FRISCO, TEXAS — Locally based developer Dalfen Industrial has broken ground on Frisco Trade Center, a three-building, 575,000-square-foot speculative project that will be located on the northern outskirts of Dallas. Building 1 will span 262,354 square feet and feature 185-foot truck court depths, 36-foot clear heights, 51 dock-high doors and two drive-in doors. Buildings 2 and 3 will both total 159,451 square feet and offer 32-foot clear heights, 36 dock-high doors and two drive-in doors each. All three buildings have rear-load configurations and onsite trailer parking. JLL is marketing the development for lease. Completion is slated for the fourth quarter.
Property Type
MCKINNEY, TEXAS — Holt Lunsford Commercial Investments has delivered McKinney Airport Commerce Center, a 132,710 square-foot rear-load industrial building in metro Dallas. The project offers 32-foot clear heights, 135-foot truck court depths and ample parking for cars and trailers. The project was delivered fully preleased to two tenants.
HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston area. The specific name and location of the property were not disclosed. An affiliate of Texas-based Evergreen Health Group will operate the community after entering into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based (Consumer Price Index) rent escalators. The seller was also not disclosed.
OKLAHOMA CITY — Lument has arranged a $10.7 million loan for the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility in Oklahoma City. The loan carries a five-year term, with a minimum of two years of interest-only payments, 25-year amortization schedule and a fixed interest rate. Bill Wilson of Lument arranged the loan through an undisclosed community bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
FORT WORTH, TEXAS — Si Tapas, a concept that offers classical and contemporary Spanish cuisine, will open a 4,275-square-foot restaurant at Crockett Row, a 282,334-square-foot development located in Fort Worth’s Cultural District. The opening is slated for the fall. Dallas-based Younger Partners owns Crockett Row after purchasing the property in August 2022.
Ziegler, M&T Partner on $105.6M Freddie Mac Refinancing for Seniors Housing Community in Lakewood, Colorado
by Jeff Shaw
LAKEWOOD, COLO. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace the original floating-rate construction loan. Eric Johnson of Ziegler arranged and negotiated the transaction. Matt Henning, Matthew Pipitone and Nick Gent led the transaction for M&T.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $71.5 million. Aggregate annual cash rent for the first year is approximately $5.4 million, increasing to approximately $6.1 million in the second year, and increasing to approximately $7.1 million in the third year, with CPI-based annual escalators thereafter. The acquisition of these facilities was funded using proceeds from San Clemente-based CareTrust’s $600 million unsecured revolving credit facility.
PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.
CALABASAS, CALIF. — Medical equipment manufacturer ResMed Motor Technologies has signed a 128,700-square-foot lease for an R&D industrial building in Calabasas. The facility is located at 26801 Agoura Road. The company will relocate from nearby Chatsworth as it was seeking to expand into a larger facility with additional parking. RedMed also sought a location that was close to the labor market in the Conejo Valley area to take advantage of the highly skilled engineering talent in the area. The relocation is slated for early 2024. Mike Tingus and Grant Fulkerson of Lee & Associates – LA North/Ventura, represented the landlord, Cypress Land Co., while Cushman & Wakefield represented ResMed in the lease transaction.
SANTA MONICA, CALIF. — Pluralistic School has acquired commercially zoned land site in Santa Monica for $3.5 million. The site is located at 1457 12th St. The private elementary school already owns the adjacent property. The site consists of about 7,500 square feet of land with about 2,034 square feet of existing improvements, as well as a single-family residence and a triplex, both of which were vacant at the time of sale. WESTMAC Commercial Brokerage Co. and Highland Partners facilitated the transaction between the school and the private seller.