Property Type

Welltower Sells $1.3B of Seniors Housing and Outpatient Medical Facilities; CEO Steps Down

by John Nelson October 6, 2020

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …

October 6, 2020

Acquisitions Colorado Multifamily Western

Griffis/Blessing Sells Lofts at Lincoln Station in Lone Tree, Colorado for $30.5M

by Amy Works October 5, 2020

LONE TREE, COLO. — Colorado Springs-based Griffis/Blessing has completed the disposition of Lofts at Lincoln Station, a four-story apartment building located at 9375 Station St. in Lone Tree. Boston-based Eaton Vance acquired the property for $30.5 million. Built in 2015, Lofts at Lincoln Station features 102 apartments in a mix of one- and two-bedroom layouts, with an average unit size of 787 square feet. Community amenities include a clubhouse, fitness center, dog wash station, outdoor kitchen and outdoor wading pool with two spas. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

October 5, 2020

Arizona Loans Multifamily Oklahoma Western

Gantry Arranges $86.5M in Financing for Seven-Property Multifamily Portfolio in Arizona, Oklahoma

by Amy Works October 5, 2020

TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.

October 5, 2020

Acquisitions California Industrial Western

Padma Laxmi Acquires 85,824 SF Industrial Facility in San Diego from CapRock Partners

by Amy Works October 5, 2020

SAN DIEGO — Padma Laxmi has purchased an 85,824-square-foot industrial facility located at 10054 Old Grove Road in San Diego’s Scripps Ranch community. CapRock Partners sold the asset for an undisclosed price. Constructed in the early 1980s, the property underwent an extensive renovation in 2018 to bring the property to Class A status. The plan included high-quality finishes throughout, a new roof, a redesigned office area, new drought tolerant landscaping and an updated entry way. Situated on 5.5 acres, the property features a secured yard area, heavy power and an above-average clear height. At the time of sale, the facility was fully leased. Bryce Aberg, Jeff Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California represented the seller in the transaction. Brant Aberg, also of Cushman & Wakefield, provided leasing advisory services for the property.

October 5, 2020

California Development Multifamily Seniors Housing Western

Oakmont Opens 87-Unit Assisted Living Community in Torrance, California

by Amy Works October 5, 2020

TORRANCE, CALIF. — Oakmont Senior Living has opened Oakmont of Torrance, an assisted living and memory care community in the South Bay region of Los Angeles County. Oakmont of Torrance is the first of several Oakmont communities to open during the 2020 pandemic. Guests at the grand opening event were required to RSVP, wear masks, social distance and follow safety precautions. The 106,613-square-foot community sits on nearly two acres and features 55 assisted living units and 32 memory care units.

October 5, 2020

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of 21,161 SF Retail Property in South Gate, California

by Amy Works October 5, 2020

SOUTH GATE, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 8700-8730 Santa Fe Ave. in South Gate. A private investor acquired the asset for $2.8 million. The 21,161-square-foot property comprises three commercial parcels and one residential parcel. The buyer plans to operate a retail business at the property. Derek Caldwell of Marcus & Millichap represented the undisclosed seller and secured the buyer in the deal.

October 5, 2020

Development New York Northeast Office Retail

Reading International Unveils Tammany Hall Redevelopment in Manhattan

by Taylor Williams October 5, 2020

NEW YORK CITY — Reading International (NASDAQ: RDI), an international cinema and real estate firm, has unveiled the redevelopment of the historic Tammany Hall Building at 44 Union Square in Manhattan. The former 19th-century political hub is now a Class A building with 73,095 square feet of space that can be utilized for either office or retail usage. BKSK Architects designed the project, which included a restoration of the façade and the addition of a three-story glass and steel dome with 19-foot ceilings and views overlooking Union Square.

October 5, 2020

Acquisitions Hospitality Massachusetts Northeast

Xenia Hotels Sells Residence Inn Boston Cambridge Hotel for $107.5M

by Taylor Williams October 5, 2020

CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate purposes.

October 5, 2020

Development Industrial New Hampshire Northeast

Monahan Cos. to Develop 116,288 SF Warehouse in Exeter, New Hampshire

by Taylor Williams October 5, 2020

EXETER, N.H. — New Hampshire-based Monahan Cos. will develop a 116,288-square-foot warehouse within Garrison Glen Corporate Park in Exeter, located east of Manchester. The property will feature 40-foot clear heights and proximity to Interstate 95 and State Route 101. Approvals are in place, and construction is expected to last about nine months. Monahan also recently completed a 110,000-square-foot build-to-suit project for Gourmet Gift Baskets on an adjacent lot. Cushman & Wakefield is marketing the development.

October 5, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.9M Loan for Refinancing of Multifamily Asset in Metro Boston

by Taylor Williams October 5, 2020

QUINCY, MASS. — MassHousing has provided a $28.9 million loan for the refinancing of Town Brook House, a 151-unit multifamily community in Quincy, a southern suburb of Boston. The owner and borrower, Wollaston Lutheran Housing Corp., rents the property to senior citizens that qualify for affordable housing status. A portion of the funds will be used for capital improvements. The building was constructed in 1980 and consists of 136 one-bedroom units and 15 two-bedroom units. Amenities include a lounge, common activities area and a communal kitchen. Law firm Nixon Peabody advised the borrower in the transaction.

October 5, 2020

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