TACOMA, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alaska Gardens Health and Rehabilitation Center, a 123-bed skilled nursing facility in Tacoma. The buyer was an unnamed private owner-operator. LTC Properties Inc., a publicly traded healthcare REIT based out of Westlake Village, Calif., sold the asset for an undisclosed price.
PHARR, TEXAS — Marcus & Millichap has brokered the sale of Pharr Logistics Center, a 109,737-square-foot industrial building located in the Rio Grande Valley. The property was built on 7.7 acres in 1994 and was fully leased at the time of sale. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private equity firm. Both parties involved in the deal requested anonymity.
POMONA, CALIF. — Progressive Real Estate Partners has brokered the purchase of a restaurant property located at 101 W. Foothill Blvd. in Pomona. A San Gabriel, Calif.-based private investor acquired the asset from an undisclosed seller for $2.7 million. Mike Lin of Progressive Real Estate Partners represented the buyer in the deal. Jack in the Box has occupied the property, which features a drive-thru lane, for more than 30 years. Originally built in 1976, the property underwent a major renovation in 2020 to reflect the current store branding.
JERSEY CITY, N.J. — A partnership between investment management firm Arden Group and developer Spitzer Enterprises will build a $150 million multifamily project within one of Jersey City’s opportunity zones. The 26-story, 390-unit building will be located adjacent to the Journal Square PATH station and will include ground-floor retail space and onsite parking. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity partnership between the two firms. Completion of the project is scheduled for 2024.
BURLINGTON, MASS. — CBRE has arranged the sale of Seven Springs, a 331-unit apartment community located in the northern Boston suburb of Burlington. The property was built on 37.8 acres in 2006. Amenities include a pool, fitness center, clubhouse, leasing office, resident lounge, outdoor patio and grilling area and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a joint venture between Clarion Partners and National Development, and procured an undisclosed institutional investor as the buyer.
ASHLAND, MASS. — Boston-based global private equity firm Taurus Investment Holdings has purchased Chestnut Place, a 207-unit apartment community located in the western Boston suburb of Ashland, for $53.6 million. Built in 1971, the property offers studio, one- and two-bedroom units that are furnished with recently upgraded cabinets and kitchens. According to Apartments.com, residences range in size from 373 to 1,000 square feet. Communal amenities include a pool, onsite laundry facilities, a pet play area and package handling service. The seller was not disclosed. Jamie Leachman, Jackie Meagher, and Sean O’Brien arranged acquisition financing through CBRE Global Investors on behalf of Taurus.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. will develop The Beck, a 290-unit multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings, 6,750 square feet of retail space and 3.2 acres of public parks, playgrounds and hiking/jogging trails. Dellbrook | JKS is the construction manager of the project, and CUBE3 designed the project. Construction is scheduled to begin next spring and to be substantially complete by 2024.
NEW YORK CITY — Bathhouse, a provider of high-end spa services, has signed a 34,328-square-foot retail lease at 7 West 21st St. in Manhattan’s Flatiron District. The location within Friedland Properties’ 289,809-square-foot residential building will be the company’s first in Manhattan to accompany its space in Brooklyn’s Williamsburg area. Jason Pruger and Lucas Kooyman of Newmark represented Friedland Properties in the lease negotiations. Ross Eisenberg of RDE Advisors Inc. represented Bathhouse.
MINNEAPOLIS — Minneapolis-based NAI Legacy has acquired a portfolio of five retail properties for $20.5 million. Stablewood Properties was the seller. The assets include a CVS Pharmacy in Florida, a 7-Eleven in Colorado, a Sherwin-Williams in Missouri, an Advance Auto Parts in Florida and a Tractor Supply Co. in Pennsylvania. NAI Legacy will place the portfolio in a Delaware Statutory Trust, which often meets the demand for 1031 investors.
MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …
