HOUSTON — Lee & Associates has arranged the sale of a 211,086-square-foot manufacturing facility located at 12218 Robin Blvd. in Houston. According to LoopNet Inc., the property was built in 1964 and features 10-foot clear heights as well as 10 drive-in, grade-level doors. Justin Tunnell of Lee & Associates represented the seller, Admiral Glass Co., in the transaction. Joseph Berwick and Richard Quarles of JLL represented the buyer, IFP-II LLC.
DALLAS — Aethon Energy Operating LLC has signed a 47,679-square-foot office lease at 12377 Merit Drive in Dallas. Melanie Hughes, Richmond Collinsworth and Bret Cooper of Bradford Commercial Real Estate Services represented the landlord, YP Park Central LLC, in the lease negotiations. Russell Trenary of Trenary & Associates represented the tenant.
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
ROBBINSVILLE, N.J. — Colliers has arranged the sale of The Shoppes at Foxmoor, a 125,295-square-foot retail center in Robbinsville. The sales price was undisclosed. The property is situated on 19 acres and is within walking distance of Town Center, a mixed-use development with over 900 residential units and 220,000 square feet of retail and office space. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the undisclosed seller. The buyer was also undisclosed.
The Las Vegas industrial sector set records in 2017, with more new construction and higher net absorption than any other time in the market’s history. New construction was dominated by pre-leased space primarily driven by transportation and logistics companies, namely ecommerce and retail-related businesses. As a result, the overall vacancy rate decreased to the second lowest level in market history. As a percentage of overall market size, Las Vegas led the country in both new construction and net absorption. The significant momentum of 2017 did carry over to the first quarter of 2018, albeit at a relatively slower rate. New construction totaled 1.3 million square feet and net absorption lagged deliveries at a positive 1 million square feet, marking the 22nd consecutive quarter of positive net absorption. The overall direct vacancy rate in the first quarter of 2018 was 4 percent, an increase of 50 basis points over the previous quarter. This provided much-needed inventory for tenants looking to enter or expand into the Las Vegas market. While the North Las Vegas submarket dominated 2017, accounting for nearly 70 percent of total net absorption, it is the Southwest submarket that is surging in 2018 with 53 percent of net absorption …
DALLAS — The past 12 to 18 months have seen a strong uptick in the number of mergers and consolidations among healthcare providers in the United States, and industry experts are still trying to figure out how this activity will impact cash flows, pricing and cap rates for healthcare properties. A recent report from the Health Research Institute at PricewaterhouseCoopers (PwC) identified 255 healthcare merger and acquisition deals in the second quarter of 2018 alone. That figure actually represented a 7.3 percent decline in this kind of deal volume from the first quarter of 2018. The PwC report noted that healthcare providers are facing declining revenues driven in part by lower reimbursement rates for both public and private payors, forcing them to cut costs to stop the bleeding. Mergers, partnerships and strategic alliances provide conduits for this kind of cost cutting. Larger deals proposed or closed this year include the $69 billion merger between Aetna and CVS, as well as Cigna’s $67 billion acquisition of pharmacy benefit manager Express Scripts. Rite Aid also cast merger bids with Walgreens and Albertsons, though both failed to reach completion. And on Oct. 2, two Texas-based healthcare providers, Baylor Scott & White and Memorial …
BIRMINGHAM, ALA. — Hunt Real Estate Capital has hired Chad Thomas Hagwood as senior managing director and Southeast regional manager. Formerly with Capital One Multifamily Finance, Hagwood will be based in Hunt’s Birmingham office. In this role, Hagwood will be actively involved in the origination of multifamily and manufactured home community debt throughout the nation, with a focus on loan originations through Fannie Mae, Freddie Mac, CMBS and FHA programs. Additionally, Hagwood will oversee the firm’s Southeast Region and the Manufactured Home Community production nationally. Over the course of his career, Hagwood has closed in excess of $8 billion in commercial real estate transactions throughout the United States, and he is annually ranked as one of the industry’s leading loan originators.
DALLAS AND HOUSTON — The boards of not-for-profit health systems Baylor Scott & White Health and Memorial Hermann Health System have signed a letter of intent to merge operations. Together the two health systems own or have a stake in 68 hospitals and 1,100 care delivery sites in 30 Texas counties. The systems also record nearly 10 million annual “patient encounters” and employ approximately 73,000 people, including 14,000 physicians. According to The Wall Street Journal, the combined health system would be among the largest in the U.S. by number of hospitals and would generate more than $14 billion in annual revenue. As per the merger agreement, the board of the combined company will comprise an equal number of appointees from both organizations. Jim Hinton, CEO of Baylor Scott & White, will be the CEO of the proposed combined system and will be joined in the proposed office of the CEO by Chuck Stokes, president and CEO of Memorial Hermann, and Pete McCanna, president of Baylor Scott & White. “This is about two mission-driven organizations — both committed to making safe, high-quality healthcare more convenient and affordable — building something transformative together,” says Hinton. “Through this combined system, we have a …
CHATTANOOGA — Marcus & Millichap has arranged the sale of a retail property located at 3901 Hixson Pike Suite 181 in Chattanooga. Fletcher Bright Co. sold the property to 3901 LLC for $3.7 million. Walmart Neighborhood Market occupies the 41,117-square-foot building, which was constructed in 2015. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, while Louie Granteed of Tobin Properties Inc. represented the buyer in the deal.
FULLERTON, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Richman Gardens, a standalone memory care community in the Orange County city of Fullerton. A joint venture between a REIT and a national operator sold the community as part of a larger portfolio disposition strategy. A Los Angeles-based owner-operator acquired the property for an undisclosed price. The buyer plans to implement a substantial renovation of the community, as well as implement operational changes to reduce expenses. This is the company’s first Orange County acquisition. Blueprint’s Jacob Gehl, Ben Firestone and Scott Frazier handled the transaction.