LIVERPOOL, N.Y. – Chicago Pacific Founders (CPF) has acquired Parkrose Estates, a 100-unit independent living community in the Syracuse suburb of Liverpool, for an undisclosed price. CPF made the purchase along with its subsidiaries, Grace Management and CPF Living Communities. Grace Management will take over operations at the community. CPF plans to make improvements to the campus, but further details were not disclosed.
MAHWAH, N.J. – NAI James E. Hanson has brokered a lease with Snow Joe DC LLC for Sitex Group’s new industrial facility located at 100 Performance Drive within Stateline Business Park in Mahwah. Situated on 20.7 acres, the warehouse offers a 36-foot clear height, 54-by-60-foot column spacing, 36 dock doors, ESFR sprinklers, two drive-in doors and parking for 25 trailers and 184 cars. Snow Joe is a manufacturer of innovative, eco-friendly and affordable land and garden tools. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the landlord, while Brian Scheuer of Chaus Realty represented the tenant in the lease transaction.
GALLOWAY, N.J. – Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt-service payments each year. The loan features a fixed interest rate and 35-year term. Tony Ruberg led the transaction for Lancaster Pollard.
HAMPTON, PA. – Marcus & Millichap has arranged the sale of a retail property located at 5161 William Flynn Highway in Hampton. A private investor acquired the property from a developer for $2.3 million. Dunkin’ Donuts and Heartland Dental occupy the 4,200-square-foot property. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, while David Cafiero, Sgambati and Cafiero represented the buyer in the deal.
NESCONSET, N.Y. – Monticello Asset Management has provided $45.3 million in bridge-to-HUD financing to Nesconset Property NY LLC. The borrower will use the funds to acquire two adult daycare facilities and a 242-bed skilled nursing facility in New York State. Although the names and locations of the properties were not disclosed, the borrower is named for Nesconset, a town on Long Island. The adult daycare facilities can house up to 165 seniors and were built in 1993 and 1994. The skilled nursing facility was built in 1984. The borrower plans to convert the financing to HUD debt before the end of the loan term.
AUSTIN, TEXAS — Brandywine Realty Trust, a Philadelphia-based REIT, has signed a development agreement to develop a 250,000-square-foot office building at the Garza Ranch mixed-use development in Austin. A timeline for construction has not yet been established. At full build-out, Garza Ranch will consist of 400,000 square feet of office space, 370 multifamily units and a 140-room Aloft hotel, according to the Austin American-Statesman.
SAN ANTONIO — Cruising Kitchens, a fabricator of food trucks and mobile offices, will open a 61,000-square-foot production facility in San Antonio on May 18. The facility will be located at 2100 Mannix Drive near the San Antonio International Airport on the city’s north side, and will include an interactive lobby, viewing windows and a showroom.
HOUSTON AND SUGAR LAND, TEXAS — Breakfast chain The Toasted Yolk Café will open two additional restaurants in the Houston area, including a 5,000-square-foot restaurant in the Galleria area of Houston and a 5,954-square-foot restaurant in the southwestern suburb of Sugar Land. The Toasted Yolk will have seven locations in Houston following the opening of these venues, both of which are slated for August. Paul Vernon of Henry S. Miller Brokerage Co. represented The Toasted Yolk in the lease negotiations for the new spaces.
SAN ANTONIO — Retail Properties of America Inc. (RPAI) has secured two new retail leases totaling 7,300 square feet at Huebner Oaks, a 285,000-square-foot, open-air shopping destination in San Antonio. Jeweler James Avery will open a 6,100-square-foot store and francesca’s, a women’s clothing and accessories retailer, will open a 1,200-square-foot store. The stores are scheduled to open in the summer of 2018 and early 2019, respectively.
RALEIGH, N.C. — YMCA of the Triangle has unveiled plans to develop a $41 million recreation center and school located at 1436 Rock Quarry Road in southeast Raleigh. The project is being funded with $21 million in New Markets Tax Credit (NMTC), and a loan from SunTrust Community Capital. CAHEC New Markets LLC, a subsidiary of Raleigh-based CAHEC, a nonprofit tax credit equity syndicator, provided YMCA of the Triangle with $15 million in NMTC allocations, and SunTrust provided the remaining $6 million. Tax Advantage Group provided NMTC advisory services to YMCA of the Triangle. The new facility will house a 42,960-square-foot recreation center with a wellness area, gymnasium and group exercise studio, as well as a 71,980-square-foot building that will be operated and leased to the Wake County Public School System. The new YMCA center will create 28 permanent jobs in the area, as well as 129 construction jobs during the development phase. The project is slated for completion in August 2019.
