SOUTHLAKE, TEXAS — SRH Hospitality will develop a 261-room Westin-branded hotel on 6.8 acres in Southlake, a northern suburb of Fort Worth. SRH originally owned the land on which the property will be constructed and sold the tract to a Florida-based hedge fund in the form of a ground lease, proceeds from which will be used to finance construction of the hotel. The property will feature a 25,000-square-foot conference center with a ballroom, full-service restaurant and bar and a rooftop lounge area. SRH will operate the hotel and make monthly ground lease payments to the Florida-based hedge fund for a term of 99 years.
HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of American Self Storage, a 417-unit facility located in the Rio Grande Valley city of Harlingen. The property was built on 6.5 acres in 2004 and spans 49,588 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Jon Danklefs, also with Marcus & Millichap, represented the buyer.
DALLAS — Envy Gaming Inc., a Dallas-based company that owns multiple esports teams, will open a 20,872-square-foot training facility and expanded office headquarters at Victory Park in downtown Dallas. The new space will be located within a Class A office building at 3030 Olive St., adjacent to the American Airlines Center. Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented Envy Gaming in its property search and lease negotiations.
SEATTLE — Landmark Properties has acquired the 11-parcel land assemblage in Seattle’s University District. A group of undisclosed sellers sold the fee-simple assemblage, which was rezoned for greater density and taller buildings in 2017, for $39 million, or $950 per square foot. In 2021, Landmark Properties plans to begin construction on The Standard at Seattle, a three-building purpose-built student housing property with approximately 1,600 beds at the site, which spans nearly an acre from 4202 to 4238 12th Ave. NE. The site is situated three blocks from the University of Washington and across the street from the future U-District Light Rail Station. Upon completion, The Standard at Seattle will feature two 25-story towers and a seven-story mid-rise building. The 500,000-square-foot property will offer a variety of floor plans and approximately 8,500 square feet of ground-level retail space. The project is slated to be delivered in one phase by fall 2023. Additionally, Landmark plans to preserve the existing Canterbury Apartments, a 16-unit co-op multifamily building on Brooklyn Avenue NE. Tim McKay, Dan Chhan and Sam Wayne of Colliers International represented the sellers for a portion of the transaction, specifically for eight of the 11 parcels.
EVERETT, WASH. — The Port of Everett has purchased the 58.4-acre Kimberly-Clark mill property situated on the waterfront in Everett. Kimberly-Clark Worldwide sold the asset, including another site north of the mill property, for $33 million. Kimberly-Clark closed the former pulp mill located on the site in 2012. In July, the City of Everett acquired the north portion of the property; therefore, this sale represents the remainder of Kimberly-Clark’s Everett waterfront holdings. The site includes a 360,000-square-foot warehouse and more than 2,500 lineal feet of waterfront on the East Waterway, which opens to the Puget Sound. The sale property is located between the Port of Everett terminal and Naval Station Everett, a federally secured maritime complex. Port of Everett plans to develop three-quarters of the property into maritime use, with the remaining used for aquatic management and public access. Dave Speers and Matt Henn of Kidder Mathews, along with Eric Dienstbach of Binswanger, represented the seller in the deal.
LYNNWOOD, WASH. — Alliant Capital has completed construction of The Reserve at Lynnwood, a 295-unit affordable seniors housing community in Lynnwood, approximately 15 miles north of Seattle. The development struggled in its early days, dealing with environmental contamination at the site, which was formerly a 1950s-era decrepit shopping center, as well as a fire that destroyed initial construction in 2017. “This project certainly had its challenges, but we were determined to overcome the obstacles thrown our way,” says Craig Thomas, who served as the general partner for the project. “Our mission of providing safe, affordable housing is stronger than the issues we faced during this process.” The project is 100 percent LIHTC units. AVS Communities was the developer, Charles Morgan & Associates was the architect and Exxel Pacific Inc. was the general contractor.
REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.
LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.
The surge in demand for Birmingham’s industrial real estate over the last few years has resulted in the highest occupancy rates in over 20 years. Alabama’s level of business friendliness has created a strong economy and high level of job growth since the end of the Great Recession. Manufacturing is a key driver of job growth. Overall vacancy rates in Birmingham’s multi-tenant industrial market have fallen to around 7 percent, which is an all-time low. Average rental rates have crept up to approximately $4.25 per square foot, which is historically high for Birmingham but still significantly lower than rents in larger markets around the Southeast. In spite of the robust activity, there are no active plans for any sort of speculative multi-tenant developments in the market. The last project was the 90,000-square-foot Oxmoor Logistics Center located in the Oxmoor Valley submarket, which was completed in the fourth quarter of 2018. It is currently 100 percent occupied. However, there are over 2 million square feet of individual projects that will be completed before the end of 2019. One is a $1.3 billion expansion at the Mercedes-Benz Tuscaloosa plant, which includes a new body shop, enhancements to the SUV assembly shop and …
NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR), a New York-based seniors housing REIT, has agreed to sell its entire assisted living and memory care portfolio for $385 million. The portfolio comprises 28 properties across 14 states totaling 2,840 units. The deal will leave the company with 102 independent living properties and one continuing care retirement community.