NORTHBRIDGE, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing campus featuring 154 skilled nursing beds and 26 assisted living units in the Worcester suburb of Northbridge. The community, which was not named, was built in 1970 on 13 acres. It totals 93,000 square feet following expansions in 1995 and 2005. Owner-operator Salmon Health and Retirement sold the property as a non-core community in its portfolio. A Massachusetts-based investor acquired the asset for an undisclosed price.
NORTH KINGSTON, R.I. — New Jersey-based investment firm Tryko Partners has purchased Scalabrini Villa, a 120-bed skilled nursing facility in North Kingston, about 25 miles south of Providence. The property opened in 1994 at a site along Narragansett Bay and consists of 60 two-bed units. The seller and sales price were not disclosed. Tryko Partners plans to make capital improvements to the facility, which offers memory care, long-term and sub-acute care services.
SAN FRANCISCO — A joint venture between Hines and the National Pension Service of Korea (NPS) has acquired the historic Pacific Gas & Electric Co. (PG&E) campus in the South Financial District of downtown San Francisco. The purchase price was $800 million, according to The Wall Street Journal. The buyers plan to completely reimagine the campus with a $2.5 billion redevelopment project. The first of two office projects will consist of the restoration and renovation of a 600,000-square-foot office complex dating back to the early 1900s. Hines plans to retain the historic architecture of the building façade and the original lobby. The building systems and technological capabilities will be upgraded in order to achieve the modern functionality of a Class A property. Secondly, 77 Beale is an existing 1 million-square-foot, 34-story tower that will be repositioned and renamed 200 Mission. The building will receive new systems and aesthetics. Architectural firm Pickard Chilton is leading the design. Lastly, Hines plans to develop 50 Main, a new apartment complex with more than 600 units. A timeline for construction was not released. Upon completion, the PG&E campus will represent the largest deal along Market Street in San Francisco over the last 10 years, …
CHARLOTTE, N.C. — Trinity Partners has arranged the sale of One & Two Fairview Center, a 182,841-square-foot, two-building office park in Charlotte’s SouthPark office submarket. The buyer was an entity affiliated with Taurus Investment Holdings, a Boston-based global private equity real estate firm. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of CapRidge Partners. The sales price was not disclosed. One & Two Fairview Center was approximately 93 percent occupied at the time of sale. After purchasing the properties in early 2019, CapRidge executed a capital improvement, spec suite and leasing plan. The property is located right across from SouthPark Mall, which features over 150 stores including Dillard’s, Macy’s, Belk, Nordstrom, Dick’s Sporting Goods and Victoria’s Secret. Trinity Partners leased One & Two Fairview Center on behalf of CapRidge, an Austin, Texas-based real estate investment firm.
WEST PALM BEACH, FLA. — Knighthead Funding LLC has provided a $50 million loan for the acquisition of a three-property office portfolio in downtown West Palm Beach. The financing is a 48-month, interest-only loan. The borrower, Morning Calm Management, is buying the portfolio from an undisclosed seller. The three office buildings, which are located at 224 Datura St., 324 Datura St. and 319 Clematis St., are located within one mile of each other. The properties range in size from four to 15 stories and total 234,902 square feet. Collectively, the portfolio is approximately 80 percent leased. A portion of the loan proceeds will be used toward capital improvements, as well as leasing costs.
LAKE MARY, FLA. — Avanti Way Capital has acquired Shoppes at Lake Mary, a 37,685-square-foot shopping center located at 101 N. Country Club Road in Lake Mary. Avanti Way Capital purchased the 4.6-acre development from Miami-based real estate investment firm, Galium Capital, for $8.4 million. New York-based Morgan Stanley provided a $5.4 million acquisition loan for the sale. Dan Gorczycki and Peter Stobierski of TrueRate Services arranged the loan. Located off Lakeview Avenue and State Road 15, Shoppes at Lake Mary was originally built in 1985 and is situated about 19 miles from downtown Orlando. The shopping center was 94 percent leased at the time of sale to tenants including Lake Mary Dry Cleaners, Debs Kitchen, Lighthouse Seafood, Morganic Meats and Foxcase LLC. The property has 175 parking spaces. Avanti Way Capital is a Miami-based real estate asset management firm with roughly $1 billion worth of properties in Florida.
DALLAS — A partnership between Dallas-based RREAF Holdings, North Carolina-based DLP Capital and 3650 REIT has acquired a portfolio of 13 multifamily properties totaling more than 2,000 units across various Sun Belt states. This deal marks the first tranche of a larger, three-phase acquisition that is slated to close by early November. The entire portfolio totals 21 multifamily communities and 4,000-plus units and is valued at $534 million. Taylor Bird, Andrew Brown and Jaime Slocumb of Cushman & Wakefield represented the sellers in the transaction. Berkadia arranged Freddie Mac acquisition financing on behalf of the new ownership, which will implement a variety of capital improvements to the properties.
CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired 6758 N. Sheridan in Chicago’s Rogers Park neighborhood for $9.8 million. Originally built in 1974, the 73-unit multifamily property features 29 studios and 44 one-bedroom floor plans. Rick Ofman and Danny Logarakis of Kiser Group represented both Becovic as well as the seller, The Vranas Family Trust.
ARLINGTON AND PLANO, TEXAS — JLL has negotiated the sale of The Orchards at Arlington Heights and The Orchards at Market Plaza, two active adult communities In the Dallas area totaling 360 units. The second community is located in Plano. The age-restricted properties offer amenities such as clubhouses, pools, movie theaters, game rooms, salons, fitness centers, gift-wrapping stations and activity rooms. Cody Tremper and Mike Garbers of JLL represented the seller, Kompass Kapital Management LLC, in the transaction. The buyer was Capitol Seniors Housing.
GRAND PRAIRIE, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has purchased Prairie Ridge Apartments, a 100-unit multifamily property located in the central metroplex city of Grand Prairie. Prairie Ridge offers one- and two-bedroom floor plans and amenities such as a playground and onsite laundry facilities. The partnership will merge the property with the adjacent Corey Place Apartments, which it acquired this summer, and operate the combined community as Marabella on Pioneer. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the off-market transaction.