ANCHORAGE, ALASKA — Time Equities Inc. has purchased Midtown Mall and 5900 Old Seward Highway in Anchorage from Seritage Growth Properties for a $44 million. Totaling 252,663 square feet, the deals mark Time Equities’ entry to Alaska. Midtown Mall is a 164,664-square-foot, grocery-anchored shopping center. At the time of sale, the property was 81 percent leased. Current tenants include Carr’s Grocery Store, Guitar Center, Nordstrom Rack and Planet Fitness. Situated on 7.8 acres, 5900 Old Seward Highway is a 98,087-square-foot former Sears warehouse building, which is currently vacant. Ami Ziff, Jonathan Kim and Grant Scott provided in-house representation for Time Equities, while Dino Christophilis of CBRE represented the seller in the deal.
AURORA, DENVER AND GREELEY, COLO. — Capstone Apartment Partners has arranged the $30 million sale of a 184-unit LIHTC apartment portfolio in metro Denver. The names of the seller and buyer were not released. The portfolio comprises three Section 8 seniors housing assets: Aurora Village in Aurora, Kings Point in Denver and University Plaza in Greeley. Sean Holamon, Nik MacCarter and Adam Riddle of Capstone represented the seller in the transaction.
IRVINE, CALIF. — Boureston Development has completed the disposition of Woodbridge Square, a multi-tenant medical office building in Irvine. Anchor Health Properties acquired the property for $27.6 million. Located at 4980 Barranca Parkway, the 36,104-square-foot building was 94 percent leased at the time of sale to 18 medical, dental and laboratory tenants. Sean Fulp, Mark Schuessler, Ryan Plummer, John Scruggs, Kevin Shannon, Paul Jones and Ken White of Newmark represented the seller in the transaction.
LOGAN, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Williamsburg, an 82-unit independent living and assisted living community in Logan. Located in the northern portion of Utah near the Idaho border, the facility was built in 1981 and renovated in 2015. It totals approximately 62,953 square feet and is situated on approximately 1.8 acres of land. The seller was a regional owner-operator based in Utah. The buyer is a California-based private owner looking to expand its portfolio of independent living communities. As such, the new owner plans to convert the facility to all independent living units. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. The price was not disclosed.
PHOENIX AND ALBUQUERQUE, N.M. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-property apartment portfolio in Arizona and New Mexico. JB Partners sold the assets to Bridge Investment Group for $201.7 million. The portfolio includes the 296-unit Villages at Metro Center, which was built in 1979 on 11 acres in Phoenix; the 273-unit Crystal Creek, which was constructed in 1985 on eight acres in Phoenix; and the 216-unit Indigo Park, which was built in 1974 on 7.5 acres in Albuquerque. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Ryan Sarbinoff of Marcus & Millichap served as broker of record in New Mexico.
LAS VEGAS — UnCommons Matter Real Estate Group has broken ground on Phase II of its $400 million, 40-acre mixed-use community in southwest Las Vegas. The second phase will feature a conference center, two office buildings and an additional parking garage with nearly 750 stalls. Construction is slated for completion by summer 2023. Components of Phase II include The Assembly, a 5,000-square-foot conference center offering indoor and outdoor space accommodating meetings for 10 to 250 people; and two four-story office buildings totaling 180,000 square feet with 20,000-square-foot to 25,000-square-foot floor plates available for lease. The buildings will have connected patio balconies enabling tenants to enhance their spaces with floors that are up to 45,000 square feet. Phase II will bring UnCommons to more than 335,000 square feet of office space. Upon full build-out, the property will offer five office buildings and four parking garages.
CARLSBAD, VISTA AND SAN MARCOS, CALIF. — BentallGreenOak has acquired a 614,020-square-foot industrial portfolio consisting of seven manufacturing and distribution buildings in the northern suburbs of San Diego. The name of the seller and acquisition price were not released. The portfolio includes: Vista Distribution Center, a three-building property at 1205, 1211-1215 and 1225 Park Center Drive in Vista 2710 Progress St. in Vista 1880 Diamond St. and 120 Mata Way in San Marcos 2281 Las Palmas Drive in Carlsbad At the time of sale, the portfolio was 100 percent leased. Jeffrey Cole, Aric Starck, Jeff Chiate, Mike Adey, Ed Hernandez and Drew Dodds of Cushman & Wakefield’s Southern California Capital Markets team represented the seller in the deal.
SLIB Negotiates Sale of 94-Unit Rancho Belago Seniors Housing Community in Moreno Valley, California
MORENO VALLEY, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand its presence within California. The buyer plans to optimize operations, with a renewed focus on optimizing staffing and increasing occupancy. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.
BOULDER, COLO. — Boulder-based Tepuy Properties has purchased a multi-suite office building located at 3050 Broadway St. in Boulder. Attache International Marketing sold the asset for $2.6 million. Built in 1981, the 7,094-square-foot property is currently 100 percent vacant. Tepuy plans to update the property with interior renovations and rooftop patio updates. Eric Rutherford with WK Real Estate represented the buyer, while Chris Jensen of Vista Commercial Advisors represented the seller in the transaction.
NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …