CARMEL, IND. — Tryperion Partners has sold 550 Congressional Boulevard in Carmel’s Meridian Corridor for an undisclosed price. The 106,814-square-foot, three-story office building was constructed in 1987 and renovated in 2016. The property is 91.8 percent occupied by tenants such as Fuzion Analytics, Corvel Risk Management and Kopka, Pinkus & Dolin law firm. Alex Cantu and Alex Davenport of Colliers International represented Tryperion in the sale. A private investor purchased the asset.
BROOKLYN CENTER, MINN. — KW Commercial | AMK Properties has brokered the sale of Humboldt Square Shopping Center in Brooklyn Center for $3.7 million. The 40,390-square-foot property is located on Humboldt Avenue. Anchor tenants include Dollar Tree and New Horizon Academy. Matthew Klein and Andy Manthei of KW Commercial represented the seller, Kensington Property Management LLC, and secured the buyer, investor Thomas Kite.
STERLING HEIGHTS, MICH. — Montecito Medical Real Estate has acquired an ophthalmic clinic and surgery center in Sterling Heights for an undisclosed price. Built in 1990, the 16,709-square-foot property is occupied by Vision Institute of Michigan. The group’s ambulatory surgery center accounts for roughly one-fourth of the building’s total square footage. This transaction marks Montecito’s first acquisition in Michigan. Collin Hart and Marc Flynn of ERE Healthcare Real Estate Advisors brokered the deal.
FAIRFIELD, CALIF. — BentallGreenOak, on behalf of a discretionary investment vehicle, has purchased North Bay Logistics Center, a fully net-leased distribution warehouse in Fairfield. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1995, the cross-dock, 607,208-square-foot property features functional tenant space with 30-foot clear heights, wide column spacing, ESFR sprinklers, 56 dock-high doors, eight grade-level doors, ample truck and trailer parking and low office finish space. Situated on more than 28 acres, North Bay Logistics Center is within a mile of the convergence of interstates 80 and 680 and CA-12. Mark Detmer, Ryan Sitov, Andie Fezell, Matt Bracco and Glen Dowling of JLL Capital Markets represented the seller in the deal. Additionally, Bruce Ganong, Alex Witt, Tom Gilliland and Lauren Mezzanotte of JLL Capital Market Debt Placement secured an acquisition loan for the buyer. BentallGreenOak has retained JLL to manage the property, with Tracy Scifo of JLL Property Management leading the team.
LAS VEGAS — CapRock Partners has completed the acquisition of a 12.9-acre parcel at the junction of South Riley Street and West Hacienda Avenue in Southwest Las Vegas. Additionally, the company has successfully petitioned to rezone of the site to allow for the development of a three-building industrial park. The speculative industrial park will include: A 132,450-square-foot facility with 28-foot clear heights, five grade-level doors and 26 dock-high doors A 75,836-square-foot building with 24-foot clear heights, five grade-level doors and 22 dock-high doors A 21,976-square-foot property with 24-foot clear heights, one grade-level door and two dock-high doors The industrial park will also feature a 180-foot shared truck court, more than 200 parking spaces and ESFR sprinklers. Each building is also divisible down to approximately 10,000-square-foot units. Constructed is slated to begin in early summer, with completion scheduled for early spring 2022. The project team includes Lee & Sakahara as architect, Fulcrum Construction as general contractor and Kimley Horn as civil engineer. Brendan Keating and Amy Ogden of Logic Commercial Real Estate represented the undisclosed seller, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock in the land acquisition. Additionally, JLL is overseeing leasing of the property.
REDLANDS, CALIF. — Rancho Santa Margarita, Calif.-based Cypress West Partners has completed the disposition of Park Plaza Medical Campus, a medical office complex located in Redlands. An undisclosed buyer acquired the asset for $18.3 million. Totaling 53,325 square feet spread across three outpatient medical office buildings, Park Plaza Medical Campus is located at 1776, 1782 and 1790 W. Park Ave. Loma Linda University Health Care occupies 99 percent of the property. Loma Linda University Health Care is an academic medical center that operates 1,077 beds across six hospital. The healthcare provider utilizes the Park Plaza buildings for a variety of specialty practices, including its Behavioral Medical Center program. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack of CBRE to represent the seller in the transaction.
CANBY, ORE. — San Francisco-based Glencrest Group has purchased The Township, an apartment community located at 700 SE Fifth Ave. in Canby, approximately 25 miles south of Portland. Andrew Behrens and Jesee Weber of CBRE arranged a $13.8 million, 10-year, fixed-rate loan for the buyer. Josh McDonald of CBRE’s Portland office represented the undisclosed seller in the transaction. The Township features 92 units in a mix of one-, two- and three-bedroom floor plans spread across 13 buildings, with an average unit size of 987 square feet. The apartments offer decks, patios and washer/dryers. Community amenities include a clubhouse, fitness center, playground, storage units and 166 parking spaces. At the time of sale, the property was 98 percent leased.
TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Carlton Village Senior Care Community, an assisted living property located at 321 W. Limberlost Drive in Tucson. An undisclosed seniors housing developer sold the asset to a Tucson-based assisted living owner-operator for $5.6 million, or $70,000 per bed. Built in 2018, Carlton Village features 80 beds spread across eight 10-bed homes. Alex Snyder and Hamid Panahi of Marcus & Millichap’s Tucson office represented the seller and procured the buyer in the deal.
LEAWOOD, KAN. — In effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. (NYSE: AMC) has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood-based movie theater company says the increased liquidity should enable it to survive well into 2021. Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit facility. The $917 million capital infusion is on top of $1 billion of cash that AMC raised between April and November of 2020. “Any talk of an imminent bankruptcy for AMC is completely off the table,” says Adam Aron, CEO and president. AMC says that an increase in cinema attendance is likely given the push to vaccinate the general population. AMC also presumes it will continue to make progress in its ongoing dialogue with theater landlords about the amounts and timing of owed theater lease payments. Following the news, AMC’s stock price jumped from $3.51 per share at Friday’s close to $4.72 per share on Monday’s opening. The stock traded …
SANTA ANA, CALIF. — Hines has completed the sale of 515 E. Dyer, an industrial logistics facility in Santa Ana. An undisclosed buyer acquired the property for $113.5 million. Situated close to State Route 55, Interstate 5 and John Wayne Airport, the facility offers 373,942 square feet of last-mile distribution or more traditional manufacturing and warehouse space in Southern California. Hines purchased the facility in 2017 and implemented a robust capital improvement plan, including new roof, seismic retrofit, expanded trailer parking, office upgrades, landscaping and signage. The facility is fully leased through 2034. Cushman & Wakefield, including John Griffin, represented both parties in the transaction.
