BIRMINGHAM, ALA. — PF Holdings has completed the sale of Sunrise Pointe, a multifamily property located at 7716 Sunrise Circle in Birmingham. Forge Partners acquired the property for an undisclosed price. Built in 1978, Sunrise Pointe features 344 apartments, immediate access to Interstate 20 and close proximity to retail and entertainment opportunities in the city’s Irondale and Crestwood submarkets. Josh Jacobs of Cushman & Wakefield represented the seller in the transaction.
ROME, GA. — Berry College has announced plans for The Spires at Berry College, a 48-acre continuing care retirement community (CCRC) on its campus in Rome, approximately 70 miles northwest of Atlanta. A groundbreaking is set for Oct. 19, with the first units opening in 2020. Although the number of units was not disclosed, the community will be able to house approximately 300 senior residents in a combination of apartments and cottages. The property is located along Eagle Lake at the foot of Lavender Mountain. Berry College’s full campus totals more than 27,000 acres and is home to more than 2,200 undergraduate and graduate students.
ST. PETERSBURG, FLA. — HREC has arranged the sale of St. Petersburg Marriott Clearwater. Menna Development & Management sold the Tampa Bay property for an undisclosed price. Located at 12600 Roosevelt Blvd. in Northeast St. Petersburg, the hotel features 209 guest rooms, 22,832 square feet of meeting space, a 1,600-square-foot fitness center and The Crafted Plate, a farm-fresh American restaurant. Scott Stephens and Jaimin Patel of HREC’s Tampa office represented the seller in the transaction.
CHARLOTTE, N.C. — Trez Forman Capital Group has provided $4.8 million in financing for a 390-unit, mixed-use community planned for development near the University of North Carolina at Charlotte campus. The borrower and developer of the planned multifamily property, Sanctuary Holdings NC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department. The site — located at 7600 University City Blvd. — has already been approved for 390 multifamily or student housing units.
ATLANTA — CBRE has promoted Chris Bosworth and Will Pike to vice chairman, the highest-ranking title among CBRE producers. Based in the firm’s Atlanta office, Bosworth and Pike serve as partners and co-leaders of CBRE Net Lease Properties, a national practice that provides net lease investors with acquisition and disposition advisory services for single-tenant assets, national net lease portfolios and corporate sale-leasebacks. Over the course of their careers, Bosworth and Pike have executed more than $16 billion worth of assignments spanning more than 2,600 properties. Since 2016, the team has been responsible for the disposition of 720 properties with a value of over $8.2 billion. Bosworth joined the firm in 1999 and is a founding member of Net Lease Properties and the firm’s Corporate Capital Markets practice. Additionally, he is the first retail-focused capital markets professional in the firm’s history to be named vice chairman. Pike, who joined in 2004, is a founding member of Corporate Capital Markets, head of Retail-Occupier Capital Markets and currently serves on the board of CBRE’s Investment Properties and America Brokerage divisions. Pike is the third-youngest CBRE professional to earn the title of vice chairman.
ZEPHYR COVE, NEV. — Dickson Commercial Group (DCG) has arranged the sale of Round Hill Square Shopping Center, a retail property located in Zephyr Cove, near Lake Tahoe. ROIC Zephyr LLC sold the property to an undisclosed buyer for $28 million. Situated on 10.2 acres, the 115,984-square-foot property was 96.8 percent occupied at the time of sale. Tenants include Safeway, United States Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Healthcare Lake Tahoe Surgery Center. Chris Shanks, Dominic Brunetti and Scott Shanks of DCG, along with Tony Bernheim of Carlsbad Capital, represented the seller in the deal.
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.
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.
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.
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.
