sale1

Westside Capital Purchases Campo Felice Apartment Tower in Downtown Fort Myers for $55M

by Julia Sanders September 13, 2021

FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment holding firm, has purchased Campo Felice, a 24-story residential tower located in downtown Fort Myers. Westside Capital acquired Campo Felice for $55 million, or $170,000 per unit. Campo Felice was originally built as a Sheraton hotel in 1986. In 2015, The MacFarlane Group acquired and redeveloped the property into a seniors housing community. As the new owners, Westside Capital intends to invest up to $5 million in capital improvements, upgrades and professional management to convert the property to a market-rate apartment tower. Existing senior residents will be welcomed to stay and lease at the property under the new ownership, though there will no longer be an active adult component. The 323-unit property features one- and two-bedroom apartments with floor-to-ceiling windows. Community amenities include four dining venues, a pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. The property was approximately 50 percent occupied at the time of sale. Located at 2500 Edwards Drive, the property sits on a 3.2-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a marina …

September 13, 2021

Acquisitions Office Texas

Partners Group, Accesso Sell 505,948 SF Royal Ridge Office Campus in Irving’s Las Colinas District

by Taylor Williams September 13, 2021

IRVING, TEXAS — Switzerland-based global investment firm Partners Group and Florida-based Accesso have sold Royal Ridge, a 505,948-square-foot office campus in Irving’s Las Colinas district, for an undisclosed price. Royal Ridge is a four-building campus that was constructed between 1998 and 2000. Tenants at the property, which has averaged a historical occupancy rate of about 94 percent during its life span, include Michaels and Honda. Todd Savage and Andrew Levy of JLL represented the partnership in the sale of the property to affiliates of Menlo Equities.

September 13, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Sells Fifty101 Apartments in Las Vegas to Apartment Ventures for $21.6M

by Amy Works September 13, 2021

LAS VEGAS — The Bascom Group has completed the disposition of Fifty101, a multifamily community located at 5101 O’Bannon Drive in Las Vegas. Apartment Ventures acquired the asset for $21.6 million. The 90-unit community consists of 16 one-bedroom apartments, 50 two-bedroom units and 24 three-bedroom/two-bath layouts in a variety of floor plans. The Bascom Group had completed property-wide renovations, including capital improvements in dual-pane windows and public update upgrades and select unit renovations. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction.

September 13, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

by Taylor Williams September 13, 2021

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.

September 13, 2021

Acquisitions Florida Office Southeast

JLL Brokers Sale of 223,588 SF Office Portfolio in Jacksonville

by Julia Sanders September 10, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has brokered the sale of a two-property, Class A office portfolio totaling 223,588 square feet located at 4190 Belford Road and 4345 Southpoint Blvd. in Jacksonville. Hermen Rodriguez, Robbie McEwan, Ike Ojala, Max Lescano, Blake Koletic, Michael Roukis and Matthew McCormack of JLL represented the buyer, Bradford Allen Investment Advisors LLC, in the sales transaction. A joint venture between TriGate Capital and LRC Properties sold the portfolio for an undisclosed amount. The 4190 Belfort Road property spans 119,230 square feet of office space and was 85 percent leased at the time of sale. The 4345 Southpoint Blvd. property has 103,358 square feet and is fully vacant. Overall, the property is leased to 14 tenants across 11 different industries. The office portfolio is located within Enterprise Corporate Park, about eight miles southeast of downtown Jacksonville. The property is situated just east of Interstate 95 and John Turner Butler Boulevard and is adjacent to St. Vincent’s Medical Center.

September 10, 2021

Acquisitions New Mexico Restaurant Retail Western

Benderson Development Buys 450,000 SF Power Center Ground Lease in Santa Fe

by Amy Works September 10, 2021

SANTA FE, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, BestBuy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, BestBuy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the retail center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller and procured the buyer in the transaction.

September 10, 2021

Acquisitions Michigan Midwest NAI Retail

NAI Wisinski of West Michigan Negotiates Sale of 136,942 SF Shopping Center in Grand Rapids

by Kristin Harlow September 10, 2021

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Alpine Summit Shopping Center in Grand Rapids for an undisclosed price. The 136,942-square-foot shopping center is located at 3165 Alpine Ave. The center is fully occupied by Ulta, HomeGoods, Marshalls, Petco, Party City, CATO, Sola Salons, America’s Bride and ABC Warehouse. Bob Lotzar and Bill Tyson of NAI Wisinski represented the buyer. NAI Wisinski also serves as the property manager.

September 10, 2021

Acquisitions Colorado Office Western

KBS Sells 593,527 SF Granite Tower Office Building in Denver

by Amy Works September 9, 2021

DENVER — KBS has completed the disposition of Granite Tower, a 31-story, Class A office tower located at 1099 18th St. in downtown Denver. A joint venture between CP Group and Related Fund Management acquired the building from KBS REIT II for an undisclosed price. Built in 1983 as part of a four-tower development and formerly known as Steller Plaza and Plaza Tower, the asset now consists of 592,527 square feet of office space and a 774-space, three-level parking structures with 615 spaces dedicated to its office tenants. Tim Richley, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill of CBRE represented the seller in the transaction. Bruce Fischer, Howard Chu, Amanda Kennedy and Mark Baker of Greenberg Traurig LLP provided legal counsel to KBS in the disposition.

September 9, 2021

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Arranges $46.8M Sale of Trader Joe’s-Anchored Shopping Center in Richmond

by Julia Sanders September 9, 2021

RICHMOND, VA. — Cushman & Wakefield has arranged the sale of Short Pump Station, a 91,369-square-foot, grocery-anchored shopping center in Richmond. Wafra Inc., a global alternative investment manager, purchased the property for $46.8 million. Located at 11800 West Broad St., Short Pump Station is situated about 15.4 miles from downtown Richmond and is close to Route 288 and Interstates 64 and 295. The retail center is anchored by Trader Joe’s, Ulta Beauty and Petco, and was 91 percent leased at the time of sale. John Owendoff of Cushman & Wakefield represented the sellers, a joint venture between BayNorth Capital and AmCap Inc. Michael Zelin and Marshall Scallan of Cushman & Wakefield secured an undisclosed amount of acquisition financing for the buyer through an undisclosed life insurance company.

September 9, 2021

Acquisitions Industrial Midwest Missouri

Sealy & Co. Acquires 554,007 SF Industrial Portfolio in St. Louis

by Kristin Harlow September 9, 2021

ST. LOUIS — Sealy & Co. has acquired a five-building industrial portfolio totaling 554,007 square feet in St. Louis for an undisclosed price. The properties are located within the Mid County and North County submarkets with convenient access to St. Louis Lambert International Airport. With the acquisition, Sealy & Co.’s holdings in the St. Louis market account for nearly 13 percent of its total portfolio across the United States. Sealy’s other prominent markets are Dallas and Memphis, Tenn. Michael Hanrahan of Cushman & Wakefield represented the seller, Altus Properties. Jason Gandy and Davis Gibbs of Sealy led the transaction on behalf of the company.

September 9, 2021

Newer Posts

Older Posts