DALLAS — Capital Senior Living Corp. (NYSE:CSU) has purchased eight senior living communities for $72.9 million. The communities are located in Ohio, Indiana and Texas and contain assisted living and memory care facilities. The average occupancy for the properties is above 95 percent, with average monthly rents of about $3,200. The acquisition will generate additional cash from facility operations of $3.6 million, or 13 cents per share.
DETROIT — A ground lease portfolio of 11 Michigan 7-Eleven locations has hit the market for $18.9 million. The properties are fully occupied and are located in Howell, Shelby Township, Macomb, Chesterfield, Romulus, Warren, Clinton Township and Lenox Township. Simon Jonna and Raymond Jonna of Marcus & Millichap are representing the seller, a private partnership.
CASS LAKE, MINN. — Marcus & Millichap has arranged the $120,000 sale of an O'Reilly Auto Parts property in Cass Lake. The 4,000-square-foot building is located at 6289 Cass Frontage Road. Mike Marzinske, Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a private investor. Marzinske also represented the buyer, a private investor.
VALPARAISO, IND. — McShane Construction Co. has completed a 51,500-square-foot addition to the College of Arts and Sciences at Valparaiso University in Valparaiso. The two-story addition includes classrooms, offices and a teacher's lounge. The property recently received LEED Silver certification. EHDD Architecture designed the project and KJWW Engineering provided the structural engineering.
GLENDALE, WIS. — Opus Development Corp. has completed a 122,000-square-foot expansion of the Weyco Group headquarters in Glendale. The new building connects Weyco's main facilities to an 80,150-square-foot warehouse adjacent to the property. The expansion brings Weyco's headquarters to more than 1 million square feet, including office, warehouse and distribution service space.
CHICAGO — Peerless Network, a telecommunications company, has opened a new 12,600-square-foot data center at 840 South Canal St. in Chicago. The $5 million facility will house the company's network operations center and support ongoing network expansion plans. The company has received letters of intent from technology companies and existing customers representing 50 percent of the available space.
BLOOMINGTON, IND. — The Grant Street Inn in Bloomington has opened its new 16-room addition. The new building was designed to match the 1890s-style of the original inn. The addition was also designed to meet LEED certification requirements, and includes energy-saving light fixtures, low-flow showers and solar panel water heaters.
CINCINNATI — Jones Lang LaSalle has been tapped to provide leasing services for Kenwood Towne Place, a 240,000-square-foot office building in Cincinnati. Currently in the redesign phase, the tower is slated for completion in March 2014. A Phillips Edison affiliate purchased the Kenwood property in July. The construction of the project had been interrupted in 2008 due to the project's financial problems. Rusty Myers, David Ottenjohn, Bill Poffenberger and Todd Pease of Jones Lang LaSalle will oversee the leasing assignment.
VALPARAISO, IND. — Construction is complete on a $12 million medical office building on the Community Health Systems' Porter Regional Hospital campus in Valparaiso. The Sanders Trust, in partnership with hospital-based physicians, owns the 60,000-square-foot property. The facility will house Porter Hospital departments and a cancer care center. Robins & Morton constructed the project and Gresham, Smith and Partners provided architectural services.
EAST LANSING, MICH. — EdR has purchased Campus Village, a collegiate housing community serving Michigan State University in East Lansing, for $20.9 million. Campus Village is a 355-bed, 106-unit community adjacent to the university. The property was developed in two phases in 2002 and 2004 and is 97.7 percent leased for the 2012-2013 academic year. The average monthly lease rate is $639 per bed. Amenities include a clubhouse, fitness center, tanning bed, computer lab and volleyball court.