OAK BROOK, ILL. — Inland Real Estate Group has arranged the sale of 49 newly developed CVS Pharmacy properties across 16 states for more than $211 million. Inland handled the deal on behalf of the buyer, an affiliate of the company. The portfolio contains a total of 651,216 square feet. The CVS Pharmacy properties are located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont. “This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction,” says Joe Cosenza, vice chairman of Inland Real Estate Group and president of Inland Real Estate Acquisitions, the purchasing arm for the company’s various entities. “I like CVS, I like the properties and the investment is good for Inland.” This portfolio acquisition follows on the heels of Inland’s October 2016 purchase of 24 additional newly developed CVS Pharmacy properties for more than $116 million. Those assets are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. David Neboyskey and Kristin Orlando acted as in-house counsel for Inland in this latest portfolio transaction. The Inland …
YORBA LINDA, CALIF. — Easterly Government Properties has obtained $127.5 million in acquisition financing for a 327,641-square-foot medical office building in the Orange County submarket of Yorba Linda. The Class A building is located at 26001 Redlands Blvd. Construction was recently completed on the space. It is fully leased to the Department of Veterans Affairs (VA) for 20 years. Goldman Sachs provided the 10-year, fixed-rate, interest-only loan at a 60 percent loan-to-value ratio. CBRE’s Tom Traynor, James Millon, James Scott and Bernard Van der Lande secured the loan.
AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.
LAKE FOREST, CALIF. — Faris Lee Investments has arranged the $2.5 million sale of a 1,800-square-foot, single-tenant property occupied by Starbucks Coffee in Lake Forest. The triple-net-leased building features a drive-thru, and is located at 20451 Alton Parkway. Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. Feirstein Law Firm represented the buyer, a private investor from Vietnam.
ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.
VANCOUVER, WASH. — Subway is rolling out its new Subway Fresh Forward design. Currently, 12 pilot locations are now open, including two in the Pacific Northwest and one in California. FRCH Design Worldwide designed the space using a new color palette inspired by fresh vegetables. Highlights include: • Self-order kiosks in select locations, digital menu boards and Apple and Samsung Pay options. • Fresh vegetable display with whole tomatoes, green peppers, onions and cucumbers that are sliced daily, plus new bread and cookie displays on the front of the line. The new restaurants also include exclusive menu items, starting with pico de gallo, new sauces, house-made pickles and made-without-gluten bread. • Bright décor, curated music and comfortable seating with USB charging ports and complimentary Wi-Fi. The pilot locations include Hillsboro, Ore.; Vancouver, Wash.; and Chula Vista, Calif., among others. Subway Restaurants has more than 44,800 franchised locations.
NEW YORK CITY — Brooklyn Standard Properties and Cohen Commercial Properties have partnered to acquire a 10-building multifamily portfolio in the Bronx for $26.5 million. LAL Property Management Corp. sold the buildings, which total 104 residential units. The properties are located at 2460-2468 and 2490 Belmont Ave.; 2463 and 2481 Hughes Ave.; and 2454 and 2464 Hoffman St. in the Fordham/Belmont neighborhood of the Bronx. Marco Lala of Marcus & Millichap represented the seller in the deal.
SMITHTOWN, N.Y. — American Investment Properties has arranged the sale of Smithwest Plaza, a retail strip center located at 1041 W. Jericho Turnpike in Smithtown. Smith West Plaza LLC sold the property to Summit Blossom LLC for $2.1 million, or $205 per square foot. The 7,200-square-foot property was constructed in 1987. Ron Koenigsberg of American Investment Properties represented the seller and buyer in the 1031-exchange transaction.
BROCKPORT, N.Y. — Marcus & Millichap has arranged the sale of a medical office building located at 6668 Fourth Section Road in Brockport. A REIT acquired the asset from an undisclosed developer for $8.7 million. Unity Hospital of Rochester leases the entire 29,497-square-foot building on a long-term, triple-net basis. Ryan Moore and Christopher Mitchel of Marcus & Millichap represented the seller and secured the buyer in the deal. Additionally, John Krueger of Marcus & Millichap assisted in the closing.
CAMP HILL, PA. — PREIT is repositioning Capital City Mall near Harrisburg with multiple new tenants, including the Dick’s Sporting Goods to replace Sears. The company has executed leases with Fine Wine & Good Spirits, Dick’s Sporting Goods and Dave & Buster’s to remerchandise the 614,000-square-foot mall, located at 3506 Capital City Mall Drive in Camp Hill. The 11,500-square-foot Fine Wine & Good Spirits will be adjacent to the Dick’s Sporting Goods space, which is already under construction. Both tenants are slated to open this fall. Additionally, Dave & Buster’s will open a 28,000-square-foot location — its first in the region — at the property in fall 2018. Current tenants at the property include JCPenney, Macy’s, DSW, Old Navy, Field & Stream, Forever 21, Victoria’s Secret, Kay Jewelers, Bath & Body Works, Buckle, H&M and Build-A-Bear Workshop.