CLINTON, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Pheasant Brook Apartments for $1.3 million. The 28-unit apartment property, built in 1986, is located at 820 Tecumseh Road in Clinton, about 21 miles southwest of Ann Arbor. The property features 14 one-bedroom units and 14 two-bedroom units. The sales price equates to $48,250 per unit. Buyer and seller information was not disclosed.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …
UNION TOWNSHIP, OHIO — Total Quality Logistics (TQL) has unveiled plans to construct a 120,000-square-foot, second building on its headquarters campus at Ivy Pointe Boulevard in Union Township near Cincinnati. The goal of the expansion is to accommodate nearly 600 new employees that the company anticipates hiring, primarily in sales and information technology roles, over the next five years. TQL is a freight brokerage company, offering truckload and intermodal logistics services. The company’s existing building is 100,000 square feet. TQL anticipates construction costs of $20 million for the new building, plus an additional investment to renovate its current site. TQL is still finalizing plans for the design of the building.
BARTLETT, ILL. — Meridian Design Build has broken ground on a 100,560-square-foot industrial build-to-suit for Cathay Industries in Bartlett. The property will be situated on a 6.8-acre site within Abbott Land & Investment’s Blue Heron Business Park. The building will feature a clear height of 30 feet, eight loading docks, two drive-in doors, 70 car parking spaces and 4,000 square feet of office space. It will be the fourth building within Blue Heron Business Park. Cathay is an iron oxide manufacturer. Harris Architects and Mackie Consultants make up the project team. A timeline for completion was not disclosed.ggg
INDIANAPOLIS — eHealth Inc. has signed an 81,515-square-foot office lease in Indianapolis for its eastern U.S. headquarters. The private online health insurance exchange will utilize the entire Lakefront 15 building within Lakefront at Keystone. Initially, eHealth will sublease two floors from current tenant Home Point Financial Corp. The sublease runs through October 2022 followed by a long-term arrangement for the 81,515 square feet of space. Tammy Fault and John Robinson of JLL represented ownership, Rubenstein Partners LP and Strategic Capital Partners LLC. Matt Kiger of Newmark Knight Frank represented eHealth. Rubenstein and Strategic Capital acquired the 1.1 million-square-foot office park in 2017.
LA VISTA, NEB. — HREC Investment Advisors has arranged the sale of the 120-room Hampton Inn & Suites in La Vista near Omaha. The hotel is located just south of I-80 near the Werner Natatorium Sports Complex that is currently under development. Mike Cahill, Mike Dubè, Scott Kaniewski and Jeff Preston of HREC represented the seller, Wisconsin-based North Central Group. The buyer group was led by Mike Works, the managing member of Nightcap Hospitality LLC, which has developed 20 hotels in Nebraska.
ST. LOUIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a Class B industrial building in St. Louis for $5.4 million. Located in the Hazelwood/Airport submarket with convenient access to I-70, the 129,000-square-foot building is fully leased to two tenants. Motor Service Inc. is an industrial equipment supplier, specialized trucking and airfreight hauler, and warehousing and materials handler. Wellfit Parts International Co. is a customer service collision parts and accessory parts distributor, specializing in parts for luxury vehicles. Boston-based Plymouth focuses on the acquisition and operation of single- and multi-tenant industrial properties.
KENOSHA, WIS. — A joint venture between Clear Height Properties and Israel-based Buligo Capital Partners has acquired the 354,000-square-foot headquarters of Kenall Lighting Inc. The purchase price was not disclosed. The manufacturing and distribution facility is located within the Business Park of Kenosha. Completed in 2014, the building sits on a 20.4-acre site and includes 50,000 square feet of office space. It features a clear height of 32 feet, eight exterior docks, one drive-in door and 442 car parking stalls. Kenall Lighting produces lighting fixtures, with applications in corrections, healthcare, public spaces, food processing and transit. Jeffrey Devine and Steve Disse of Colliers International represented the seller, a private investor.
BISMARCK, N.D. — Kraus-Anderson Construction Co. has completed construction of a new ambulatory surgical center for Bismarck Surgical Associates at 106 E. Greenfield Lane in Bismarck. The new facility will provide same-day surgical procedures. Designed by Sperides Reiners Architects, the $12 million facility features five operating rooms and 20 pre-operation and recovery rooms. The 36,450-square-foot property also includes a sterile processing area and decontamination room as well as an administrative area. The basement houses all mechanical, electrical and medical support equipment.
ST. LOUIS — The Opus Group has broken ground on a 155,000-square-foot speculative warehouse at Soulard Business Park in St. Louis. Completion is slated for the second quarter of 2020. The development, which will sit on approximately eight acres, will feature a clear height of 32 feet and 24 trailer parking stalls. Patrick Reilly and David Branding of JLL will market the property for lease. Soulard Business Park is a project led by Environment Operations Inc. and involves the redevelopment of a former manufacturing facility.
