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ArizonaMultifamilySeniors HousingWestern

Blueprint Arranges $15.3M Sale of Two Skilled Nursing Facilities in Arizona

by Nellie Day

MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.

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CaliforniaMultifamilyStudent HousingWestern

UC Davis Opens Three Residence Halls, Community Building

by Nellie Day

DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consisting of three residence halls and a community building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a television, game tables and three video-gaming stations for use by all Tercero residents. Olive Hall, the new community building, includes a large main lounge with a community demonstration kitchen. The $59.1 million project is part of a long-term development plan that aims to increase student beds on campus from about 9,400 in 2015 to 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall.

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ArizonaMultifamilySeniors HousingWestern

Spectrum Debuts 159-Unit Seniors Housing Community in Phoenix

by Nellie Day

PHOENIX — Spectrum Retirement Communities has opened The Enclave at Anthem Senior Living, a 159-unit independent living, assisted living and memory care community in Phoenix’s North Black Canyon Corridor. The 160,000-square-foot community is located on 6.5 acres. It is Spectrum’s fourth in the Phoenix metro area, with four more currently under construction. Spectrum both owns and operates the community. Denver-based Spectrum Retirement Communities LLC operates 36 senior living communities in 12 states from New York to Oregon totaling more than 4,200 units. The company has an additional 16 communities currently under construction.

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LoansNortheastOfficePennsylvania

Faros Properties Receives $127.5M in Financing for Two Office Properties in Pittsburgh

by Amy Works

PITTSBURGH — Faros Properties has received $127.5 million in financing for Nova Place and 106 Isabella in Pittsburgh. Gerard Sansosti and Nick Matt of HFF secured the five-year, floating-rate loan through Wells Fargo for the borrower. Nova Place is a former urban mall that was converted into office use in the early 1990s. The complex now offers 1.3 million square feet of office space and is 86 percent occupied by a variety of tenants, including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. 106 Isabella features 87,050 square feet is a located adjacent to the Warhol.

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IndustrialNew YorkNortheast

Seagis Property Group Acquires Three Warehouses in Brooklyn Totaling 135,000 SF

by Amy Works

NEW YORK CITY — Seagis Property Group has purchased three warehouse buildings in South Brooklyn in three separate transactions. The properties are a 22,000-square-foot building at 931 Stanley Ave., a 42,500-square-foot building at 1010 Stanley Ave. and a 70,000-square-foot property at 1970 Pitkin Ave. The three buildings were vacant at the time of acquisition and are immediately available for lease. These transactions add to Seagis’ existing portfolio of 40 properties totaling 750,000 square feet in New York City.

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LoansNew JerseyNortheastOffice

Cushman & Wakefield Arranges $80.7M in Financing for Office Building in Warren, New Jersey

by Amy Works

WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented Normandy in the financing.

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MultifamilyNew JerseyNortheast

Gebroe-Hammer Associates Brokers $7.5M Sale of Apartment Property in Southern New Jersey

by Amy Works

LINDENWOLD, N.J. — Gebroe-Hammer Associates has arranged the sale of Summit Place, a multifamily property located at 411 E. Gibbsboro Road in Lindenwold. A private investor acquired the property from ARD Lindenwold for $7.5 million. Built in 1971, the property features 148 garden-style apartments and has undergone comprehensive capital improvements. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

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Hanover-Crossroads-Cedar-Knolls-NJ
New JerseyNortheastRetail

Key Properties Opens 170,000 SF Shopping Center in Cedar Knolls, New Jersey

by Amy Works

CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek and MedExpress Urgent Care occupy the three pad sites. Key Properties plans to break ground this fall on the property’s final pad, which will be occupied by IHOP and an Italian restaurant with catering services. The project team includes Phelps Construction as construction manager, The Dietz Partnership as architect, Bowman Consulting Group as site engineer and TRC as environmental consultant.

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AlabamaMultifamilySouth CarolinaSoutheastStudent Housing

Mallory & Evans Breaks Ground on Two Student Housing Communities in Alabama, South Carolina

by Camren Skelton

FLORENCE ALA. AND CONWAY, S.C. — Mallory & Evans Development has broken ground on two student housing communities in Alabama and South Carolina. The projects include Bellamy Florence, a $24 million, 420-bed community located near the University of North Alabama in Florence, and Bellamy Coastal, a $32 million, 480-bed community located adjacent to Coastal Carolina University in Conway. Both developments will offer fully furnished units with bed-to-bath parity. Shared amenities will include a pool, sundeck, 24-hour fitness center, study areas, covered outdoor patios with TVs, tanning beds, a clubhouse, fire pits and grills. Caliber Living, a subsidiary of Mallory & Evans, will lease and manage both communities, which are slated for completion next fall.

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IndustrialSoutheastTennessee

Ridgeline, USAA to Develop 558,600 SF Distribution Center Near Nashville

by Camren Skelton

LEBANON, TENN. — Ridgeline Property Group (RPG), in a joint venture with USAA Real Estate Co., has unveiled plans to develop Park 840 East Building 100, a 558,600-square-foot distribution and logistics facility in Lebanon, roughly 30 miles east of Nashville. The Class A property will be developed on a 29-acre site at the southeast corner of Central Pike and Interstate 840. Steve Preston and Hayes McWilliams of CBRE will handle the building’s leasing assignment. The project will feature concrete-tilt panel construction, 36-foot clear heights, 56- by 50-foot column spacing, 62.5-foot speed bays, 96 dock doors and 113 trailer stalls. Construction is slated to begin in the fourth quarter, with completion estimated for the second quarter of 2018.

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