SEATTLE AND TOLEDO, OHIO — Merrill Gardens, a Seattle-based owner-operator, has formed a joint venture with ReNew, a Toledo-based REIT. The two companies will co-own 26 of the 28 seniors housing properties that ReNew is acquiring from New Senior Investment Group. In addition to owning a minority stake in the venture, Merrill Gardens will take over operations of the 26 communities. The two companies have worked together before on other joint ventures. An existing operating partner of ReNew will operate the final two communities in the portfolio, with ReNew taking a full ownership stake in those properties. The transaction brings Merrill Gardens’ total portfolio to 65 communities in 17 states. Of the 26 communities that will now be part of the Merrill Gardens portfolio, 15 are currently managed by Blue Harbor, the Portland-based management company that Merrill Gardens purchased in early November. Merrill Gardens also recently announced the addition of Tana Gall as president, replacing Dave Eskenazy who plans to retire early next year. Gall was the CEO at Blue Harbor for the past three years and she will now oversee the expanded Merrill Gardens portfolio. “This agreement provides an important chance for us to expand our footprint and diversify …
DENVER — Lowe has acquired Stanford Place II, an office tower located at 7979 E. Tufts Ave. in southeast Denver, for an undisclosed price. Built in 1982 and situated in the Denver Tech Center, the 18-story building features 366,184 square feet of Class A office space. The property offers 21,000-square-foot floorplates, nine-foot finished ceilings and abundant windows. Hospitality at Work, Lowe’s workplace experience and property management platform, has operated the property on behalf the prior owner since 2014 and oversaw a comprehensive building improvement and upgrade program at the property. Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal provide in-house representation for Lowe, while Mike Winn and Tim Richey of CBRE represented the undisclosed seller in the deal.
DENVER — Vukota Capital Management has completed the disposition of Stratford at Lowry, an apartment property located at 425 S. Gelana Way in Denver. Marble Partners and Lion Real Estate Group acquired the asset for an undisclosed price. The buyers plan to rename the property Cleo Apartments. Constructed in 1979, the property features 142 units in a mix of studio, one- and two-bedroom layouts averaging 823 square feet. Situated on 5.5 acres, the community features six two-story and two three-story buildings plus a new clubhouse. All units offer air conditioning and ceiling fans, while select units feature wood-style plank flooring, stainless steel appliances, a fireplace, private balconies/patios, vaulted ceilings, walk-in closets and private entries. Community amenities include a heated swimming pool, fitness center, business center, playground, dog park, picnic and barbecue areas, and laundry rooms. Terrance Hunt and Shane Ozment of Newmark Knight Frank Multifamily represented the seller in the deal.
RIALTO, CALIF. — A Southern California-based private investor has purchased Rialto-Aldi-WSS, a retail asset located on 2.4 acres at 630-660 W. Foothill Blvd. in Rialto. A Los Angeles-based private partnership sold the property for $8.8 million. Built in 2018, the asset features a 18,841-square-foot ALDI grocery store and a 12,430-square-foot WSS, a footwear and apparel retailer. Both ALDI and WSS have a corporate-guaranteed, long-term ground lease with fixed increases every five years and options to renew. Douglas Cole of Marcus & Millichap’s West Los Angeles office represented the buyer, while Bill Asher and Jeff Lefko of Hanley Investment Group Real Estate Advisors and Greg Bedell of Progressive Real Estate Partners represented the seller in the transaction.
BUFFALO, N.Y. — JLL has brokered the $8.3 million sale of Bunzl Distribution Center, a 152,000-square-foot industrial property in Buffalo. The facility features 25-foot clear heights, 27 front-loading dock doors and office space. At the time of sale, the property was 100 percent leased to packaged food distributor Bunzl Midatlantic LLC. Jose Cruz and Tyler Peck of JLL represented the seller, Foxfield Industrial, in the transaction. Michael Pagniucci of JLL secured a long-term, fixed-rate acquisition loan through an undisclosed life insurance company for the buyer, which was also undisclosed.
HAZLET, N.J. — Marcus & Millichap has negotiated the $4.4 million sale of a 14,112-square-foot retail property in Hazlet, located approximately 25 miles south of New York City. At the time of sale, CVS occupied the property’s anchor space on a 20-year lease.Alan Cafiero, Ben Sgambati and David McLaughlin of Marcus & Millichap represented the seller, a limited liability company. Other terms of sale were not disclosed.
SACRAMENTO, CALIF. — Irvine, Calif.-based Pacific Castle Management has completed the sale of Strawberry Creek, a shopping center in Sacramento. A local private investment group acquired the property for $20.9 million. Constructed in 2007 on 7.4 acres, the four-building property features 57,373 square feet of retail space. Edward Nelson and Nicholas Scelsa of Marcus & Millichap represented the seller and procured the buyer in the deal.
PENDLETON, ORE. — Crystal Investment Property has brokered the sale of The Marigold Hotel in Pendleton. The two-story property sold for an undisclosed price. Completely updated in 2018, the 47-key hotel features more than $560,000 in capital improvements and a mix of guestrooms. The Marigold Hotel also features close proximity to downtown restaurants and highway access, a designated parking garage, owner’s quarters and an on-site commercial kitchen. Joseph Kennedy of Crystal Investment Property represented the undisclosed seller and buyer in the deal.
SURPRISE, ARIZ. — Cushman & Wakefield has arranged the sale of Mountain Vista Plaza, a retail center located in Surprise. An entity formed by Boarder Capital sold the asset to Canada-based MIRAJH LLP for $14.1 million. Located at the southwest corner of Bell and Reems roads in Surprise, Mountain Vista Plaza features 64,071 square feet of retail space. Built in 2006, the fully redeveloped property is 93.5 percent occupied. Planet Fitness is the anchor tenant. Ryan Schubert and Michael Hackett of Cushman & Wakefield handled the transaction.
TEMPE, ARIZ. — Dixxon Flannel Co. has purchased a 48,000-square-foot industrial and retail warehouse located at 7200 S. Priest Drive in Tempe. A furniture store sold the asset for $4.5 million. Situated on 2.6 acres, the two-story property features a 13,000-square-foot showroom and office space. The first floor includes four office spaces, a showroom, kitchen, shower and two bathrooms, while the second floor features six office spaces, a storage area and conference room. Additionally, the building features 24-foot clear heights, four dock-high loading doors and a full sprinkler system. Ryan Reisman, Chris Rogers, Trevor McKendry and Steve McKendry of DAUM Commercial Real Estate Services represented the seller in the deal.