FORT COLLINS, COLO., AND MERIDIAN, IDAHO — The Milestone Group has purchased two apartment properties in Colorado and Idaho totaling 602 units. Terms of the transactions were not released. Milestone acquired Bucking Horse Apartments, a 322-unit, garden-style asset within the 160-acre Bucking Horse master-planned community in Fort Collins. The property features low-density residential buildings offering one-, two- and three-bedroom units, as well as three-bedroom garage townhomes. Additionally, Milestone purchased Prelude at Paramount, a 280-unit garden-style property in Meridian. The resort-style community features one-, two- and three-bedroom units with smart home technology and recently renovated common area amenities.
Property Type
BMO Healthcare Real Estate Provides Acquisition Financing for 156-Unit Seniors Housing Property in California
by Amy Works
ALISO VIEJO, CALIF. — BMO Healthcare Real Estate has provided financing for the acquisition of Belmont Village Aliso Viejo in southern California’s Aliso Viejo. Harrison Street Asset Management was the borrower. Opened in 2019, the community totals 156 assisted living and memory care units. Belmont Senior Living developed and operates the property. Harrison Street currently has more than $108 billion in assets under management.
SAN FRANCISCO — Los Angeles-based Palomar Fitness Partners has acquired a retail building located at 1515 Sloat Blvd. in San Francisco. Lucky California Supermarket occupied the 50,000-square-foot property on a long-term lease. The buyer purchased the asset as part of a 1031 tax-deferred exchange. Additional terms of the transaction were not released. Patrick Wade and Alexander Kozakov of CBRE represented the undisclosed seller in the deal.
GRAND RAPIDS, HOLLAND, NORTON SHORES AND BIG RAPIDS, MICH. — Cushman & Wakefield has brokered the $56 million sale of the Michigan OneOncology Cancer Center portfolio, a five-property portfolio totaling 152,289 square feet across western Michigan. The oncology-focused medical outpatient buildings, located in Grand Rapids, Holland, Norton Shores and Big Rapids, were fully leased at the time of sale. OneOncology operates the centers in partnership with The Cancer & Hematology Centers. The facilities are situated near Corewell Health and Trinity Health hospitals. Each property serves as a treatment hub with infusion bays, onsite radiation oncology and specialty pharmacy services. Gino Lollio, Travis Ives, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, a group of physicians and investors associated with the operating practice of the facilities.
CHAMPAIGN, ILL. — Marcus & Millichap has arranged the $13.3 million sale of University Commons, a 100-unit student housing property in Champaign. Located at 209 E. University Ave., the building comprises 95 fully furnished units in a variety of floor plans along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.7 acres and features amenities such as a gym, recreation center and study room. The asset is situated a few blocks from the University of Illinois campus. Sam McCarthy and Scott Harris of Marcus & Millichap represented the seller and procured the buyer, Illini Rental Properties LLC, which plans to complete modest interior and common area upgrades as well as enhancements to the retail portion.
SAN ANTONIO — Sterling Organization has sold Park North Shopping Center, a 635,325-square-foot regional power center in San Antonio. Local media sources, including My San Antonio, report that the purchase price was $115 million. Target anchors the property, which sits on a 45.7-acre site and was 93.3 percent leased at the time of sale. Other tenants include Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers and Outlaw Pickleball. Chris Gerard, Barry Brown, Erin Lazarus and Whitney Snell of JLL represented Sterling in the transaction. The buyer was Dhanani Private Equity Group.
CYPRESS, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 593-unit facility in Cypress, located on the northwestern outskirts of Houston, that is operated under the Lone Star Storage brand. The property, which totals 91,150 net rentable square feet, was sold as part of a larger, family-owned portfolio. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the Texas-based seller in the transaction. The team also procured the buyer, North Carolina-based Morningstar Properties.
SUGAR LAND, TEXAS — A partnership between Dallas-based Lincoln Property Co. and PGIM Real Estate has purchased Imperial Medical Center, a 129,000-square-foot healthcare property located in the southwestern Houston suburb of Sugar Land. The facility was built in 1994 in proximity to multiple hospital campuses and is home to users such as Memorial Hermann, Alpha Surgical Center and Texas Advanced Imaging. The seller was a partnership between Pinecroft Realty and Harrison Street Asset Management.
FORT WORTH, TEXAS — Illinois-based investment firm CenterPoint Properties has acquired a 103,803-square-foot, newly constructed distribution facility in North Fort Worth. The facility sits on an 8-acre site at 15277 Heritage Parkway and features 32-foot clear heights, 27 dock-high doors, a drive-in door and an ESFR sprinkler system, as well as parking for more than 120 cars. CBRE represented the undisclosed seller in the transaction. The facility was fully leased at the time of sale.
DUBUQUE, IOWA — Phoenix Investors has acquired a 287,025-square-foot industrial facility located at 2150 Kerper Blvd. in Dubuque. The property features 12 docks and a rail spur serviced by Canadian Pacific. According to Phoenix, the facility is ideal for heavy manufacturing or distribution and offers extensive car and trailer parking. Milwaukee-based Phoenix’s portfolio totals approximately 85 million square feet across 27 states.