Property Type

Encore Real Estate Negotiates Sale of Walgreens Property in Glendale, Arizona

by Amy Works March 23, 2018

GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.

March 23, 2018

Acquisitions North Carolina Office Southeast

Accesso, Torchlight Acquire 10 Office Buildings in Triangle for $108.1M

by Camren Skelton March 23, 2018

DURHAM, N.C. — Florida-based Accesso Partners LLC, along with capital partner Torchlight Investors, has acquired 10 office buildings totaling 690,520 square feet within Meridian Corporate Center, a 270-acre office park in Durham. The campus is located adjacent to Research Triangle Park. The sales prices were not disclosed, but the Triangle Business Journal reports Accesso acquired a nine-building portfolio within Meridian Corporate Center from New York-based Investcorp for $95.7 million. The portfolio was 91 percent leased at the time of sale. In addition, Accesso acquired another 74,072-square-foot building on the campus from Origin Investments for $12.4 million. Ryan Clutter, Scot Humphrey and Chris Norvell of HFF arranged the transactions on behalf of the sellers. Susan Hill of HFF arranged acquisition financing through J.P. Morgan Chase Bank on behalf of the buyers. The new ownership plans to enhance the office campus with a conference center, tenant lounge, collaborative areas, fitness center and exterior landscaping. The majority of tenants at the park are in the software, technology and life science fields, including NVDIA, Parexel, EBSCO Information System’s NoveList division, Spoonflower and Avaya. In addition to office space, Meridian Corporate Center is also home to a 332-unit apartment community (The Heights at Meridian) and a …

March 23, 2018

Development Multifamily North Carolina Southeast

Alliance Residential Breaks Ground on 345-Unit Apartment Community in Charlotte

by Camren Skelton March 23, 2018

CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Bryant Park, a 345-unit apartment community in Charlotte’s FreeMoreWest neighborhood, just west of Uptown. The community will offer a mix of studio, one-, two- and three-bedroom units. Community amenities will include a 24-hour fitness center with yoga studio, coworking space, pool with sundeck, electric car charging stations, bike storage, 24-hour package and dry-cleaning pick-up and a pet spa with a grooming station. The project is Alliance’s first in Charlotte and second in North Carolina. Construction is slated to begin immediately, and the first units are expected to deliver in summer 2019.

March 23, 2018

Loans Multifamily Southeast Virginia

HFF Secures $18.8M Freddie Mac Acquisition Loan for Multifamily Asset in Hampton Roads Area

by Camren Skelton March 23, 2018

NEWPORT NEWS, VA. — HFF has secured an $18.8 million loan for the acquisition of Meadow View Townhomes, a 400-unit apartment community located at 4801 Marshall Ave. in Newport News, a town in Virginia’s Hampton Roads region. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, a joint venture between Brick Lane and Red Starr Investments. The 77-building property includes a mix of one- to four-bedroom units. The property, which was fully renovated in 2017, features a clubhouse, playground and on-site parking.

March 23, 2018

Development Multifamily Seniors Housing Southeast Tennessee

Confluent, Harbor to Build 123-Unit Seniors Housing Community Near Memphis

by Camren Skelton March 23, 2018

GERMANTOWN, TENN. — Confluent Senior Living, in partnership with Harbor Retirement Associates (HRA), is set to begin construction of HarborChase of Germantown, an assisted living and memory care community in the east Memphis suburb of Germantown. The 114,450-square-foot community will feature 86 assisted living units and 37 memory care units in a three-story building. It is scheduled to open in summer 2019. Rosemann & Associates is serving as the architect on the project, and Catamount Construction is the general contractor. Vero Beach, Fla.-based HRA will operate the community upon completion. Confluent Senior Living is a subsidiary of Denver-based real estate investment firm Confluent Development. This is the third project by the Confluent and HRA partnership. The companies also have several land parcels under contract in nearby Cordova with plans for a second seniors housing community in the Memphis area.

March 23, 2018

Acquisitions Georgia Retail Southeast

Colliers Brokers $8.6M Sale of Shopping Center in North Georgia

by Camren Skelton March 23, 2018

ROME, GA. — Colliers International has brokered the $8.6 million sale of West Town Square, an 84,828-square-foot shopping center in Rome, a city in north Georgia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, Eck-Phoenix LLC. Attic XII Self Storage LLC acquired the center. The three-tenant West Town Square was fully leased at the time of sale to Bargain Hunt, Harbor Freight Tools and Redmond Regional Medical Center Medical Complex.

March 23, 2018

Acquisitions Healthcare Oklahoma Texas Top Stories

OU Medicine Acquires HCA’s Interests in Oklahoma City Medical System for $1.1B

by Kristin Harlow March 23, 2018

OKLAHOMA CITY — OU Medicine Inc. has acquired interests in OU Medical System (OUMS), a series of hospitals and medical facilities in and around Oklahoma City. The buyer received nearly $1.1 billion in financing for the transaction. The seller was HCA Healthcare, which sold its full interest in the system. OU Medicine is an affiliate of University Hospitals Authority and Trust (UHAT). HCA Healthcare is a joint operating company operated by HCA and UHAT. OU Medicine, a newly formed 501(c)(3) corporation, completed the acquisition with a $900 million bridge financing and $175 million subordinated debt issuance. Proceeds from the combined nearly $1.1 billion financing were also used to provide liquidity on OU Medicine’s balance sheet, fund a portion of a bed tower expansion and redeem $42.4 million of outstanding UHAT bonds. The bridge financing included $673.4 million of tax-exempt direct purchase senior bonds and a $232.5 million taxable senior loan. UHAT retained Cain Brothers as its exclusive M&A advisor to negotiate the termination of the existing joint operating agreement with HCA. Cain Brothers also acted as financial advisor to assist in sourcing and structuring the bridge financing. OU Medicine was formed to own and operate OUMS, a health system of three …

March 23, 2018

Features Multifamily Seniors Housing Texas

NIC: Collaboration is the Future of Seniors Housing

by Katie Sloan March 23, 2018

The future of seniors housing is dependent on collaboration and cooperation between all the stakeholders in the industry, particularly operators and “senior care enablers,” according to Brian Jurutka, president and CEO of the National Investment Center for Seniors Housing & Care (NIC). The comments came during a question-and-answer session moderated by Mary Ann Donaghy, NIC’s chief marketing and communications officer, at the organization’s Spring Investment Forum, held March 7 to 9 in Dallas. NIC is a Maryland-based nonprofit association that provides data metrics on the seniors housing industry. Examples of senior care enablers include healthcare systems, home health providers, software companies and others who provide care outside of the standard offerings of a seniors housing community. “Historically we have been more focused on the real estate piece,” says Jurutka. “However, one of the components we think is important is that instead of seniors going to healthcare, healthcare will come to seniors. What that means is there are opportunities for value to be created for seniors housing communities.” Examples of such collaborations in action could include: Bringing home health aides into independent living communities to slow the transition to assisted living. Bringing rehabilitation and therapy providers into assisted living communities to …

March 23, 2018

Market Reports Multifamily Texas Texas Market Reports

Multifamily Occupancy Holds Firm in San Antonio Despite Record Deliveries in 2017

by Taylor Williams March 23, 2018

There’s no question that the San Antonio multifamily market has had the reputation of being the steady tortoise in a race against the more nimble Texas hares of Houston, Dallas and Austin. We all know how the fable ends — the hare, confident of an easy win, takes a nap while the tortoise secures victory. Could 2018 be the year that our “slow and steady” hero finds its place at the top of the Texas market performance? As it stands, the Alamo City is enjoying an apartment occupancy rate of 92.1 percent, which is flat on a year-over-year basis. But given the amount of new supply that entered the market in 2017 — a cycle-high 7,230 units — that’s a remarkable number. We ended 2017 with an average rent of $1.14 per square foot, which is flat compared to third-quarter figures, but that number still represents 3.64 percent growth from the $1.10 average from the fourth quarter of 2016. So what does it mean for the market’s immediate future? The San Antonio construction pipeline continues to be a focal point and as things progressed, there have been some surprises. While 2017 marked the cyclical peak for deliveries, and there has …

March 23, 2018

Loans Multifamily New York Northeast

Mack Real Estate Credit Strategies Provides $127M in Financing for Multifamily Development in Brooklyn

by David Cohen March 22, 2018

NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.

March 22, 2018

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