sales_and_leases

Waterton Buys Apartment Community in West Miami for $57.4M

by John Nelson August 2, 2016

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

August 2, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $19.7M Sale of Apartment Property in Minnesota

by Christina Cannon August 2, 2016

DULUTH, MINN. — Marcus & Millichap has arranged the sale of a 141-unit apartment community in Duluth for $19.7 million, or $140,000 per unit. A Minneapolis-based private investor and development company sold Les Chateaux, which was built in 1973, to a Colorado-based investment group. Amenities at Les Chateaux include heated underground parking, on-site laundry facilities and views of Lake Superior. The property is located at 3800 London Road. Marcus & Millichap represented the seller and procured the buyer.

August 2, 2016

California Seniors Housing Top Stories Washington Western

Welltower Agrees to Acquire West Coast Seniors Housing Portfolio for $1.15B

by John Nelson August 2, 2016

TOLEDO, OHIO — Welltower Inc. (NYSE: HCN), a seniors housing and healthcare facility REIT, has entered into a definitive agreement to acquire a portfolio of properties on the West Coast operated by Vintage Senior Living for $1.15 billion. The transaction spans 2,590 units in 19 independent living, assisted living and memory care communities concentrated in Southern and Northern California and in the state of Washington. Welltower will transition management of these communities to Senior Resource Group (11 properties), Sunrise Senior Living (seven properties) and Silverado (one property), once the acquisition has been completed. “This acquisition reinforces our high-quality healthcare real estate portfolio and leading presence in two of the top U.S. metro markets,” says Tom DeRosa, CEO of Welltower. “Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation.” Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September and will be subject to lenders’ approvals and customary regulatory approvals. “These properties are in attractive markets, including irreplaceable locations near San Francisco’s Golden Gate Park and Nob Hill, with a …

August 2, 2016

Arizona Industrial Western

The Koll Company Buys 1 MSF Amazon Distribution Center in Phoenix for $74.7M

by Nellie Day August 1, 2016

PHOENIX — The Koll Company has purchased a 1 million-square-foot distribution center in Phoenix for $74.7 million. The warehouse is located at 6835 W. Buckeye Road within the Buckeye Logistics Center. The property is fully leased to Amazon, which uses the facility as a small package sorting and distribution facility. The original 604,678-square-foot facility was built in 2007. It was expanded by an additional 404,673 square feet in 2008. Seera Investment Bank B.S.C. served as Koll’s private equity partner. CBRE Capital Advisors advised the bank. Jones Lang Lasalle represented the unnamed seller in the sales transaction. The firm also helped the buyer source debt, which Benefit Street Partners provided.

August 1, 2016

California Retail Western

Catellus Sells 165,777 SF Shopping Center in Alameda

by Nellie Day August 1, 2016

ALAMEDA, CALIF. — Catellus has completed the sale of a REIT that owns Alameda Landing, a grocery-anchored shopping center located at 2600-2700 Fifth St. in Alameda. AFL-CIO Building Investment purchased the REIT free and clear of existing debt for an undisclosed price. Situated on 80 acres, the 165,777-square-foot property is 86 percent leased to tenants including Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America. Nicholas Bicardo of HFF represented the seller in the deal.

August 1, 2016

California Retail Western

Hanley Investment Group Arranges Sale of Retail Pad in Inland Empire for $3.9M

by Nellie Day August 1, 2016

UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a multi-tenant retail pad located in the Inland Empire community of Upland. The 9,167-square-foot building is located within a neighborhood shopping center anchored by Smart & Final Extra! The five-tenant property was fully occupied at the time of sale by tenants including The UPS Store, The Spot Café, Mountain View Dental and We Talk Pets. Bill Asher and Pat Kent of Hanley Investment Group represented the seller, CME Mountain Avenue LLC, in the transaction. Jin Hwang of EJ Realty & Investment represented the buyer, an undisclosed local investment partnership.

August 1, 2016

Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 600,600 SF Distribution Facility in New Jersey

by Amy Works August 1, 2016

HAMILTON TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of a distribution facility located at 401 Cabot Drive in Hamilton Township. The 600,600-square-foot building serves as the Eastern region distribution hub for Colgate-Palmolive. Completed in 2006, the property features 36-foot clear heights, 52-foot by 50-foot column spacing, 120-foot truck courts and ample car and trailer parking. Colgate-Palmolive currently occupies 431,340 square feet, with the remaining 169,260 square feet available for lease. Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, Andrew MacDonald, Stan Danzig and Jules Nissim of Cushman & Wakefield represented the undisclosed seller and buyer in the transaction.

August 1, 2016

California Multifamily Western

Stos Partners Acquires 22,000 SF Mixed-Use Property in San Diego for $6M

by Nellie Day July 29, 2016

SAN DIEGO — Stos Partners has acquired a 22,000-square-foot mixed-use property located at 560 Carlsbad Village Drive and 2975 Roosevelt St. in Carlsbad Village section of San Diego. At the time of sale, the three-story property was 90 percent leased to PAON, a local restaurant and wine bar, and a variety of retail and office tenants. The property also features two residential penthouses. Barry Hendler of Cushman & Wakefield represented the buyer and the seller, a private company, in the deal.

July 29, 2016

California Retail Western

Coldwell Banker Brokers $4.7M Sale of Rite Aid Property in Murrieta

by Nellie Day July 29, 2016

MURRIETA, CALIF. — Coldwell Banker Commercial Advisors has arranged the sale of a Rite Aid property located in Murietta. An undisclosed buyer acquired the 16,708-square-foot property for $4.7 million in a 1031 exchange. Daniel Tyner and Scott Hook of Coldwell Banker represented the undisclosed sellers in the transaction.

July 29, 2016

California Retail Western

Marcus & Millichap Brokers $1.2M Sale of 17,749 SF Retail Property in San Bernardino

by Nellie Day July 29, 2016

SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.

July 29, 2016

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