ODESSA, TEXAS — New York City-based Dwight Capital has provided an $18.5 million HUD loan for the refinancing of Brady Station Apartments, a 262-unit multifamily asset located in the West Texas city of Odessa. The property consists of 18 buildings and features amenities such as a pool, tennis court, dog park, playground and a putting green. Kevin Lifshitz and Jacob Gauptman of Dwight Capital originated the loan on behalf of the borrower, an affiliate of Iowa-based BH Equities LLC.
COLUMBUS, OHIO — Four new tenants have opened within the $500 million expansion of Easton Town Center, a retail destination developed by The Georgetown Co., L Brands and Steiner + Associates. The businesses include entertainment concept Pins Mechanical Co. and 16-Bit Bar + Arcade; made-to-order donut shop Dragon Donuts; ramen and sushi restaurant Slurping Turtle; and Hawaiian-inspired restaurant LemonShark Poké & Makai Grill. Pins Mechanical spans more than 38,000 square feet. In addition to three full-service bars, there are 16 duckpin bowling lanes, more than 60 pinball and arcade games and bocce ball. Dragon Donuts occupies roughly 1,900 square feet for its third location in the Midwest. The Easton location for Sleeping Turtle spans 4,000 square feet with a private event space and outdoor patio. At LemonShark Poké & Makai Grill, guests can enjoy sushi-grade fish and hibachi-style grilled meats.
BOURBONNAIS, LINCOLN AND MARSEILLES, ILL. — Shopoff Realty Investments has purchased a three-property, 611-lot manufactured housing portfolio in North Central Illinois for an undisclosed price. The properties include Oak Creek Estates in Bourbonnais, Lincoln Terrace in Lincoln and Belle Aire in Marseilles. Shopoff says it plans to create value by streamlining operations across the three communities, making physical improvements where needed and addressing vacancies. Currently, there are 112 lots vacant across the properties. California-based Shopoff is a value-add real estate investor.
DAYTON, OHIO — PEBB Enterprises has sold Sugarcreek Plaza in Dayton for $7.4 million. The retail center spans nearly 70,000 square feet on 6.4 acres at 6140-6148 Wilmington Pike. PEBB substantially renovated the property, which was originally built in 1987. The firm acquired the asset for $2.2 million in January 2016 when it was completely vacant. The center is now home to tenants such as Bed Bath & Beyond, buybuy Baby and Planet Fitness. Dan Cooper of Cooper Commercial Investment Group represented PEBB in the sale. Florida-based Pinnacle Leasing & Management LLC was the buyer.
ZIONSVILLE, IND. — Montecito Medical has acquired a 12,294-square-foot medical office building in Zionsville, a northwest suburb of Indianapolis. The purchase price and seller were undisclosed. Completed in 2020 and fully leased, the building serves as the new location for a primary care provider in Zionsville. The asset is located at 10649 Bennett Parkway near I-465. The transaction marks Montecito’s fourth medical office asset that it has acquired in the area.
BENSENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by O’Reilly Auto Parts in Bensenville for just under $3 million. The 7,427-square-foot property was developed as a build-to-suit for the tenant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Houston-based commercial real estate firm.
The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to the National Investment Center for Seniors Housing & Care (NIC). But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand. That was the topic of discussion during “The Power Panel: CEOs Discuss the State of Development” at France Media’s InterFace Seniors Housing Development, Design & Finance conference, held virtually on April 20 and 21. Panelists included Marco Vakili of Alliance Residential; Keven Bennema of Charter Senior Living; moderator Kevin Kinigstein of Cox, Castle & Nicholson; Scott Stewart of Capitol Seniors Housing; and Torsten Hirche of Transforming Age. “The pandemic was a double whammy. Revenue is going down and expenses are going up,” said Stewart. “The good news is it wasn’t as bad as we thought. Fast forward to where we are today, we’re essentially at the same occupancy level as we were in March of 2020. That gave us the green light for developing.” …
QUINCY, MASS. — JLL Capital Markets has arranged the $295 million sale of a portfolio of 11 single-tenant retail buildings net leased on a long-term basis to Stop & Shop in markets throughout Connecticut, Massachusetts and Rhode Island. JLL marketed the portfolio on behalf of the sellers, Winstanley Enterprises and Surrey Equities. The Inland Real Estate Group of Cos. Inc. was the buyer. Additionally, JLL arranged two acquisition loans totaling approximately $158 million on behalf of the new owner. The two 10-year, fixed-rate loans were originated by JLL through a life insurance company and a CMBS lender. The 11 buildings in the portfolio are all net leased to Stop & Shop, a division of Ahold Delhaize USA Inc., which is the third-largest supermarket operator in the U.S. Quincy, Mass.-based Stop & Shop is the No. 1 grocer by market share in Connecticut, Massachusetts and Rhode Island, according to JLL. The 748,141-square-foot portfolio includes three properties in the Boston area; one in the Cape Cod, Mass. area; four in the Providence, R.I. area; and three in the Hartford, Connecticut area. According to a JLL research report, titled “U.S. Grocery Tracker 2021,” grocery-anchored retail centers continue to be investors’ preferred retail property …
HOUSTON — A subsidiary of Kentucky-based Charah Solutions has purchased and will redevelop the 6,166-acre Gibbons Creek Steam Electric Station & Reservoir in Grimes County, located northwest of Houston. The new ownership plans to redevelop the property to support solar, battery, and energy storage uses and will work with the Texas Commission on Environmental Quality (TCEQ) to complete all environmental remediation required for the property. Richard Shields, Richard Hanson, Marissa Rose and Tommy Leblanc of Avison Young advised Charah Solutions on the deal.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Amadco Self Storage, a facility in Fort Worth. The number of units was not disclosed. The property is situated on 10 acres and spans 31,305 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.