CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.
BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …
PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
RIALTO, CALIF. — Farmer Bros. Co., a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products, has opened its West Coast distribution center in Rialto. The 156,000-square-foot facility features 18 docking doors and 26 trailer storage spaces enabling Farmer Bros. to improve its delivery capabilities within its company network, as well leverage air, rail and ocean transportation modes. The company plans to utilize the facility to distribute products to its branch locations and service equipment throughout Farmer Bros.’ specialized coffee brewing equipment technicians in seven U.S. states. With 40 percent of Farmer Bros. customers located on the West Coast, the company expects the new distribution center to enable quicker product fulfillment, improved delivery time and better customer service. The Rialto facility is the company’s last major supply chain optimization initiative as part of its broader turnaround strategy. The optimization plan also includes the closing of the Houston manufacturing facility and capacity enhancements to its Dallas/Fort Worth facility.
DENVER — Avistone, a Denver-based commercial real estate investment firm specializing in the acquisition and operation of multi-tenant industrial properties nationwide, has appointed Charlie Muller as managing director of its newly formed Avistone Hospitality Division. “With the travel industry facing continued headwinds, a number of owners are opting to divest their properties and portfolios versus riding out the troubled forecast,” says Richard Kent, president of Avistone. “This creates opportunity for investment firms such as our own. “While we historically have focused on more industrial properties and business parks, our core expertise remains real estate investment, including identifying opportunity, capitalizing investments, repositioning properties, improving cash flow and enhancing value at disposition.” With nearly four decades of hospitality experience in operations, acquisitions, development, asset management and dispositions, Muller has completed more than $7.5 billion in transactions, including acquiring more than 75 hotels, developing/redeveloping 19 hotels and overseeing asset management practices for over 200 hotels and recreational properties. Prior to joining Avistone, Muller served at First Hospitality, Omni Hotels & Resorts, CNL Hotels & Resorts and CNL Lifestyle Properties. “Creating and utilitizing private equity funds, we will seek investments in limited-service, extended-stay, full-service and resort hotels throughout the United States,” says Muller. “We …
LOS ANGELES — CIM Group, a Los Angeles-based real estate and infrastructure owner, operator, lender and developer, has announced that its open-end core real estate fund has been added to the National Council of Real Estate Investment Fiduciaries’ (NCREIF) Open-End Diversified Core Equity Index (NFI-ODCE). The fund’s inclusion started during fourth-quarter 2020. Launched on Dec. 31, 1977, the NFI-ODCE is a capitalization-weighted, gross of fee, time-weighted return index. As of Dec. 31, 2020, the index consisted of 26 funds, totaling $209 billion of net real estate assets. According to NCREIF, the term diversified core equity style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership position in stable U.S. operating properties diversified across regions and property types.
HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …
DENVER — Summit Communities has purchased Boulder Crossroads Apartments, a multifamily property in Denver, for $55.5 million, or $172,360 per unit. The name of the seller was not released. Built in 1970 at 7500 Dakin St., Boulder Crossroads offers 322 apartments. The buyer plans to execute a strategic value-add renovation program at the property, which was lightly renovated prior to sale. Bill Morkes and Craig Stack of Colliers International represented the seller and procured the buyer.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit. Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.
CARLSBAD, CALIF. — New York-based Link Logistics has completed the disposition of an R&D and manufacturing property located at 2285 Rutherford Road in Carlsbad. An undisclosed buyer acquired the asset for $25.7 million. Built in 1990 as part of Carlsbad Research Center, the two-story, 128,745-square-foot building features four dock-high loading doors, four grade-level doors and 342 parking spaces. At the time of sale, the property was vacant. Situated on 6.5 acres, the facility is adjacent to McClellan-Palomar Airport, which serves North County San Diego. Roger Carlson, Bill Dolan and Blake Wilson of CBRE represented the seller, while the buyer was represented by an outside firm.
