GREENWICH, CONN. — Arch Street Capital Advisors has brokered the sale of an 11-property industrial portfolio located across seven states for $156.7 million. The buyer was an institutional client of Greenwich-based Arch Street Capital. The portfolio totals 2.8 million square feet and is made up of primarily single-tenant, long-term, net-leased, industrial properties.
STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.
FORT WORTH, TEXAS — American Builders & Contractors Supply Co. Inc. (ABC Supply) has sold a 46,651-square-foot industrial building located at 8144 West Freeway in the White Settlement area on Fort Worth’s west side. The single-tenant building was constructed in 1982. Jeff Givens and Todd Hawpe of Transwestern represented the buyer, NA Realty Investments, in the transaction. Mark Collins and Shannon Johnston of Cushman & Wakefield represented ABC Supply.
ELIZABETHTOWN, N.Y. — Charterhouse Development Corp. has acquired a Kinney Drugs retail store in Elizabethtown for $2.8 million. Located at 7550 Court St. in the small town in Upstate New York, STORE Master Funding X LLC sold the 11,598-square-foot store. Kinney Drugs is a national pharmacy chain with more than 110 locations primarily in Central and Northern New York.
SARASOTA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.4 million sale of Kane Plaza, a 77,089-square-foot office building located at 1 S. School Ave. in Sarasota. Douglas Mandel and Nicholas Hanson of IPA arranged the transaction on behalf of the seller, TerraCap Management LLC. JLK Global Fund U.S. 2 Inc. acquired the asset. The 10-story Kane Plaza was constructed in 2000 and features a structured parking garage and renovated lobby.
BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has purchased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the property for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the seller and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer.
BUCKEYE, ARIZ. — NAI Horizon has arranged the sale of a self-storage facility, located at 24901 W. Yuma Road in Buckeye, a western suburb of Phoenix. A California-based buyer acquired the property from Storage American DBA Store-All America RV and Self-Storage for $10.8 million, or $100.39 per square foot. Situated on 9.1 acres, the 107,130-square-foot facility features 638 drive-up self-storage units and 240 outdoor RV parking spaces. Additionally, the sale included a U-Haul moving truck business. Denise Nunez of NAI Horizon represented the buyer and seller in the transaction.
LOS BANOS, CALIF. — Faris Lee Investments has arranged the purchase of a two-tenant restaurant building located at 1335 W. Pacheco Ave. in Los Banos. LFG Los Banos LLC sold the property to a to a Newport Beach-based private investor. Shaun Riley of Faris Lee represented the buyer, while John Andreini of Capital Pacific represented the seller in the deal. Built in 2017, the 5,500-square-foot property includes one drive-thru and 39 parking spaces. The building is fully occupied by Blaze Pizza and Habit Burger, both quick-serve restaurants.
LOVELAND, OHIO — MCR has acquired the 84-room Hilton Garden Inn Cincinnati Northeast in Loveland, about 20 miles northeast of Cincinnati. The purchase price was not disclosed. Located near I-275, the hotel features free Wi-Fi, a fitness center, indoor pool, business center, restaurant, convenience store and two meeting rooms. MCR will also manage the property.
HAMDEN, CONN. — Meridian Capital Group has arranged $53 million in acquisition financing for an apartment community in Hamden, six miles north of New Haven. The 10-year loan features a fixed rate of 4.49 percent with five years of interest-only payments followed by a 30-year amortization schedule. Shaya Ackerman and Shaya Sonnenschein of Meridian arranged the financing with the sponsor, GM Equities. Located at 676 Mix Ave., Broadmoor Apartments consists of 468 units spread across six, six-story buildings. Amenities include a clubhouse, fitness center, resort-style pool, tennis court and picnic areas.
