CORPUS CHRISTI, TEXAS — SWBC Real Estate has acquired Stoneleigh Apartments, a 348-unit multifamily community in Corpus Christi. Built in phases between 2005 and 2008, the garden-style community features one- and two-bedroom units and amenities such as three pools, a fitness center, communal kitchen and resident clubhouse. Stoneleigh was 95 percent occupied at the time of sale. SWBC will implement a $3.5 million value-add program targeting unit interiors, amenity spaces and building exteriors.
ORANGE, CALIF. — Los Angeles-based Stanton Road Capital (SRC) has acquired TriCentre, a Class A office tower located in Orange, for an undisclosed price. The name of the seller was not released. Completed in 1986, the 10-story TriCentre features 211,916 square feet of office space. The property is situated within the “Platinum Triangle” at the convergence of Interstate 5, California State Route 57 and California State Route 55. At the time of sale, the building was 78 percent leased to a variety of high-profile tenants, including Farmers Insurance, Children’s Home Society of California, MegaMex Foods and Lockheed Martin. The buyer has plans to invest significant post-acquisition capital to improve the tenant experience, including a fully overhauled lobby and courtyard, as well as building upgrades. SRC has retained Cushman & Wakefield to handle leasing and property management of TriCentre.
PHILADELPHIA — CBRE has brokered the sale of a 283,500-square-foot industrial facility in Philadelphia. The buyer, a partnership between Wharton Industrial Partners and Walton Street Capital, plans to invest $10 million in an extensive repositioning of the site, which will be rebranded SoPhi Logistics Center. Improvements will include installation of a new roof and lights, as well as leveling the interior floors, expanding and upgrading the loading docks and repaving and repainting the entire site. Construction is expected to be complete in early 2020. CBRE’s Patrick Green and Michael Mullen represented the seller, an individual investor based in Switzerland who purchased the property in 2006. The sales price was undisclosed.
SUMMIT, N.J. — A joint venture of Saxum Real Estate and The Becker Organization has purchased a 42,000-square-foot office building in Summit, a western suburb of New York City. The property was built in 2001 and was fully leased to three tenants at the time of sale. Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer represented the seller, The Silverman Group, in the transaction. The Cushman & Wakefield team also procured the buyer.
BRYAN, TEXAS — Multifamily investment firm West Shore LLC has acquired Broadstone Traditions, a 261-unit residential community located in the Central Texas city of Bryan. Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community, a 396-unit property owned and operated by West Shore since 2018. Units feature quartz or granite countertops, stainless steel appliances, full-size washing machines and dryers, walk-in closets, private patios or balconies and wine refrigerators and beverage centers in select units. Amenities include three pools with cabanas and sun decks, three fitness centers, outdoor kitchens and grilling stations, an outdoor putting green, three dog parks with pet washing stations, two business centers with private conference rooms and complimentary Starbucks coffee bars.
MACKINAC ISLAND, MICH. — KSL Capital Partners LLC has agreed to acquire the Grand Hotel on Mackinac Island from the Musser family, whose legacy with the hotel dates back over 85 years. Terms of the transaction, expected to close within the next 30 days, were not disclosed. Dan Musser III will remain chairman. The 397-room hotel is a National Historic Landmark that overlooks the Straits of Mackinac and the Mackinac Bridge. Its 660-foot long porch is the world’s longest porch, according to a news release. Mackinac Island does not allow motorized vehicles, so guests arrive by ferry or airplane and are transported to the hotel by horse and carriage. Open from early May to late October each year, the Grand Hotel first opened in July 1887. Pivot Hotels & Resorts, the lifestyle and luxury operating division of Davidson Hotels & Resorts, will manage the property for KSL.
RIVERSIDE, CALIF. — Cushman & Wakefield has arranged the sale of Altavita Village, California’s third-largest seniors housing community. Senior Living Riverside LP, an affiliate of La Jolla, Calif.-based Westmont Living, acquired the asset for $58 million, or $98,500 per unit. The seller was Air Force Village West Inc. Totaling more than 1.2 million square feet, Altavita Village is a continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units. Additionally, the community features main and private dining rooms, a village café, clinic, library, meeting rooms, a chapel and beauty shop. At the time of sale, the asset was 40 percent occupied. Altavita Village is located on a 153-acre site at 17050 Arnold Drive in Riverside, and the property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. The development is located adjacent to March Air Reserve Base. Since 2013, prior ownership invested more than $8 million in upgrades at the property. The buyer plans to invest $20 million in the property over the next several years and convert …
SANTA FE SPRINGS, CALIF. — Westcore Properties has completed the sale of Los Angeles Industrial Park, a multi-tenant industrial park in Santa Fe Springs. PS Business Parks acquired the fully leased, 10-building asset for $104 million. Darla Longo, Barbara Perrier and Eric Cox of CBRE represented the seller in the deal. Totaling more than 27 acres, the 543,161-square-foot office park includes properties at 11811-11831, 11947, 11975 E. Florence Ave. and 10510, 10513, 10545, 10551, 10604, 10631, 10637 and 10702 Hathaway Drive in Santa Fe Springs.
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Array, a 370-unit apartment community located in the East Riverside area of Austin. The 14-acre property was originally constructed in 1973 and then completely renovated in 2013. Floor plans include one-, two- and three-bedroom apartments in 40 two-story residential buildings. Array features amenities such as two pools, two dog parks, a fully equipped fitness center with an elevated spinning room and yoga room, an outdoor sports court and a resident lounge. CLP acquired the asset in 2016 for $38.5 million before executing a value-add program.
BENSALEM, PA. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.
