GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog park.
HARRISONVILLE, MO. — Montecito Medical Real Estate has acquired Rock Haven Medical Mall in Harrisonville, about 35 miles south of Kansas City. The purchase price was undisclosed. The two-story, 76,000-square-foot medical office building is attached to Cass Regional Medical Center and was built in 2011. In addition to Cass, other tenants include Harrisonville Family Medicine, Carondelet Health Cardiology, Cass Regional Orthopedics, Gillen Pharmacy and Fresenius Medical Care.
SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.
FENTON, MICH. — Havenpark Communities has completed improvements over the past two years at North Bay Harbor Club in Fenton, about 60 miles northwest of Detroit. A ribbon-cutting ceremony celebrating the improvements will take place Tuesday, Sept. 22. The renovations include upgraded community docks, improved landscaping, new signage and a grill and picnic area. Havenpark has invested more than $350,000 in upgrades and improvements at the manufactured housing community.
DENVER — Dayton, Ohio-based The Connor Group has purchased Broadstone Lowry, an apartment property located at 8505 Lowry Blvd. in Denver. Alliance Residential sold the asset for an undisclosed price. Built in 2019, Broadstone Lowry features 300 apartments with designer kitchens, hardwood-style plank flooring, stainless steel appliances, walk-in closets with built-in shelving, and patios and decks. Community amenities include a resort-style pool, spa, pool-side cabanas, outdoor kitchen and large fire pits; rooftop amenity deck with panoramic views, outdoor kitchens and entertaining areas; wellness center with meditation pods and a living green wall; pet wash and grooming station; fitness center; yoga studio; and several courtyards. Terrance Hunt, Shane Ozment, Amanda Meldrum and Craig Ratterman of Newmark Knight Frank represented the seller in the deal.
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 …
