ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of about $6 million. The buyer was a private owner-operator based in Los Angeles. The seller and price were not disclosed.
ALBANY, ORE. — Marcus & Millichap has arranged the sale of the 33-unit Sheridan Plaza apartments in Albany. A Portland-based private client group acquired the asset for $4.2 million. The community is located at 208 SE 5th Ave. and 205 SE 6th Ave. Albany is approximately halfway between Eugene and Salem. The undisclosed seller purchased the asset in 2021, at which time it made capital improvements to the property. This included new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot, and new windows and sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer plans to continue the renovation process and increase rents, according to Marcus & Millichap. The firm’s Georgie Christensen-Riley and Joshua C. Reynolds, along with the Christensen Group, represented the seller in the transaction.
ALISO VIEJO, CALIF. — Eureka! has opened a 4,504-square-foot restaurant at The Commons at Aliso Viejo, a retail center in Aliso Viejo. Justin McMahon of JLL represented both the landlord, Buie Communities, and Eureka! in the lease negotiations.
DENVER — Ireland Stapleton, a full-service Colorado commercial law firm, has relocated its Denver headquarters to 1660 Lincoln St., Suite 3000. The firm has taken over the top floor of the newly renovated, 30-story building in Denver’s Uptown neighborhood. The space has been remodeled with a layout that features a number of shared offices, hotel-style offices, and advanced technology that will increase communication and collaboration within teams and practice groups. This flexible atmosphere is designed to better accommodate both remote and in-office workers.
KAILUA, HAWAII — Watumull Properties Corp. has purchased Niumalu Marketplace, a 205,000-square-foot retail center located in Kailua on O’ahu, for $66 million. Safeway anchors the property, which is situated on 20 acres. Wendell Brooks and Kimo Greenwell of JLL will handle leasing at the center, and Big Island Colliers’ Hawaii office will provide property management services.
PASADENA, CALIF. — MorningStar Senior Living has reopened its 144-unit community in Pasadena. Soon after assuming management in December 2020, MorningStar, a Denver-based senior living owner and operator, began a complete renovation of the four-story community. Aneka Interiors led the redesign, which included the addition of memory care services to the community. MorningStar is planning an expansion building next door to the existing community that will offer additional independent living, which is scheduled to open in early 2025.
DENVER — Essex Financial Group has secured $32 million in financing for the purchase of 2nd & Josephine, a 105,253-square-foot mixed-use property in Denver. Comprising four buildings, the development was fully leased at the time of sale. Bank of America anchors the property, which features retail and office space, as well as 260 parking spaces. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the seven-year, fixed-rate loan through an undisclosed life insurance company on behalf of the buyer.
MONTCLAIR, CALIF. — Longpoint has acquired Cardenas Marketplace, a shopping center in Montclair, roughly 30 miles east of Los Angeles, for $22.7 million. Built in 2020 and anchored by Cardenas Market, the property was 91 percent occupied at the time of sale. Other tenants at the center include AT&T and Wendy’s. Alan Krueger, Vanessa Haddad and Masih Waliyar of CBRE represented Longpoint in the transaction.
PHOENIX — Five new tenants are joining Christown Spectrum, a retail center in Phoenix. Naughty Tacos has opened a 1,540-square-foot restaurant at the property. KTK Chiropractic will lease 3,337 square feet at the center beginning this summer. Burlington is scheduled to open a location at the property in 2024. Hobby Lobby and Five Below will also open next year, occupying 60,000 and 10,000 square feet, respectively.
COLORADO SPRINGS, COLO. — An affiliate of the Axton Group and the Bascom Group have divested two multifamily complexes in Colorado Springs for a total of $74.1 million. The sale includes the 374-unit Park at Penrose and the 112-unit Park at Palmer. The communities are located at 3802 and 3903 Half Turn Road, respectively. Formerly known as Summer Grove and Tanglewood, the Axton/Bascom partnership purchased the properties for $41.2 million in June 2019. The companies then completed a multi-year renovation program to upgrade the apartment units and community amenities.