LOS ANGELES — Stockdale Capital Partners has created a new open-ended, core-plus healthcare fund that will actively pursue medical office acquisitions. The seed investment was a 147,078-square-foot medical office building located at 2100 West 3rd Street Medical Center in Los Angeles. The space is 99 percent leased to major tenants, including Children’s Hospital of Los Angeles, Providence Health & Services and AltaMed Health Services Corporation.
LOWELL, MASS. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of Middlesex Street Apartments, a 24-unit multifamily complex located in the northern Boston suburb of Lowell. The 35,475-square-foot building is located in the downtown area and includes four commercial spaces. Brad Carlson of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of approximately 7.3 percent.
RANCHO CUCAMONGA, CALIF. — Sky Zone has signed a lease for 30,700 square feet at 12449 Foothill Blvd. in Rancho Cucamonga. Sky Zone, which currently operates more than 200 locations throughout the country and Canada, will open an indoor entertainment park at the property, which is located within the 550,000-square-foot Foothill Marketplace. Paul Galmarini and Paul Su of Progressive Real Estate Partners arranged the lease on behalf of the landlord. Richard Cheng and Dan Fagan of Urban Lime Real Estate represented Sky Zone in the negotiations.
NEW YORK CITY — Securitas Security Services USA has signed a 19,500-square-foot office lease at 498 Seventh Avenue in Midtown Manhattan. The company will relocate from 1412 Broadway to the 14th floor of the 25-story, 960,000-square-foot building in the fourth quarter. Andrew Conrad and Matt Coudert internally represented the landlord, George Comfort & Sons, which owns the building in partnership with Loeb Partners Realty and JR AMC, in the lease negotiations. David Opper and Eddie Sisca of CBRE represented the tenant.
SALT LAKE CITY — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further discussions with its capital partner, a very compelling bid was submitted to acquire the portfolio.
MERRILLVILLE, IND. — Draper and Kramer Inc. has arranged a $54 million loan for the refinancing of Prairie Point and The Reserve at Prairie Point Apartments in Merrillville, a city in Northwest Indiana. Built between 2002 and 2015, Prairie Point and The Reserve is a 440-unit luxury apartment community that underwent renovations in 2018. The Class A property features townhome-style units with private entrances and garages. Amenities include a clubhouse, fitness center, pool, sundeck, playground and sand volleyball court. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged the loan on behalf of the borrower, Weiss Entities. A life insurance company provided the five-year, fixed-rate loan.
LADYSMITH, WIS. — A $21 million renovation project to be completed by Kraus-Anderson is underway for the Ladysmith School District in Northwest Wisconsin. Designed by Bray Architects, the project encompasses both the middle school and high school and includes a 22,000-square-foot remodel of academic classrooms, 10,131-square-foot gym expansion, 2,764-square-foot media center addition, new roof and other building improvements. The city’s elementary school will also receive a new roof. Completion is slated for summer 2024.
COLUMBUS, OHIO — Iconic Equities has acquired a 322,840-square-foot warehouse in Southeast Columbus for an undisclosed price. The Class B property is situated on 23 acres at 3275 Alum Creek Drive near I-70 and two intermodal facilities, the CSX Intermodal and Norfolk Southern Rickenbacker Intermodal. The transaction marks Miami-based Iconic’s second acquisition in Columbus in the past year.
KENOSHA, WIS. — Eagle Foods has signed a 287,000-square-foot industrial lease at 94 Logistics Park in Kenosha. The company will use the space as its Midwest distribution hub. Eagle Foods takes almost half of Building 7, a 599,308-square-foot warehouse featuring a clear height of 36 feet, 62 docks, 70 trailer stalls and parking for 186 cars. Ned Frank and Jim Herbst of Colliers represented the tenant. Frank, along with colleagues Fred Regnery and Steve Stewart, represented the owner, Logistics Property Co.
CINCINNATI — Marcus & Millichap has brokered the sale of a 15,000-square-foot medical office building occupied by Mercy Health in Cincinnati for $4.9 million. The net-leased property is located at 8599 Ridge Road. Mercy Health has 10 years remaining on its lease. Mark Ruble, Christopher Mitchel, Chris Lind and William Skoch of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
