MADISON, WIS. — Lamar Cos., in conjunction with Real Capital Solutions, has acquired East Town Plaza in Madison for an undisclosed price. The 216,785-square-foot shopping center is 83 percent leased. Tenants include Burlington, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, DSW, Ulta and Party City. The property, built in 1999, is positioned along East Washington Avenue. The seller was not disclosed.
MT. CARMEL, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a nonprofit healthcare campus in Mt. Carmel, located in the southern part of the state along the Indiana border. Arkansas-based General Baptist Health Care sold the property. The buyer was CareTrust REIT and its regional operating partner, WLC Management Firm. Although the price was not disclosed, Blueprint reports the purchase price translated to approximately $70,000 per licensed bed. The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the propertyin 1981, ownership continuously expanded the campus, adding a secure memory care unit, rehabilitation facility and supportive living building. Michael Segal and Josh Salzman of Blueprint handled the transaction.
FORT WAYNE, IND. — Marcus & Millichap has arranged the sale of the Best Western Plus Fort Wayne Inn & Suites for $5.3 million. The 62-room hotel is located at 5926 Cross Creek Blvd. Built in 2000, the three-story property features a pool, spa and fitness center. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.
WASHINGTON, D.C. — Pebblebrook Hotel Trust (NYSE: PEB) has closed on the sale of Hotel Palomar Washington DC, a 335-room hotel located at 2121 P St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. An undisclosed buyer purchased the hotel for $141.5 million. According to Pebblebrook, the sales price reflects a cap rate of 5.9 percent based on the hotel’s 2018 net operating income. The Bethesda, Md.-based hotel REIT will use proceeds from the sale for general business purposes, which may include reducing the company’s outstanding debt. San Francisco-based Kimpton manages Hotel Palomar, which features an outdoor pool and sundeck, spa services, 24-hour fitness center, business center, bike sharing services and Urbana, an onsite Italian restaurant. Pebblebrook has been on a selling spree for its Washington, D.C., hotels. Last week, the company sold The Liaison Capitol Hill, a 343-room hotel, to REIT Bldg Management Co. Inc. for $111 million. According to Washington Business Journal, Pebblebrook is currently marketing three Kimpton-managed hotels it owns near Dupont Circle. In an investor presentation posted yesterday, Pebblebrook disclosed that its Washington, D.C., hotels comprise 7 percent of the company’s 2018 EBITDA (earnings before interest, tax, depreciation and amortization). Pebblebrook announced last year its intent to …
BARDSTOWN, MANCHESTER AND ELKHORN CITY, KY. — Strawberry Fields REIT has acquired three skilled nursing facilities in Kentucky for $21 million. Landmark Group will operate the properties, which total 312 beds. Average occupancy in the portfolio is 73 percent, of which 21 percent are Medicare residents, 60 percent are Medicaid and 19 percent are private-pay and insurance. The acquired communities include Landmark of Bardstown Rehabilitation and Nursing Center in Bardstown (100 beds); Landmark of Laurel Creek Rehabilitation and Nursing Center in Manchester (106 beds); and Landmark of Elkhorn City Rehabilitation and Nursing Center in Elkhorn City (106 beds). Oxford Finance LLC provided financing for the acquisition. The seller was not disclosed.
BURLINGTON, N.C. — Berkadia has arranged the $14.3 million sale of Summerlyn Place, a 140-unit garden-style apartment complex in Burlington. The property was 96 percent occupied at the time of the sale, selling for $101,768 per unit. Built in 1998, Summerlyn Place offers a car care center, tennis courts, clubhouse, swimming pool, playground and a dog park. The asset is situated about 19 miles east of downtown Greensboro. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the New York-based seller in the transaction. The buyer is based in New Jersey.
DALLAS — ML Realty has acquired two industrial buildings totaling 205,471 square feet at 1144-1188 Quaker St. in Dallas. Situated on a 10-acre site, the two properties offer proximity to Interstate 35 and the Central Business District. Adam Herrin and Stephen Bailey of HFF represented the undisclosed seller in the transaction. Other terms of sale were not released.
EASTON, MD. — KLNB Retail Investment Sales Group has arranged the $13 million sale of Easton Marketplace, a 126,650-square-foot grocery-anchored shopping center in Easton. The asset is anchored by Weis supermarket and sits on 18.4 acres. Other tenants include McDonald’s, Ruby Tuesday, Pier 1 Imports, Hair O’ The Dog liquor store and Snifter’s Tasting Room. Andy Stape and Vito Lupo of KLNB represented the sellers, Mears Properties LLC and Easton Marketplace LLC, in the transaction. Rise Partners acquired the property and hired KLNB Management as property manager.
KATY, TEXAS — Dallas-based Venture Commercial has arranged the sale of a 97,761-square-foot retail asset located within the Cinco Ranch at Market Center development in the western Houston metro of Katy. John Zikos, Jonathan Cooper, Don Miller and Lawrence Wilson of Venture Commercial represented the buyer in the transaction. The seller was not disclosed.
FRISCO, TEXAS — SHOP Cos. has brokered the sale of Preston Stonebriar Shopping Center, a 27,638-square-foot retail center located along Preston Road in the northern Dallas suburb of Frisco. The newly built property is situated on 3.6 acres and was 100 percent leased at the time of sale to tenants such as Burning Rice, Finley’s Barbershop and Cosmo Nails & Spa. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the seller and procured the buyer in the transaction. Both parties requested anonymity.