HENDERSON, NEV. — San Diego-based The ConAm Group has purchased South Valley Ranch, a 292-unit apartment community situated on 17.4 acres at 701 Aspen Peak Loop in Henderson. An undisclosed seller sold the asset for $54.5 million. Built in 1997, South Valley Ranch features 37 two-story buildings offering a total of 104 one-bedroom units, 164 two-bedroom units and 24 three-bedroom units, each with its own patio or balcony. Community amenities include a swimming pool, fitness center, business center, playground, barbecue area, carports and garages.
SANTEE, CALIF. — Colliers International San Diego Region has arranged the acquisition of a two-building industrial asset located in Santee. Poway, Calif.-based Zuantasnid purchased the property from San Diego-based Pearl and Herschel LLC for $4.8 million. Situated on 2.1 acres at 8745-8747 N. Magnolia Ave., the asset features total of 36,345 square feet of industrial space. Evan McDonald and Taylor DeBerry of Colliers represented the buyer, while pat Geary of CEG Advisors represented the seller in the deal.
LACEY, WASH. — Marcus & Millichap has arranged the sale of Stowaway Mini Storage, a self-storage facility in Lacey. An undisclosed buyer acquired the property from limited liability company for $2.6 million, or $136 per rentable square foot. Stowaway Mini Storage consists of two non-contiguous parcels located at 927 Bowker St. SE and 5235 Lacey Blvd. The property features 19,100 square feet of self-storage spaces with units in a variety of sizes. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, while Matt Gardner, also of Marcus & Millichap Seattle, represented the buyer in the transaction.
CHICAGO — Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio in metro Chicago. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III. The portfolio includes 38 buildings in submarkets such as O’Hare, Lake County and Elgin. The mix of properties are 95 percent leased to more than 280 tenants. The buildings were constructed between the 1970s and 2000s. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group arranged a nonrecourse acquisition loan with a national bank. Loan terms were undisclosed.
REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.
LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.
DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.
POWAY, CALIF. — Pacific Coast Commercial has arranged the purchase of a retail property located at 12947 Poway Road in Poway. FRH Realty acquired the building for $2.5 million. Big O Tires occupies the 3,510-square-foot retail building, which is situated on 0.7 acres. Dave Dilday of Pacific Coast Commercial represented the buyer, while the seller was self-represented in the deal.
ORANGE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Orange County for $95.5 million. The property features 214 units of independent living, assisted living and memory care. The specific name and location were not disclosed. JCH represented the seller, a national owner-operator. The buyer was a Chicago-based private equity firm highly involved in the seniors housing industry. According to JCH, the transaction benefitted from the seller’s willingness to retain operations, high barriers to market entry, 94 percent occupancy and a 53 percent operating margin. Nick Stahler, Mike Mooney and Jim Hazzard were lead advisors in the transaction.
DENVER — Irvine, Calif.-based Sperry Properties has completed the sale of Yosemite Office Plaza, an office property located at 3600 S. Yosemite St. in Denver. Miami-based SF Partners acquired the asset for $13.3 million. James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey of CBRE represented the seller in the deal. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert are handling leasing for the property. Built in 1974 and renovated in 2018, the 10-story property features 126,436 rentable square feet on approximately 6 acres. The building also includes underground parking and surface parking, as well as a fitness facility and outdoor building terrace. At the time of sale, the property 97 percent occupied by 26 tenants.