Acquisitions

Joint Venture Acquires 828-Bed Student Housing Community Near Texas A&M

by Taylor Williams November 4, 2019

COLLEGE STATION, TEXAS — A joint venture between Texla Housing Partners and a private equity real estate fund advised by Crow Holdings Capital has acquired University Trails, a 828-bed student housing community serving students at Texas A&M University in College Station. The property offers one-, two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, hot tub, sand volleyball court, basketball court, two fitness centers and a 24-hour study lounge and cafe. The joint venture plans to renovate the community’s interior, exterior and office/clubhouse building. A timeline for renovations was not announced. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank brokered the transaction.

November 4, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 417-Unit Self-Storage Facility in Harlingen, Texas

by Taylor Williams November 4, 2019

HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of American Self Storage, a 417-unit facility located in the Rio Grande Valley city of Harlingen. The property was built on 6.5 acres in 2004 and spans 49,588 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Jon Danklefs, also with Marcus & Millichap, represented the buyer.

November 4, 2019

Acquisitions Industrial Washington Western

Port of Everett Acquires Kimberly-Clark Mill Property for $33M in Everett, Washington

by Amy Works November 4, 2019

EVERETT, WASH. — The Port of Everett has purchased the 58.4-acre Kimberly-Clark mill property situated on the waterfront in Everett. Kimberly-Clark Worldwide sold the asset, including another site north of the mill property, for $33 million. Kimberly-Clark closed the former pulp mill located on the site in 2012. In July, the City of Everett acquired the north portion of the property; therefore, this sale represents the remainder of Kimberly-Clark’s Everett waterfront holdings. The site includes a 360,000-square-foot warehouse and more than 2,500 lineal feet of waterfront on the East Waterway, which opens to the Puget Sound. The sale property is located between the Port of Everett terminal and Naval Station Everett, a federally secured maritime complex. Port of Everett plans to develop three-quarters of the property into maritime use, with the remaining used for aquatic management and public access. Dave Speers and Matt Henn of Kidder Mathews, along with Eric Dienstbach of Binswanger, represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Seniors Housing Washington Western

Alliant Capital Completes 295-Unit Seniors Housing Community at Former Shopping Center Near Seattle

by Amy Works November 4, 2019

LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.

November 4, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 119-Bed Skilled Nursing Facility in Idaho

by Amy Works November 4, 2019

REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.

November 4, 2019

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $3.5M Sale of St. Martin’s Center Retail Property in Washington

by Amy Works November 4, 2019

LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Seniors Housing Top Stories

New Senior Agrees to Sell Entire Assisted Living Portfolio for $385M, Focus Solely on Independent Living

by Jeff Shaw November 1, 2019

NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR), a New York-based seniors housing REIT, has agreed to sell its entire assisted living and memory care portfolio for $385 million. The portfolio comprises 28 properties across 14 states totaling 2,840 units. The deal will leave the company with 102 independent living properties and one continuing care retirement community.

November 1, 2019

Acquisitions Multifamily Washington Western

Shelter Holdings Sells 298-Unit Issaquah Terrace Apartments Near Seattle for $125M

by Amy Works November 1, 2019

ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.

November 1, 2019

Acquisitions California Office Western

Kennedy Wilson Buys Hamilton Landing Office Campus in North Bay Area for $115M

by Amy Works November 1, 2019

NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.

November 1, 2019

Acquisitions Georgia Retail Southeast

JLL Negotiates Sale of 335,190 SF Cobb Place Shopping Center in Metro Atlanta

by Alex Tostado November 1, 2019

KENNESAW, GA. — JLL has negotiated the sale of Cobb Place, a 335,190-square-foot retail center in Kennesaw. The property was 95 percent leased at the time of sale to tenants including Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market, Hobbytown USA, DSW, Jersey Mike’s and Play It Again Sports. Cobb Place is situated on 31 acres at 840 Ernest W. Barrett Parkway, 24 miles northwest of downtown Atlanta. Jim Hamilton and Brad Buchanan of JLL represented the seller, a partnership between DRA Advisors LLC and RCG Ventures LLC, in the transaction. A fund sponsored by Wicker Park Capital Management purchased the asset. Additionally, Chip Sykes of JLL arranged acquisition financing on behalf of the buyer. Goldman Sachs provided the seven-year, fixed-rate loan.

November 1, 2019

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