CORPUS CHRISTI, TEXAS — Montecito Medical Real Estate has acquired two outpatient imaging centers totaling 28,517 square feet in Corpus Christi. The buildings were fully leased to Radiology & Imaging of South Texas at the time of sale. Michael Moreno, Kyle Mackulak and Rahul Chhajed with Matthews Real Estate Investment Services brokered the deal. The seller was not disclosed.
VICTORIA, MINN. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Homes will feature granite countertops, stainless steel appliances, in-unit laundry, soundproofing and patios or balconies. Villa homes offer attached one- or two-car garages and apartment homes feature an underground parking garage. Community amenities will include a community center for events and activities and a fitness center with an array of exercise machines and classes. Lutheran Church Extension Fund provided financing for the housing community, which was designed by New York-based QPK Design. Kraus-Anderson served as general contractor and construction manager for the development.
CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit. Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline. Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.
FISHERS AND PLAINFIELD, IND. — Boston Capital is investing in the construction of two affordable multifamily properties in Indiana: the 62-unit SouthPointe Village Apartments in Fishers and the 52-unit Haven Homes in Plainfield. The investments represent Boston Capital’s second and third partnerships with Indianapolis-based RealAmerica Development. Located 14 miles northeast of Indianapolis, SouthPointe Village will feature 19 one-bedroom units and 43 two-bedroom units in a single residential building. Thirteen of the units will be set aside for persons with developmental disabilities. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. Additionally, the property will include a community room, computer center, fitness center, classes and space for service providers, an indoor playground, library and access to the Nickle Plate Trail. Situated near the Indianapolis International Airport, Haven Homes will feature 16 one-bedroom units, 20 two-bedroom units and 16 three-bedroom units in two residential buildings. Thirteen units will be set aside for victims of domestic violence. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. The development will include a freestanding clubhouse with a community room, computer center and fitness center with classes. Other amenities will include a …
MT. PROSPECT, ILL. — Chicago-based GW Properties has completed the disposition of a multi-tenant retail property in Mt. Prospect, a suburb of Chicago. Los Angeles-based Davidson & Associates purchased the asset for $3.9 million. Constructed in 1966 and renovated in 2019, the building is fully occupied by three tenants in the medical, restaurant and wireless service industries on net leases. The property is located at 920 E. Elmhurst Road. Alex Sharrin and Alex Geanakos of JLL represented the seller in the deal.
AKRON, OHIO — Emerald Creek Capital has provided a $2.8 million acquisition loan for an undisclosed borrower. The loan is secured by a 45,540-square-foot warehouse in Akron. Situated on a seven-acre site with 277 parking spaces, the climate-controlled property features 21-foot clear heights, eight grade-level doors and two drive-in doors. Amazon occupies the warehouse and will use it in conjunction with the company’s new 2.7 million-square-foot fulfillment center that is currently under construction in southwest Akron. Matt Fantuzzi of Emerald Creek Capital originated the financing.
SPARKS, NEV. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675-acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion in early 2022.
PHOENIX — A partnership between Dalan Management and VM Management has completed the disposition of Verona Court, a multifamily complex in Phoenix. A private buyer acquired the asset for $20 million, or $141,844 per unit. Built in 1985, Verona Court features 141 apartments in a mix of one- and two-bedroom layouts. Community amenities include two swimming pools and two laundry facilities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
ARVADA, COLO. — Green Bay, Wisonsin-based Associated Bank has provided a $9.6 million construction loan to Mortenson Development/Seavest Healthcare Properties for the development of Candelas Medical Office Building in Arvada. The 42,425-square-foot property will be located at the intersection of West 91st Place and Candelas Parkway. This is Associated Bank’s first transaction for a Mortenson and Seavest joint venture. Mortenson is a privately held, Minnesota-based organization providing fully integrated development services to clients nationwide, and Seavest is an institutional healthcare real estate investment manager.
MCDONOUGH, GA. — Zinus USA Inc. will invest $108 million in a new manufacturing and distribution facility in McDonough. The home furnishings company expects to create 804 full-time jobs at the property, which is expected to open in the first half of 2021. This marks the first manufacturing facility in North America for the South Korean-based company. Its other manufacturing facilities are located in China and Indonesia. According to multiple media reports, the building will be located at 830 Ga. Highway 42, the former site of the Toys “R” Us distribution center. The property is 27 miles southeast of Hartsfield-Jackson Atlanta International Airport and two miles from Interstate 75. Zinus worked with Yoonie Kim, the Georgia Department of Economic Development’s director of Korean investments, on the investment. Other civic partners include the Henry County Development Authority, Georgia Quick Start and Georgia EMC.