SAN FRANCISCO — James Investment Partners has acquired The Terraces, a 72-unit, condominium-quality development in the East Bay community of El Sobrante, for $21.1 million. The community is located at 6000 Sunhill Circle. The Terraces was built in phases beginning in 1991. It was expanded in 2003. All units are about 1,000 square feet and feature two-bedroom floor plans with private garages. Community amenities include a swimming pool, Jacuzzi spa and a playground. There is an opportunity to convert the existing leasing office into a fitness center. Brandon Geraldo and Ryan Wagner of Colliers International represented both the buyer and seller, an affiliate of Abacus Capital Group, in this transaction.
LAS VEGAS — DC Building Group has completed construction on the Nevada Childhood Cancer Foundation and The Caring Place, which assists thousands of Southern Nevada residents every year. The 15,578 square-foot facility is located at 3711 E. Sunset Road. The facility will be referred to as the “Britney Spears Campus” due to her generous fundraising efforts of more than $1 million. The new structure combines more than 45 pediatric and adult services that were previously housed in two locations. Construction began on April 17. A grand opening celebration is scheduled for this October. The Nevada Childhood Cancer Foundation provides social, educational, financial and psychological support services and programs to families of children diagnosed with life threatening or critical illnesses. Penta Building Group acted as subcontractor, while Almany Architecture designed the space.
HOUSTON — Inland Real Estate Acquisitions has acquired two medical office buildings in Houston, both of which are leased to U.S. Pain & Spine Institute. The Houston Hospital for Specialized Surgery, located at 5445 La Branch St., measures 34,600 square feet and offers surgical beds and three operating rooms. The USPS Surgical Institute, located at 8111 Southwest Freeway, measures 37,000 square feet and serves as an ambulatory surgery center. Inland Real Estate Acquisitions, which serves as the purchasing arm of The Inland Real Estate Group of Cos. Inc., also brokered the sale.
KYLE, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $20.1 million in construction and permanent financing for Plum Creek Vue, a 180-unit apartment community in Kyle, a city roughly midway between Austin and San Antonio. The HUD loan carries a fixed interest rate for the 15-month construction period and subsequent 40-year term. Blazer Building Texas is constructing the property, which is located at the intersection of Cromwell and Dorman drives.
CORPUS CHRISTI, TEXAS — NAPA Ventures LLC, an Austin-based investment firm, has acquired Yardarm Apartments, a 150-unit multifamily property located at 10660 Leopard St. in Corpus Christi. The company will renovate the property’s pool area, parking lots, leasing and business center, and fund improvements to the interiors of the units. The name of the seller and sale price were not disclosed.
MILWAUKEE — Irgens, a Milwaukee-based developer and operator, will develop the BMO Harris Financial Center, a 25-story, 379,400-square-foot office tower in Milwaukee. The project is valued at roughly $175 million and includes the development of 12,000 square feet of ground-floor retail space. The company recently acquired a seven-story parking deck located on Wells Street between North Water Street and North Broadway that will be demolished to provide space for the new office property. Both the building and a 647-space parking ramp are scheduled for a December 2019 completion. Chicago-based BMO Harris Bank will occupy seven floors for a total footprint of 124,000 square feet in the office tower, which will serve as its Wisconsin headquarters. A pair of Wisconsin-based firms, J.H. Findorff & Son Inc. and Kahler Slater, will serve as general contractors and architects, respectively, on the project.
CHICAGO — Ryan Cos., in partnership with Lincoln Property Co., has completed Aurélien, a $100 million apartment tower located at the southeast corner of Clark and Chestnut streets in Chicago’s Gold Coast neighborhood. The 31-story, 41,000-square-foot property was designed by Ryan and includes a mix of studio, one- and two-bedroom units, ranging in size from 564 to 1,245 square feet, with monthly rents ranging from $1,895 to $4,110. The tower also features six penthouse units, ranging from 1,165 to 3,339 square feet, and rents starting at $4,660. Lincoln Property Cos. will manage the property and oversee leasing efforts. Other team members include Antunovich Associates, architect of record; Daiwa House of Texas, primary equity investor; U.S. Bank, construction financing; Studio K, interior designer, Ryan A + E, design architect and TGRWA, structural engineer. Aurélien features floor-to-ceiling glass windows; a rooftop level that includes a swimming pool, private cabanas, outdoor fireplaces and a fitness center; bocce ball courts, a private terrace and a business center. The first tenants moved into the apartment community in June.
CHICAGO — Essex Realty Group Inc. has brokered the $11 million sale of two multifamily properties located at 1521 and 1608 W. Sherwin Ave. in Chicago. The properties, which are situated within the Rogers Park area near the Jarvis Avenue “El” station, were built in the vintage corridor-style layout with one main hallway per floor with units on either side. Matt Welke of Essex represented the buyer and Doug Imber, Kate Varde and Clay Maxfield, also of Essex, represented the seller. Both parties involved in the transaction requested anonymity.
WHITE BEAR LAKE, MINN. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Memory Care Cottages in White Bear Lake, a 30-unit, high-acuity memory care community in the Minneapolis suburb of White Bear Lake. The purchase price was approximately $7.8 million, inclusive of transaction costs. The deal is structured as a sale-leaseback with the operator, Prelude Homes & Services, which originally developed the property. CareTrust and Prelude have an existing relationship, and the property was added to the master lease arrangement between the two companies. CareTrust expects the property to generate an additional annual cash rent of approximately $640,000, resulting in an initial cash yield of 8.2 percent. The amended master lease has a remaining initial term of approximately 12.5 years, with two five-year renewal options and Consumer Price Index (CPI)-based rent escalators. CareTrust REIT, a California-based, publicly traded healthcare REIT, funded the acquisition with cash on hand.
CHICAGO — CBRE has arranged a 4,175-square-foot lease expansion for HealthScape Advisors LLC at 55 W. Monroe St. in Chicago, bringing the firm’s total occupancy to 21,139 square feet in the office building. HealthScape Advisors provides consulting services and business intelligence solutions to the healthcare industry. With the new lease, effective Dec. 1, the company will expand to occupy the entire 21st floor of the tower. Previously, the firm leased 16,964 square feet in the building. The lease will run through 2024. Jon Milonas, Brad Serot and Scott Brandwein of CBRE represented HealthScape Advisors in the lease transaction, and Andrew Saewitz and Matt Lerner of Cushman & Wakefield represented the building owner, John Hancock Real Estate.