PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.
LEE’S SUMMIT, MO. — Mid-States Distributing LLC has purchased the former Toys ‘R’ Us Kansas City distribution facility located in Lee’s Summit. Mid-States, which is a U.S. and Canadian farm and ranch retail store cooperative, plans to commence operations at the site by the end of the year. The company also plans to hire between 30 and 35 additional employees. Mid-States plans to invest more than $35 million for the 725,769-square-foot facility, which will serve as a centralized distribution point. Toys ‘R’ Us ceased operations earlier this year.
OHIO — KeyBank Real Estate Capital has provided a $36.3 million FHA 232/223(f) loan for the acquisition of a four-property skilled nursing portfolio in Ohio. Built between 1961 and 1984, the properties contain a total of 442 beds. Property names were not disclosed. John Randolph, Henry Alonso and Brandon Taseff of KeyBank originated the loan on behalf of the borrower, Foundations Health Solutions. The loan proceeds were used to pay down part of an existing $87.5 million bridge loan that KeyBank previously provided the borrower for the acquisition of nine skilled nursing facilities.
CLEVELAND — Arcapita and Weston have acquired a seven-property industrial portfolio spanning 655,000 square feet in Cleveland. The purchase price was not disclosed. Logistics, technology and assembly space tenants occupy the properties. Weston will serve as the leasing and managing agent.
ANKENY, IOWA — Stahl has been awarded the construction management contract for a new 101,403-square-foot elementary school in Ankeny. Construction of the $20 million project is expected to begin in March 2019. The new school will serve 750 students in grades K-5. FRK Architects + Engineers is the project partner. Completion is slated for June 2020. Funding for the school came from an $18 million bond referendum approved by the community in February 2018.
ST. CHARLES, ILL. — Baum Realty Group LLC has arranged the $3 million sale of a 4,469-square-foot retail building in St. Charles, roughly 40 miles west of Chicago. Starbucks and Verizon fully occupy the property. Patrick Forkin of Baum represented the seller, a national retail developer. An East Coast-based buyer completing a 1031 tax-deferred exchange purchased the asset in an all-cash transaction.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged a $23.7 million Fannie Mae acquisition loan for Preserve at Wells Branch, a 308-unit multifamily community in Austin. The community offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and basketball court. The new ownership plans to convert the property into an affordable housing community with 51 percent of the units available to households earning 80 percent or less of the area median income. Kevin Bowen of Bellwether arranged the 12-year loan, which features a fixed interest rate, on behalf of the borrower, the Housing Authority of the City of Austin.
BRENHAM, TEXAS — Developer Servitas has completed Mill Creek Residence Hall, a $22.7 million student housing project serving Blinn College in Brenham, roughly midway between Houston and Austin. The 169,700-square-foot property features 464 suites in four- and two-bed configurations, as well as community study rooms, common areas and onsite laundry facilities. Moss Construction and Hunt Cos. provided general contracting and construction management services for the project, which Kirksey Architecture designed. The property welcomed its first student residents this semester.
RICHARDSON, TEXAS — Tech consulting firm Infosys (NYSE: INFY) will open a technology and innovation hub in the northeastern Dallas suburb of Richardson. The company claims the project will create 500 new jobs by 2020. Operations at the center will focus on serving the telecommunications, retail and banking industries. According to the Fort Worth Business Press, the company’s total capital investment in the area will be $12.3 million.
MESQUITE, TEXAS — SRS Real Estate Partners has negotiated the $4.7 million sale of a retail asset triple-net leased to Walgreens in Mesquite, an eastern suburb of Dallas. The property was built in 2000 and totals 15,062 square feet. Matthew Mousavi and Patrick Luther of SRS represented the Utah-based seller in the transaction. The buyer in the all-cash deal was a California-based investor that acquired the property via a 1031 exchange.