HAWAII — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million. The portfolio includes 12 properties in O’ahu, two facilities in Kauai, four properties in Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple-net basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net Lease Capital Market, in cooperation with Jackson Nakasone of NAI CBI Hawaii, represented the seller in the transaction.
LAS VEGAS — Nigro Construction has started construction of Mountain West Industrial Park in southwest Las Vegas. The 252,900-square-foot warehouse project is located at 7210 W. Post Road. The first phase consists of three industrial shell buildings on 16.5 acres, with completion slated for third-quarter 2021. The first phase will offer units ranging from 6,400 square feet to 71,500 square feet with 30-foot minimum clearance heights in the warehouse areas, 10-foot glass storefront office entries and metal canopies. The second phase includes an additional 45,000 square feet of industrial space on the remaining acres of the property.
VALHALLA, N.Y. — HJ Sims has placed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community, The Knolls, in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus.
LAKEWOOD, COLO. — Denver-based Flywheel Capital has purchased an office property located on 16.7 acres at 14023 and 14033 Denver West Parkway in Lakewood. New York-based HighBrook Investors sold the asset for an undisclosed price. Totaling 127,297 square feet, the asset features two three-story buildings connected by a first-floor walkway. On-site amenities include more than 1,000 parking spaces; a deli/cafeteria; break rooms on each floor of both buildings; a game room with ping pong, billiards and foosball; and an outdoor plaza with a basketball court and patio. Additionally, the site offers immediate access to South Table Mountain Recreation Area. Tim Richey, Charley Will, Jenny Knowlton, Chad Flynn and Anthony DeLorenzo of CBRE Capital Markets Institutional Properties represented the seller in the transaction. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. The acquisition represents Flywheel Capital’s second transaction in Colorado as part of its joint venture with a Latin America-based partner.
HUDSON, N.H. — NAI Norwood Group has negotiated the sale of Hudson Self Storage, a 321-unit facility in Hudson, located outside Nashua near the New Hampshire-Massachusetts border. The property totals 39,825 net rentable square feet. Joseph Mendola of NAI Norwood represented the undisclosed seller and the institutional buyer in the transaction. The sales price was $4.8 million.
CAMBRIDGE, MASS. — Pennsylvania-based Hersha Hospitality Trust has sold the 112-room Holiday Inn Express & Suites Boston, located at 250 Monsignor O’Brien Highway in Cambridge. Cyrus Vazifdar, Jay Morrow, Michael Tormey and Alex Yiankes of Hodges Ward Elliott (HWE) represented Hersha Hospitality in the transaction. Additionally, HWE’s capital markets team sourced acquisition financing for the undisclosed buyer.
PORTERVILLE, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding, single-tenant retail building located at 421 Vandalia Ave. in Porterville. A Southern California-based owner and developer sold the asset to a California-based investor in a 1031 exchange for $2.9 million, or $960 per square foot. Built in 2008, the 2,992-square-foot property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks Coffee, which occupies the property under a 10-year, triple-net lease. The building also features a drive-thru lane. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller, while Bryan Cifranic of Commercial Retail Associates represented the buyer in transaction.
WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC.
NEW HAVEN, CONN. — Connecticut-based Edgewood Capital Advisors has provided a $3.5 million bridge loan for the refinancing of a portfolio of eight multifamily properties totaling 30 units in New Haven. The borrower, an undisclosed, locally based investor, will use the proceeds to pay off existing debt, cover closing costs and provide working capital.
TACOMA, WASH. — A fund sponsored by CBRE Global Investors has purchased Portside 55, three industrial buildings located 30 miles south of downtown Seattle in the Port of Tacoma. Terms of the sale were not released. Totaling 428,010 square feet, the park was 100 percent leased at the time of sale. The property comprises the 155,100-square-foot Building A and the 51,900-square-foot Building B, both located at 1514 Taylor Way, and the 221,010-square-foot Building C located at 3401 Lincoln Ave. The buildings feature 30-foot to 32-foot clear heights, 50-foot by 50-foot column spacing, large truck courts, a total of 91 dock doors, 289 parking stalls, an ESFR fire suppression system, heavy power and LED lighting. Additionally, the site offers the potential for railcar service. Portside 55 sits on nearly 20 acres that is under a ground lease with the Port of Tacoma through 2067, with an extension through July 2092.