HAMILTON, OHIO — NorthMarq Capital has arranged a $10.2 million loan for the refinancing of Vora Technology Park in Hamilton, located in the Cincinnati metro area. The office property spans 365,000 square feet. Susan Branscome and Noah Juran of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. First Financial Bank provided the loan. The undisclosed borrower purchased the property in 2005.
ST. PAUL, MINN. — CBRE Multifamily has brokered the sale of Community Plaza in St. Paul for $4.2 million. The 30-unit rental townhome property is located at 709 Central Ave. near the Green Line light rail. The property features two- and three-bedroom townhome units with complete basements. Robert Lockman, Ted Abramson and Laura Hanneman of CBRE represented the seller, Community Plaza LP, an entity related to Sherman Associates. St. Paul-based CommonBond Communities was the buyer.
TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of the Jesse James Plaza, a 35,850-square-foot retail center in Toledo, for $2.9 million. Examples of tenants include Safelite Autoglass, Wings & Grill and Reynolds Laundromat. The Kansas-based buyer purchased the property for 96 percent of the list price. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private investment group out of Ohio.
ROCKLIN, CALIF. — Soma Capital Partners, in partnership with Timbercreek Asset Management, has acquired Blue Oaks Marketplace in Rocklin for $19.2 million. The seller was Diamond Creek Properties. At the time of sale, the 100,000-square-foot property was 81 percent leased.
LOS ANGELES — Faris Lee Investments has arranged the sale of a retail strip center located at 3921-3929 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles. A private Los Angeles-based investor acquired the property for $2.9 million. Built in 1920, the asset features 13,070 square feet of retail space. Tom Chichester, Joseph Chichester and Matt Brooks of Faris Lee Investments represented the buyer, while Rosano Parters represented the seller, a private Los Angeles-based family, in the deal.
VENTURA, CALIF. — Marcus & Millichap has arranged the sale of College Square Strip Center, a retail property located at 134-156 N. Ashwood Ave. in Ventura. An undisclosed buyer acquired the 7,680-square-foot property for $2.3 million. Brandon Michaels of Marcus & Millichap represented the seller, a limited liability company, in the transaction.
WOODLAND HILLS, CALIF. — NAI Capital has arranged the acquisition of a restaurant property located at 19723 Ventura Blvd. in Woodland Hills. Canzonet Investments purchased the restaurant property from Green Springs Partners for $1.9 million, or $585 per square foot. Sushi Ichiban Kan leases the 3,567-square-foot property. Matt Ehrlich of NAI Capital represented the buyer in the transaction.
ESCONDIDO, CALIF. — Paragon Commercial Group has closed two long-term leases with HomeGoods and ALDI at Escondido Valley Center at the corner of West Valley and Auto parkways in Escondido. The retailers are backfilling the former Sports Authority space at the 127,436-square-foot shopping center. HomeGoods will occupy 24,261 square feet and ALDI will occupy 21,869 square feet. Bruce Schiff and Phil Lyons of Cushman & Wakefield represented the landlord in both transactions.
TORONTO AND HOUSTON — Canada Pension Plan Investment Board (CPPIB) and Parkway Inc. (NYSE: PKY) have entered into a definitive agreement under which CPPIB will acquire Parkway, a Houston-based real estate investment trust, for $1.2 billion. The transaction, expected to close in the fourth quarter of this year, equates to $23.05 per share. Parkway owns the largest office portfolio in Houston, according to CPPIB. Located in the Westchase, Greenway and Galleria submarkets, the 19 properties span approximately 8.7 million square feet and were 87 percent leased as of March. Financial services, technology and commodities tenants anchor the buildings. TPG Capital and its affiliates, which collectively own approximately 10 percent of the outstanding common stock of Parkway, have agreed to vote in favor of the transaction. Parkway will pay its previously announced second quarter dividend today, but will suspend all future quarterly dividend payments through the expected close of the transaction. “We believe there are still some near-term headwinds in the office sector for Houston, but the implied asset valuation of this transaction shows CPPIB’s appreciation for the high-quality portfolio we have assembled and the near-term stability it provides during the current downturn in the market,” says James R. Heistand, president and CEO of Parkway. …
The Houston healthcare sector has gotten off to a slow start in 2017. Financial concerns are impacting several healthcare systems as they adapt to a changing marketplace. Industry challenges such as increasing technology costs, as well as changes in payer mixes and reimbursement rates, have impacted organizations’ operating models as a whole. While the majority of organizations have effectively adjusted or are adapting to the change, companies such as CHI St. Luke’s Health, Adeptus Health Inc. and Foundation Healthcare have not fared as well, resulting in a sluggish start to the year. In late March, CHI St. Luke’s announced another round of layoffs, stating that it would eliminate more than 459 jobs and an additional 161 vacant positions statewide. This is the fourth round of layoffs CHI has announced over the previous two years as the company continues to struggle with lower patient volumes, reduced reimbursement via Medicaid and Medicare, and increased technology-related operating costs. Adeptus Health, a freestanding emergency room operator with more than 29 Houston-area locations, appears to be headed for bankruptcy, having announced in March that it would be hiring a restructuring chief. Adeptus has grown rapidly over the past several years, initially opening facilities that lacked …
