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Marcus & Millichap Arranges Sale of Memory Care Community in Oregon City for $4.9M

by Amy Works February 12, 2019

OREGON CITY, ORE. — Marcus & Millichap has arranged the sale of Oregon City Memory Care, a 31-unit memory care facility in Oregon City, just south of Portland. The facility was vacant at the time of sale and owned by a Seattle-based bank. A private investor acquired the asset for $4.9 million. The previous borrower lacked the working capital to make it through lease-up. The buyer plans to expand several of the units to allow for double occupancy as well as make accessibility improvements to the property. Tony Cassie and Sam Thompson, seniors housing investment specialists located in Marcus & Millichap’s Portland Office, represented the seller in the transaction.

February 12, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $10.4M Sale of Two Apartment Buildings in Brooklyn

by David Cohen February 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $10.4 million sale of two apartment buildings in the Midwood section of Brooklyn. Located at 2031 and 2233 Ocean Ave., the pre-war properties comprise 47 units and a total of 33,040 square feet. Both properties are four-story walk-up buildings. Erik Yankelovich of GFI represented both the buyer and seller in the transaction, both local investors.

February 11, 2019

Indiana Industrial Leasing Activity Midwest

LifeNet Health Signs 68,175 SF Industrial Lease in Indianapolis

by Kristin Harlow February 11, 2019

INDIANAPOLIS — LifeNet Health has signed a 68,175-square-foot industrial lease at the Gateway V distribution center in Indianapolis. HSA Commercial Real Estate is developing the 262,758-square-foot speculative facility, which is scheduled for completion this month. LifeNet Health, a provider of transplant solutions, will take occupancy in July. The building features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction.

February 11, 2019

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 419-Unit Self-Storage Facility in Michigan

by Kristin Harlow February 11, 2019

RICHLAND, MICH. — Marcus & Millichap has negotiated the sale of Weathervane Self Storage in Richland for an undisclosed price. The 54,462-square-foot self-storage facility features 419 units. Located at 7906 Gull Road, the property includes 10 buildings on 8.2 acres. The facility was built in 2005 and renovated in 2014. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 11, 2019

Acquisitions Arizona Hospitality Western

Park Hotels & Resorts Sells Pointe Hilton Squaw Peak Resort in Phoenix for $51.4M

by Amy Works February 11, 2019

PHOENIX — Park Hotels & Resorts has closed on the sale of Pointe Hilton Squaw Peak Resort, located at 7677 N. 16th St. in Phoenix. An undisclosed buyer acquired the asset for $51.4 million, or $91,200 per key before customary closing costs. The all-suite resort features 563 rooms, a four-acre waterpark, kid’s camp, full-service spa and fitness center, three restaurants and 48,000 square feet of indoor/outdoor meeting space. This transaction represents the 14th hotel that Park has sold over the prior year and continues the company’s strategy of improving the overall quality of its portfolio by recycling out of non-core hotels.

February 11, 2019

Acquisitions Michigan Midwest Net Lease Retail

Gerdom Realty Brokers Sale of Property Net Leased to Sprint in Madison Heights, Michigan

by Kristin Harlow February 11, 2019

MADISON HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a single-tenant retail property net leased to Sprint in Madison Heights for an undisclosed price. The 3,038-square-foot building is located at the southwest corner of 12 Mile and Dequindre roads. Michael Murphy and Tjader Gerdom of Gerdom Realty marketed the property for sale and procured the buyer, a local investor.

February 11, 2019

Acquisitions California Retail Western

SRS Negotiates $2.5M Sale of Dollar General-Occupied Property in Red Bluff, California

by Amy Works February 11, 2019

RED BLUFF, CALIF. — SRS Real Estate Partners’ National Let Lease Group has directed the sale of a single-tenant retail property in Red Bluff. A Southern California-based family trust acquired the property from a Northern California-based private investor for $2.5 million. Dollar General occupies the 9,026-square-foot property, which is located at 755 Walnut St. The tenant has approximately 10 years remaining on its initial 15-year lease term. Jim Schuchert and Joe Schuchert of SRS’ National Let Lease Group represented the seller, while Bryan Miller of Lee & Associates represented the buyer.

February 11, 2019

Park-Meadows-Corporate-Center-I-Lone-Tree-CO

Acquisitions Colorado Office Western

Bailey Co. Buys Park Meadows Corporate Center in Lone Tree, Colorado, for $10M

by Amy Works February 8, 2019

LONE TREE, COLO. — Golden, Colo.-based The Bailey Co. has acquired Park Meadows Corporate Center I, located at 10004 Park Meadows Drive in Lone Tree. LRS Bay Road Investment Group sold the property for $10 million. Monica Wiley and Jeff Wood of CBRE represented the seller, while Mitch Bradley, Joe Serieno and Chad Alexander, also of CBRE, served as leasing advisors on the transaction. Constructed in 2000, the three-story multi-tenant asset features 60,144 square feet of office space. Lone Tree is located in metro Denver, approximately 15 miles south of downtown.

February 8, 2019

Acquisitions Arizona Retail Western

SVN Desert Commercial Advisors Arranges $6.9M Shopping Center Sale in Mesa, Arizona

by Amy Works February 8, 2019

MESA, ARIZ. — SVN Desert Commercial Advisors has brokered the sale of a shopping center, located at 810-848 S. Alma School Road in Mesa. Alex Holding LLC and Sunnyslope LLC acquired the asset for $6.9 million. At the time of sale, the 74,604-square-foot property was fully occupied. Rommie Mojahed and Beau Flahart of SVN Desert Commercial Advisors represented the undisclosed seller in the transaction.

February 8, 2019

Acquisitions Colorado Office Western

Concord HQ Purchases 9,009 SF Office Property in Denver for $4.5M

by Amy Works February 8, 2019

DENVER — Concord HQ LLC has purchased an office property in Denver from Unico BOP 1406 Wazee LLC/Unico BOP 1408 Wazee for $4.5 million. Located at 1408 Wazee in Denver, the asset features 9,009 square feet of office space. Andrew Blaustein and Josh Pons of Newmark Knight Frank represented the buyer, while JLL represented the seller in the deal. First American Title Insurance Co. also participated in the transaction.

February 8, 2019

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