CROSWELL, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of Croswell Manor Apartments in Croswell, a city in eastern Michigan. The sales price was undisclosed. The 24-unit apartment building is a project-based Section 8 property. Rem Murray of Dominion brokered the transaction, which included the facilitation of a Housing Assistance Payments (HAP) contract transfer with HUD and an agency loan assumption. According to Dominion, the loan assumption enabled the buyer to purchase the property with a lower interest rate than what’s available in the market today and enabled the seller to obtain a higher purchase price.
PAW PAW, MICH. — Fitness concept FitStop24 has signed a 3,422-square-foot retail lease in Paw Paw, a city in Southwest Michigan. Bloom City Club Cannabis leases the other half of the building, which is located on Red Arrow Highway. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord in the lease. FitStop24 now operates 15 locations in Michigan and Indiana.
SMYRNA, DEL. — Hunt Capital Partners has provided $4.3 million in Low-Income Housing Tax Credit equity for Frazier Apartments, a 54-unit affordable seniors housing complex in Smyrna, a northern suburb of Dover. Units at Frazier Apartments are reserved for residents age 62 and above who earn between 40 and 60 percent of the area median income. The borrower, Severn Development Co., will use part of the financing to fund capital improvements. TD Bank also provided an $8.6 million construction loan for that project. Completion is scheduled for January 2024.
UTICA, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of a two-story, 40-room Econolodge hotel located just off Exit 31 of I-90 in the upstate New York community of Utica. The sales price was $1.5 million. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller, both of which were limited liability companies, in the transaction.
ROCKY HILL, CONN. — Cosmetic surgery specialist Sono Bello has signed a 14,968-square-foot office lease at 175 Capital Blvd. in Rocky Hill, a southern suburb of Hartford. The building is located within the 506,500-square-foot Corporate Ridge development, which offers a fitness center, game room, outdoor gathering areas and a full-service cafeteria. Bob Kelly and Jon Putnam of Cushman & Wakefield represented the landlord, KS Partners LLC, in the lease negotiations. The representative of the tenant was not disclosed.
NEW YORK CITY — CBRE has negotiated an 8,367-square-foot office lease at 61 W. 23rd St. in Manhattan’s Flatiron District. The seven-story building was originally constructed in 1887 and most recently renovated in 2021. Paul Amrich, Neil King, Alexander Golod and Meghan Allen of CBRE represented the landlord, Taconic Partners, in the lease negotiations. The representative of the tenant, The Action Network, a media company that covers the business of sports gambling, was not disclosed.
Sports-Anchored Entertainment Districts Deliver Experiences Well Beyond Athletics, Say EEE Panelists
LOS ANGELES — As large-scale entertainment districts that are centered around professional sports teams pop up around the country, operators of these developments are realizing that their ability to draw traffic, generate revenue and deliver meaningful experiences goes well beyond the diamond, arena or gridiron. After all, the average professional sports season only lasts about six months — assuming the team qualifies for the postseason — and only half the games are played at home. Given the scope of these projects, in terms of their vast physical footprints and tremendous manpower needed to operate the wide variety of concepts they house, it follows that sports-anchored entertainment districts cannot rely on athletics alone to be successful. At the Entertainment Experience Evolution that took place in Los Angeles in early March, a panel of developers and operators with extensive experience in sports-anchored entertainment districts provided concrete examples of how to achieve this objective. Hosted by Shopping Center Business, the flagship publication of Atlanta-based France Media, the event drew more than 500 people in its eighth annual iteration. Rob Hunden, president and CEO of Hunden Strategic Advisors, a Chicago-based consulting firm for destination-style commercial projects, moderated the discussion. Pioneering Examples John Moncke, a …
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Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction
NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …
GLENDALE, ARIZ. — Fundrise has purchased Building E at the Cubes at Glendale, a 570,080-square-foot, Class A industrial warehouse in Glendale, for $82.6 million. The asset is located along the 303 Corridor. Upon completion, the Cubes at Glendale industrial park will feature 5.5 million square feet of Class A industrial space at the intersection of Reems Road and Northern Avenue. The seller, CRG, has completed construction on Building A, a 1.2-million-square-foot industrial building leased to Williams Sonoma, and Building D, a 637,000-square-foot industrial building. LaSalle Investment Management and US Merchants, respectively, were the buyers. Cushman & Wakefield’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller and Molly Hunt of the firm’s National Industrial Advisory Group — Mountain West team represented CRG in the latest sale transaction.
APPLE VALLEY, CALIF. — Preston-Lee Management Co. has opened the San Bernardino County Behavioral Health Apple Valley Community Clinic on Highway 18 in Apple Valley. The 28,000-square-foot mental health facility offers counseling and outpatient services to the High Desert community. The new county building will serve as the High Desert headquarters for the Department of Behavioral Health. San Bernardino County is planning to centralize other affiliates of the Department of Behavioral Health, which are currently dispersed throughout the valley. By housing the departments and their affiliates in an expanded, central location, the new facility will improve efficiency and offer a more streamlined process for residents. Along with counseling and outpatient services, a 24-hour crisis hotline will be among the new services available in the complex. Preston-Lee Management Co. is an affiliate company of Lee & Associates Inland Empire North.