LAKEVILLE, MINN. — Allina Health has unveiled plans to build a multi-specialty center and primary care clinic in Lakeville, about 20 miles south of Minneapolis. Together, the two projects total 100,000 square feet. The 75,000-square-foot multi-specialty center will house an ambulatory surgery center and provide residents with services such as orthopedics, oncology and women’s health. The 25,000-square-foot primary care clinic will be situated near Cedar Avenue and Dodd Road. Both projects are slated to open in summer 2023. Brian Bruggeman and Louis Suarez of Colliers represented Allina Health in its site selection.
ST. JOSEPH, MO. — Montecito Medical has acquired the St. Joseph Outpatient Surgery Center building in St. Joseph, about 55 miles north of Kansas City. The purchase price and seller were undisclosed. The nearly 15,000-square-foot property is fully leased to St. Joseph Outpatient Surgery Center. Four physician assistants, 19 surgeons and 12 anesthesia providers practice at the facility. The surgeons perform procedures in a variety of specialties, including orthopedics; gastroenterology; plastic surgery; ears, nose and throat (ENT) and podiatry. The facility includes four operating rooms, two procedure rooms and recovery rooms. Montecito Medical is a privately held company specializing in healthcare-related real estate acquisitions and funding for development.
BRODHEAD, WIS. — NAI Greywolf has negotiated the sale of a 37-unit, vacant senior living facility in Brodhead, about 35 miles south of Madison. The sales price was undisclosed. The property, which closed in summer 2021, features two dining rooms, a beauty shop, therapy room and library. Dawn Davis of NAI Greywolf represented the seller, Brodhead Assisted Living Inc. The buyer, AJ Brodhead LLC, intends to reopen the property as assisted living.
PHOENIX, ARIZ. — CREC Real Estate and Rincon Capital Partners have purchased Ascent 1829 Apartments, a multifamily community located in North Phoenix. Terms of the transaction were not released. The owners plan to invest up to $4.2 million to renovate the common areas and upgrade interiors and appliances to bring the property on par with nearby recently repositioned residential communities. Built in 1980 on six acres at 1829 E. Morten Ave., Ascent 1829 Apartments features 180 Class B apartments.
ELK GROVE, CALIF. — American Capital Group has received a $34 million loan for the refinancing of Laguna Creek Apartments, a multifamily property at 8760 Center Parkway in Elk Grove. Hartford Investment Management Co. provided the financing. Built in 2004 by American Capital Group, Laguna Creek Apartments features 160 one- and two-bedroom apartments across two- and three-story garden-style buildings. The units offer fully equipped kitchens, in-home washers/dryers, air conditioning and are pre-wired for high-speed internet. Onsite amenities include a clubhouse with fireplace and large-screen TV; fitness center; swimming pool and spa; playground; billiards and game room; and built-in business center. Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented American Capital Group in the financing.
STOCKTON, CALIF. — Colliers has arranged the sale of Hammer Lane Self Storage, a self-storage property located at 6220 Sampson Road in Stockton. Northwest Building LLC acquired the asset from Hammer Lane LLC for $25 million, or $227 per rentable square foot and $39,960 per unit. The property features 109,800 square feet in 526 fixed storage units and an additional 49,064 square feet of parking in 99 units. Tom de Jong and Dana Chobor of Colliers’ Self Storage Group represented the buyer and seller in the transaction.
LIVERMORE AND SOQUEL, CALIF. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, entertainment and dining hubs and is near to Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System. Situated on 3.7 acres, the second land site will be developed into an 82-unit seniors housing community near Santa Cruz. The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract. Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah led the JLL Capital Markets Debt Advisory team representing the borrower.
BLYTHE, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 1900 E. Hobsonway in Blythe. A private investor sold the asset to an individual/personal trust for $1.7 million. A Mobil gas station and convenience store occupies the 2,816-square-foot retail property. Bruce Haulley of Marcus & Millichap’s Palm Springs office represented the buyer and seller in the deal.
The Sun Belt is experiencing unprecedented growth with in-migration trends setting the stage for further expansion and bolstering in-place multifamily product. This includes Birmingham, which has weathered COVID-19 well not only from an employment perspective, but from a rent growth perspective too. The latter is not sustainable without the former, and local capital investments point to more tailwinds. Birmingham has been on the move, adding 60,000 jobs since April 2020 and becoming the primary driver of economic growth in Alabama. With the influx of new jobs, the city has surpassed its pre-pandemic peak and as a result, the city’s rent growth has outperformed the national average for several years. There was a short period where downtown rents and velocity fell off during the pandemic, but it came back fast and strong. Riding the tailwinds One notable example of in-migration, both investment and population wise, was when Landing announced it would be relocating its headquarters from San Francisco to Birmingham. Landing is a tech startup that provides access to a network of fully furnished apartments, and its move to the city is expected to create more than 800 direct, full-time jobs. The announcement was exciting locally as Birmingham presumably wouldn’t have …
SEATTLE — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired a life sciences development site in Seattle. The sales price was $127 million, according to The Puget Sound Business Journal. BioMed plans to develop 616,000 square feet of life sciences space at the site, which is known as Denny Park South and comprises two adjacent parcels totaling 1.6 acres in South Lake Union/Denny Triangle neighborhood. The location is also near a variety of healthcare facilities and research institutions, notes Jon Bergschneider, president of West Coast markets at BioMed Realty. “The South Lake Union/Denny Triangle cluster is flush with renowned research institutes like the University of Washington School of Medicine, Gates Foundation, Fred Hutchinson Cancer Research Center and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” he says. Following this development, BioMed’s life sciences portfolio in Seattle, which includes the recently completed flagship Dexter Yard project in South Lake Union, will total approximately 1.8 million square feet. A tentative construction timeline for the Denny Park South project was not disclosed. The acquisition of Denny Park South follows BioMed’s purchase of T6 Innovation Center, located at …