sales_and_leases

Bascom Acquires 123-Unit Independent Living Community in Arizona for $18M

by Nellie Day October 4, 2016

PRESCOTT, ARIZ. — Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living community for $18 million or $146,341 per unit. Built in 2003, the community is located within the Prescott Lakes master-planned community in Prescott, about 100 miles north of Phoenix. Bascom plans interior and exterior renovations to the community, including an in-pool lounge, new entrances and a remodeled clubhouse. Brian Halpern and Alex Kane of Jones Lang LaSalle Americas Inc. arranged the debt financing for the buyer. John Cunningham from JLL represented the undisclosed seller in the transaction. Bascom Arizona Ventures is an affiliate of private equity firm The Bascom Group LLC.

October 4, 2016

Retail Southeast Tennessee

Tractor Supply Acquires Petsense in $116M Transaction

by John Nelson October 4, 2016

BRENTWOOD, TENN. — Brentwood-based Tractor Supply Co., a rural lifestyle retail chain with 1,575 stores in 49 states, has purchased Petsense LLC, a pet supply retailer with 136 stores in 25 states. The transaction price was $116 million, including estimated future tax benefits of $29 million. Petsense will operate as a subsidiary of Tractor Supply Co. from Petsense’s current headquarters in Scottsdale, Ariz., and will continue to be led by members of Petsense’s senior management team. Tractor Supply plans to continue to grow the Petsense store base at a target rate of 15 percent to 20 percent annually and will convert its two existing HomeTown Pet stores to Petsense stores. Peter J. Solomon Co. acted as exclusive financial advisor and Bass, Berry & Sims PLC acted as legal advisor to Tractor Supply Co. William Blair & Co. acted as exclusive financial advisor and Jenner & Block acted as legal advisor to Petsense.

October 4, 2016

Florida Hospitality Southeast

Rockpoint Group Buys Aloft South Beach Hotel for $105M

by John Nelson October 4, 2016

MIAMI BEACH, FLA. — Rockpoint Group has purchased Aloft South Beach, a newly built, 235-room hotel located on Collins Avenue in Miami Beach’s South Beach district. JMH Development and Mitchell Hochberg sold the hotel to Rockpoint for $105 million. Rockpoint plans to rebrand the hotel, the largest Aloft hotel in the world, to The Gates Hotel, according to the Miami Herald. Doubletree by Hilton will operate the hotel.

October 4, 2016

Arizona Retail Western

Lee & Associates Arranges $72.5M Sale of Sonora Village Shopping Center in Scottsdale

by Nellie Day October 3, 2016

SCOTTSDALE, ARIZ. — Lee & Associates has arranged the $72.5 million sale of Sonora Village shopping center in Scottsdale. Jan Fincham and Pat Dempsey of Lee & Associates facilitated the transaction for the buyer, Sonora Village LLC, and the seller, Sonora Village Investors LLC. The 269,369-square-foot shopping center is home to tenants including Best Buy, Staples, Party City, Pearle Vision, Aaron’s, Mattress Firm and Wildflower Bakery.

October 3, 2016

Indiana Industrial Midwest Wisconsin

STREAM Capital Partners Brokers $8M Sale-Leaseback of Industrial Portfolio in Wisconsin, Indiana

by Amy Works October 3, 2016

KENOSHA, WIS., AND WARSAW, IND. — STREAM Capital Partners has arranged the sale-leaseback of a three-building portfolio of more than 151,000 square feet of industrial space in Kenosha and Warsaw. The properties are located at 3724 N. State Road and 486E 350N in Warsaw and 5307 95th Ave. in Kenosha. Tecomet sold the portfolio to an undisclosed REIT for $8 million. The seller then leased back three of properties as a long-term triple-net lease with periodic rent increases and multiple options for renewal from the new owner. Jonathan Wolfe and Jordan Shtulman of STREAM represented the seller in the transaction.

October 3, 2016

Healthcare Mixed-Use New Jersey Northeast Office Retail

Prism Capital Completes Acquisition of 116-Acre Former Hoffmann-La Roche Campus in New Jersey

by Amy Works October 3, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I, an affiliate of Prism Capital Partners, has completed its previously announced purchase of the 116-acre former Hoffmann-La Roche Inc. North American headquarters campus in Nutley and Clifton. The company plans to reposition the campus as a mixed-use development anchored by a medical school. In July, Hackensack Meridian Heath and Seton Hall University committed to leasing two buildings and 16 acres at the property. Seton Hall and Hackensack Meridian will immediately start improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center on the campus.

October 3, 2016

Maryland Multifamily Southeast

Continental Realty Acquires Apartment Community in Baltimore County for $61.6M

by John Nelson October 3, 2016

OWINGS MILLS, MD. — Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden-style apartment community located in Owings Mills, for $61.6 million. Continental purchased the community via its Continental Realty Fund IV LP, marking the third multifamily purchase for the fund. Located at 4700 Riverstone Drive, Riverstone at Owings Mills consists of one-, two- and three-bedroom apartment units featuring 9-foot ceiling heights, open-style layouts, split master options, individual full-sized washer and dryers, and balconies or patios. The asset was nearly 96 percent occupied at the time of the purchase. Constructed in 2002, the property’s community amenities include a clubhouse with a fitness center, business center and resident lounge, as well as an outdoor swimming pool, hot tub and a tennis court. Continental Realty plans to continue the on-going renovation program, which includes the installation of granite countertops and stainless steel appliances. CBRE represented the seller, CIM Group, in the transaction.

October 3, 2016

California Retail Western

CBRE Facilitates $15.6M Sale of Tesla-Leased Retail Property in Santa Monica

by Nellie Day September 30, 2016

SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.

September 30, 2016

California Retail Western

NAI Capital Brokers $7.5M Sale of a Retail Building West Hollywood

by Nellie Day September 30, 2016

WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.

September 30, 2016

California Retail Western

Marcus & Millichap Negotiates $2.8M Sale of Carl’s Jr. Ground Lease in Oxnard

by Nellie Day September 30, 2016

OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.

September 30, 2016

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