GLASTONBURY, CONN. — Poag Shopping Centers has acquired The Shops at Somerset Square, a 113,422-square-foot retail center in Glastonbury, roughly 10 miles southeast of Hartford. The Tennessee-based investment firm has partnered with JLL to lease and manage the open-air center, which houses tenants such as Chipotle Mexican Grill, AT&T, Edward Jones, Francesca’s and Jos. A Bank. The seller and sales price were not disclosed.
LONGMONT, COLO. — An affiliate of Northbrook, Ill.-based Pine Tree, in partnership with New York-based Wafra Inc., has purchased Harvest Junction, a shopping center in Longmont, for $73.8 million. Completed in 2006, Harvest Junction features 364,000 square feet of retail space. Current tenants include Best Buy, Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Michaels, Petco and Designer Shoe Warehouse. Barry Brown, Bryan Ley and Jason Schmidt of JLL’s Retail Capital Markets Investment Sales and Advisory team brokered the transaction.
SAN DIEGO — Lincoln Property Co. and a real estate fund advised by Crow Holdings Capital have completed the disposition of Kearny Mesa Logistics Center, a newly constructed Class A distribution facility in San Diego’s Kearny Mesa submarket. Terms of the transaction were not disclosed. Located at 5650 Kearny Mesa Road, the 299,381-square-foot facility features 36-foot clear heights, cross-dock configuration, abundant dock-high loading capabilities, 120-foot concrete truck courts and the option to accommodate an extensive pool of logistics-oriented users. Kevin Shannon, Andrew Briner, Bret Hardy, Jim Linn, Brunson Howard and Ken White of Newmark represented the sellers in the deal. The name of the buyer was not released.
VACAVILLE, CALIF. — Gantry has arranged a $23 million permanent loan to refinance debt on Vacaville Commons, a power retail center in Vacaville. Tenants at the 400,000-square-foot property include Safeway, Ross Dress for Less, Big 5, Chase Bank, Chick-fil-A and Chili’s. Tom Dao and Erinn Cooke of Gantry’s San Francisco office arranged the financing on behalf of a private real estate investment partnership. The 10-year, fixed-rate loan, features an interest-only period transitioning to 30-year amortization. A correspondent life company lender provided the capital.
HENDERSON, NEV. — RealComm Advisors has arranged the purchase of an industrial property located at 1175 Center Point Drive in Henderson. Laurie Pebworth acquired the asset for $5.1 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer in the deal.
ORANGE, CALIF. — PSRS has arranged $15 million in financing for Galleria L’Orange, a multi-tenant retail center in Orange. Michael Tanner and Tony Messiah of PSRS secured the non-recourse loan that features a 10-year term and 30-year amortization. A correspondent life insurance company provided the capital. Situated on 3.1 acres, the three-building asset offers 40,323 square feet of retail space and 180 parking spaces. Tenants include Starbucks Coffee, Supercuts, U.S. Bank, H&R Block and T-Mobile.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $12.1 million sale of a 106-unit multifamily property in The Bronx. The rent-stabilized building at 725-737 Fox St. is located in the borough’s Longwood area and offers studio, one-, two- and three-bedroom units. Victor Sozio, Jason Gold, Shimon Shkury and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — The IDEAL School of Manhattan, a K-12 independent learning institution, has signed a 63,000-square-foot lease at 5 Hanover Square in the borough’s Financial District. The IDEAL School will occupy floors two through five, as well as a portion of the ground floor, of the 25-story building. Eliza Gordon, John Wheeler and Mitch Konsker of JLL represented the landlord, Los Angeles-based CIM Group, in the lease negotiations. Brent Ozarowski and Leslie Harwood of Newmark represented the tenant, which plans to relocate to 5 Hanover Square from the Upper West Side in summer 2023.
Monument Healthcare Development Breaks Ground on University Hospitals Health Campus in Amherst, Ohio
AMHERST, OHIO — Kansas City-based healthcare real estate group Monument Healthcare Development, in partnership with University Hospitals (UH), has broken ground on a new health campus in Amherst, about 28 miles west of Cleveland. The project will include two buildings, including an ambulatory surgery center (ASC) that will house five operating rooms and one procedure room. There will also be six recovery-focused Stay Suites in the same building as the ASC, which will focus on orthopedic surgical procedures. The Stay Suites are part of the Muve program, a value-based surgical care program offered by ValueHealth. The facility will also provide general orthopedic, spine, ear, nose and throat and pain management services. In addition to the ASC, there will be a medical office building to house physicians and other providers across a variety of medical and surgical specialties. Completion is slated for the fourth quarter of 2023. The project team includes CTL Engineering, architect ESa and J.E. Dunn Construction Co. In 2020, UH unveiled that it had formed a joint venture to expand its ambulatory surgical network.
SHAWNEE, KAN. — Block & Co. Inc. Realtors has sold the Merriam Grand Station redevelopment site in Shawnee for an undisclosed price. The buyer, Drake Development, plans to redevelop the former Kmart and Pegah’s sites into two apartment buildings with retail and restaurant space. Drake will keep the Merriam Grand Station name. Completion is slated for 2025. Block & Co. will retain the management and leasing of the front lots on both sides of the development, including the Freddy’s Frozen Custard and the Krispy Kreme as well as the Shell gas station and the Chipotle that is under construction. David Block, Max Kosoglad and Alex Block of Block & Co. and Matt Pennington of Drake represented the respective parties in the sale.