VALPARAISO, IND. — Strawberry Fields REIT LLC has sold The Glendale Medical Center in Valparaiso for $6.1 million. The property features a 20,207-square-foot main building constructed in 1967 and an 8,630-square-foot annex building constructed in 2007. The main building was renovated in conjunction with the construction of the annex building. Strawberry Fields sold the property because it was not within the company’s core investment strategy of owning and managing skilled nursing facilities, according to CEO Moishe Gubin. The buyer was not disclosed.
FRAMINGHAM, MASS. — An affiliate of DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in the western Boston suburb of Framingham. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse. The unit mix comprises 180 studio units, 551 one-bedroom apartments and 289 two-bedroom residences. Unit features include stainless steel appliances, quartz countertops, walk-in closets and private balconies. Communal amenities include a pool with a sundeck, fitness center, turf soccer field, basketball and tennis courts, a dog park, internet café, business center, game room and a children’s play area. The seller and sales price were not disclosed.
PHILADELPHIA — JLL’s Capital Markets group has arranged an undisclosed amount of permanent financing on behalf of Alliance Partners HSP, which owns the leasehold interest in the SoNo commercial building in Philadelphia. Located at 456 N. Fifth St., the 186,000-square-foot former warehouse property was fully leased at the time of the loan closing to tenants such as Yards Brewing Co. (70,000 square feet), the City of Philadelphia Archives Dept. (68,000 square feet) and Target (48,000 square feet). Tristate Capital Bank provided the loan to Alliance, which acquired the property in 2015 and recently completed its redevelopment in 2017. Chad Orcutt of JLL placed the debt.
BENSALEM, PA. — NAI Mertz has negotiated the sale of a 7,140-square-foot building in Bensalem, Pennsylvania, located northeast of Philadelphia. The property is located along the Bristol Pike and includes office, retail and industrial space. Joe Sternberg, Adam Lashner and Jeffrey Licht of NAI Mertz represented the seller, Medimpex Holdings LLC, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has brokered the $3.2 million sale of 37-55 61st St., a 6,200-square-foot industrial asset in the Woodside neighborhood of Queens. The building includes office space. Stephen Preuss and Rani Bendary of Cushman & Wakefield handled the transaction on behalf of the buyer and seller, both of which were private investors. The site allows for future expansion of an additional 9,600 square feet.
NEW YORK CITY — ACT Commodities Inc., a commodities brokerage firm, has expanded its office lease at 437 Madison Avenue in Manhattan by 4,805 square feet, raising the size of its footprint at the property to 17,750 square feet. The 40-story, 850,000-square-foot building was recently renovated to the tune of $60 million. Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster of JLL represented the landlord, The William Kaufman Organization (WKO), in the lease negotiations along with Michael Lenchner of Sage Realty Corp., the leasing and management division of WKO. Craig Lemle of Savills represented the tenant.
ARLINGTON AND FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio totaling 532 units in the Dallas-Fort Worth (DFW) metroplex. The 228-unit Aspen Woods and the 168-unit Rochester are located in Arlington, and the 136-unit Cobble Hill is located in Fort Worth. Al Silva of Marcus & Millichap represented the seller, Dallas-based MacDonald Realty Group, in the transaction. Dallas-based Sentinel Peak Capital purchased Aspen Woods, Austin-based Obsidian Capital acquired Cobble Hill and Lubbock-based Madera Residential bought The Rochester. All properties were built between 1975 and 1985 and will undergo value-add programs with a focus on common area amenities, building exteriors and unit interiors.
NORMAN, OKLA. — A partnership between Dallas-based MedCore Partners and The National Realty Group (TNRG) will develop a 188-unit senior living community in Norman, Oklahoma. The project currently calls for 100 independent living units, 64 assisted living residences and 24 memory care residences, with a planned second phase that will add another 75 independent living units. Amenities at the community will include multiple dining venues, a bar/pub and other entertainment areas, a wellness center with salon and spa, multiple activities venues, a fitness center, club rooms, a theater, outdoor pool, dog park, walking paths and dedicated courtyard spaces. Pi Architects is designing the project. Construction of Phase I is scheduled to begin in January 2020 and to be complete in summer 2021.
PLANO, TEXAS — Locally based general contractor KWA Construction has completed McDermott Park Senior Living, a 144-unit project located just off Sam Rayburn Tollway in the northeastern Dallas suburb of Plano. McDermott Park features one-, two- and three-bedroom units with modern finishes and amenities such as a pool, fitness center, media room, theater and a coffee bar. The property marks the 15th collaboration between KWA and the project developer, Seneca Investments.
AUSTIN, TEXAS — Memphis-based LEDIC Realty Co. has acquired Enclave at Water’s Edge, a 184-unit multifamily community in North Austin. Built in 1986, the property is located within two miles of The Domain shopping and dining destination, as well as the hubs of major employers such as Amazon, Apple and Facebook. Patton Jones of NKF represented the seller, San Francisco-based Hamilton Zanze, in the transaction. The sales price was not disclosed.