Property Type

Ziegler Arranges $59.9M Bond Financing for Seniors Housing Operator Ohio Living

by Kristin Harlow August 11, 2023

WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.

August 11, 2023

Acquisitions Illinois Midwest Multifamily Retail

Bradford Allen Acquires Multifamily, Retail Building in Chicago’s Ravenswood Neighborhood

by Kristin Harlow August 11, 2023

CHICAGO — Bradford Allen Investment Advisors has acquired The Henry, a multifamily and retail building located at 4346 N. Honore St. in Chicago’s Ravenswood neighborhood. The purchase price was undisclosed. The five-story building, completed in 2019, features 38 apartment units and one retail space occupied by Culver’s. At the time of sale, the property was 97 percent occupied. Rents range from $1,751 to $3,000 per month. John Butler and Danielle Morse represented Bradford Allen on an internal basis. Tyler Hague and Lauren Stoliar of Colliers represented the undisclosed seller.

August 11, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.1M Sale of Dollar General-Occupied Property in Warsaw, Illinois

by Kristin Harlow August 11, 2023

WARSAW, ILL. — Marcus & Millichap has brokered the $1.1 million sale of a 7,489-square-foot retail property occupied by Dollar General in Warsaw, a city in western Illinois along the Mississippi River. The net-leased property is located at 511 Main St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. Edward Nelson and Jake Parker of Marcus & Millichap secured and represented the buyer, an individual trust completing a 1031 exchange.

August 11, 2023

Acquisitions Development Midwest Restaurant Retail Wisconsin

Culver’s Operator Buys 1.6 Acres of Vacant Land in Paddock Lake, Wisconsin

by Kristin Harlow August 11, 2023

PADDOCK LAKE, WIS. — Ashish Merchant, an operator of the Culver’s restaurant chain, has purchased 1.6 acres of vacant land on Highway 83 in Paddock Lake, about 15 miles west of Kenosha. The sales price was undisclosed. Tom Treder of Founders 3 Real Estate Services represented the buyer. The seller was PL 83 Development Inc., an affiliate of Bear Development. There are nearly 900 Culver’s restaurants across the United States. The first location opened in Wisconsin in 1984.

August 11, 2023

Acquisitions Colorado Mixed-Use Western

Rouler Advisors Buys 108,897 SF Westgate Centre Mixed-Use Property in Lakewood, Colorado

by Amy Works August 11, 2023

LAKEWOOD, COLO. — Rouler Advisors, through an affiliate, has purchased Westgate Centre, a mixed-use property in Lakewood. Avatar Westgate LP, a special purpose company that originally acquired the asset in late 2014, sold the property for an undisclosed price. Located at 3225-3265 S. Wadsworth Blvd., Westgate Centre features 108,897 square feet of mixed-use space. Rouler Advisors also controls the Mission Trace Center, a retail and office asset adjacent to Westgate Centre. The combined properties offer more than 16 acres of commercial property totaling 275,000 square feet along Wadsworth Boulevard. Rouler plans to implement several upgrades, including a new parking lot, landscaping, lighting and other improvements, at the new property.

August 11, 2023

Acquisitions California Office Western

Presidio Bay Acquires 11-Story Office Building in San Francisco for $40.9M

by Amy Works August 11, 2023

SAN FRANCISCO — Presidio Bay has purchased 60 Spear Street, an 11-story office building in San Francisco’s South Financial District, for $40.9 million. Erik Hanson and Robert Hielscher of JLL represented the undisclosed seller in the deal. Originally built in 1967, 60 Spear Street currently offers 157,436 square feet of office space. At the time of sale, the property was 30 percent occupied and is expected to be vacant by summer 2025. Presidio plans to expand the building’s current footprint to a 170,000-square-foot, Class A trophy office building. The redevelopment program also includes adding a spa with cold and warm plunges, saltwater floating pools, steam/sauna rooms, a fitness center, a conference and employee entertainment area, coworking lounges, an integrated café bakery and a rooftop bar and restaurant.

August 11, 2023

Acquisitions Colorado Retail Western

Evergreen Devco Sells 8.5-Acre Retail Development Project in Colorado Springs

by Amy Works August 11, 2023

COLORADO SPRINGS, COLO. — Evergreen Devco has completed the disposition of six retail parcels located on the northeast corner of Centennial Boulevard and Filmore Street in Colorado Springs. The 8.5-arce retail development at West Mesa Commons is part of Evergreen Devco’s 51-acre mixed-use project. The development includes the 317-unit Outlook West Mesa apartment community developed by Evergreen, a 6.6-acre parcel sold to Lokal Communities for the development of 105 townhomes at The Vistas at West Mesa, and collaboration with the City of Colorado Springs’ parks department for the remaining 21.7 acres within the West Mesa corridor, called West Mesa Commons. Evergreen sold the last retail parcel, which a 2,213-square-foot Starbucks Coffee occupies, in May for an undisclosed price. Other already open retailers at the center are a 5,606-square-foot Super Star Car Wash and a 5,533-square-foot Circle K. California-based Pacific Dental Service will commence construction of a location this fall, while Popeyes Louisiana Kitchen and Les Schwab Tire Centers both plan to start construction before year’s end.

August 11, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Brokers $7.6M Sale of Skilled Nursing Facility in Fort Collins, Colorado

by Amy Works August 11, 2023

FORT COLLINS, COLO. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Fort Collins for $7.6 million. The seller was an independent owner-operator. Although the number of beds was not released, the per-bed price of $79,166 equates to 96 beds. Initially built in 1968, the seller owned and operated the community for nearly two decades, achieving a four-star CMS rating. However, being its only skilled nursing facility, the company faced the challenges of today’s operating environment and lacked economies of scale. Upon marketing, the facility was 68 percent occupied, generating over $7.5 million in annual revenue, leading to negative net operating income of over $500,000. ESI was able to showcase the possibility for a new ownership group to align the community’s census with the averages of competitors in the area, as well as the potential to tap into the robust network of hospitals in Fort Collins. “Evans Senior Investments was able to showcase Colorado’s recent Medicaid rate increase, which was projected to add over $450,000 in revenue beginning in July 2023,” says Hank Fuller, senior associate at ESI. The buyer was a West Coast-based operator with an existing presence in the state of Colorado.

August 11, 2023

Acquisitions California Retail Western

CBRE Arranges $6.8M Sale of Rite Aid-Leased Building in Banning, California

by Amy Works August 11, 2023

BANNING, CALIF. — CBRE has brokered the sale of a retail building located at 806 W. Ramsey St. in Banning, approximately 90 miles east of Los Angeles. A local private investor acquired the asset from another private investor for $6.8 million. David McNevin, Melissa Ley Marshall and Ian Schroeder of CBRE’s Net Lease Property Group in Newport Beach represented the seller in the transaction. Rite Aid occupies the 17,272-square-foot property, which was built in 2009, on a double-net lease.

August 11, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

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