YOUNGSTOWN, OHIO — Marcus & Millichap has brokered the sale of Boardman Center Plaza in Youngstown, a city in Northeast Ohio. The sales price was undisclosed. The 136,500-square-foot shopping center was 52 percent leased at the time of sale. Tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet and Harbor Pet Center. Included in the sale was a two-tenant building leased to Five Guys and Jimmy John’s. the property is located directly across the street from Southern Park Mall. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Canadian private investor, and procured the buyer, a Texas-based private investor.
DULUTH, GA. — Cushman & Wakefield has brokered the $91 million sale of The Reserve at Sugarloaf, a multifamily community located at 2605 Meadow Church Road in Duluth, roughly 27 miles northeast of Atlanta. Built in 2002, the property comprises 333 units averaging 1,225 square feet in size. Amenities at the community include an indoor-outdoor fitness center, pool, pet park, internet café and car care center. Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield of Cushman & Wakefield arranged the transaction on behalf of the seller, an institutional client of New York Life Real Estate Investors. Olen Properties acquired the asset.
REX, GA. — EverWest Real Estate Investors has purchased an industrial property located at 9485 Highway 42 North in Rex, roughly 20 miles outside Atlanta. InLight was the developer and seller. Situated on 21.1 acres, the development features two recently completed speculative distribution buildings totaling 268,400 square feet. The buildings span 130,000 and 138,400 square feet, respectively, and feature 32-foot clear heights, LED lighting, ESFR sprinklers, wide columns and 72 dock and four drive-in doors. Britton Burdette, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL arranged the sale.
CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.
HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston area. The specific name and location of the property were not disclosed. An affiliate of Texas-based Evergreen Health Group will operate the community after entering into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based (Consumer Price Index) rent escalators. The seller was also not disclosed.
OKLAHOMA CITY — Lument has arranged a $10.7 million loan for the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility in Oklahoma City. The loan carries a five-year term, with a minimum of two years of interest-only payments, 25-year amortization schedule and a fixed interest rate. Bill Wilson of Lument arranged the loan through an undisclosed community bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $71.5 million. Aggregate annual cash rent for the first year is approximately $5.4 million, increasing to approximately $6.1 million in the second year, and increasing to approximately $7.1 million in the third year, with CPI-based annual escalators thereafter. The acquisition of these facilities was funded using proceeds from San Clemente-based CareTrust’s $600 million unsecured revolving credit facility.
PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.
Hunter Hotel Advisors Brokers Sale of Four-Property Hotel Portfolio in Suburban Chicago, Minneapolis
CHICAGO AND MINNEAPOLIS — Hunter Hotel Advisors has brokered the sale of a four-property hotel portfolio totaling 467 rooms in suburban Chicago and Minneapolis for an undisclosed price. Marquee Hospitality and Endeavor Hotels Inc. purchased the portfolio from Summit Hotel Properties. Spencer Davidson of Hunter represented the seller. The portfolio includes the Hilton Garden Inn Eden Prairie, Holiday Inn Express & Suites Minneapolis Minnetonka, Hyatt Place Chicago Lombard Oak Brook and Hyatt Place Chicago Hoffman Estates.
PICKERINGTON, OHIO — Marcus & Millichap has arranged the $8.9 million sale of The Shoppes at Stonecreek in Pickerington, an eastern suburb of Columbus. The 44,874-square-foot retail center is located at 1500 Stonecreek Drive. Built in 2008, the property is fully leased to tenants such as LifeTime Fitness, Roosters, Petland and Vitality Bowls. Scott Wiles, Craig Fuller, Erin Patton and Zach Turner of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.