CINCINNATI — Marcus & Millichap has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. Continuing care retirement communities are comprised of various operational models that include independent living, assisted living, memory care and skilled nursing. An East Coast-based private owner/operator purchased the 75-year-old property from a national owner/operator for $4.5 million, or $25,000 per unit. The names of the parties were not disclosed. Mark Myers, senior vice president of investments, and Joshua Jandris, vice president of investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all from Marcus & Millichap’s Chicago office, handled the sale.
HAZEL CREST, ILL. — Baceline Investments LLC has acquired The Commons at Hazel Crest shopping center for $4 million. The Commons at Hazel Crest is located at 18220-18244 Kedzie Ave. in Hazel Crest, approximately 30 miles southwest of Chicago. Dollar Tree and CSL Plasma anchor the 51,222-square-foot shopping center. The property was built in 1972. The seller in the transaction was undisclosed.
CHICAGO — Target is set to open a 21,000-square-foot location at Vue53, a mixed-use development located in Chicago. Peak Campus and Avison Young are currently developing the project, which is located just north of Nichols Park within a few blocks of the University of Chicago campus. The complex will offer 267 apartment units, approximately 28,000 square feet of ground-floor retail and 230 parking spaces. The residential component, set to open in September, will offer studio, one- and two-bedroom units with washers and dryers. Community amenities will include a multi-purpose clubhouse with Wi-Fi, a 24-hour desk attendant, fitness center and business center, study and conference lounges, an outdoor terrace and a rooftop sundeck. The Target store is projected to open by early spring 2017.
FERGUSON, MO. — Love Funding has closed a $15.3 million loan for the refinancing of Christian Care Home, an assisted living and skilled nursing senior community in the St. Louis suburb of Ferguson. Christian Care Home offers 178 beds in 92 units and is one of only two nursing homes in the area that provides on-site dialysis services to its residents. Christian Woman’s Benevolent Association owns the facility. Robyn Cunningham and Adrian Hartman of Love Funding’s St. Louis office secured the financing through HUD. This is the second time in less than three years that Love Funding has refinanced the property’s debt. Love originally financed the construction of the facility under HUD’s Section 232 program in June 2009.
ATHENS, OHIO — Construction is currently underway on River Gate, a 232-bed student housing property located near the Ohio University campus in Athens, located in the southeastern part of the state. The complex, developed by Columbus Pacific Properties and Homestead U, will offer fully furnished two-, three- and four-bedroom apartments. Community amenities include a resident life center featuring a bistro with gourmet coffee and a cyber lounge, a resort-style pool, private study rooms, a 24-hour fitness center, gaming room and an underground parking garage.
RACINE, WIS. — Mid-America Real Estate Corp.’s investment sales team has arranged the sale of Regency Point Shopping Center, a 163,252-square-foot retail center located in Racine, approximately 30 miles south of Milwaukee. Bed Bath & Beyond, DSW, Hobby Lobby and T.J. Maxx anchor the center. Rick Drogosz, Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, The Redmond Co., in the sale of the property to Bonnie Management Corp. for an undisclosed price.
CHICAGO — Marcus & Millichap has arranged the sale of a 49-unit apartment property in Chicago for $2.9 million. A private investor purchased the asset from a group of tenant-in-common owners. The property is located at 2231 E. 67th St. in the South Shore neighborhood. The seven-story building was constructed in 1928 and consists of 24 three-bedroom/three-bathroom units, 24 four-bedroom/three-bathroom units and one six-bedroom/six-bathroom penthouse that is two stories.
IRONTON, OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Nursing Center, a 60-bed skilled nursing facility in Ironton, in the southeast corner of Ohio near the Kentucky and West Virginia borders. A joint venture between a regional operator and a value-add investor bought the facility from an undisclosed seller. The purchase price equates to $35,000 per bed. Jacob Gehl and Connor Doherty were the lead advisors on the transaction.
LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.
IOWA CITY, IOWA — A partnership between Grand Living and Ryan Cos. has unveiled plans to develop a 170-unit senior housing community in Iowa City. Grand Living in Iowa City will provide independent, assisted living and memory care services. The complex will offer a variety of floor plans ranging from studios to two-bedroom apartment homes. Construction on the community is scheduled to begin this fall. Amenities at Grand Living in Iowa City will include a variety of dining options, a salon, indoor pool, exercise studio, library, performance theater, chapel, activity and art studios, music practice rooms, pet grooming center and wood working shop.