ALTON AND BELLEVILLE, ILL. — Strawberry Fields REIT LLC has acquired two skilled nursing facilities near the Illinois-Missouri border for $5.9 million. The properties total 361 beds and include Integrity Healthcare of Alton in Alton and Integrity Healthcare of Belleville in Belleville. Both cities are suburbs of St. Louis and are located in Illinois. Integrity Healthcare Management will continue to operate the two facilities under a master lease agreement. The average occupancy in the homes is 48 percent. Among the residents at the two skilled nursing facilities, 6 percent are Medicare patients, 88 percent are Medicaid patients and 5 percent are private pay.
CHICAGO — Tucker Development has secured three new retail leases for its mixed-use development known as 900 West in Chicago’s Fulton Market. The retailers include Kinton Ramen, a Toronto-based ramen bar; Jeni’s Splendid Ice Creams; and Independence, an upscale menswear boutique. All three businesses plan to open their new locations sometime this year. Completed in 2017, 900 West is the adaptive reuse of 10 historic buildings in the 900 block of West Randolph Street. Together, the buildings offer more than 45,000 square feet of street-level retail space and 45,000 square feet of office space on the upper floors. The office space is fully leased by co-working provider Spaces and private equity firm Parker Gale. Current retailers include lululemon, Bluemercury and Bonci Pizzeria.
MARQUETTE, MICH. — Marcus & Millichap has arranged the sale of three net leased properties in Marquette for $3.7 million. The properties include an 84,180-square-foot Kohl’s, an Applebee’s pad site and another pad site occupied by Verizon Wireless and H&R Block. The buildings are outparcels of Westwood Mall. Mark Taylor, Shannon Bona and Brian Sy of Marcus & Millichap marketed the portfolio on behalf of the seller, a private development company. Taylor, along with Donovan Mackey, secured the private equity buyer.
TROY, MICH. — The City of Troy Planning Commission has approved the final site plan for a new 9,844-square-foot retail center at the southeast corner of Tower Drive and Crooks Road. Plans call for three fast-casual restaurants and an additional commercial tenant. A new pedestrian path along Crooks Road will connect the retail center to the existing sidewalk and to the 901 Tower office building. Construction is expected to begin as early as this summer. No further site plan approvals, other than building permits, are required. NORR Architects, Engineers and Planners designed the property. Dominion Real Estate Advisors will market the property for lease.
SACRAMENTO, CALIF. — The trustees of California State University have given final approval for a $164 million student housing community to be built on the university’s Sacramento campus. A public-private partnership between the university, Greystar and the university’s nonprofit affiliate, University Enterprises Inc., will develop the community. The 360,000-square-foot development will offer 1,100 beds in studio, two- and four-bedroom, apartment-style units. The property will also feature a clubhouse, café, fitness center, community room, outdoor pool, sand volleyball court, bocce court, barbecues and 546 surface-level parking spaces. The development team is scheduled to break ground on the project in May, with completion set for summer 2021. The first phase of the project, which includes relocating the Dan McAuliffe Memorial Ballparks to a new location, is currently underway. Steinberg Hart architects designed the project, which Sundt Construction will build.
COLORADO SPRINGS, COLO. — Crescent Real Estate LLC has received $102.5 million in acquisition financing for a suburban office portfolio in Colorado Springs. Trey Morsbach, Jim Curtin and Leon McBroom of HFF secured the five-year, floating-rate acquisition loan through Bank of America Merrill Lynch. The 13-building portfolio features more than 1 million square feet of office space. At the time of acquisition, the portfolio was 75 percent occupied by a variety of industry sectors, including aerospace, government and military/defense contractors, technology and healthcare. Major tenants include Northrop Grumman, Army National Guard, GSA, The Spectranetics Corp., Booz Allen Hamilton and United Healthcare.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Morton Gardens, a multifamily property located in the Echo Park neighborhood of Los Angeles. A regional private investor sold the property to an institutional investment fund for $25.5 million, or $386,364 per unit. Built on 2.9 acres in 1972, Morton Gardens features 66 units in a mix of one-, two- and three-bedroom layouts, two courtyards, controlled entry and covered parking. Joe Grabiec, Greg Harris and Kevin Green of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SUMNER, WASH. — Arbor Realty Trust has funded $7.5 million in Freddie Mac SBL financing for Cavalla Apartment Homes in Sumner. Built in 2005, Cavalla Apartment Homes features 72 two-story residences with gourmet kitchens, washer/dryer units, personal garages, tiled fireplaces, private balconies and a shared gazebo. Jonathan Chaim of Arbor’s New York City office originated the loan, which features a 10-year hybrid term.
TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the purchase of an industrial property located at 4551-4571 S. Alvernon Way in Tucson. Walter & Sons LLC acquired the building from HS-Tucson AZ LLC for $3.9 million. Rite Way Heating, Cooling & Plumbing will occupy the 44,736-square-foot building. Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the buyer, while William Di Vito of CBRE represented the seller in the transaction.
DENVER — Etkin Johnson Real Estate Partners, a Denver-based investment and development firm, has sold its portfolio of industrial assets in Colorado to San Francisco-based Berkeley Partners for $247.5 million. The deal represents the largest industrial portfolio sale ever closed in Colorado. The portfolio, which was 93 percent leased at the time of sale, comprises 19 properties totaling approximately 1.95 million square feet of industrial space. The facilities range in size from 26,078 to 293,510 square feet. Etkin Johnson acquired the properties between 1990 and 1998. All 19 assets are located in cities within Colorado’s Front Range, including Denver, Boulder, Colorado Springs, Aurora and Golden. “This was a very well-constructed portfolio of infill industrial,” says Matt Novak, partner at Berkeley Partners, which has more than $625 million in assets under management. “The Denver metro has been experiencing rapid growth, and this acquisition provides us a critical mass of properties in the market. Our goal is to hold these assets for 10- to 20-plus years, benefiting from the favorable long-term industrial supply-demand fundamentals.” Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction, which marks Berkeley Partners’ first acquisition in Colorado. — Taylor Williams