MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.
ROSLYN, N.Y. — Locally based developer JK Equities has received approval from the Village of Roslyn, located on Long Island, to proceed with construction of a 54-unit apartment project at 281-301 Warner Ave. The site is zoned for commercial use and currently houses vacant retail space; the new building will also feature retail space on the ground floor. Mojo Stumer Associates is the architect for the project, which will also feature 104 parking spaces. Construction is scheduled to begin in the third quarter and to be complete early in the second quarter of 2023.
SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released. Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for interest shortfalls.
FREMONT, CALIF. — TA Realty has completed the sale of Fremont Research Center, a two-building portfolio in Fremont, to Kennedy Wilson Fund VI for $32.3 million. Located at 47200 Bayside Parkway and 3500 W. Warren Ave., the portfolio offers a total of 115,537 square feet of office, research and life sciences space. At the time of sale, the property was fully leased to two life sciences and aerospace defense users. Intuity Medical, a medical device company, occupies the 61,824-square-foot property at 3500 W. Warren Ave., and Mercury Systems, a multinational aerospace and defense company, occupies the 53,713-square-foot property at 47200 Bayside Parkway. Steven Golubchik, Edmund Naiera, Jonathan Schaelfer, Darren Hollak and Jack Phipps of Newmark Knight Frank’s Northern California Capital Markets team represented the seller in the deal.
MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released. Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa. Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in metro Phoenix.
LAS VEGAS — An affiliate of Black Lion Investment Group has completed the disposition of Cheyenne Plaza, located at the intersection of Cheyenne Avenue and Jones Boulevard in Las Vegas. The $6.5 million sale of the remaining 18,615 square feet of retail space was the culmination of Black Lion’s renovation and full lease-up of the property. The name of the buyer was not released. Current tenants include Cricket Wireless, Dotty’s sports bar, Aria Nails, La Michoacana Plus ice cream, 7 Plus Agua and Toro Taxes.
CHINO, CALIF. — BridgeCore Capital has funded a $8.2 million loan for the refinancing of an industrial property in Chino. The undisclosed borrower required a bridge loan to refinance a maturing loan and to fund a partnership buy-out. The non-recourse loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding. The pay-rate structure allowed the borrower to decrease the amount of the interest reserve in order to allocate the needed loan proceeds to fund the partnership buy-out. The 76,421-square-foot property is owner-occupied by a multi-generational luxury furniture manufacturing family.
By Danielle Brunelli, president, R.J. Brunelli & Co. On both the landlord and tenant sides, 2020 was a tough year for the Northern New Jersey retail market. But as some of the industry’s most optimistic voices predicted, the hard times are passing, and actually passing fairly quickly. In 2020, we saw leasing activity decline by almost 30 percent year over year. This languishing activity resulted in a 3.1 percent drop in the market rent on a per-square-foot basis. Over the past couple years, there were several bankruptcies in the works that were accelerated by the COVID-19 pandemic. These bankruptcies resulted in many new vacancies in the region, including former stores of Modells, Justice, Pier 1 Imports, Tuesday Morning, Steinmart and others. However, light has appeared at the end of the tunnel, and we are seeing renewed leasing activity as we close the first quarter of 2021. Users including Planet Fitness, Dollar Tree, Harbor Freight, Raymour and Flanigan, salon suites concepts, Five Below and others are leasing up vacant spaces quickly. Tenant Expansions A good example of an essential service business that has benefited from an increase in sales throughout the pandemic and aggressively expanded in the region in 2020 is …
BAAR, SWITZERLAND — Partners Group has sold an industrial portfolio on the East Coast in excess of $1 billion on behalf of its institutional clients. The 8.6 million-square-foot portfolio comprises 88 shallow-bay and bulk distribution centers located across five markets: Raleigh-Durham, Atlanta, Nashville, Norfolk and Shenandoah Valley in Virginia. “We are proud to see the transformational results of the work we have done during the past three years and believe this exit represents an excellent outcome for our clients,” says Ron Lamontagne, managing director and co-head of private real estate for the Americas at Partners Group. Partners Group originally purchased the portfolio across three separate investments with Equus Capital Partners, an investment management firm based in metro Philadelphia. The buyer, an undisclosed life insurance company, is entering into two joint ventures with Equus Capital Partners to recapitalize the portfolio. The recapitalization will include one joint venture that holds assets within the portfolio with a long-term, income-focused return profile. The second joint venture will include assets suited to a shorter term, total return-driven strategy. The shallow-bay portion of the portfolio totals 3.8 million square feet and comprises 54 buildings within six industrial parks in Raleigh-Durham, as well as 19 buildings in …
DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado: Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver. These acquisitions are subject to a long-term, triple-net lease. The seller and price were not disclosed. This transaction brings Ensign’s portfolio to 235 healthcare operations, 22 of which also include assisted living operations, across 13 states. Ensign owns 94 real estate assets.