CLINTON, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.
HOWELL, MICH. AND CHILLICOTHE, OHIO — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 million. The second property spans 204,184 square feet and is located at 85 River Trace Lane in Chillicothe, about 48 miles south of Columbus. It sold for approximately $11 million to Agree LP, an institutional investor. Both buildings were constructed in the 1990s and sit on roughly 20 acres.
NORTHFIELD, ILL. — Design Construction Concepts, a subsidiary of Mosaic Construction, has begun building out a new location for Brightmont Academy in Northfield, about 20 miles north of Chicago. The project will be located within a former showroom at 1799 Willow Road and adjacent to a Starbucks. The 3,500-square-foot buildout will retain many of the existing ceiling features and wall treatments. OKW Architects is designing the space to meet the needs of Brightmont’s educational model, which pairs one student with one teacher.
GRAND ISLAND, NEB. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Old Walnut Apartments in Grand Island, about 90 miles west of Lincoln. The property was converted from an educational institution to multifamily housing in 2004. The apartment community features 89 units, 88 of which are restricted to residents who earn up to 41.6 percent of the area median income. Walnut Housing LLC was the borrower. The loan is fully amortized over 35 years.
CHICAGO — Marcus & Millichap has brokered the sale of Galewood Plaza in Chicago for $2.7 million. The 14,071-square-foot retail property is located at 6600 W. North Ave. It was fully leased at the time of sale to tenants such as Jackson Hewitt, CD One Price Cleaners and Cricket Wireless. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. The buyer was undisclosed.
TROY, MO. — Fast-casual restaurant Slim Chickens has opened at 31 The Plaza in Troy, about 55 miles northwest of St. Louis. R-Chicken, a division of R-Solution, is the franchise operator for the Troy location. Since its founding in 2003, Slim Chickens has expanded to more than 100 locations in 17 states. The goal is to open 600 restaurants by 2025, according to a news release. Slim Chickens serves fried chicken and Southern-inspired side dishes.
SUNNYVALE, CALIF. — Sunnyvale City Council has approved a Downtown Specific Plan and Development Agreement that allows for the next phase of CityLine Sunnyvale to begin. STC Venture, a partnership between Sares Regis Group of Northern California and Hunter Properties, is developing the multi-phase redevelopment project in downtown Sunnyvale. The new phase will add 792 residential units and 653,000 square feet of office space above 182,000 square feet of ground-floor retail space on four parcels along Murphy and McKinley avenues. The overall CityLine Sunnyvale project — a 36-acre, pedestrian-oriented, mixed-use district —also features a large public plaza, as well as shopping and entertainment space. The new phase will include a Building B offering 150,000 square feet of office space and 8,000 square feet of retail space and the redevelopment of Redwood Square into Block 3S featuring 480 apartments (11 percent designated affordable) with 30,000 square feet of retail space. Construction of the new phase is scheduled to begin in early 2021. The phase also includes the redevelopment of the former Macy’s into 500,000 square feet of office space and 60,000 square feet of retail space, the development of Block 6 with 312 apartments (11 percent affordable) with 35,000 square feet of …
SANTA CLARITA, CALIF. — Realty Advisory Group has negotiated the sale of an industrial and distribution building located at 24903 Avenue Kearny within Valencia Industrial Center in Santa Clarita. Los Angeles-based Dedeaux Properties acquired the facility from AmerisourceBergen Corp. for an undisclosed price. The seller has owned and operated the property as a pharmaceutical warehouse/distribution center since 1988. Dedeaux Properties plans to reposition the 214,436-square-foot facility and place it on the market for lease. Jim Abbott of Realty Advisory Group handled the transaction.
SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.
SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.
