EDWARDS, COLO. — Avison Young Capital Markets has arranged the sale-leaseback of All Points North Lodge, a comprehensive wellness and treatment campus in Edwards, approximately 20 minutes west of Vail. WC Acquisition Holdings LLC acquired the asset from All Points North Lodge (APN Lodge) for $57 million. The seller will lease back the building as part of a long-term deal. Opened in March 2020, the 77,000-square-foot facility offers addiction and mental health treatments, trauma therapy, crisis management, coaching and personal development workshops, concierge medicine, athletic performance programs and advanced practices and activities. The patient-centered facility recently underwent a $20 million improvements program. Jonathan Hipp, Richard Murphy, Stan Wyrwicz and Rich Egitto of Avison Young Capital Markets represented the seller in the deal.
STANTON, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.3 million sale of a 30,476-square-foot, single-tenant retail building in the Orange County community of Stanton. The property is net leased to Smart & Final Extra! and was remodeled in 2008. Eric Wohl, Ed Hanley and CJ Kiehler of Hanley represented the seller, 7050 Katella Avenue LLC, in the transaction. Oliver Wang of RE/MAX Premier Properties represented the buyer, a private investor from Los Angeles.
FAIRFIELD, CALIF. — BentallGreenOak, on behalf of a discretionary investment vehicle, has purchased North Bay Logistics Center, a fully net-leased distribution warehouse in Fairfield. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1995, the cross-dock, 607,208-square-foot property features functional tenant space with 30-foot clear heights, wide column spacing, ESFR sprinklers, 56 dock-high doors, eight grade-level doors, ample truck and trailer parking and low office finish space. Situated on more than 28 acres, North Bay Logistics Center is within a mile of the convergence of interstates 80 and 680 and CA-12. Mark Detmer, Ryan Sitov, Andie Fezell, Matt Bracco and Glen Dowling of JLL Capital Markets represented the seller in the deal. Additionally, Bruce Ganong, Alex Witt, Tom Gilliland and Lauren Mezzanotte of JLL Capital Market Debt Placement secured an acquisition loan for the buyer. BentallGreenOak has retained JLL to manage the property, with Tracy Scifo of JLL Property Management leading the team.
LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million. Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net lease. Additional tenants at Lake Elsinore Marketplace include Starbucks Coffee, Popeyes, Wendy’s, Del Taco, Panda Express, Valvoline and Wells Fargo. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller, while Dhanesh Solanki of Brea-based KW Commercial represented the buyer in the transaction.
When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …
SAN DIEGO, FULLERTON AND HAWTHORNE, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.
LA HABRA, CALIF. — SBH Real Estate Group has completed the disposition of a single-tenant retail property located on 1.9 acres at 250 N. Harbor Blvd. in La Habra. Engineering Model Associates acquired the building for $6.5 million. Harbor Freight Tools, a discount tool and equipment retailer, occupies the 22,297-square-foot property on a long-term, triple-net lease. Daniel Tyner and Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.
CHANDLER, ARIZ. — Cohen Asset Management has completed the disposition of a single-tenant light industrial property located in Chandler. An affiliate of Boston-based STAG Industrial acquired the building for $14.2 million. Situated on 8.5 acres at 464 E. Chilton Drive, the 104,352-square-foot building features 28-foot clear heights, ESFR sprinklers, five dock-high doors, four grade-level doors, low office finish and ample parking. Phoenix Packaging Operations, a subsidiary of Grupo Phoenix, occupies the property on a triple net-lease basis. The tenant has made significant improvements to the building, which was originally constructed in 2000, in both 2011 and 2017, including the installation of two additional cranes. Mark Detmer, Ryan Sitov, Steve Larsen and Bill Honsake of JLL Capital Markets represented the seller in the deal.
STANFIELD, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located at 60 Albany Way in Stanfield. A limited liability company sold the asset to a Wisconsin-based investor for $1.3 million. Family Dollar occupies the 8,320-square-foot property on a net-lease basis. The tenant has eight years remaining on a corporate-guaranteed lease. Zack House, Mark Ruble, Chris Land and Jamie Medress of Marcus & Millichap represented the seller in the deal.
WALLA WALLA, WASH. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.