BROOKLYN PARK, MINN. — Sealy & Co. has acquired a newly constructed industrial building totaling 221,128 square feet in the Minneapolis suburb of Brooklyn Park. The purchase price was undisclosed. Located at 10600 Xylon Ave. N., the facility is fully leased to multiple tenants. The property features a clear height of 32 feet, 50 dock-high doors, two drive-in doors and abundant auto and trailer parking. Jason Gandy and Davis Gibbs represented Sealy on an internal basis. Scannell Properties was the seller.
SUN PRAIRIE AND WAUNAKEE, WIS. — Trilogy Health Services has taken over operations at Sun Prairie Senior Living in Sun Prairie and Waunakee Valley Senior Living in Waunakee, the company’s first properties in Wisconsin. The last time Trilogy expanded into a new state was in 2006 when the company added The Oaks at Northpointe Woods in Battle Creek, Mich., to its roster of campuses. Trilogy now operates nearly 130 senior living communities across five states. Waunakee Valley offers residents independent living, assisted living, skilled nursing and rehabilitation services. Sun Prairie offers assisted living, skilled nursing and rehabilitation services.
OHIO AND VIRGINIA — Marcus & Millichap has arranged the $7.4 million sale of a four-property retail portfolio occupied by Childtime Daycare in Ohio and Virginia. The net-leased properties are located in Fairborn, Centerville and Blue Ash, Ohio, as well as Midlothian, Va. Dominic Sulo of Marcus & Millichap represented the seller of the Ohio buildings, a Michigan-based limited liability company. Sulo and colleague Eric Luhrsen represented the seller of the Virginia property, a North Carolina-based limited liability company. Sulo and colleague Hank Wolfer secured the undisclosed buyers.
SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas. The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.
LOS ANGELES — A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah that totals 8,697 units. The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units. The seller and price were not disclosed. The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled units and outdoor units. The properties are currently 95 percent leased. Nick Walker of CBRE’s National Self Storage Advisory Group represented the seller in the transaction. Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.
DENVER — A California-based legacy real estate family has acquired the 31-unit multifamily property at 2444 S. York St. in Denver for $6.5 million. Mike Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors represented the buyer, and were able to secure an 18.35 percent discount, equating to a nearly $1.5 million price reduction, over the asset’s original listing price when it had gone under contract with another buyer. The buyer also assumed the seller’s low-leverage loan. The listing broker was Kyle Malnati of Calibrate Real Estate. The seller was not disclosed.
SAN DIEGO — Sunrise Management has taken over operations of The Warwick, a newly renovated, Class A apartment community in San Diego’s Hillcrest neighborhood. Spectrum Partners recently acquired the luxury multifamily community for $37.4 million. The Warwick was converted from a hotel into apartments in 2017. The 80-unit community now includes a resort-style pool, sun deck with cabanas, fitness center, technology-enabled package lockers, enclosed dog run, LATCH keyless entry and outdoor social lounge.
Ulta, At Home Sign Leases Totaling 95,000 Square Feet at Everett Mall Redevelopment in Metro Seattle
EVERETT, WASH. — Ulta Beauty and At Home Stores have signed leases totaling 95,000 square feet at Everett Mall, a property currently undergoing redevelopment in Everett, roughly 30 miles north of Seattle. Both retailers will open spaces within a building that formerly housed Sears. Existing tenant Ulta will occupy 10,000 square feet, with At Home leasing 85,000 square feet. Owner Brixton Capital purchased Everett Mall in 2017 and broke ground on the project earlier this year, which will comprise three phases of redevelopment. Bayley Construction is the general contractor, with MG2 providing architectural services. Mattis Partners represented Brixton in the lease negotiations. Real Retail represented At Home, and Northwest Retail Partners represented Ulta.
ATLANTA — Working on behalf of owner Asana Partners, general contractor Balfour Beatty has completed construction of the Krog District redevelopment in Atlanta’s Inman Park neighborhood. Designed by architect ASD | SKY, the project featured site improvements and enhancements to existing properties at Krog District, including the Krog Street Market food hall, as well as two newly constructed mixed-use buildings with retail and office space. The new four-story building and attached five-story parking deck adjacent to Krog Street Market involved the demolition of an existing office structure. Balfour Beatty delivered the building in shell condition for future interior upfits by tenants. Level one is slated for street-facing retail, and the remainder of the building is designated as office space. The new parking deck offers 186 spaces and is already open to the public. The 33,000-square-foot, three-story building at Lake Avenue Northeast and Krog Street Northeast abuts the Atlanta BeltLine’s Eastside Trail and provides new access to Krog Street Market. The building will feature retail and office tenants and was also delivered in shell condition. The redevelopment project also features upgrades to the existing Atlanta Stove Works retail and office building, including landscape and hardscapes, new storefront systems and façade updates, …
MIAMI BEACH, FLA. — Mast Capital, in partnership with Rockpoint, is underway on a nine-story, 178-unit multifamily development located at 3900 Alton Road in Miami Beach. Designed by Arquitectonica, the unnamed apartment community will consist of units ranging from studios to three-bedroom apartments sized from 560 square feet to 1,410 square feet. Amenities will include an elevated pool deck, barbecue area, outdoor gaming area, fitness and yoga studio, resident lounge, coworking spaces and a pet washing station. After securing a $64 million construction loan from PNC Bank in Nov. 2022, Mast Capital and Rockpoint broke ground on the development in February 2023 and plan to open the community by fall 2024.