Property Type

Geolo Capital Sells 160-Acre Ventana Big Sur Resort in California for $148M

by Julia Sanders June 18, 2021

BIG SUR, CALIF. — Geolo Capital and its joint venture partner Wanxiang America Real Estate have sold Ventana Big Sur Resort, an Alila Resort in Big Sur. The buyer, an affiliate of the Hyatt Hotels Corp., bought the 160-acre property for $148 million. Geolo, which is the private equity investment arm of the John Pritzker family office, claims the $2.5 million-per-room price is a record for a North American resort. Built in 1975, Ventana Big Sur Resort is a 59-room property. Geolo Capital acquired Ventana in 2015 and then renovated and reopened the property in 2017. San Francisco-based interior design firm BraytonHughes Design Studio and Carmel, Calif.-based architectural firm Ray Parks & Associates led the renovation project. The renovations included a new Glass House Gallery, which showcases artwork, jewelry, pottery and photography from California-based artists, as well as upgrades to all the guestrooms, suites and villas. Additionally, outdoor fireside seating was added, and a new 7,000-square-foot Ocean Meadow Lawn was added for events and weddings with space for up to 200 guests. Ventana Big Sur has a total of 12,000 square feet of events and meeting space. A new restaurant, the Sur House restaurant, was also built during renovations, as …

June 18, 2021

Acquisitions California Retail Western

Eastern Real Estate, Atlas Capital Acquire 466,000 SF Eagle Rock Plaza in Los Angeles

by Amy Works June 18, 2021

LOS ANGELES — Eastern Real Estate and Atlas Capital Group have purchased Eagle Rock Plaza, a regional shopping center at the intersection of Glendale and Ventura freeways in Los Angeles’ Eagle Rock neighborhood. Situated on 22 acres, the property features 466,000 square feet of retail space. Current anchor tenants include Target, Macy’s, Seafood City and Fitness 19. Bill Bauman and Kyle Miller of Newmark Capital Markets represented the undisclosed seller in the deal. The acquisition price was not released.

June 18, 2021

Colorado Development Industrial Western

Central Development Breaks Ground on 171,600 SF Warehouse at Encompass Business Park in Centennial, Colorado

by Amy Works June 18, 2021

CENTENNIAL, COLO. — Central Development has broken ground for Encompass 171, the fourth building at its Encompass Business Park in Centennial. Established in 2017, the 62-acre infill industrial park offers last-mile warehousing, industrial and technology uses for tenants. Encompass 171 will feature 171,600 square feet of warehouse space, 28-foot clear heights, a speed bay and a 190-foot-deep truck court. Alcorn Construction is serving as general contractor for the building. Current tenants at Encompass Business Park include Amazon, Room & Board, Brakes Plus, Mygrant Glass, Winn-Marion Cos., Rincon Research and Evoqua Water Technologies.

June 18, 2021

MorningStar-Senior-Living-Holly-Park-Centennial-CO

Colorado Development Multifamily Seniors Housing Western

MorningStar Senior Living, Edgemark Plan 160-Unit Seniors Housing Community Near Denver

by Amy Works June 18, 2021

CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development LLC have unveiled plans for MorningStar Senior Living at Holly Park in the Denver suburb of Centennial. Groundbreaking is scheduled for fourth-quarter 2021 for planned completion in 2023. The four-story project will be located on three acres and offer 160 units of independent living, assisted living and memory care. This will be MorningStar’s second location in Centennial and 13th in Colorado. MorningStar and Edgemark will co-develop and own the community.

June 18, 2021

Acquisitions Arizona Office Restaurant Retail Western

Cushman & Wakefield Brokers $17.4M Sale of Chauncey Lane Marketplace Office/Retail Property in Scottsdale

by Amy Works June 18, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Chauncey Lane Marketplace, a mixed-use development in north Scottsdale. Los Angeles-based Ronal LLC acquired the asset from Chauncey Retail Partners for $17.4 million. Located at 17757 and 17767 N. Scottsdale Road, the property features 34,963 square feet of office and retail space. Current tenants include a breakfast diner, cocktail lounge, salon/spa, financial advisory offices, a law firm, residential development firm and a dental practice. The asset was developed in 2019. Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.

June 18, 2021

Acquisitions California Retail Western

Progressive Real Estate Negotiates $6M Sale of Rancho Car Wash Property in Temecula, California

by Amy Works June 18, 2021

TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of a Rancho Car Wash-occupied retail asset located at 27378 Jefferson Ave. in Temecula. The property traded hands for $6 million. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller, both of which are Los Angeles County-based private investors, in the transaction. Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services and an oil and lube center. The transaction included both the business and real estate and the buyer plans to remodel and upgrade the operation.

June 18, 2021

Acquisitions Florida Retail Southeast

Limestone, Orion Real Estate Purchase 27-Property Walgreens Portfolio for $133M

by Julia Sanders June 18, 2021

MIAMI, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased a 27-property portfolio of Walgreens-occupied assets for $133 million. Wells Fargo provided financing for the acquisition. Kevin Sanz of Orion Real Estate Group led the buyer group. Brian Pfohl and Maury Vanden Eykel of CBRE Inc. represented the seller in the transaction. Further details on the properties were not disclosed. Miami-based Limestone Asset Management is a real estate investment firm and an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Orion Real Estate Group is a Miami-based provider of commercial real estate services.

June 18, 2021

Acquisitions Multifamily Southeast Virginia

Berkadia Arranges $46M Sale of Spotswood Commons Apartments in Williamsburg, Virginia

by Julia Sanders June 18, 2021

WILLIAMSBURG, VA.— Berkadia has arranged the $46 million sale of Spotswood Commons, a 212-unit garden-style multifamily property in Williamsburg. Drew White of Berkadia DC Metro and Carter Wood of Berkadia Richmond represented the seller, Massachusetts-based The Dolben Co. Inc., and the buyer, New York-based Kushner Cos. Located at 100 Glenburnie Road, Spotswood Commons features one-, two- and three-bedroom floor plans with air conditioning, a patio or deck and in-unit washers and dryers. Community amenities include a dog park, clubhouse, fitness center, tennis court, outdoor grilling area, swimming pool, volleyball court and playground. The apartment property is close to Colonial Williamsburg, Interstate 64 and the Williamsburg Premium Outlets. Kushner is a New York City-based real estate development and management firm. The company has a portfolio of residential, commercial, retail, hospitality and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states.

June 18, 2021

Acquisitions Florida Office Southeast

Dilweg Cos. Sells Lakewood Ranch Office Property for $20.3M

by Julia Sanders June 18, 2021

LAKEWOOD RANCH, FLA. — The Dilweg Cos. has sold 9000 Town Center Parkway, a 101,312-square-foot, Class-A office building located in Lakewood Ranch. The price was $20.3 million. The buyers were MHCommercial Real Estate Fund LLC, a Florida-based discretionary private real estate fund, and Contrarian Capital Management LLC, a Connecticut-based hedge fund. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the Dilweg Cos. in the transaction with support from Zach Eicholtz and Brooke Tulley of Cushman & Wakefield. ServisFirst Bank provided $12.5 million financing for the transaction, under the direction of Mario Bringas of SW Florida. Built in 1998, the 9000 Town Center is a two-story building that originally was developed as a single-tenant, build-to-suit property solely occupied by TriNet USA Inc. The property is located east of Interstate 75 on 11.3 acres within the master-planned community of Lakewood Ranch, which is a community on 50 square miles with 18,000 residential and commercial properties. The 75 percent-occupied office property is the fourth acquisition for MHC, and the building currently has approximately 25,000 square feet of space open for leasing. NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by …

June 18, 2021

Acquisitions Florida Industrial Southeast

Woodmont Industrial Partners, Butters Construction Acquire 6.1-Acre Industrial Development Site in Pompano Beach, Florida

by Julia Sanders June 18, 2021

POMPANO BEACH, FLA. — Woodmont Industrial Partners and joint venture partner Butters Construction and Development have acquired a 6.1-acre industrial site in Pompano Beach. Located at 1698 Andrews Ave. in Broward County, the company plans to build an 84,000-square-foot Class A distribution building, known as Andrews Logistics, on the site. The seller and price for the land acquisition were not disclosed. The planned distribution park will feature 32-foot clear heights, loading docks, two ramps and frontage on Andrews Avenue. The property is situated near Interstate 95, Florida Turnpike and the Dixie Highway. In addition, the distribution park is proximal to nearby landmarks and transit hubs including Boca Raton Airport, Fort Lauderdale Airport, Port Everglades and the Sawgrass Expressway. Construction of the distribution site is slated for completion in fourth-quarter 2022 and will be available for lease in the summer of 2022. Woodmont Industrial Partners is an affiliate of Fairfield, N.J.-based Woodmont Properties, a real estate development and management firm. Coconut Creek, Fla.-based Butters Construction and Development is a real estate service firm engaged in construction, development, leasing and property management.

June 18, 2021

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