Cushman & Wakefield Represents Air Force Village West, Inc. in $58 million Sale of Altavita Village​ in Riverside, CA

Altavita Village, Riverside, CA

RIVERSIDE, CA, Sept. 6, 2019 — Cushman & Wakefield has negotiated the sale of Altavita Village, California’s third-largest senior living community.

The Tampa-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry, in partnership with the San Diego-based team of David Rothschild and Mary Christian, represented Air Force Village West, Inc., owner of Altavita Village, in the sale of the 589-unit community.

Aerial of Altavista Village, Riverside, CA

Senior Living Riverside, LP, an affiliate of La Jolla, California-based Westmont Living, acquired the asset for $58 million ($98,500 per unit).

Mary Christian

Altavita Village is a ±1,222,689-square-foot continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units.

Allen McMurtry

The community features main and private dining rooms, a village cafe, a clinic, a library, meeting rooms, a chapel and a beauty shop. Units at Altavita Village average ±1,600 square feet. The property was 40% occupied at the time of sale. 

David Kliewer

Altavita Village is located on a ±153-acre site at 17050 Arnold Dr. in Riverside, one of the fastest-growing communities in the nation.

The property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. Altavita Village sits adjacent to March Air Reserve Base in the Inland Empire metropolitan area.

Paul Carr

Prior ownership invested more than $8 million at Altavita Village since 2013, including nearly $6 million for unit upgrades.

The buyer plans to invest $20 million in the property over the next several years and convert the entire community to a rental community while discontinuing existing CCRC contracts. The property will be rebranded as Westmont Village.

David Rothschild 

“The sale of Altavita Village represented an extremely complex acquisition opportunity, but with tremendous value-add potential,” said McMurtry. “Westmont Living is the ideal purchaser to realize this potential and position the community and its residents for long-term success.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners.

Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries.

In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

CONTACT:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

Newmark Knight Frank Sells Two Industrial Warehouses Totaling 224,192 Square Feet in Metro Tampa, FL

Rick Narkiewicz

Tampa, FL (Sept. 6, 2019) — Newmark Knight Frank (NKF) today announced the sale of two industrial warehouses in metro Tampa.

The warehouses total 224,192 square feet and are located at 14480 62^nd Street and 14550 62^nd Street in Clearwater, Florida. The success of the transaction reflects the demand for warehouse space in Pinellas County and Tampa’s booming industrial market.

Pinch A Penny sold the two Class C industrial buildings after expanding into new facilities.

 Immediate access to US-19 and the area’s deep labor base were significant factors in the buyer’s decision to purchase the buildings, which will undergo substantial improvements restoring the assets to nearly new condition.

NKF’s Senior Managing Director Rick Narkiewicz represented the seller, Pinch A Penny.

“There is almost no vacant land remaining in Pinellas County, which has created significant barriers to entry,” Narkiewicz said.

“Several buildings have been razed to make way for new warehouses in the area as developers try to find creative options for limited space in a high demand market.

"After considering those factors, the buyers made an informed decision to purchase two assets that will be strategically repositioned, allowing the new owners to accelerate their plans for the next phase of company growth.”

CONTACT:

Liz Maddux · Assistant Account Executive

1718 Peachtree St., Suite 1048 · Atlanta, GA 30309

M: 478-972-3210

www.thewilbertgroup.com

Hold-Thyssen Brokers Lease Agreement at Phillips Place in Southwest Orlando, FL For Phoenicia Tours and Transfers

Darby Hold

ORLANDO, FL--- Hold-Thyssen, a full service real estate services firm headquartered in Winter Park , recently negotiated a lease agreement with Phoenicia Tours and Transfers, LLC at 7575 Dr. Phillips Blvd. in southwest Orlando . 

Darby Hold, transaction specialist for Hold-Thyssen, Inc., who represented the landlord, Cincinnati, Ohio-based Financial Way Realty, Inc., said the tenant agency that books worldwide tours, hotels, cruises and shows in the US has renewed their lease at Phillips Place .

          

CONTACTS:

           

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services,

 407-691-0505, afisher@HoldThyssen.com

Robert P. Hold, Principal, Hold-Thyssen, Inc.

407-691-0505, bhold@HoldThyssen.com

Beth Payan, Larry Vershel Communications Inc.

407-644-4142 Lvershelco@aol.com