TEMPE, ARIZ. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of a post-acute care retirement campus located in Tempe. The acquisition includes Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a senior living center with 72 assisted living beds and 90 independent living units. These acquisitions bring Ensign’s growing portfolio to 226 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns the real estate at 92 healthcare operations.
SUNNYVALE, LOS GATOS AND SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sales of three apartment properties located in the Bay Area for a total consideration of $34.2 million. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap represented the seller and procured the buyer for the sales. Details on the buyer and seller were not disclosed. The transactions include: The $15.3 million sale of 1234 Sunnyvale Saratoga Road in Sunnyvale. Originally constructed in 1963, the property features 34 units in a mix of studio, one-, two- and three-bedroom layouts. The $11.5 million sale of a 24-unit multifamily property located at 100 Oak Rim Way in Los Gatos. Constructed in 1961, the building features four one-bedroom/one-bath units and 20 two-bath/one-and-a-half bath units. The $7.5 million sale of 2905 Old Almaden Road, a 25-unit property in San Jose. Built in 1961, the 20,196-square-foot building features 20 one-bedroom/one-bath units, four two-bedroom/two-bath apartments and a three-bedroom/two-bath unit. The three communities each feature a community courtyard, picnic area, private carports, security cameras and an on-site laundry facility.
HOUSTON — PCCP has acquired a $99.3 million senior loan that is collateralized by The Star, a historic property in downtown Houston that was recently redeveloped into a 286-unit apartment complex with 26,442 square feet of ground-floor retail space. In conjunction with the purchase, PCCP has entered into a modified loan agreement with the original borrower, Dallas-based Provident Realty Advisors. The Star was originally constructed as the headquarters building for Texaco and was vacated in 1989. Provident Realty purchased the building in 2013 and completed its repositioning project in 2018.
CYPRESS, TEXAS — Marcus & Millichap has brokered the sale of Creekside Storage, a 147-unit self-storage facility located at 14660 Spring Cypress Road in Cypress, a northwestern suburb of Houston. The facility spans 33,600 square feet of net rentable space. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. An El Paso-based limited liability company purchased the asset for an undisclosed price.
PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.
MERRICK, N.Y. — Marcus & Millichap has brokered the $2.1 million sale of a 2,431-square-foot retail asset net leased to Wendy’s in the Long Island city of Merrick. Michael Tuccillo and Matthew Klang of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Wendy’s has 14 years remaining on its lease.
DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.
BROOKHAVEN, GA. — Anchor Health Properties has acquired Brookhaven Medical Center II, a new 51,429-square-foot medical office building in Brookhaven. The developers, G.H. Anderson & Co. and The Gipson Co., sold the property for $29.8 million, or $581 per square foot. Piedmont Healthcare’s Piedmont Physicians of Brookhaven fully occupies the property, which was delivered in early June. At the location, Piedmont Physicians of Brookhaven provides ENT, dermatology, orthopedic, ophthalmology and pulmonary services. The asset is situated at 3929 Peachtree Road NE, five miles from Piedmont Atlanta Hospital and 10 miles northeast of downtown Atlanta. Steve Hall and Kevin Markwordt of Transwestern Real Estate Services represented the sellers in the transaction.
FREDERICKSBURG, VA. — SRS Real Estate Partners has arranged the $1.8 million sale of a property triple-net leased to Chick-fil-A in Fredericksburg. Chick-fil-A has occupied the 3,781-square-foot property for 20 years and recently extended its corporate-guaranteed lease for another five years. The asset is situated at 4220 Plank Road, five miles west of downtown Fredericksburg. Andrew Fallon and Rick Fernandez of SRS represented the undisclosed seller in the transaction. The buyer was also not disclosed.
FINDLAY, OHIO — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc. whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. Speedway, a subsidiary of Marathon, owns and operates retail convenience stores nationwide. The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to roughly 14,000 locations, according to The Wall Street Journal. Tokyo-based Seven & i Holdings Co. Ltd. is the parent company of 7-Eleven.