Highwoods Properties a publicly traded REIT, acquired Advance Auto Parts Tower, a 20-story highrise, from Lionstone Investments. Lionstone Investments, who developed the building in partnership with Kane Realty Corp., were the sellers.

CommercialEdge reports Highwoods plans to use proceeds from the recent $145 million sale of three office buildings in Tampa, Fla., to fund the acquisition of Advance Auto Parts Tower.

The 346,000-square-foot tower came online in 2020. It features 11 floors of office space atop eight levels of parking and roughly 8,200 square feet of retail. The property was fully leased at the end of 2024, with a weighted average lease term of 8.2 years.

With a street address of 4200 Six Forks Road or 4000 Front at North Hills Street, the building is immediately adjacent to CAPTRUST Tower, a 300,000-square-foot Class A+ office property that is also owned by Highwoods.

At the end of 2024, the REIT’s portfolio encompassed 27.2 million square feet across several U.S. markets, while its development pipeline totaled 1.6 million square feet.

Gulf Coast Commercial Group spun off Baybrook Passage, a 189,334 square foot shopping center in Webster, southeast of Houston. The center, at 19425 Gulf Fwy., was acquired by SLS. 

Mark Witcher, Jolie Duhon, Chris Cozby, Jim Batjer and Harrison Tye with CBRE National Retail Partners arranged the transaction on behalf of the seller. SLS Properties was self-represented. 

The shopping center was built in 2003 and is anchored by Best Buy and Staples. Additional tenants include Boot Barn, Skechers, and Memorial Hermann, as well as a national roster of food & beverage, medical and service-oriented retailers. At the time of sale, the property was 97.2% occupied by 29 tenants with an average tenure of 18 years. 

Situated at the intersection of I-45 and Bay Area Boulevard, the shopping center is adjacent to Baybrook Mall and more than 3.8 million square feet of retail along the corridor. The location sees 30 million visitors annually with direct exposure to 210,000 vehicles per day, according to CBRE.

Joint venture partners Remedy Medical Properties and Kayne Anderson Real Estate today announced the acquisition of the Atrium Medical Center Medical Outpatient Building. CBRE brokered the transaction.

The five-story, 103,175-square-foot medical office building, located at 200 Medical Center Dr. in Middletown, Ohio, was built in 2007 and is attached to and directly integrated with the Atrium Medical Center, a 328-bed hospital. It is 85% occupied, anchored by the medical center, which currently leases 70% of the building, as well as three other tenants.

“This was an attractive opportunity to secure a highly visible medical office building directly linked with the dominant acute care hospital in its region,” said Joe Magliochetti, chief investment officer for Remedy. “In addition, the acquisition allows us to further strengthen our existing relationship with Premier Health. The system occupies 170,100 square feet in six additional Remedy-owned buildings, including the award-winning freestanding emergency department we developed for them in Beavercreek, Ohio.”

Ashford Hospitality Trust (AHT) closed on the sale of the 193-room One Ocean Resort in Atlantic Beach, Florida. Aspect Real Estate, Kelco Management and Development, Sage Hospitality Group and Corner Lot Development Group purchased the Resort for $87 million. AHT announced the sale last week as part of its plan to divest properties to pay off its debt. Once known as the Sea Turtle Inn, the resort was built in 1973.

The group’s goal is to revamp One Ocean into a regionally and nationally known asset. Sage Hospitality will lead the management and remodel of the hotel, its restaurant Azurea and the spa. The property will be part of Sage’s Independent Collection, a group of 18 hotels across the country, including The Crawford in Denver, Asbury Ocean Club in Asbury Park, New Jersey and Hotel Per La in Los Angeles.

Ashford Hospitality Trust is a real estate investment trust (REIT) that invests predominantly in upper-upscale, full-service hotels.

Cambridge Realty Capital Companies arranged a $5,950,000 conventional loan to acquire Twilight Haven Senior Living, located in Fresno. Brent Holman-Gomez, SVP at Cambridge, lined up the fully-amortized, 25-year loan for the buyer, a California limited liability company. Underwriting the transaction was a Utah-based industrial bank.

Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing care beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program.

Holman-Gomez said the acquisition was an opportunistic major turnaround for the nonprofit seller to the for-profit buyer. “The selling operator was in bankruptcy and the skilled nursing facility was closed,” he said. “Given the troubled asset and current credit markets, this was a remarkably high loan-to-cost ratio within traditional norms, allowing the borrower to grow their business while limiting cash to close.”