Property Type

ESI Negotiates Sale of a Heartwood Extended Healthcare in Tacoma for $8M

by Jeff Shaw April 13, 2020

TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.

April 13, 2020

Acquisitions California Retail Western

NAI Capital Facilitates Sale of 8,000 SF Strip Retail Center in Camarillo, California

by Amy Works April 13, 2020

CAMARILLO, CALIF. — NAI Capital has arranged the sale of a strip retail center, located at 415 W. Ventura Blvd. in Camarillo. YS Properties sold the asset to a private investor for $4.8 million, or $600 per square foot. Built in 2020, the 8,000-square-foot property is fully occupied by T-Mobile, Subway, Lindora and Eye Glass Factory. The asset is an out-pad parcel to The Home Depot and located directly off the 101 Freeway. Dave Maron of NAI Capital’s Investment Services Group represented the buyer in the deal.

April 13, 2020

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.9M Sale of Restaurant Property in Eugene, Oregon

by Amy Works April 13, 2020

EUGENE, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 950 Seneca Road in Eugene. A limited liability company sold the net-leased asset to an undisclosed buyer for $1.9 million. Since the building delivery in 2003, Izzy’s Pizza has occupied the 6,000-square-foot property and has 10 years remaining on its lease. The Albany, Ore.-based franchise currently operates 10 locations throughout Oregon and Washington. Scott Logan of Marcus & Millichap’s Portland office represented the seller in the transaction.

April 13, 2020

Acquisitions Midwest Missouri Multifamily

LuxLiving Sells St. Louis Apartment Complex for $45.9M

by Kristin Harlow April 13, 2020

ST. LOUIS — LuxLiving has sold The Steelyard, a 170-unit apartment complex in the Historic Soulard neighborhood of St. Louis, for $45.9 million. Partly a redevelopment, the four-story property includes 42 adaptive reuse units in addition to 128 new units. The Steelyard is located on the site of the former Victor Iron Works, which fabricated cast-iron storefronts throughout St. Louis. Big Sur Construction completed construction of the apartment project in 2019. Amenities include a self-pour beer and wine system, resident marketplace, fitness center, pet park and outdoor amenity deck with a pool, hot tub, kitchen, hammocks and cabanas. Monthly rents start at $1,450. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyer, Hamilton Zanze. Mission Rock Residential will manage the property.

April 13, 2020

Acquisitions Illinois Industrial Midwest

STREAM Capital Partners Arranges Sale of 200,000 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow April 13, 2020

ELK GROVE VILLAGE, ILL. — STREAM Capital Partners LLC has arranged the sale of a 200,000-square-foot industrial building in Elk Grove Village, located adjacent to O’Hare International Airport, for an undisclosed price. Material Sciences Corp., a technology provider of metal solutions, fully occupies the property on a net-lease basis. Adam English, Phil DiGennaro and Chelsea Mandel of STREAM represented the seller, a partnership between Jera Partners LLC and a fund managed by DRA Advisors LLC. Miami-based Midtown Capital Partners LLC purchased the asset.

April 13, 2020

Acquisitions Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers Sale of 167-Bed Skilled Nursing Facility in St. Louis

by Kristin Harlow April 13, 2020

ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.

April 13, 2020

Acquisitions Illinois Midwest Office

SVN Chicago Commercial Negotiates $2.2M Sale of Office Building in Buffalo Grove, Illinois

by Kristin Harlow April 13, 2020

BUFFALO GROVE, ILL. — SVN Chicago Commercial has negotiated the sale of a 22,000-square-foot office building in Buffalo Grove for $2.2 million. The facility is located at 100 Lexington Drive. It was 87 percent leased at the time of closing. Al Lindeman and Nathalie Fisher of SVN represented the undisclosed seller. A New York-based buyer purchased the asset.

April 13, 2020

Nashville Rent & Occupancy Forecast Under COVID-19, RED Capital

Content Partner Features Lument Multifamily RED Capital Group Southeast Tennessee

Multifamily Sector in Music City Hits All the Right Notes

by Sarah Daniels April 13, 2020

In Homer’s Odyssey, Odysseus resisted the Sirens’ beguiling music by lashing himself to the mast of his ship. But few relocating businesses, ambitious young people from the Midwest and Mid-South or multifamily developers have been able to resist the charming sounds wafting from Music City these days. Nashville’s pro-growth disposition, competitive operating cost structure, high quality of life and vital cultural scene make it a formidable competitor for investment and business relocation among U.S. growth markets. Beverage marketer Icee, e-commerce unicorn SmileDirectClub and Mitsubishi North America were just a few of the nearly 100 companies that elected to move headquarters operations to or expand in the Nashville area last year. The moves were emblematic of Nashville’s emergence as the go-to spot for major industries — Tennessee now ranks second among states for automobile manufacturing employment after Michigan — and fast-growing tech-focused start-ups. The pipeline is just as robust in 2020. Employment statistics speak for themselves. Nashville added 30,000 or more payroll jobs in each of the last eight years: one of only two U.S. metros in the under 1.5 million-job weight class to check that box (Austin is the other.) While the unemployment rate was only 2.8 percent in January, …

April 13, 2020

Acquisitions California Multifamily Top Stories Western

TMG Negotiates $45.5M Sale of Heights at Grand Terrace Apartments in California

by Amy Works April 13, 2020

GRAND TERRACE, CALIF. — The Mogharebi Group (TMG), a multifamily brokerage firm serving the markets of California, has arranged the sale of The Heights at Grand Terrace, a 228-unit multifamily property located at 22491 De Berry St. in Grand Terrace. The community is located in San Bernardino County, approximately 60 miles east of Los Angeles. A San Diego-based private group sold the asset to an East Coast-based buyer for $45.5 million, which translates to $199,561 per unit or $237 per square foot. Both parties involved in the transaction requested anonymity. Built in the 1970s, The Heights at Grand Terrace features apartments that are spread across 19 residential buildings on nine acres. The property features one- and two-bedroom floor plans with an average unit size of 842 square feet, as well as private patios and garages. Community amenities include a resort-style pool and spa, fitness center, private clubhouse, multimedia room, semi-private patios and private garages. Alex Mogharebi and Otto Ozen of TMG represented both the seller and buyer in the deal. “At a price of $199,561 per unit, this transaction represents a record for apartment communities in Grand Terrace,” says Ozen, who serves as executive vice president of TMG. “The record-setting …

April 13, 2020

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Apartment Market Starts 2020 Hot, but Coronavirus Impact Looms

by Alex Tostado April 13, 2020

The Birmingham multifamily market demonstrated its evolving strength last year. Continued job growth and limited apartment inventory led to the area reporting its highest occupancy rate in 10 years (94.8 percent) and monthly effective rent advancing 1.8 percent annually to $984 by year-end. In the early months of 2020, we did not see any slowdown in terms of deal volume. Due to rising concerns around market volatility and ongoing impacts of the COVID-19 crisis, we are faced with uncertainty in terms of how the local Birmingham area, along with the rest of the country, will perform in the year ahead. It is difficult to predict market activity, but Birmingham has demonstrated positive trends worth noting. Catching investors’ eyes In recent years, the area’s employment growth and strong fundamentals have piqued investor interest. Out-of-state groups are increasingly venturing into Birmingham. This trend has led local developers to emphasize merchant-builds, actively constructing and redeveloping properties to fill this competitive demand. Off-market transactions have recently seen an increase in frequency as investors are able to be more aggressive on pricing, which is enhanced by this unprecedented interest rate environment. Across all asset classes, the Birmingham market has enticed investors with a variety of …

April 13, 2020

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