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Cave Creek Capital Partners Sells Retail Center in Metro Phoenix for $8.8M

by Amy Works October 8, 2019

PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.

October 8, 2019

Acquisitions Nevada Office Western

IPA Negotiates $27M Sale of Greystone Office Park in Las Vegas

by Amy Works October 7, 2019

LAS VEGAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Greystone Office Park, a five-building office and retail pad complex on more than 13 acres in Las Vegas. An undisclosed buyer acquired the property for $27 million, or $121 per square foot. Located at 1800-2030 E. Flamingo Road, Greystone Office Park features 222,000 square feet of space. Developed in 1982 and 1986, the asset has a diverse base of long-term tenants, the largest being Clark County Family Services. IPA and Tina Taylor of Marcus & Millichap’s Las Vegas office represented the undisclosed seller and buyer in the transaction.

October 7, 2019

Acquisitions Arizona Retail Western

Capstone Advisors Acquires 18,037 SF Retail Space at Tuscano Town Center in Phoenix

by Amy Works October 7, 2019

PHOENIX — An affiliate of Capstone Advisors has purchased a retail portion of Tuscano Town Center. The full complex totals 250,331 square feet and is located at the southwest corner of West Lower Buckeye Road and South 75th Avenue in the Tuscano master-planned community in southwest Phoenix. Terms of the transaction were not released. At the time of sale, the 18,037-square-foot retail section was 100 percent leased to 12 tenants, including Allstate Insurance, GameStop, Sally Beauty, Subway and T-Mobile. Matt Milinovich and James DeCremer of Strategic Retail Group will continue to handle leasing. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while Capstone was self-represented in the transaction. La Jolla, Calif.-based Silvergate Bank of provided financing for the acquisition.

October 7, 2019

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $4.9M Sale of Restaurant Property in Schaumburg, Illinois

by Kristin Harlow October 7, 2019

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 9,999-square-foot restaurant property net leased to Capital Grille in Schaumburg for $4.9 million. The building is located at 2000 E. Golf Road. The existing tenant has a new 10-year lease in place. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 tax-deferred exchange. The seller was not disclosed.

October 7, 2019

Acquisitions Industrial Massachusetts Northeast

Cushman & Wakefield Brokers Sale of 287,856 SF Industrial Property in Chelsea, Massachusetts

by Alex Patton October 4, 2019

CHELSEA, MASS. — Cushman & Wakefield has brokered the sale of 22 Willow Street, a 287,856-square-foot industrial property in Chelsea, a northern suburb of Boston. The asset is situated within an 8.4-acre industrial complex leased to 52 tenants across a variety of industries. Rob Byrne, Scott Gredler, Pete Rogers, Mary Kensinger, Phillip Verre and James Murphy of Cushman & Wakefield represented the seller, Everett Place LLC. The buyer was a joint venture between Berkeley Partners and the Seyon Group.

October 4, 2019

Acquisitions California Multifamily Western

IPA Brokers $88.6M Sale of Township Apartments in Redwood City, California

by Amy Works October 4, 2019

REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Township Apartments, a multifamily asset located in Redwood City. Nuveen Real Estate sold the property for $88.6 million, or $671,591 per unit or $735 per square foot. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal. Built in 2014 on 2.3 acres, Township Apartments features 132 units averaging 914 square feet, with equipped luxury finishes including quartz countertops and stainless steel appliances. Community amenities include a resort-style setting with communal gathering spaces.

October 4, 2019

Acquisitions Industrial Washington Western

BKM Capital Partners Acquires 205,655 SF Industrial Park in Metro Seattle for $30.4M

by Amy Works October 4, 2019

KENT, WASH. — BKM Capital Partners has purchased West Valley Business Park, an industrial asset located at 19226 66th Ave. in Kent, approximately 13.5 miles from downtown Seattle. Entera Properties sold the park for $30.4 million in an off-market transaction. Totaling 205,655 square feet, the industrial park consists of 179 units in 19 buildings. Originally constructed in 1982, the property was 92 percent leased to 164 tenants at the time of sale. BKM plans to invest approximately $1.2 million in capital improvements to renovate and reposition the property. Both the seller and buyer were self-represented in the deal.

October 4, 2019

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Buys Two Seniors Housing Assets in California’s Central Valley for $22.8M

by Amy Works October 4, 2019

MODESTO AND SACRAMENTO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two healthcare facilities in California’s Central Valley in a pair of off-market transactions. The two properties include Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento. CareTrust leased both assets to Kalesta Healthcare LLC, an existing CareTrust tenant. In addition to operational and other changes being made at the two facilities, Kalesta has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living. CareTrust’s total initial investment for the two assets was $22.8 million, inclusive of transaction costs. Scheduled cash rent for the first two years is approximately $3.9 million, with CPI-based escalators thereafter. CareTrust has also committed to provide a $1 million fund for capital expenditures to improve the City Creek facility. The Kalesta master lease has approximately 14 years remaining on the initial term, with two five-year renewal options. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

October 4, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Brokers $5.7M Sale of Former Boston Store Property in Madison, Wisconsin

by Kristin Harlow October 4, 2019

MADISON, WIS. — Cushman & Wakefield | Boerke has brokered the sale of a former Boston Store property in Madison for $5.7 million. The 144,600-square-foot property is located within West Towne Mall, a regional mall comprising more than 120 stores. John Kuhn and David Tighe of Cushman & Wakefield | Boerke represented the seller, S&B Detrick LP. The buyer, CBL Properties, plans to raze the existing structure and oversee construction of a new Von Maur store on the 9.4-acre site.

October 4, 2019

Acquisitions California Retail Western

Westside Retail Arranges $8.2M Sale of Freestanding Retail Building in Southern California

by Amy Works October 3, 2019

CULVER CITY, CALIF. — Westside Retail has arranged the sale of a freestanding retail building, located at 4411 Sepulveda Blvd. in Culver City. Tova Capital Inc. acquired the asset from Drucker Living Trust for $8.2 million, or approximately $680 per square foot. Samy’s Camera occupies the 12,054-square-foot building. Originally built in 1989 by the owner and operator of Allied Model Trains, the building’s architecture is a replica of the historic Los Angeles Union Train Station. Mark Einbund and Marc Pollock of Westside Retail represented the seller, while Daniel Pickard of Industry Partners represented the buyer in the deal.

October 3, 2019

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