Acquisitions

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

by Amy Works March 5, 2021

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.

March 5, 2021

Acquisitions Colorado Multifamily Western

Treeline Multifamily Partners Buys West 38 Multifamily Community in Wheat Ridge, Colorado

by Amy Works March 5, 2021

WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price. West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide-plank wood flooring, walk-in closets, in-unit washers/dryers, Nest thermostats and vaulted ceilings. Community amenities include a resort-style pool and spa; fitness center and yoga room; gated and covered structured parking; bike and ski repair facilities; conference and coworking spaces; a clubhouse; indoor and outdoor lounges; and cooking stations. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the deal. Additionally, Charlie Williams, Tim Weldon and David Treadwell of Newmark placed acquisition financing on behalf of the buyer.

March 5, 2021

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $3.2M Sale of Mississippi Plaza Apartments in Denver

by Amy Works March 5, 2021

DENVER — NorthPeak Commercial Advisors has arranged the sale of Mississippi Plaza Apartments, a multifamily property located at 1380 W. Mississippi Ave. in Denver. The undisclosed buyer, part of a 1031 exchange out of Wyoming, acquired the asset for $3.2 million, or $135,000 per unit, from an undisclosed seller in an off-market transaction. The 13,521-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented both parties in the transaction.

March 5, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 181-Unit Union at River East Apartments in Fort Worth

by Taylor Williams March 4, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Union at River East, a 181-unit multifamily community in Fort Worth. Built on three acres in 2019, the property features studio, one- and two-bedroom units with an average size of 883 square feet. Amenities include a pool, coworking area, lounge, dog park and a package concierge system. Drew Kile, Joey Tumminello, Will Balthrope and Grant Raymond of IPA represented the seller, Criterion Development Partners, and procured the buyer, MBP Capital.

March 4, 2021

Acquisitions Kansas Midwest Retail

Cooper Group Brokers $6.3M Sale of Overland Pointe Marketplace in Suburban Kansas City

by Kristin Harlow March 4, 2021

OVERLAND PARK, KAN. — The Cooper Commercial Investment Group has brokered the sale of Overland Pointe Marketplace in Overland Park for $6.3 million. The two-building retail property spans 80,047 square feet. Some of the tenants include The Big Biscuit, a gym, nail salon and dry cleaner. The asset is shadow anchored by Sam’s Club, Home Depot and Hy-Vee. Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. A West Coast-based investment group was the buyer.

March 4, 2021

Acquisitions Midwest Minnesota Multifamily

Oak Residential Partners Acquires 249-Unit Apartment Community in Suburban Twin Cities

by Kristin Harlow March 4, 2021

COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, according to Abramson. NorthMarq provided a $41.5 million Freddie Mac loan for the acquisition. The seven-year, fixed-rate loan features three years of interest-only payments.

March 4, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Wheelock, Camber Buy Life Sciences Building in Northborough, Massachusetts, for $33M

by Taylor Williams March 4, 2021

NORTHBOROUGH, MASS. — A joint venture between Connecticut-based Wheelock Street Capital and Camber Development has purchased Sanofi Genzyme’s Northborough Global Operations Center, a 212,000-square-foot life sciences building in Northborough, located outside of Worcester. The sales price was $33 million. The property is situated on a 19.3-acre site and was fully leased at the time of sale. Coleman Benedict, Matthew Sherry, Ben Sayles, Michael Restivo and Corbin Stall of JLL represented the buyer in the deal. The seller was Chicago-based Capri EGM.

March 4, 2021

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 140,548 SF Industrial Complex in Woodland Park, New Jersey

by Taylor Williams March 4, 2021

WOODLAND PARK, N.J. — Cushman & Wakefield has brokered the sale of Lackawanna Business Park, a 140,548-square-foot industrial complex located at 86 Lackawanna Ave. in Woodland Park in the northern part of the state. The sales price for the three-building complex was $10.2 million. Andrew Schwartz, David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso and Jordan Sobel of Cushman & Wakefield represented the seller, Lackawanna Associates LLC, and procured the buyer, Lackawanna Woodland LLC.

March 4, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

JLL Negotiates Sale of Nursing Home Near Boston for Conversion to Multifamily

by Taylor Williams March 4, 2021

WEYMOUTH, MASS. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property into a workforce housing asset. The seller and sales price were not disclosed. Located on 2.1 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. Jason Skalko, Zach Rigby, Brannan Knott and C.J. Kodani of JLL represented the seller in the transaction.

March 4, 2021

Acquisitions Montana Multifamily Western

Brinkman Enters Montana Market, Acquires 128-Unit King West One Apartments in Billings

by Amy Works March 4, 2021

BILLINGS, MONT. — Brinkman Real Estate, in partnership with Blue Field Capital, has purchased King West One, an apartment property in Billings. The acquisition is Brinkman’s first in Montana. Built in 2009, King West One features 128 two-story, townhome-style apartments ranging from 680 square feet to 1,100 square feet with individual detached garages. The complex is spread across 13 buildings. At the time of sale, the property was nearly 100 percent occupied. Terms of the transaction were not released.

March 4, 2021

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