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Acquisitions

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AcquisitionsCaliforniaDevelopmentIndustrialWestern

Lovett Industrial Acquires Land in Inland Empire for 114,115 SF Industrial Development

by Amy Works

RIALTO, CALIF. — Houston-based Lovett Industrial has closed on a six-acre parcel in Rialto with plans to develop Renaissance Logistics Center on the site, which is directly on I-210. Construction for the 114,115-square-foot, front-load industrial facility is scheduled to commence in January, with completion slated for September 2023. The building will feature efficient ingress and egress to the adjacent freeway interchange, 36-foot clear heights, a 7-inch reinforced concrete slab, 90 auto stalls, skylights and speculative office space with mezzanine space. HPA is serving as architect, and Westland Engineering is serving as civil engineer of the development. Bill Heim and Alex Heim of Lee & Associates Ontario, Calif., will handle marketing and leasing of the project.

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AcquisitionsNortheastPennsylvaniaRetail

JLL Negotiates $46M Sale of Pittsburgh Shopping Center

by Taylor Williams

PITTSBURGH — JLL Capital Markets has negotiated the $46 million sale of The Mall at Robinson, an 874,553-square-foot shopping center in Pittsburgh. Dick’s Sporting Goods, Macy’s, J.C. Penney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. Kohan Retail Investment Group purchased the property from an entity doing business as QIC US Management Inc. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Blueprint Brokers Sale of 380-Bed Skilled Nursing Portfolio in Metro Hartford

by Taylor Williams

HARTFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Connecticut. Totaling 380 beds, the properties are all located in the northeastern suburbs of Hartford. A joint venture owner sold the assets to a regional buyer for an undisclosed price, with both parties requesting anonymity. The new ownership plans to focus on operational efficiencies, including staffing, and to invest in capital projects at the facilities.

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AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Brokers $23.5M Sale of Highland Green Apartments in Kent, Washington

by Amy Works

KENT, WASH. — Kidder Mathews has arranged the sale of Highland Green Apartments, a garden-style multifamily complex located at 10105 SE 236th St. in Kent. A California-based company acquired the asset from a private family for $23.5 million, or nearly $245,000 per unit. Dylan Simon, Brandon Lawler and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller in the deal. Kidder Mathews also sourced the buyer and was the only brokerage firm involved in the transaction. Built in 1991, Highland Green features 96 apartments.

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12318-Ventura-Blvd-Los-Angeles-CA
AcquisitionsCaliforniaRetailWestern

Private Family Sells Sit N Sleep-Occupied Retail Building in Los Angeles’ Studio City for $6.9M

by Amy Works

LOS ANGELES — A private family has completed the disposition of a retail property in the Studio City neighborhood of Los Angeles. A private investor acquired the asset for $6.9 million. Sit N Sleep, a mattress retailer, has occupied the two-story, 15,000-square-foot building at 12318 Ventura Blvd. for 11 years. The tenant’s current lease terminates in 2023, with a six-year option to renew. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Sheboygan, Wisconsin

by Kristin Harlow

SHEBOYGAN, WIS. — Marcus & Millichap has brokered the sale of the Champion Storage portfolio in Sheboygan, about 55 miles north of Milwaukee. The sales price was undisclosed. The portfolio totals five properties and 1,167 units. At the time of sale, the portfolio was 95 percent occupied. The facilities feature both climate-controlled and non-climate-controlled units as well as outdoor parking spaces and portable container units. Sean Delaney of Marcus & Millichap represented the seller, JGSS LLC, and the buyer, Rogers Equity Group IV LLC.

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711-Grand-Ave-Carlsbad-CA
AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Progressive Real Estate Partners Negotiates $4.5M Sale of Multi-Tenant Retail Property in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail center located at 711 Grand Ave. in Carlsbad. A New York-based private investor sold the asset to a San Diego-based private investor for $4.5 million, or $976 per square foot. Built in 2019, the 4,584-square-foot property is fully leased to three tenants: Harumana Noodles + Buns, Village Optical and The Shop Salon, all of which are on triple-net leases. Mike Lin of Progressive Real Estate Partners represented the seller, while Josh Simms and Ryan King of Voit Real Estate Services represented the buyer in the transaction.

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AcquisitionsColoradoMultifamilyStudent HousingWestern

Berkadia Negotiates $24.5M Sale of University Lofts Student Housing Property in Denver

by Amy Works

DENVER — Berkadia has negotiated the sale of University Lofts, a mixed-use student housing community in Denver. Amplify Development Co. sold the property to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.

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AcquisitionsIndustrialOklahomaTexas

MAG Capital Partners Acquires 76,673 SF Industrial Portfolio in Bartlesville, Oklahoma

by Taylor Williams

BARTLESVILLE, OKLA. — Fort Worth-based investment firm MAG Capital Partners has acquired a 76,673-square-foot industrial portfolio in Bartlesville, a northern suburb of Tulsa. The portfolio comprises two buildings totaling 41,525 and 35,148 square feet that respectively feature 14- and 19-foot clear heights. J.C. Asensio, Briggs Goldberg and Andrew Sandquist of Newmark represented the seller, ImageFIRST Healthcare Laundry Specialists, which has entered into a sale-leaseback agreement with MAG Capital Partners.

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AcquisitionsColoradoRetailWestern

Capstone Brokers Sale of Former Sears Site in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Capstone Colorado Land Team has brokered the sale of a 7.65-acre lot at 10785 Colfax Ave. in Lakewood. Austin, Texas-based Artesia Real Estate Investors acquired the land parcel for an undisclosed price. The site includes the former Sears department store and a separate outparcel building that previously operated as the Sears Automotive Center. The two unoccupied buildings offer a total of 163,957 square feet of commercial space. Travis Hodge and Anthony Bobay of Capstone represented the undisclosed seller, while Artesia Real Estate Investors was self-represented in the transaction.

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