DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.
BOULDER, COLO. — San Francisco-based Graham Street Realty has purchased a three-building office portfolio in Boulder from SteelWave for an undisclosed price. The portfolio features a total of 114,862 square feet of leasable office and lab space. The portfolio includes: Plaza III — Located at 3005 Center Green Court, the property features 43,421 square feet, views of the Flatirons and covered parking. Built in 1984, the asset was 87.5 percent occupied at the time of acquisition. A two-story Class B property, located at 2945 Wilderness Place, that features traditional office space with lab improvements and surface parking. The property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for more than 20 years. A 40,554-square-foot office property, located at 5665 Flatiron Parkway, that features a double-height lobby, glass roll-up door and modernized common areas and landscaping. The buyer plans to continue the seller’s building renovation program.
LA PALMA, CALIF. — Marcus & Millichap has directed the sale of La Palma Convenience Center, a retail property located at the corner of La Palma Avenue and Valley View Boulevard in La Palma. An undisclosed buyer acquired the property for $15.7 million, or $425.68 per square foot. Built in 1975 and renovated in 2007, the property features 36,882 square feet of retail space. Walgreens is the anchor tenant. David Ridgway of Marcus & Millichap represented the buyer and undisclosed seller in the deal.
ST. PAUL, MINN. — Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul for $31.7 million. The property, which opened in November 2016, is located across the street from Xcel Energy Center and within five miles of the recently opened Allianz Field. Apple Hospitality acquired the asset from a subsidiary of Vista Host.
INDIANAPOLIS — Gladstone Commercial Corp. has purchased a 34,800-square-foot industrial building in Indianapolis for $3.5 million. The property, located within Park 100, is expandable by approximately 13,000 square feet. Indianapolis Fruit Co. Inc. fully occupies the freezer storage and distribution facility. The company provides fresh, frozen and packaged produce to a variety of customer types, including grocery stores, restaurants, schools and food management companies. The seller was not disclosed.
TEMPE, ARIZ. — Broadstone Lakeside LLC, an entity formed by Phoenix-based Alliance Residential and Salt Lake City-based Cottonwood Residential, has completed the sale of Lakeside Drive, a multifamily property located at 500 W. First St. in Tempe. San Diego-based Lakeside Drive Apartments LLC acquired the asset for $44.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Situated in downtown Tempe, the new community features 150 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 919 square feet. Each unit features gourmet kitchens with gas cooktops, Energy Star appliances, granite countertops, wood-style flooring, in-unit washers/dryers, walk-in closets and Nest thermostats, as well as 19-foot ceilings and wine refrigerators in select units. Community amenities include a clubroom with gourmet kitchen, two-story fitness center, swimming pool, spa, poolside cabanas, outdoor entertainment pavilion, rooftop lounge, outdoor fire pits, grilling areas, complimentary coffee bar, complimentary beach cruisers and garage parking.
SAN DIEGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 87-unit assisted living and memory care community in North County, just outside San Diego. A publicly traded REIT sold the community to a San Diego-based owner-operator with an existing California portfolio. The name of the community and price were not disclosed. The property was sold as a value-add proposition, as new competition in the area had lowered occupancy. The buyer intends to renovate the community and capitalize on operational synergies within its larger management platform. Ben Firestone, Michael Segal and Scott Frazier of Blueprint facilitated the transaction.
GRANBY, COLO. — Newmark Knight Frank has arranged the purchase of a retail property, located at 308 W. Agate Ave. in Granby. K & G Granby Properties acquired the 3,358-square-foot property from Kum & Go L.C. for $3.2 million. Justin Kaufmann, Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the buyer, while CBRE/Hubbell Commercial represented the seller in the deal.
NORTHRIDGE, CALIF. — Marcus & Millichap has arranged the sale of University Gardens, a multifamily property located in Northridge. A foreign investor sold the property to an undisclosed buyer for $6.9 million. University Gardens features 29 apartments. Paul Darrow, Gregory Harris, Kevin Green and Joe Grabiec of THG Multifamily in Marcus & Millichap’s South Bay office represented the seller in the deal.
PHOENIX — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Tempo at McClintock Station Apartments, a Class A, mid-rise multifamily property in Tempe. P7 McClintock Station Owner LLC sold the asset for $89.2 million, or $210,377 per unit. Constructed in 2017, the gated community features 423 apartments in a mix of one-, two- and three-bedroom layouts. On-site amenities include a barbecue/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, dog park with a self-service dog grooming area, community clubhouse and a 24/7 fitness center with separate yoga and spin studios. The buyer plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors. Oaktree Real Estate Finance II provided debt financing, which Brian Eisendrath, Brandon Smith and Annie Rice of CBRE arranged for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.