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Universe Holdings Acquires Serena Vista Multifamily Asset in Metro San Diego

by Amy Works March 6, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment property located in La Mesa, a city nine miles east of downtown San Diego. 5810 Amaya LLC, an affiliate of Cirrus Asset Management, sold the community for $34.4 million, or $313,181 per unit. Built in 1971 on 5.1 acres, Serena Vista features 110 apartments in a mix of three floor plans, a pool and sundeck, two laundry facilities and private fenced backyards. Christopher Zorbas and Alexander Garcia Jr. of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

March 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in Brooklyn

by Alex Patton March 6, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.

March 6, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Arranges Sale of 135-Unit Seniors Housing Community in Gresham, Oregon

by Amy Works March 6, 2020

GRESHAM, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Gresham, an eastern suburb of Portland. This undisclosed property features a total of 135 units. The community was built in 1988 and expanded in 1998. The facility is approximately 103,090 square feet and is situated on approximately 4.1 acres of land. The seller is a Portland based owner-operator divesting of its only senior living community. The buyer is a regional owner-operator seeking to grow its Pacific Northwest portfolio. The price was not disclosed. The buyer plans to implement multiple capital improvement projects, including the addition of a bistro, movie theater and other common area improvements. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

March 6, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Negotiates Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

Acquisitions California Retail Western

Faris Lee Arranges $9.2M Sale of Two Freestanding Outparcel Assets in Fontana, California

by Amy Works March 5, 2020

FONTANA, CALIF. — Faris Lee Investments has arranged the $9.1 million sale of two freestanding outparcel properties located at 17151-17171 W. Foothill Blvd. in Fontana. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the Los Angeles-based buyer. Totaling 34,377 square feet, the properties are situated within a Walmart-anchored shopping center.

March 5, 2020

Acquisitions Industrial Massachusetts Northeast

Stubblebine Co. Negotiates Sale of 4,600 SF Industrial Building Near Boston

by Alex Patton March 5, 2020

WALTHAM, MASS. — The Stubblebine Co., a CORFAC member, has negotiated the $2 million sale of a 4,600-square-foot industrial building in Waltham, a western suburb of Boston. Located at 1254-1256 Main St., the Class C property was built in 1950 and has been used for light manufacturing. Ellen Garthoff of The Stubblebine Co. represented the seller, 1256 Main LLC, in the transaction. Ben Herman of Valender Properties represented the buyer, private investor Marc Resnick.

March 5, 2020

Acquisitions Industrial New Jersey Northeast

Cannabis-Based Healthcare Provider Buys 50,274 SF Industrial Property Near Philadelphia

by Alex Patton March 4, 2020

VINELAND, N.J. — Columbia Care, a cannabis-based health and wellness company, has purchased a 50,274-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Situated at 1560 N.W. Blvd., the property features 27-foot ceiling heights and 2,749 square feet of office space. The property was vacant at the time of sale. Jonathan Klear and Fred Meyer of NAI Mertz represented the seller, LS Capital, in the transaction. The sales price was undisclosed.

March 4, 2020

Acquisitions Connecticut Northeast Retail

Houlihan-Parnes Brokers Sale of 31,150 SF Retail Center in West Haven, Connecticut

by Alex Patton March 4, 2020

WEST HAVEN, CONN. — Houlihan-Parnes Realtors LLC has brokered the $2.1 million sale of Woodlawn Shopping Center, a 31,150-square-foot retail center in West Haven, a southwestern suburb of New Haven. At the time of sale, space at the shopping center was leased to 10 retail tenants including several restaurants, a bowling alley and a beauty salon. The property also includes a 20,000-square-foot vacant parking lot across the street. Jeremiah Houlihan of Houlihan-Parnes represented the buyer, a family-owned real estate holding and managing company based in Yonkers, New York. The seller was undisclosed.

March 4, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 12,000 SF Retail Strip Center in Middletown, New Jersey

by Alex Patton March 4, 2020

MIDDLETOWN, N.J. — Marcus & Millichap has arranged the $3.9 million sale of The Lincroft Grove, a 12,000-square-foot retail strip in Middletown, located approximately 50 miles south of New York City. Located at 644 Newman Springs Road, the property was leased to several restaurants at the time of sale. ACME Markets and Bank of America Financial Center anchor an adjacent retail center. Jason Petrick of Marcus & Millichap represented the seller in the transaction. Michael Lombardi of Marcus & Millichap represented the buyer. Both investors were limited liability companies that requested anonymity.

March 4, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Optimus Properties Sells Two-Property Mixed-Use Portfolio in California for $11M

by Amy Works March 4, 2020

CARMEL, CALIF. — Optimus Properties has completed the disposition of a two-property portfolio in downtown Carmel. Wheat LLC acquired the mixed-use portfolio for $11 million. The sale consists of the 4,345-square-foot Block 71: Lot 5 building, with ground-floor retail and office space and second-floor residential space, and Block 76: Lot 11, a 2,763-square-foot retail property. Michael Schoeder of Cushman & Wakefield’s Central Coast Operations, in collaboration with Dan Wald and Don LeBuhn of the firm’s Retail Investment Advisors Group in San Francisco, represented the seller in the deal.

March 4, 2020

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