BLOOMINGTON, ILL. — The Boulder Group has negotiated the sale of a single-tenant, net-leased retail property occupied by JOANN Fabrics in Bloomington for $4.1 million. The 21,828-square-foot building is located at 1701 E. Empire St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm, as well as the buyer, a national real estate company.
BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of Ming Plaza, a retail center located on Ming Avenue in Bakersfield. A private family office sold the asset to an undisclosed buyer for $26.5 million. Sean Cox, Alex Moore and Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Faris Lee also arranged financing for the buyer. At the time of sale, the 117,228-square-foot property was nearly 100 percent occupied and includes three outparcels leased to Starbucks Coffee, Chase Bank and Long John Silvers.
TEMPE, ARIZ. — Berkadia has arranged the sale of The Rev, a garden-style apartment property in Tempe. Washington-based Securities Properties sold the asset to Western Wealth Capital for an undisclosed price. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix represented the seller in the transaction. Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. Benefit Street provided the bridge loan, which features future funding to facilitate completion of upgrades to the property. Located at 3409 S. Rural Road, The Rev features 172 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include an oversized swimming pool, heated spa, standalone leasing center, resident lounge, business center, fitness center, locker room and large courtyards.
WEST HOLLYWOOD, CALIF. — Cushman & Wakefield has brokered the sale of a freestanding, single-tenant retail property located at 8833 Beverly Blvd. in West Hollywood. A joint venture between Acadia Realty Trust and Osiris Ventures acquired the asset for $24 million. Luxury Living fully occupies the 9,757-square-foot building. Kazuko Morgan, Carine Mamann and Steve Algermissen of Cushman & Wakefield represented the seller in the transaction.
BUCKEYE, ARIZ. — JLL Capital Markets has arranged $22.7 million in construction financing for the development of Verrado – 10 Industrial, two industrial facilities in Buckeye. The borrower is Kentwood Ventures. Situated on 18.7 acres, Verrado – 10 Industrial will total 249,600 square feet of speculative industrial, distribution, R&D and light manufacturing space. The facilities will feature rear-load configuration, 28-foot clear heights, 32 drive-in doors and ample parking. Completion is slated for March 2023. Jason Carlos, Jarrod Howard and Joe Torkelson of JLL Capital Markets Debt Placement placed the five-year, floating-rate construction loan with CIBC Bank USA.
MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.
BELMONT, N.H. — McLaughlin Investments has negotiated the $7.8 million sale of Belknap Mall, a 235,000-square-foot shopping center in Belmont, located north of Manchester. Grocer Shaw’s anchors the property with a 38,500-square-foot store. Other tenants include Job Lots, Planet Fitness, Clear Choice Medical Clinic, Jo-Ann Fabric, Verizon Super Cuts and Dunkin’. John McLaughlin of McLaughlin Investments represented the buyer, Vernet Properties LLC, in the transaction. The seller, Belknap Realty, was represented in-house.
CORONA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial facility located at 2395 Railroad St. in Corona. Corona Investments sold the property to Colorado-based EverWest Real Estate Investors for $15.3 million, or $319.62 per square foot. EverWest Real Estate Investors plans to stabilize the 47,870-square-foot property and hold it as a long-term leased investment. Constructed in 1988, the concrete tilt-up building features 24-foot minimum warehouse clearance, a 0.33 GPM/3,000 square feet sprinkler system, four grade-level doors, two dock-high loading positions and a secured truck court and yard area. Michael Hefner of Voit’s Anaheim office represented the seller and buyer in the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $6 million sale of a 35-unit multifamily building located at 524 E. 119th St. in East Harlem. All but two of the units are rent-stabilized. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
LOS ANGELES — After bottoming out at 78.7 percent in the second quarter of 2021, private-pay seniors housing occupancy has been on a slow, steady climb, according to data from the National Investment Center for Seniors Housing and Care (NIC). The most recent data — for the fourth quarter of 2021 — showed occupancy at 81 percent. However, the pace of recovery varies widely among individual markets, individual companies and even individual properties. “Some people are able to manage the turmoil. Some are even thriving, or at least doing pretty well,” said J.P. LoMonaco, president of Valuation & Information Group. “Other people are really floundering. The questions I’m getting all revolve around occupancy, inflation, maintaining margins and revenue growth.” LoMonaco’s comments came as moderator during a panel titled, “The Power Panel: CEOs Discuss the State of the Industry” at France Media’s InterFace Seniors Housing West conference in Los Angeles on Feb. 24. Nearly 225 industry professionals attended the event. Other panelists included Chris Belford, CEO, Sinceri Senior Living; Rob Leinbach, principal, Cadence Living; Bill Pettit, president, R.D. Merrill Co.; Courtney Siegel, president and CEO, Oakmont Management Group; and Dave Sedgwick, president and CEO, CareTrust REIT. All the panelists reported their …
