Property Type

Blueprint Arranges Sale of St. Theresa Care Center in Cincinnati

by Kristin Harlow August 22, 2023

CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. Theresa Care Center in Cincinnati for an undisclosed price. A public REIT elected to execute the strategic sale of the facility following an operator transition earlier this year. St. Theresa Care Center is licensed for 92 assisted living beds and 99 skilled nursing beds. Designated as a National Historic Landmark, the property was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents. However, the independent living and assisted living floors were most recently underutilized. The buyer was an owner-operator with a growing presence in the area. The facility has been renamed The Mariemont Care Center. Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint brokered the sale.

August 22, 2023

Acquisitions Northeast Pennsylvania Retail

Friedman Real Estate Negotiates Sale of 14,560 SF Retail Building in Glassport, Pennsylvania

by Taylor Williams August 22, 2023

GLASSPORT, PA. — Michigan-based brokerage firm Friedman Real Estate has negotiated the sale of a 14,560-square-foot, single-tenant retail building in Glassport, a southern suburb of Pittsburgh. Rite Aid occupies the building, which is located at 210 Ninth St. Steven Silverman and Ryan Wilner of Friedman Real Estate represented the seller in the transaction. Additional terms of sale were not disclosed.

August 22, 2023

Development Kansas Midwest Office

Occidental Management Expands Aspiria NOW Coworking Facility in Overland Park, Kansas

by Kristin Harlow August 22, 2023

OVERLAND PARK, KAN. — Occidental Management has expanded Aspiria NOW, its coworking facility on the Aspiria campus in Overland Park. The expansion extended the coworking space to the third floor of its existing building with an additional 30,000 square feet that includes 11 new private offices, 60 dedicated workstations and increased collaboration areas. The firm has also hired Kathy Todtenhausen to serve as community manager, supporting General Manager Robert Curland in a variety of functions. Aspiria NOW first opened in August 2022 and is now home to more than 28 member companies. Aspiria NOW memberships are available in a variety of flexible plans, including daily, month-to-month and long-term packages. The more than 80,000-square-foot space can accommodate corporations that need temporary spaces for special projects or hybrid workspace options.

August 22, 2023

Brittany-House-Memory-Center-Long-Beach-CA

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Brittany House Memory Care Center in Long Beach, California

by Amy Works August 22, 2023

LONG BEACH, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Brittany House Memory Care Center in Long Beach, just south of Los Angeles. The seller is a San Diego-based developer and operator looking to focus its resources on a newly developed portfolio of communities throughout Orange and San Diego counties. The buyer is a Los Angeles-based high-net-worth family. The price was not disclosed. The buyer plans to convert the memory care community into an affordable housing property using the Assisted Living Waiver program in California. The Blueprint team included Jacob Gehl and Scott Frazier.

August 22, 2023

Development Indiana Midwest Multifamily

The Life Properties Nears Completion of $2.7M Renovation of Indianapolis Apartment Complex

by Kristin Harlow August 22, 2023

INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is nearing completion of a $2.7 million capital improvement program at The Life at Arden Landing, a 131-unit apartment complex in Indianapolis. Completion is slated for the fourth quarter. Interior upgrades are being made to 105 of the community’s residences as well as window replacements, new exterior paint, repairs to the exterior façade, sidewalk and parking lot upgrades, improvements to the children’s playground, replacement of the gutter system, security camera system enhancements and landscaping improvements. There are also several sustainable upgrades such as low-flow plumbing retrofits and the installation of LED lighting. The property was originally built in 1999.

August 22, 2023

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $2.1M Sale of Apartment Building in Northwest Indiana

by Kristin Harlow August 22, 2023

NORTH LIBERTY, IND. — Marcus & Millichap has brokered the $2.1 million sale of The Vues at North Liberty, a 20-unit apartment building in North Liberty, a city in Northwest Indiana. Jack Stanton, Quentin Benedetto and Kyle Stengle of Marcus & Millichap represented the seller, a national real estate investment and development firm. The property sold to a 1031 exchange buyer that recently sold an industrial building with the intent of transitioning into the multifamily sector. The sale marked the highest price per unit for a multifamily closing within a 50-mile radius of the subject property, according to Marcus & Millichap.

August 22, 2023

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Seniors Housing Transaction Activity Will Not Return to Normal Levels This Year, Says InterFace Panel

by John Nelson August 22, 2023

ATLANTA — One of the central questions of the investment panel at InterFace Seniors Housing Southeast was: Will transaction activity return in the fourth quarter? When Brooks Blackmon, panel moderator and executive managing director of Blueprint Healthcare Real Estate Advisors, asked the question, there was a quick response from the panel — “no.” “Return to what?” asked Kelly Sheehy senior managing director of Artemis Real Estate Partners. “Higher than today? Yes. Compared to 2019? No, it’s going to take time.” InterFace Seniors Housing Southeast is an annual conference hosted by France Media’s InterFace Conference Group, Seniors Housing Business and Southeast Real Estate Business. The event was held on Wednesday, Aug. 16 at the Westin Buckhead Atlanta hotel. Blackmon moderated the discussion. The panelists agreed that the fly in the ointment that has stifled investment sales the past few quarters has been the rapid runup in interest rates. The 10-year Treasury yield was at 4.3 percent at the time of this writing, which is the highest level since 2007. The secured overnight financing rate (SOFR) and federal funds rate, two short-term benchmark interest rates, have risen by more than 500 basis points in roughly 16 months. “Until debt markets improve, you’re …

August 22, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

California Industrial Market Reports Western Western Market Reports

Orange County Market Adjusts, but Remains Resilient

by Jeff Shaw August 22, 2023

— By Christopher J. Destino, Principal, Lee & Associates — The geographic area along the border of Los Angeles and Orange County is locally known as the Mid Counties market. This region currently boasts about 130 million square feet of industrial real estate, thanks to its prime location. This is a location that’s only 25 miles from the ports of Long Beach and Los Angeles, and 20 miles from Los Angeles International Airport (LAX). Like many other parts of the U.S., Mid Counties has begun to see the effects of continued economic uncertainty and a rising interest rate environment. It faces challenges like land scarcity and limited newly constructed buildings to accommodate the growing demand. Thankfully, this area still typically delivers 200,000 to 500,000 square feet of new construction annually (2018 was abnormally high with about 2 million square feet added). One recent deal worth noting is the 94,000-square-foot, Class A industrial distribution building in Santa Fe Springs from Panattoni that leased to BeBella Cosmetics for $2.05 per square foot net per month with an option to purchase at $577 per square foot. Another new development example is the 146,617-square-foot building that Duke Realty developed and leased to Weee!, a …

August 22, 2023

Development Retail Southeast Tennessee

BrightColors, Kingsmen Xperience to Open 30,000 SF Crayola Attraction in Pigeon Forge, Tennessee

by John Nelson August 21, 2023

PIGEON FORGE, TENN. — BrightColors LLC and partner Kingsmen Xperience Inc. have announced plans with crayon giant Crayola to open a 30,000-square-foot Crayola Experience in Pigeon Forge. Upon completion, the indoor family entertainment center will feature 20 interactive experiences and a retail store. The Pigeon Forge location marks the sixth attraction for the brand, which has opened venues in Pennsylvania, Florida, Minnesota, Texas and Arizona. Four additional Crayola Experience locations will open over the next five years, the locations of which were not disclosed.

August 21, 2023

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