WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Argos Capital Partners, has acquired a 24.8-acre land parcel located in West Valley City for an undisclosed price. The partnership plans to develop a two-building, rear-load, Class A industrial property on the site. The development will offer a total of 404,800 square feet. This the first partnership between Sansone and Argos Capital Partners, a private investment management firm focused on serving ultra-affluent families.
HELENA AND CLANCY, MONT. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added challenges in these somewhat unusual times, but these buildings were well-run and the parties were pragmatic in dealing with those uncertainties,” says Dave Sedgwick, CareTrust’s chief operating officer. CareTrust’s total initial investment for the two assets was $16.5 million, inclusive of transaction costs and $500,000 of funding to Eduro to improve the facilities. Annual cash rent under the existing Eduro master lease, to which the two properties were added, will increase by approximately $1.6 million. The master lease has a remaining term of approximately 9.5 years, with two five-year renewal options and CPI-based annual rent escalators. The acquisitions were funded using cash on hand.
SUPERIOR, COLO. — Marcus & Millichap has arranged the sale of a retail property located at 400 Center Drive in Superior. An out-of-state family trust sold the asset to a California-based investor for $2.1 million. Bank of the West occupies the 3,532-square-foot building on an absolute triple-net lease with 2.5 years remaining on the term. Built in 2004, the property is situated on a 0.94-acre lot less than half a mile from U.S. 26. Drew Isaac, Ryan Bowlby and James Rassenfoss of Marcus & Millichap’s Net Lease Properties Group represented the seller in the deal.
WHEAT RIDGE, COLO. — NAI Shames Makovsky has negotiated the sale of a retail building located at 9830 W. I-70 Frontage Road South in Wheat Ridge. Lag B’Omer Partnership and Lag B’Omer LLC sold the asset to Going Green LLC for $2.7 million. The property features 19,200 square feet of retail space. Jake Malman and Sandy Feld of NAI Shames Makovsky represented the seller in the transaction.
BELLEVUE, WASH. — Vulcan Real Estate, a Seattle-based owner and developer, is underway on two mixed-use developments known as 555 Tower and West Main in the central business district of Bellevue. Amazon (NASDAQ: AMZN) has preleased the office portion of both properties, which totals more than 2 million square feet. “We are very excited to be working with Amazon again, and we are thrilled to be kicking off our first development projects in the Bellevue CBD,” says Ada Healey, chief real estate officer for Vulcan. Bellevue is an upscale suburb of Seattle that sits on the east side of Lake Washington in the state’s Puget Sound area. “It is projects like these that will help stimulate business in Bellevue and help create jobs and opportunity — from construction jobs to new roles in hospitality and local retail — in the years to come,” adds Healey. The 555 Tower will be a 42-story building comprising 967,500 square feet of office space and 28,400 square feet of retail space. The site is located at 555 108th Ave. NE, immediately adjacent to the Bellevue Transit Center and within walking distance of the future Sound Transit light rail station that is scheduled to open …
Multifamily landlords have largely been able to collect rent through the coronavirus pandemic due to government assistance for those who are unemployed, a report from Marcus & Millichap has found. However, the federal funding of $600 per week for unemployed citizens expired at the end of July, leaving uncertainty surrounding rent collections moving into the third quarter. On Thursday, Sept. 3, the U.S. Commerce Department reported that 881,000 Americans filed for first-time unemployment benefits for the week ending Aug. 29. Continuing claims, for which data is a week behind, totaled 13.3 million for the week ending Aug. 22. On Tuesday, Sept. 1, the Centers for Disease Control & Prevention (CDC) and the Trump Administration halted evictions through the end of the year. Prior to the eviction moratorium, fundamentals in the second quarter were sliding. The nationwide vacancy rate rose 30 basis points to 4.7 percent in the second quarter. Irvine, California-based Marcus & Millichap expects vacancy to continue upward through the end of the year as COVID-19 keeps the jobless rate at historic highs. States are offering unemployment assistance, which could prove more valuable with the absence of federal unemployment funding. Each state, though, offers different benefits, making it harder …
WEST PALM BEACH, FLA. — A partnership between Pembroke Student Housing and Palm Beach Atlantic University has completed Watson Hall, a 163,000-square-foot residence hall on the university’s campus in West Palm Beach. The eight-story development offers 510 beds in one- and two-bedroom units with full kitchens. Communal amenities include a large conference space and community and private study spaces on each floor. Provident Resources Group owns the building. The project’s development team included architectural firm Stantec, general contractor Hedrick Brothers Construction, landscape architect Urban Kilday Design Studios and civil engineer Reikenis & Associates. Palm Beach Atlantic began fall semester in-person Monday, Aug. 17.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C.’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in 4 percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less of the annual median income (AMI), and includes Medicaid recipients. National Foundation for Affordable Housing Solutions Inc., Gragg Cardona Partners, The Carding Group and HallBridge Partners make up the development team constructing the five-story building. Total development costs are estimated at $85 million. A timeline for construction was not disclosed.
ORLANDO, FLA. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Patrick Luther, Matthew Mousavi and Patrick Nutt of SRS, along with Gradon Willard of BluRock Commercial Real Estate, represented the undisclosed seller, which was the original developer of the property. Limestone Asset Management, an affiliate of Miami-based Orion Real Estate Group, acquired the portfolio.
BOSSIER CITY, LA. — Caesars Entertainment and Vici Properties have entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment for $22 million. The buyer, Rubico Acquisition Corp., will pay Vici $5.5 million and Caesars $16.5 million. The sale is expected to close by early 2021. The property is located at 8000 E. Texas St. in Bossier City, 10 miles east of downtown Shreveport. The casino floor offers 150,000 square feet of games, dozens of TVs and a high-limit area. Louisiana Downs also features a dirt horse-racing track. Louisiana Gov. John Bel Edwards ordered casinos to close in March due to the COVID-19 outbreak. Casinos in the state were allowed to reopen in May at limited capacity.
