LAS VEGAS — Capovilla Management has completed the sale of McFarlane Medical Center in Las Vegas. An undisclosed buyer acquired the property for $10.4 million. Located at 8352 W. Warm Springs Road, the property features 39,279 square feet of medical office and office space. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate represented the seller in the deal.
FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support construction.
FORT WAYNE, IND. — Sturges Property Group has arranged the sale of a 12,000-square-foot, single-tenant industrial building located at 6821 Metro Park Drive in Fort Wayne for an undisclosed price. John Caffray of Sturges represented the seller, Duncan Supply Co. Inc., as well as the buyer, Peakway Investment Group LLC. Indianapolis-based Duncan is a heating equipment supplier.
YORK, PENN. — Advanced Industrial Services Inc. has acquired a 42,683-square-foot industrial property in York, located approximately 25 miles south of Harrisburg. The sales price was $2.3 million. Located at 3250 North Susquehanna Trail, the property was constructed in 1994 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer.
ISSAQUAH, WASH. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to nearly 95 percent of the United States and Puerto Rico. Products served through Innovel include major appliances, furniture, mattresses, televisions, grills, patios, fitness equipment and wine cellars. Innovel employs over 1,500 people and operates 11 distribution and fulfillment center, as well as more than 100 final-mile, cross-dock centers with over 15 million square feet of warehouse space. The company also operates dedicated call centers. Costco has been a customer of Innovel since 2015, and under Costco’s ownership Innovel will continue to serve Sears and other existing third-party customers. “We have a great relationship with Innovel and share a philosophy of taking care of our members,” says Craig Jelinek, Costco’s CEO, “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.” Costco currently operates …
GLENDALE, COLO. — Estero, Fla.-based TerraCap Management has purchased Cherry Creek Plaza, an office complex located in Glendale’s Cherry Creek submarket, for $54 million. Cherry Creek Plaza comprises two 13-story buildings offering a total of 335,000 square feet of Class A office space. On-site amenities include a newly renovated lobby, fitness center and conference room. Additionally, the property is adjacent to Glendale 180, a proposed $175 million mixed-used development. Occupancy at Cherry Creek Plaza will drop to 73 percent in the coming months with the exit of a full-floor tenant, allowing the buyer to offer suites ranging in size from 1,000 square feet to in excess of 19,000 square feet. Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver represented the undisclosed seller in the deal. Chicago-based NXT Capital provided debt financing for TerraCap, with assistance from both CBRE Denver and Atlanta debt teams. TerraCap has retained Lincoln Property Co. to handle leasing and Corum Real Estate Group as property manager.
YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional operator. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.
SAN DIEGO — San Diego Rescue Mission has completed the sale of an industrial facility located at 5150 University Ave. in San Diego. University Storage acquired the asset for $7.7 million. The 2.2-acre lot features a 38,610-square-foot industrial building. The buyer plans to redevelop the property into a self-storage facility. George Hicker and Michael McFarland of Cardinal Industrial, along with Matt Weaver and Al Apuzzo of Lee & Associates – North County San Diego, represented the seller and buyer in the deal.
YORK, PA. — Rock Commercial Real Estate has brokered the sale of a 46,640-square-foot industrial property in York, approximately 25 miles south of Harrisburg. Located at 560 Maryland Ave., the property offers convenient access to Harrisburg International Airport, the Port of Baltimore and the Emons Logistics Services railroad. Greg Finkelstein and Jason Turnbull of Rock Commercial represented the buyer, Frasier-Campbell Properties LLC, in the transaction. The team also procured the buyer, 4300 NESC LLC.
CARSON AND LOMITA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a 17-property multifamily portfolio in Southern California. The portfolio was sold in two parts with 15 assets, totaling 185 units, sold in a private transaction. A two-property portfolio, totaling 55 units located at 21818 Figueroa Street in Carson, Calif., and 25829 Viana Ave. in Lomita, Calif., was acquired separately. El Segundo, Calif.-based NextGen Apartments acquired the properties from a private seller for $108 million. David Harrington and Michael Astorian of Matthews Real Estate Investment Services brokered the sale.
