WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction.
LAS VEGAS — NorthCap Multifamily has arranged the sale of Tammany Hall and Rochelle Manor Apartments, a multifamily property located at 4320, 4340 and 4386 Escondido St. in Las Vegas. Built in 1972, the assets offer a total of 149 multifamily units. Indiana LLC sold the property to an undisclosed buyer for $7.5 million. The buyer plans to implement a renovation program at the value-add property. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of NorthCap Multifamily represented the seller in the transaction.
LYNNWOOD, WASH. — Hunt Real Estate Capital has provided a $5.3 million Freddie Mac Small Balance Loan for the refinancing of Bailey Court Townhomes in Lynnwood, a suburb 16 miles north of Seattle. The borrower was Bailey Court LLC, backed by key principal Jeffrey Butler. Located at 17420-17415 52nd Ave. West, the multifamily property features 26 garden-style apartments spread across four three-story, townhome-style buildings. On-site amenities include a laundry room, bicycle storage area, security cameras, garages and open parking. At the time of financing, the property was 100 percent occupied. Jeffrey Ballaine of Hunt Real Estate Capital arranged the financing with a 30-year amortization and a yield-maintenance prepayment schedule.
BURBANK, CALIF. — SBH Real Estate Group has purchased a retail property located at 810-822 S. San Fernando Blvd. in Burbank. Pacific Group sold the property for $5.2 million in an all-cash transaction. Situated on a 29,050-square-foot site, the property includes a 21,447-square-foot building, which was constructed in 1939 and updated in 1985. A market previously occupied the property, but it was vacant at the time of sale. Since the acquisition, SBH has leased the site to Harbor Freight Tools and has started renovating the property, including a new roof and converting the building to a more functional structure measuring approximately 14,500 square feet. Tony Maniscalchi and Mike Maniscalchi of Stevenson Real Estate Services represented the buyer and seller in the transaction.
INDIANAPOLIS — Colliers International has brokered the sale of six industrial buildings at Northeast Business Center in Indianapolis for an undisclosed price. The 401,223-square-foot portfolio is located in the Northeast industrial submarket between the 86th Street and 96th Street interchanges. Alex Cantu of Colliers represented the buyer, Sealy & Co. The seller, Citimark, developed the business center in the 1980s and has managed the portfolio since.
CHESTERFIELD, MO. — L5 Investments and BH Equities have acquired Schoettler Village Apartments in Chesterfield, a western suburb of St. Louis. The purchase price was not disclosed. The new ownership plans to embark on an $8.4 million capital improvement program over the next three years to upgrade unit interiors. Built in 1978 and located at 15480 Elk Ridge Lane, the property is situated on 26 acres and includes 46 three-story buildings. There are 255 two-bedroom units and 45 three-bedroom units. Community amenities include a business center, pool, clubhouse, fitness center, fenced dog park, playground and picnic areas. Andrea Kendrick and Ken Aston of Berkadia brokered the transaction on behalf of the buyers and the undisclosed seller.
ROCHESTER, MINN. — Kraus-Anderson Construction Co. (KA) has completed a $12 million renovation at Rochester International Airport in Minnesota. The facelift included an upgraded terminal and expanded U.S. Customs facility. As part of the upgrade to the main terminal lobby, the ticket counter area for all airlines was relocated to one side of the terminal and the baggage claim for all airlines to the other side. In addition, KA expanded the customs area to 20,000 square feet to improve efficiency and meet the current safety, security and space requirements. Funding for the project included $7.3 million in federal funds, $3.8 million from the city of Rochester and $790,000 from Minneapolis Department of Transportation (MnDOT) Office of Aeronautics.
MILWAUKEE — Fidelity National Information Services Inc. (FIS) has signed a 124,550-square-foot office lease at Parkland Center in Milwaukee. The financial services technology and outsourcing services company will occupy the second and third floors of the Class A building, which was formerly home to Molina Healthcare of Wisconsin Inc. The building underwent an extensive renovation in late 2016, including a complete update of the lobby and the addition of a fitness center and full-service cafeteria. FIS joins neighboring tenant Global Industrial to bring the 222,704-square-foot building to an occupancy level of 67 percent. Ned Purtell and Patti Stevens of Founders 3 Real Estate Services represented the landlord, Griffin Capital Essential Asset REIT Inc., in the lease transaction. Erik Ozolins of Orion Realty Group and Kate Hanson of Founders 3 represented FIS.
CLEVELAND — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by Dollar General in Cleveland for $1.6 million. The property, located at 3040 Fulton Road, spans 7,489 square feet. Jack Farritor of Quantum represented the seller, a national developer based in Alabama. A Los Angeles-based institutional investment firm was the buyer. Dollar General has 15 years remaining on its lease.
NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …