ROCKY HILL, CONN. — Pearce Real Estate has arranged the acquisition of a retail property located at 323 Cromwell Ave. in Rocky Hill. Jordan Realty purchased the property from Broad Street III for $5.5 million. CVS/pharmacy occupies the 15,000-square-foot building. DeForest Smith of Pearce Real Estate represented the buyer in the 1031 exchange transaction.
LINCOLN, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of an industrial building located at 50 Industrial Circle in Lincoln. Lincoln Freight Terminal sold the property to 50 Industrial Circle LLC for $1.4 million. The property feature 213,457 square feet of industrial space. Thomas Sweeney of Sweeney Real Estate represented the seller, while George Paskalis of MG Commercial represented the buyer in the deal.
DENVER — Northstar Commercial Partners has purchased Offices at the Art, a 52,000-square-foot office property in Denver, for $17.1 million. The Class AA asset is situated along Broadway. Offices at the Art was built in 2015. It enjoys access to Broadway, Speer Boulevard, Interstate 25, Cherry Creek, Capitol Hill and downtown Denver.
ANAHEIM, CALIF. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community. The community features 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The community is open to seniors age 62 and older with household incomes between 35 percent and 60 percent of the area’s median income level. CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States.
BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.
OAHU, HAWAII — Jersey Mike’s Subs opened its first restaurant on a military base, with a new location at Schofield Barracks in Oahu. The company plans to open restaurants at two other military installations in 2018. The 490-square-foot sub shop, located in the Army & Air Force Exchange Service food court, is staffed almost entirely by local residents connected to service members at the installation. The Schofield Barracks location is the 54th Jersey Mike’s restaurant for franchise owner Alvaro Garcia, whose other locations are in California and Hawaii. Started in 1956, Jersey Mike’s now has 1,500 restaurants open and under development nationwide.
IRVINE, CALIF. — Michael McKee, executive chairman of Irvine-based healthcare REIT HCP Inc. (NYSE: HCP), has announced he plans to retire on March 1. Following his official retirement, McKee will continue to serve on the board of directors as a consultant until HCP’s annual meeting on April 26. Dave Henry, previously the lead independent director, has been appointed to serve as non-executive chairman. McKee has served as HCP’s executive chairman since May 2016 and as a member of the board since 1989. From July to December 2016, he served as interim president and CEO, filling the gap between Lauralee Martin’s departure and Tom Herzog’s promotion. McKee has been one of the few constants for a REIT that underwent massive changes in recent years. In his 20 months as executive chairman, the company spun off its 320-property HCR ManorCare skilled nursing portfolio into a separate REIT known as Quality Care Properties Inc. (NYSE: QCP). Additionally, the executive team saw nearly constant change during this time. Herzog was re-hired to his previous position of CFO and eventually promoted to CEO following Martin’s tenure. The company was also able to woo longtime industry veterans Justin Hutchens and Kai Hsiao, before losing them both …
ST. PETERSBURG, FLA. — ARA Newmark has arranged the $64.1 million sale of Reserve at Gateway, a 314-unit apartment community located at 500 Trinity Lane in St. Petersburg. Patrick Dufour, Richard Donnellan, Scott Ramey and Ryan Crowley of ARA Newmark arranged the transaction on behalf of the seller, New York-based Clarion Partners. Matthew Williams of NKF Capital Markets arranged acquisition financing for the asset on behalf of the buyer, Philadelphia-based Equus Capital Partners. Constructed in 1999, the property underwent renovations between 2013 and 2017. Individual units feature crown molding, faux-wood flooring, stainless steel appliances, granite countertops and new cabinetry and lighting. Community amenities include a resort-style pool, outdoor kitchen, fitness center, lighted tennis court, car care center and a dog park.
MORRISVILLE, N.C. — CBRE has arranged a $42.2 million Fannie Mae loan for the acquisition of The Reserve at Park Place, a 312-unit apartment community located at 4531 Langdon Drive in Morrisville. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE arranged the loan on behalf of the buyer, Centennial Holding Co. Watson Bryant, Jordan McCarley and Marc Robinson of Cushman & Wakefield arranged the sale on behalf of the seller, Park Place Members LLC. Constructed in 2017, the property features a saltwater pool, entertainment pavilion, car wash facility, dog park and spa, billiards table and a fitness center.
LENEXA, KAN. — A joint venture between Prism Real Estate Services LLC and Ameritas Life Insurance Corp. has acquired the Lenexa Industrial Park portfolio in Kansas. The purchase price was not disclosed. The portfolio consists of 17 industrial and flex buildings totaling 589,391 square feet. Hugh Zimmer developed the properties, which are located at the interchange of I-35 and I-435. Michael VanBuskirk, David Zimmer and Chris Robertson of Newmark Grubb Zimmer (NGZ) represented the buyer in the transaction. NGZ will handle leasing and management of the properties. Joe Platt and Alex Hilton of Grandbridge Real Estate Capital will arrange debt placement on behalf of the buyer.