sales_and_leases

JCH Arranges $12.5M Sale of 188-Bed Skilled Nursing Facility in Riverside

by Nellie Day March 3, 2016

RIVERSIDE, CALIF. — Reliant Management Group has purchased Riverside Healthcare Center, a 188-bed skilled nursing facility, for $12.5 million. Shep Roylance of JCH Senior Housing Group represented both the buyer and the seller, Lifehouse, in the transaction. Lifehouse will continue to operate the facility under a 15-year lease with two five-year extension options. Located in Riverside, approximately 50 miles east of Los Angeles, Riverside Healthcare Center is situated on nearly four acres and features several one¬story buildings. Originally constructed in 1969, the site has grown to nearly 40,000 square feet.

March 3, 2016

California Industrial Western

CBRE Global Investors Fund Acquires Carlsbad Industrial Building

by Nellie Day March 3, 2016

SAN DIEGO — CBRE Global Investors Fund has purchased a 93,254-square-foot Carlsbad industrial building for an undisclosed sum. The building is located at 2765 Loker Ave. W. It is fully leased to global manufacturer Nordson Asymtek after formerly serving as the home of Ashworth Golf. The building was constructed in 1999. CBRE Global Investors represented itself in the transaction, while CBRE’s Louay Alsadek, Hunter Rowe and Andrew Taylor and Dennis Visser, as well as Todd Davis of Cushman & Wakefield, represented the seller, a privately held real estate investment advisor.

March 3, 2016

Industrial Michigan Midwest

NGKF Brokers Sale of 116,389 SF Industrial Building in Southfield, Michigan

by Christina Cannon March 2, 2016

SOUTHFIELD, MICH. — Newmark Grubb Knight Frank (NGKF) has brokered the sale of an 116,389-square-foot industrial building in Southfield for $8.4 million. ElringKlinger Automotive Manufacturing Inc. purchased the facility located at 23300 Northwestern Highway from STAG Industrial. Built in 2006, the asset was formerly a Staples fulfillment warehouse. ElringKlinger will begin occupying the facility, which is situated on 10.7 acres, by the end of the first quarter of this year. Tom Oldham of NGKF represented the buyer in the transaction. The seller was undisclosed.

March 2, 2016

Illinois Midwest Retail

Adelphia Properties Arranges 6,900 SF Retail Lease in Chicago Suburb

by Christina Cannon March 2, 2016

HIGHLAND PARK, ILL. — Adelphia Properties has arranged a 6,900-square-foot retail lease in Highland Park, approximately 26 miles northwest of Chicago. Summer Classics Home Furniture, a premier luxury home gallery, will occupy space at Renaissance Place, which is located at 1850 2nd St. Simeon Spirrison of Adelphia Properties represented the tenant in the transaction. Steven Baer of Metro Commercial Real Estate represented the landlord, a private Seattle-based group.

March 2, 2016

The Village at Marquee Station Fuquay-Varina

Multifamily North Carolina Southeast

Blue Heron Asset Management Sells Apartment Community in Raleigh-Durham MSA for $41.5M

by John Nelson March 2, 2016

FUQUAY-VARINA, N.C. — Blue Heron Asset Management LLC has sold The Village at Marquee Station, a 265-unit, Class A apartment community located at 2110 Cinema Drive in Fuquay-Varina, a suburb of Raleigh-Durham. Chapel Hill, N.C.-based Blue Heron sold the property, which it developed in phases between 2013 and 2014, to Starlight U.S. Multi Family Core Fund for $41.5 million. Toronto-based Starlight Investments Ltd. manages the fund. Allan Lynch and Justin Good of HFF represented Blue Heron in the transaction. The Village at Marquee Station’s units average 996 square feet, and its community amenities include a saltwater swimming pool with cabanas, poolside grilling, fitness center, clubhouse, gaming lounge and media studio, resident lounge with billiards, pet grooming salon, car care center and detached garages. Clancy & Theys Construction was the general contractor for the apartment community, which has maintained an occupancy rate in the mid-90 percent range since early 2015, according to HFF.

March 2, 2016

California Industrial Western

Garaventa Properties Sells Northern California Industrial Portfolio for $63.4M

by Nellie Day March 2, 2016

FOLSOM, FAIRFIELD AND CONCORD, CALIF. — Garaventa Properties has sold a three-building industrial portfolio to a partnership between Birtcher Anderson Realty and Merced Capital for $63.4 million. The portfolio totals 533,700 square feet. The transaction includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio features 18 industrial, flex and office buildings leased to more than 30 tenants. The three properties have an average occupancy rate of 85 percent. The portfolio buy represents Birtcher Anderson’s first Northern California acquisition. Steve Hermann and Robert Gilley of Cushman & Wakefield represented Garaventa in the deal.

March 2, 2016

California Office Western

Bosa Purchases Five Thirty B Office High Rise in Downtown San Diego for $53.2M

by Nellie Day March 2, 2016

SAN DIEGO — Bosa Development has acquired Five Thirty B, a 232,936-square-foot office building in downtown San Diego, for $53.2 million. The high-rise building is located at 530 B St. The property underwent a $15 million renovation in early 2014 that included new restrooms, a redesigned lobby, a refurbished conference center with new audio/visual equipment, and a 15,000-square-foot sky terrace that wraps around the building’s third floor. Five Thirty B also features a roof garden and collaborative outdoor meeting space with plants, walking paths and private seating areas. Five Thirty B is currently 78 percent leased to tenants like Lewis PR, NCRC Mediation, Nyhart and Smash Lab. CBRE’s Louay Alsadek, Andrew Taylor and Hunter Rowe represented both the buyer and seller, Kearny Real Estate Company, in this transaction.

March 2, 2016

Multifamily Nevada Western

TruAmerica Multifamily Buys Montego Bay Apartments in Las Vegas for $51.1M

by Nellie Day March 2, 2016

LAS VEGAS — TruAmerica Multifamily has purchased the 420-unit Montego Bay apartment community in the Las Vegas submarket of Henderson for $51.1 million. Montego Bay was built in 1990. The Class B community is located at 1050 Whitney Ranch Drive. TruAmerica plans to renovate the property. The renovation will target the interior units, as well as exterior and common areas. The company now owns about 1,000 rental units within the Las Vegas Valley.

March 2, 2016

Colorado Multifamily Western

JV Acquires The Artisan Townhomes and Apartments in Denver for $50.8M

by Nellie Day March 2, 2016

DENVER — Oak Coast Properties and BMC Investments have purchased The Artisan Townhomes and Apartments, a 434-unit community in Denver, for $50.8 million. The community is located at 10025 E. Girard Ave. It is situated near Dayton Station, the Denver Tech Center and the Southeast Business Corridor. The Artisan has received nearly $3.2 million in capital improvements since 2013. It was built in 1973. Renovation plans are in place that will tackle the clubhouses, air conditioning, pools, landscaping, carports, and exterior paint and siding. BLDG Management, an affiliate of BMC Investments, will manage the property. HFF secured a loan for the JV. HFF’s Jordan Robbins and Jeff Haag also represented the seller, Peak Capital Partners, in this transaction.

March 2, 2016

Multifamily Texas

M&M Arranges Sale of 51-Unit Apartment Building

by Haisten Willis March 1, 2016

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Crescent Ridge, a 51-unit apartment property located in Irving. Ford Braly of the Silva multifamily team in Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual California investor. Juan Cuevas and Lucas Fertitta of Marcus & Millichap’s Houston office secured the buyer, a private out-of-state investor. Crescent Ridge is located at 506 N. Rogers Road along Irving Boulevard. The property was built in 1964 on a concrete slab foundation and has wood framing with a brick veneer exterior. Units average 795 square feet. Amenities include a courtyard with barbeque grills and a picnic area, laundry facilities and an onsite leasing office.

March 1, 2016

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