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Westmount Realty Capital Buys 280-Unit River Park Apartments in Fort Worth

by Taylor Williams April 17, 2020

FORT WORTH, TEXAS — Locally based investment and development firm Westmount Realty Capital has purchased River Park, a 280-unit apartment community in southwest Fort Worth. Built on 9.8 acres in 1985, the property offers one- and two-bedroom units with stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, business center, outdoor grilling area, coffee bar, dog park and onsite laundry facilities. Westmount will implement a value-add program to the unit interiors and amenity spaces. The seller was not disclosed.

April 17, 2020

Acquisitions California Healthcare Top Stories Western

Verity Health System Sells St. Vincent Medical Center in Los Angeles for $135M

by Alex Patton April 17, 2020

LOS ANGELES — Verity Health System has sold the 381-bed St. Vincent Medical Center in Los Angeles for $135 million. The hospital is currently operating on a temporary lease with the State of California as a surge facility for treating COVID-19 patients. The buyer, surgeon and medical researcher Dr. Patrick Soon-Shiong, will continue to honor the lease with the state, while also using several buildings as facilities for COVID-19 research. Soon-Shiong is the principal officer of the Chan Soon-Shiong Family Foundation, a California-based private grantmaking organization. “Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the state and local government to address COVID-19,” says Rich Adcock, CEO of Verity Health. Verity Health System filed for bankruptcy in summer 2018. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved the sale of the nonprofit’s assets, including St. Francis Medical Center in Lynwood to Prime Healthcare. Located at 213 W. 3rd St. in the Westlake neighborhood of Los Angeles, the Daughters of Charity of Saint Vincent de Paul originally opened the hospital in 1856. The property closed …

April 17, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Brokers $9.3M Sale of Former Walgreens Property in Reseda

by Amy Works April 16, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of a retail property located on North Tampa Avenue in Los Angeles’ Reseda neighborhood. A partnership acquired the asset for $9.3 million. The 13,000-square-foot property is net-leased to Yogurtland and Walgreens. At the time of sale, Walgreens had vacated the premises, but the retailer still has a lease in place through 2034. Brandon Michaels and Lior Regenstreif of Marcus & Millichap represented the undisclosed seller and buyer in the deal.

April 16, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $2.2M Sale of Andigo Credit Union Ground Lease in Streamwood, Illinois

by Kristin Harlow April 16, 2020

STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.

April 16, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 248,045 SF Toll Hill Office Park in North Dallas

by Taylor Williams April 16, 2020

DALLAS — JLL has negotiated the sale of Toll Hill Office Park, a 248,045-square-foot campus located one block south of the LBJ Freeway in North Dallas. The two-building property was recently renovated and offers a deli, common area conference room, atrium seating areas with Wi-Fi and covered parking. Parker McCormack of JLL represented the locally based seller, Cawley Partners, in the transaction. Jason Piering and Will Mogk of JLL arranged acquisition financing through NXT Capital on behalf of the buyer, Balfour Pacific Capital. The new ownership will use a portion of the proceeds to fund capital expenditures and tenant improvements.

April 16, 2020

Acquisitions Multifamily Texas

FourPoint Negotiates Sale of 300-Unit Stone Hill Apartments in Metro Austin

by Taylor Williams April 15, 2020

PFLUGERVILLE, TEXAS — FourPoint Investment Sales Partners has negotiated the sale of Stone Hill Apartments, a 300-unit multifamily community located in the northern Austin suburb of Pflugerville. Units at the property feature stainless steel appliances, hardwood floors and private balconies. Amenities include a pool, movie theater, fitness center and a dog park. Kevin Dufour and Kyle Peco of FourPoint represented the locally based seller, Journeyman Group, in the transaction. A Seattle-based investor acquired the asset for an undisclosed price.

April 15, 2020

Acquisitions Multifamily New York Northeast

Jonathan Rose Cos. Acquires Tower West Apartments in Manhattan for $93.8M

by Alex Patton April 15, 2020

NEW YORK CITY — Local development and investment firm Jonathan Rose Cos. has acquired Tower West Apartments, a 217-unit multifamily property in Manhattan’s Upper West Side, for $93.8 million. Located at 65 W. 96th St., the 28-story building features a ground-floor terrace, community room, playground and onsite laundry facilities. The buyer plans upgrade the lobby, amenities and energy systems. The sale did not include the retail component of the asset. Rose Community Management has taken over management of the property. The seller was Starrett Corp., which originally developed the building in 1971.

April 15, 2020

Acquisitions Arizona Data Centers Industrial Western

Landmark Dividend Acquires PayPal Data Center Campus in Phoenix for $122M

by Amy Works April 15, 2020

PHOENIX — El Segundo, Calif.-based Landmark Dividend, an owner and developer of real property interests and digital infrastructures, has purchased a data center campus in Phoenix. According to local media outlets, PayPal sold the asset for $122 million. Acquisition of the 184,000-square-foot, 16-megawatt (MW) enterprise data center campus adds to Landmark’s expansion into offering a move-in-ready data center platform. The purchase is the company’s 16th data center asset acquisition in the last 18 months. The campus consists of three data center buildings, along with an office area designed to Tier IV standards. At the time of acquisition, tech-base financial services company PayPal occupied more than 50 percent of the campus on a long-term basis. Constructed between 2010 and 2014, the campus has roof capacity loads of up to 1.4 million pounds. The facility is fortified with a storage warehouse designed for Tier IV compliance, and offers full redundancy across its entire infrastructure, providing access to more than 10 carrier networks on-site. Landmark has retained JLL Phoenix’s Data Center Solutions team as leasing manager for the campus.

April 15, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 267-Unit Self-Storage Facility Near San Antonio

by Taylor Williams April 14, 2020

CONVERSE, TEXAS — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 267-unit facility in Converse, a northeastern suburb of San Antonio. The property features 82,960 net rentable square feet, with units ranging in size from 16 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Store It All Self Storage. The facility is the new ownership’s 18th location in Texas.

April 14, 2020

Acquisitions Industrial New Jersey Northeast Self-Storage

Marcus & Millichap Arranges $19.2M Sale of Industrial, Self-Storage Property in West Caldwell, New Jersey

by Alex Patton April 14, 2020

WEST CALDWELL, N.J. — Marcus & Millichap has arranged the $19.2 million sale of an industrial and self-storage facility in West Caldwell, western suburb of New York City. Located at 670 Passaic Ave., the property features 67,000 square feet of industrial space and 41,000 square feet of self-storage space across 760 units. Alan Cafiero, Ben Sgambati and Nicholas Bocchi of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, a local private investor. Both parties requested anonymity.

April 14, 2020

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