square-foot units. In-home features include kitchens with quartz countertops, stainless steel appliances, wood-inspired flooring, high ceilings, dual-pane windows, full-size washers/dryers, walk-in closets and maintenance-free private backyards. The property offers smart-home technology, including satellite TVs with HD and DVR, mobile phone controls, smart-home touchscreen panels, USB outlets, keyless entry, self-monitored security systems with doorbell cameras and door and motion sensor alarms, and smart thermostats. The community features 20 detached garages, as well as 168 covered and 137 uncovered spaces. Onsite amenities include a heated swimming pool and spa, poolside ramadas with outdoors TVs, a fitness studio, an event lawn and a roving patrol. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s Phoenix investment sales team represented the seller in the deal.

December 23, 2022

Acquisitions California Retail Western

Union Bank Divests of Five Bank Branches in California for $19.2M

by Amy Works December 23, 2022

SAN DIEGO, BRAWLEY, LEMON GROVE AND IMPERIAL BEACH, CALIF. — Union Bank has completed the sales of five bank branches, totaling 39,331 square feet, in California. A private investor acquired the assets for $19.2 million. Michael Peterson, Reg Kobzi and Joel Wilson of CBRE represented the seller in the transactions. The portfolio includes: A 5,379-square-foot property at 1858 Cable St. in San Diego. A 12,422-square-foot building at 6010 El Cajon Blvd. in San Diego. A property at 3285 Lemon Grove Ave. in Lemon Grove. A 4,751-square-foot asset at 900 Palm Ave. in Imperial Beach. A 9,461-square-foot branch at 290 Main St. in Brawley.

December 23, 2022

801-849-S-Union-Blvd-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Capstone Brokers $6.4M Sale of Union Boulevard Apartments in Colorado Springs

by Amy Works December 23, 2022

COLORADO SPRINGS, COLO. — Capstone has arranged the sale of a 29,732-square-foot apartment building located at 801-849 S. Union Blvd. in Colorado Springs. The asset traded for $6.4 million. The names of the seller and buyer were not released. Pat Knowlton of Capstone represented the seller and buyer in the deal. Built in 1972, Union Boulevard Apartments features 970-square-foot, two-bedroom/one-bath units. The property underwent significant upgrades, including exterior painting and updating the parking lots. Additionally, a portion of the units were renovated. The buyer plans to continue renovating the units.

December 23, 2022

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Arranges $2.5M Sale of Buffalo Wild Wings-Occupied Property in Castle Rock, Colorado

by Amy Works December 23, 2022

CASTLE ROCK, COLO. — Marcus & Millichap has brokered the sale of a restaurant building located at 4995 Factory Shops Blvd. in Castle Rock. Niki Castle Rock LLC sold the asset to an undisclosed buyer in a 1031 exchange for $2.5 million, or $399.46 per square foot. Buffalo Wild Wings occupies the property and offers a bar, indoor/outdoor space and VIP spaces. Drew Isaac and Ian Hicks of Marcus & Millichap represented the seller in the deal.

December 23, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 540,324 SF Industrial Park in Fort Worth

by Taylor Williams December 23, 2022

FORT WORTH, TEXAS — JLL has negotiated the sale of Westside 35, a 540,324-square-foot industrial park in Fort Worth. Westside 35 comprises two front-load warehouses with 36-foot clear heights,185-foot truck court depths and combined parking for 107 trailer parking spaces and 373 cars. The site also includes a 7.1-acre parcel that can support additional trailer parking space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Matthew Barge and Jake Benalloul of JLL represented the undisclosed seller in the transaction. CBRE Investment Management purchased Westside 35, which was fully leased to three tenants at the time of sale, for an undisclosed price.

December 23, 2022

Acquisitions Multifamily Texas

Three Pillars Capital Acquires 208-Unit Aspen Apartments in Houston

by Taylor Williams December 23, 2022

HOUSTON — Three Pillars Capital Group, a locally based private equity firm specializing in multifamily properties, has acquired Aspen Apartments, a 208-unit complex in Houston’s Brookhollow neighborhood. Built in 1973, the property offers studio, one- and two-bedroom apartments and amenities such as a pool, basketball court, playground and onsite laundry facilities. Rebus Capital sold the property for an undisclosed price. Three Pillars plans to implement a value-add program that will primarily focus on enhancing unit interiors.

December 23, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 180-Room Hotel Portfolio in Denton, Texas

by Taylor Williams December 23, 2022

DENTON, TEXAS — Marcus & Millichap has arranged the sale of a two-property hotel portfolio totaling 180 rooms in the North Texas city Denton. The 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites were both built about 10 years ago and were recently renovated. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Angel Hospitality Group, in the transaction. The duo also procured the undisclosed buyer.

December 23, 2022

Acquisitions Oklahoma Retail Texas

Montfort Cos. Buys Portfolio of 19 Gas Station, Convenience Stores in Southwest Oklahoma

by Taylor Williams December 23, 2022

DENVER — A subsidiary of Denver-based investment firm Montfort Cos. has purchased The Chisholm Corner Portfolio, a collection of 19 gas station and convenience stores in southwest Oklahoma. The subsidiary, 7E Holdings LLC, will subsequently assume operations of all stores, the exact locations of which were not disclosed. Grant McWhirter of Southwest Petroleum Realty represented the seller, Bostick & Associates, in the transaction.

December 23, 2022

Acquisitions Georgia Multifamily Southeast

Fogelman Acquires 204-Unit Columns at Timothy Woods Apartments in Athens, Georgia

by John Nelson December 23, 2022

ATHENS, GA. — Fogelman Properties has acquired The Columns at Timothy Woods, a 204-unit apartment community located in Athens, roughly 70 miles northeast of Atlanta. Fogelman acquired the property for an undisclosed price from ECI Group, which acquired the community in 2019 and completed improvements to the property’s interiors and amenities. Originally built in 1996, the community features units in one-, two- and three-bedroom layouts. Kevin Geiger of CBRE represented ECI in the transaction.

December 23, 2022

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