Property Type

Regina-Community-Nursing-Center-Norristown

Tryko Partners Acquires 121-Bed Skilled Nursing Facility in Norristown, Pennsylvania

by Taylor Williams February 18, 2021

NORRISTOWN, PA. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, located about 12 miles northwest of Philadelphia. Built in 1980, the property is located within a 10-mile radius to nine short-term acute care hospitals. Tryko Partners plans to undertake a $3.5 million investment in physical plant renovations and specialty programming enhancements and to rebrand the property as Markley Rehabilitation & Healthcare Center.

February 18, 2021

Acquisitions Multifamily New York Northeast

Avison Young Brokers $7.5M Sale of Two Manhattan Multifamily Properties

by Taylor Williams February 18, 2021

NEW YORK CITY — Avison Young has brokered the sale of two four-story multifamily properties in Manhattan’s East Village neighborhood for a combined $7.5 million. The four-unit property at 349 E. 13th St. sold for $3.5 million, and the five-unit building at 405 E. 6th St. went for $4 million. Brandon Polakoff of Avison Young represented the undisclosed seller and the California-based 1031 exchange buyer in the transaction.

February 18, 2021

Loans Midwest Multifamily South Dakota

Tzadik Properties Receives $115M in Loans for Refinancing of South Dakota Multifamily Portfolios

by Kristin Harlow February 18, 2021

SIOUX FALLS AND RAPID CITY, S.D. — Tzadik Properties LLC has received more than $115 million in loans for the refinancing of portions of its multifamily portfolios in Sioux Falls and Rapid City. Tzadik’s Lucas Grassano handled the processing and Michael Davalos oversaw the lender sourcing. The refinancings are part of the company’s business plan to move from short-term loans to long-term, lower-cost debt. Greystone provided financing for a 707-unit portfolio and a 439-unit portfolio in Sioux Falls. Under the new terms, Tzadik replaced bridge loans that charged a 6 percent interest rate with long-term loans at a 3.17 percent interest rate. Additionally, Tzadik assigned $4.5 million of the proceeds for capital improvements. Merchants Bank provided financing for two more portfolios in Sioux Falls, including 459 units across four properties, as well as a 261-unit portfolio in Rapid City. Under these terms, Tzadik replaced bridge loans that carried a 6 percent interest rate with long-term loans at a 3.5 percent interest rate. Tzadik entered the South Dakota market in 2018 with 721 units and now owns and operates 2,206 units across the market.

February 18, 2021

Leasing Activity Midwest Missouri Office

General Contractor McCarthy Relocates to New Headquarters in St. Louis

by Kristin Harlow February 18, 2021

ST. LOUIS — St. Louis-based general contractor McCarthy has relocated its headquarters to a new space that is nearly 30,000 square feet larger than its previous office. McCarthy Holdings Inc. will occupy the building’s third floor and staff members of the central region of McCarthy Building Cos. Inc. will occupy the second floor. The building is located at 12851 Manchester Road. McCarthy collaborated with building owner Franklin Partners to complete extensive interior and exterior renovations prior to its move-in. The buildout features a central staircase connecting the two floors as well as conference and training facilities, flex space, a fitness center and micro café. A construction technology suite features smart screens and three-dimensional virtual reality technology. In response to COVID-19, the building’s existing HVAC system was upgraded to an air treatment system designed to neutralize pathogens. Workspaces have been arranged to incorporate social distancing. Divider screens separate individuals and panel heights between workstations were increased by 16 inches. Christner Architects served as project architect. The building was originally constructed in 1996 for AT&T.

February 18, 2021

Development Illinois Industrial Midwest

Huntley Investment Partners to Build 717,400 SF Industrial Development in Metro Chicago

by Kristin Harlow February 18, 2021

HUNTLEY, ILL. — Huntley Investment Partners (HIP) has unveiled plans to develop a 717,400-square-foot industrial development in Huntley, about 50 miles northwest of Chicago. HIP acquired the 60.8-acre site, located along I-90, from Simon Property Group in April 2016. The site housed a 320,000-square-foot outlet mall that was experiencing a declining occupancy rate. Crews began tearing down Huntley Outlet Center in April 2018. Construction of the first phase of the industrial project is expected to begin this summer. HIP is a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos. Adam Marshall, James Schutter and Mark Deady of Newmark will represent HIP in the lease-up process.

February 18, 2021

Development Midwest Minnesota Multifamily

Lyon Contracting Underway on 110-Unit Apartment Complex Near Minneapolis

by Kristin Harlow February 18, 2021

BURNSVILLE, MINN. — Lyon Contracting Inc. is underway on construction of The Overlook on Crystal Lake, a 110-unit apartment complex in Burnsville, about 15 miles south of Minneapolis. Northland Real Estate Group LLC is the project developer. Units will range from 600-square-foot studios to 1,500-square-foot three-bedrooms. Amenities will include a rooftop patio, community room, fitness room and workspaces. The project sits on a three-acre site adjacent to Crystal Lake and directly across from Buck Hill Ski Area. Construction began in January and is expected to be completed in 14 months. Venture Capital Mortgage arranged the debt and equity for the project. Additional project team members include The Cole Group, Civil Site Group and Great Lakes Management Co.

February 18, 2021

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $1.8M Sale of Single-Tenant Retail Property in Indiana

by Kristin Harlow February 18, 2021

KENDALLVILLE, IND. — Marcus & Millichap’s The Klink Group has brokered the $1.8 million sale of a single-tenant, net-leased retail property in Kendallville, about 30 miles north of Fort Wayne. The building, located at 510 Fairview Blvd, is occupied by Rural King. The retailer offers essential goods and farming products. Jordan Klink marketed the property on behalf of the seller, Los Angeles-based Walmilton LLC. Klink also sourced the buyer, Indiana-based K&K Real Estate Associates LLC. Rural King, founded in 1960, maintains more than 120 stores in 13 states.

February 18, 2021

Acquisitions Arizona Multifamily Western

Apartment Ventures Acquires Village at Aspen Place Multifamily Property in Flagstaff for $64.5M

by Amy Works February 18, 2021

FLAGSTAFF, ARIZ. — Apartment Ventures NNC has purchased Village at Aspen Place, a Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5 million. Built in 2015, the property features 222 apartments. The transaction is Apartment Ventures’ fourth Southwest institutional-level acquisition in as many years, bringing its Southwest portfolio close to 1,000 units. The name of the seller was not released.

February 18, 2021

Acquisitions Multifamily Oregon Western

NBP Capital Sells Apartment Community Near Portland to Abacus Capital Group for $38.5M

by Amy Works February 18, 2021

GRESHAM, ORE. — NBP Capital has completed the sale of The Groves, a multifamily property located in Gresham, a suburb of Portland. Abacus Capital Group acquired the community for $38.5 million. Located at 3500 NE 17th St., The Groves features 201 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include a swimming pool, community lounge with television, fitness center, barbecue area and playground. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

February 18, 2021

Loans Net Lease Office Washington Western

Gantry Arranges $12.5M in Financing for Net-Leased Office Building in Seattle

by Amy Works February 18, 2021

SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.

February 18, 2021

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