Property Type

Levin Johnston Arranges $27.8M Sales of Two Self-Storage Facilities in Bay Area

by Amy Works October 9, 2018

SUNNYVALE AND FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sales of two self-storage facilities in Sunnyvale and Fremont, totaling $27.8 million. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the seller and buyers in each transaction. In the first transaction, a multifamily investor acquired a 517-unit Lock It Up Self-Storage, located at 220 W. Ahwanee Ave. in Sunnyvale. Lock It Up Self-Storage sold the property for $15.5 million. Built in 1987, the property offers 44,781 net rentable square feet and was 97 percent occupied at the time of sale. In the second deal, a high-net-worth individual purchased a 637-unit Lock It Up Self-Storage property located at 38491 Fremont Blvd. in Fremont. Constructed in 1986, the property offers a total of 54,550 net rentable square feet and six RV parking spaces. At the time of sale, the property was 94 percent occupied.

October 9, 2018

Acquisitions California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers Sale of 148-Unit Seniors Housing Community in California

by Amy Works October 9, 2018

PALM DESERT, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of Bella Villaggio, a 148-unit assisted living and memory care community in Palm Desert, an eastern suburb of Los Angeles. West Partners, the San Diego-based developer, sold the property just as construction was reaching completion. Lytle Enterprises, a Washington-based investor, acquired the property for an undisclosed price. Leisure Care will operate the community. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Sam Dylag.

October 9, 2018

Acquisitions California Industrial Retail Western

Carleton Management Sells Industrial Building in San Diego’s East Village for $7M

by Amy Works October 9, 2018

SAN DIEGO — Carleton Management has completed the sale of an industrial asset located in downtown San Diego’s East Village. A wholly owned subsidiary of Shapery Enterprises acquired the asset for $7 million. The transaction includes a vacant, 12,000-square-foot historical building at 1460 Island Ave. and an 11,000-square-foot light industrial building at 1490 Island Ave. The historic building dates backs to 1907 and was the former Electric Laundry Co. site. The buyer plans to restore the historic building and reposition it for a commercial tenant. The adjoining light industrial building is currently occupied by Crossfit Fortius and Urbana Design Build, a general contractor. Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, while the buyer was self-represented in the transaction.

October 9, 2018

Acquisitions Arizona Retail Western

Heslin Holdings Acquires Former Safeway-Occupied Retail Property in Tucson for $2.5M

by Amy Works October 9, 2018

TUCSON, ARIZ. — Heslin Holdings has acquired a former grocery-anchored retail building, located at 5548 E. Grant Road in Tucson. Albertson’s sold the property for $2.5 million. The 35,000-square-foot property is situated on the southeast corner of Grant and Craycroft roads. Safeway formerly occupied the space. The company plans to invest $1.5 million in development and improvement efforts at the property, which is part of its larger plan to invest $75 million in retail properties over the next year. The property will be remodeled, repositioned and leased to a single retailer, slated to open in 2019.

October 9, 2018

Acquisitions Midwest Mixed-Use Ohio Retail

DealPoint Merrill Acquires Former Sears Store Near Cleveland, Plans $70M Redevelopment

by Kristin Harlow October 9, 2018

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the former Sears store at Richmond Town Square Mall in Richmond Heights, about 13 miles northeast of Cleveland. The 248,000-square-foot Sears store has been vacant since March 2017. DealPoint Merrill plans to redevelop the store into a $70 million project featuring a 375-unit luxury apartment property, a 98-key hotel and 8,000 square feet of restaurant space. Joseph Khouri of CBRE brokered the sale of the Sears store. Sears was the seller. DealPoint Merrill previously purchased the former Macy’s store at the mall with plans to transform it into a self-storage property.

October 9, 2018

Acquisitions Midwest Missouri Multifamily Seniors Housing

Griffin-American Purchases 1,112-Bed Skilled Nursing Portfolio in Missouri for $88.2M

by Kristin Harlow October 9, 2018

MISSOURI — Griffin-American Healthcare REIT IV Inc., which is co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million. The portfolio comprises eight facilities totaling 1,112 licensed beds and approximately 385,000 square feet. Affiliates of Reliant Care Management Group sold the properties, and will continue to operate them under a 15-year absolute net lease with two 10-year renewal options. (Under terms of an absolute net lease, the tenant is responsible for all expenses and repairs relating to the building, including the roof and structure.) The lease includes annual rent escalations tied to the consumer price index with a floor of 2 percent and a cap of 3 percent. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and Keybank NA. The specific names and locations of the properties were not disclosed.

October 9, 2018

Acquisitions Hospitality Illinois Midwest

HREC Arranges Sale of 106-Room Fairfield Inn & Suites in Rockford, Illinois

by Kristin Harlow October 9, 2018

ROCKFORD, ILL. — HREC Investment Advisors has arranged the sale of the 106-room Fairfield Inn & Suites in Rockford for an undisclosed price. Minnesota-based Oliver Cos. purchased the asset. Jeff Preston and Tom Sommer of HREC represented the sellers, North Central Group and Raymond Management Co. The hotel, located near I-90, features a complimentary breakfast, Wi-Fi, a fitness center and pool. Fairfield Inn & Suites is part of the Marriott chain of hotels.

October 9, 2018

Illinois Leasing Activity Midwest Office

Architectural Firm SNHA to Relocate to 1 Prudential Plaza in Chicago

by Kristin Harlow October 9, 2018

CHICAGO — Sheehan Nagle Hartray Architects (SNHA) has signed a 23,615-square-foot office lease to relocate to 1 Prudential Plaza in Chicago. The architectural firm will relocate form 12,907 square feet at 30 W. Monroe St. upon build-out of its space in April 2019. Geoffrey Kasselman, Matthew Whipple, Bob Chodos and Steve Levitas of Newmark Knight Frank represented SNHA in the lease transaction. Landlord Sterling Bay was self-represented in the deal. SNHA cited abundance of natural light, amenities, location and floor plates with room for growth as the reasoning for the site selection. The firm, which has 70 employees, offers architectural design, interior design and predesign services.

October 9, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $4.7M Sale of Apartment Building in Forest Park, Illinois

by Kristin Harlow October 9, 2018

FOREST PARK, ILL. — Marcus & Millichap has brokered the $4.7 million sale of Hampshire House in Forest Park, 10 miles west of Chicago. The 48-unit apartment building is located at 520 Des Plaines Ave. and features a mix of one- and two-bedroom units. Eric Bell of Marcus & Millichap listed the property on behalf of the seller, a private investor. He also secured and represented the private buyer.

October 9, 2018

Hospitality Market Reports Nevada Western Western Market Reports

Best Practices for Structuring Nevada Hotel, Casino Deals

by Taylor Williams October 9, 2018

One of the first questions clients ask when considering a hotel casino acquisition or the development of a new hotel casino project in Nevada is whether they have to obtain a gaming license. Since applying for a gaming license requires the disclosure of extensive, private personal information — and obtaining a gaming license can take several months — buyers and developers often want to learn about alternatives to the license. Those alternatives are briefly summarized below. Sale-Leaseback: The sale-leaseback structure involves the current hotel casino owner and/or operator selling substantially all of the assets to the buyer. The buyer, in turn, then leases all of such assets back to the seller. The seller retains the gaming assets and liabilities, utilizes the other assets per the lease and continues to operate the hotel casino for the lease term. The advantage of this structure is that the sale transaction can be closed quickly since the parties do not have to wait for the buyer to obtain its gaming license. A potential disadvantage to the seller is that it still has to operate the property. Possible disadvantages to the buyer are that the buyer assumes the future licensing risk and, generally speaking, cannot …

October 9, 2018

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