VAN NUYS, THOUSAND OAKS AND LASALETTE, CALIF. — Senior Housing Properties Trust has sold three skilled nursing facilities in California as part of a previously announced restructuring plan. The 276-unit portfolio included undisclosed facilities in Van Nuys, LaSalette and Thousand Oaks. The transaction, which also included a 15,647-square-foot medical office building in Thornton, Colorado, totaled $24.1 million. The buyers were not disclosed. The sales were part of SNH’s disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. Based in Newton, Massachusetts, Senior Housing Properties Trust is a REIT that owns medical office buildings, senior living communities and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company.
ALBUQUERQUE — Heslin Holdings has completed the redevelopment of West Central Plaza, a retail center located at 4208 Central Ave. SW in Albuquerque. Retailers at the property are now open for business. The company originally acquired the 150,000-square-foot retail property in 2015 with a large, vacant, single-tenant space. The multi-million-dollar renovation included the division of the largest freestanding building at the property, formerly occupied by Kmart, into two anchor tenant spaces now occupied by Burlington and Conn’s Home Plus. Heslin Holdings also added 17,000 square feet of floor space adjacent to Burlington. Dollar Tree now occupies a portion of the new space. Additionally, the redevelopment included the conversion of a multi-shop building at the southwest portion of the property into a single-tenant facility, which Harbor Freight Tools now occupies. A multi-tenant drive-thru pad site was also constructed on the corner of Artisco Drive SW and Central Avenue. Panda Express and T-Mobile are tenants at the pad site. Dunkin Donuts is also constructing a new pad building in the shopping center along Central Avenue.
CERRITOS, CALIF. — Avison Young has arranged the sale of a retail property, located at 11355 South St. in Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features of 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net leased basis. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in the deal.
EASTON, PA. — Meridian Capital Group has arranged a $12.6 million acquisition loan for the 86-room TownePlace Suites by Marriott in Easton, located 17 miles northeast of Allentown. The four-story property is located in Lower Nazareth Township among major corporate entities including Amazon, BMW and Porsche, in addition to several medical centers and shopping centers. The hotel was built in 2009 and offers five king suites, 26 queen suites, nine one-bedroom suites and six two-bedroom suites. Morris Betesh, Philip Galligan and Alex Bailkin of Meridian Capital arranged the financing through a balance sheet lender on behalf of the borrower, Manhattan-based RiverBrook Equities. The 10-year loan includes a 25-year amortization schedule.
ALTOONA AND WASHINGTON, PA. — Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels in Western Pennsylvania for approximately $10 million. The properties include the 105-room Courtyard by Marriott in Altoona, about 100 miles east of Pittsburgh, and the 86-room SpringHill Suites by Marriott in Washington, located about 30 miles southwest of Pittsburgh. Chatham, which purchased the hotels in 2010 as part of a larger portfolio acquisition, sold the properties at a capitalization rate of 6 percent. The buyer was not disclosed. Chatham CEO Jeffrey Fisher noted that the revenue per available room (RevPAR) at both hotels did not meet the standards of his company’s portfolio, and that disposing of the properties saved the company roughly $4 million in renovation costs.
EXTON, PA. — JLL has negotiated the sale of a 55,000-square-foot retail property leased to Whole Foods Market in Exton, about 50 miles west of Philadelphia. The freestanding building is located at the entrance of the Exton Square Mall near two major thoroughfares, State Route 100 and U.S. Route 30. Austin-based Whole Foods signed a 20-year lease at the property and opened its doors in January 2018. The grocery store also includes a 4,000-square-foot rooftop deck with fire pits for dining. Jim Galbally, Bill Moylan and Colin Behr of JLL handled the transaction on behalf of the seller, Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT). A New York-based investment firm purchased the asset for an undisclosed price.
WESTBROOK, MAINE — Cinemark Holdings Inc., a publicly traded owner-operator of movie theaters, will open a 12-screen venue within the Rock Row mixed-use development in Westbrook, Maine, a western suburb of Portland. The theater, which will be built from the ground up, is scheduled to open in spring 2021. All auditoriums will feature oversized recliners with footrests and cup holders, as well as wall-to-wall screens and enhanced sound systems. Rock Row, a 100-acre development by Waterstone Properties Group, features more than 1 million square feet of commercial and residential space, as well as a beer and food hall, grocery store, medical and wellness campus and an 8,200-seat concert venue. A general contractor for the project has not yet been selected.
NEW YORK CITY — Cushman & Wakefield has brokered the $7.9 million sale of a Manhattan property featuring six residential units and two commercial spaces. The property is located at 833 Lexington Ave. in the Lenox Hill neighborhood. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in the transaction. Additional terms of sale were not disclosed.
DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.
LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.