LEE’S SUMMIT, MO. — Montecito Medical has acquired a 40,500-square-foot medical office building in Lee’s Summit near Kansas City. The fully leased property opened in 2020. Beacon Surgery Center, a joint venture between local physician partners and Partners Surgical, is the building’s primary tenant. Other tenants include Sano Orthopedics and Advanced Surgical Associates. The seller and sales price were not disclosed.
CHICAGO — Spaulding Ridge has signed a 25,779-square-foot office lease at 203 N. LaSalle Drive within Chicago’s Central Loop. The cloud technology firm previously occupied space at 105 W. Madison St. Rising 27 stories, 203 N. LaSalle Drive spans 625,221 square feet. The office tower features a conference center, fitness center and tenant lounge. Jeff Mulder of Colliers represented Spaulding Ridge.
TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson. Residences will consist of luxury studio and one-bedroom units, ranging from 300 square feet to 700 square feet. Site amenities of the converted property will include upgrades to the pool area, fitness room, clubhouse, conference room, dog park and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interiors finishes to support the high demand for quality affordable housing in the downtown submarket. Sterling had the property under contract since January 2021 while it underwent the rezoning process for residential use. The company collaborated with neighbors throughout the process to receive zoning approval without opposition. Upon purchase, Sterling will become a Choice Hotel franchisee and has engaged Ledgestone Hospitality to operate the four-story building as a hotel, while the adjacent buildings are converted to apartments. Additionally, the site was approved for …
DENVER — Gelt has purchased Willow Point Townhomes, a rental community located at 8500 E. Mississippi Ave. in Denver. The property sold for $69 million in an off-market transaction. Built in 2016 on 8.5 acres, the community features 30 two-story residential buildings offering a total of 117 two- and three-bedroom townhome-style units averaging 1,504 square feet. The townhomes feature attached two-car garages, private patios, stainless steel appliances, quartz countertops, full-size washers/dryers and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, playground and 274 parking spaces.
FORT COLLINS, COLO. — Berkadia has arranged the sale of and acquisition financing for Eleven13 Apartments, a garden-style multifamily property in Fort Collins. California-based Bridge Partners sold the asset to Colorado-based Trailbreak Partners for $24.7 million. Located at 1113 W. Plum St., Eleven13 Apartments features 107 two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, fitness center, game room, laundry facilities and a picnic area. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal. Brian Huff of Berkadia Denver arranged a $20 million acquisition loan for the buyer. CorAmerica Capital provided the three-year, non-recourse loan, which features a 75 percent loan-to-cost ratio, 3.85 percent interest rate and an interest-only payment schedule.
AUBURN, WASH. — Fortress Investment has acquired a seven-acre industrial property in Auburn from MK Holdings for $22 million in an off-market transaction. Matt Murray and Matt McLennan of Kidder Mathews brokered the deal. Located at 904 W. Main St., the land includes a 24,000-square-foot building. Utility Trailer Sales of Washington Co. occupies the property.
LAKEWOOD, COLO. — Blue West Capital has brokered the sale of a shopping center located at 10750 W. Colfax Ave. in Lakewood. A Colorado-based private real estate company sold the asset to a California-based investor for an undisclosed price. Harbor Freight Tools, JoAnn Fabric and Guitar Center are tenants at the fully occupied, 42,755-square-foot property. Tom Ethington of Blue West Capital represented the seller in the deal.
By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc. The Reno retail market was hard hit overall by the pandemic, with the service industry at the top of the list. Some notable businesses that closed in Reno last year include Santa Fe Basque Restaurant, Truckee River Bar & Grill, An — Asian Kitchen & Bar, Little Nugget Diner, True NY Pizza Co., Rounds Bakery Storefront, Jos A. Bank, St. James Infirmary, 24 Hour Fitness and Pier 1 Imports. Big box national retailers picked up virtually no new space in 2020. The good news is retail demand and leasing activity has rebounded this year. Northern Nevada’s retail vacancy rate saw positive absorption. It currently sits at 5.8 percent, while asking rental rates have increased. They are currently at $19.08 per square foot (triple net) on an annual basis for second-generation space and $42 per square foot (triple net) on an annual basis for new construction. Notable business openings this year include Sport Clips, the Human Bean, C-A-L Ranch, In-N-Out Burger, Starbucks, Chipotle, Firehouse Subs, Truckee Bagel, Base Camp Pizza, SUP and Chase Bank. Commercial sales in Northern Nevada were nominal in 2020. This was driven by the pandemic, a lack of …
NEW YORK CITY AND DALLAS — CBRE Investment Management has agreed to acquire a portfolio of logistics real estate assets in the United States and Europe from Hillwood Investment Properties, an industrial developer and owner based in Dallas. Under terms of the $4.9 billion acquisition agreement, affiliates of New York City-based CBRE Investment Management will purchase the 57-property, 28.4 million-square-foot portfolio from Hillwood. The transaction is subject to customary closing conditions, and CBRE Investment Management expects to close on the assets in stages. The portfolio includes 33 properties in the United States totaling 19.2 million square feet and 24 assets in Germany, Poland and the United Kingdom totaling 9.2 million square feet. “This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients,” says Chuck Leitner, CEO of CBRE Investment Management. “Backed by a $35 billion AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.” The portfolio is one of several multi-market portfolio transactions in the industrial sector in the past …
TAMPA, FLA. — Current Rocky Point LLC, an affiliate of Tampa-based Caspers Co., has acquired The Current Hotel, an Autograph Collection hotel by Marriott in Tampa. The price was $85 million. Dave Weymer, Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Rocky Point Holdings LLC, in the transaction. American Momentum Bank provided a $55 million loan to the buyer. Built in 2019, The Current Hotel features 180 rooms, the Julian Restaurant, Rox Rooftop Bar and a lobby bar. The hotel property also includes a private beach, infinity pool and waterfront views from every guestroom. Located at 2545 N. Rocky Point Drive, the hotel is 4.8 miles from the Tampa International Airport, 0.5 miles from East Tampa Beach and 15 miles from Clearwater. The property is also situated near restaurants such as Whiskey Joe’s Bar & Grill and Oystercatchers.
