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LoansLouisianaMultifamilySoutheast

Greystone Provides $24.2M HUD Loan to Refinance Apartment Community in Baton Rouge

by Camren Skelton

BATON ROUGE, LA. — Greystone has provided a $24.4 million HUD-insured loan to refinance The Highland Club Apartments, a 247-unit multifamily property in Baton Rouge. Jason Stein of Greystone arranged the 35-year fixed-loan. Other terms of the transaction were not disclosed. Greystone previously refinanced the property in 2012, and the new loan enables a combination of phased renovations and continued investment back into the property. The Highland Club Apartments is located roughly 15 miles from downtown Baton Rouge, and features a swimming pool, stocked lakes, putting greens, dog park, business center, fitness center and an on-site personal trainer.

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IndustrialSouth CarolinaSoutheast

CBRE Arranges $5.4M Sale of Industrial Property in Upstate South Carolina

by Camren Skelton

FOUNTAIN INN, S.C. — CBRE has arranged the $5.4 million sale of 110 Milacron Drive, a 182,534-square-foot industrial facility in Fountain Inn, a suburb of Greenville. Campbell Lewis of CBRE arranged the transaction on behalf of the buyer, 844 S.E. Main LLC. CBRE’s Marcus Cornelius and Nick Hollstegge represented the undisclosed seller. Constructed in 1980, the facility features 28-foot clear heights, motion-activated T-8 lighting in the warehouse, eight dock-high doors, 130 parking spaces and 26,941 square feet of office space. The new owner plans to improve the facility’s exterior and interior features, as well as parking and truck court surfaces.

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FloridaRetailSoutheast

GBT Realty Buys 108,500 SF Vacant Kmart Site in Southwest Florida

by Camren Skelton

PORT CHARLOTTE, FLA. — GBT Realty Corp. has acquired a 75-year ground lease, including a 108,500-square-foot retail building and nine-acre land site, in Port Charlotte, roughly 40 miles south of Sarasota. The Brentwood, Tenn.-based real estate firm acquired the asset from 19400 Cochran Boulevard Holdings LLC for an undisclosed price. GBT Realty plans to renovate and upgrade the building, which currently houses a vacant Kmart. The firm will also expand the building with new structures to accommodate retail, services and restaurant tenants. Best Buy, Walmart and The Home Depot anchor the corridor, located at the intersection of Tamiami Trail/US Highway 41 and Cochran Boulevard.

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MidwestMinnesotaMixed-Use

Cushman & Wakefield Arranges $19.2M Sale of Mixed-Use Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Cushman & Wakefield has arranged the sale of Riverwalk Townhomes and Flats in the North Loop neighborhood of Minneapolis for $19.2 million. The property features 96 residential units and 10,000 square feet of office condo space. The unit mix includes 40 rental townhomes and 56 apartments. Lance Steiger and Robert Dulin of Cushman & Wakefield represented the seller, James Stanton Estate. Seattle-based Goodman Real Estate purchased the property.

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LoansMichiganMidwestMultifamily

Pillar Originates $10.3M HUD Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow

OAK PARK, MICH. — Pillar Financial, a division of SunTrust Bank, has originated a $10.3 million HUD 223(f) loan for the refinancing of Oaks on Lincoln in Oak Park, a suburb of Detroit. The 120-unit apartment property features two- and three-bedroom units up to 1,460 square feet. David Wilkins of Pillar originated the fully amortizing 35-year loan. The borrower, Kaftan Communities, will use the loan to renovate the kitchen in each unit and to make other significant improvements to the property in 2018. The improvements will enable the property to remain at market-rate rents, according to Pillar.

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HealthcareIllinoisMidwestSeniors Housing

CareTrust REIT Acquires 90-Bed Skilled Nursing Facility in Greenville, Illinois

by Kristin Harlow

GREENVILLE, ILL. — CareTrust REIT (NASDAQ: CTRE) has acquired Helia Healthcare of Greenville, a 90-bed skilled nursing facility in Greenville, about 50 miles east of St. Louis. The purchase price was not disclosed. The property, located at 400 E. Hillview Ave., is the only nursing home within a 20-mile radius that offers skilled nursing services, including neuromuscular disorders care, amputation care, cardiac care, nutritional support, advanced wound care and enteral nutrition, according to HFF. David Fasano, Ryan Maconachy, Chad Lavender and Sarah Anderson of HFF marketed the property on behalf of the seller, Palladian Healthcare.

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IllinoisMidwestRetail

Marcus & Millichap Brokers $2.4M Sale of Retail Property in Crestwood, Illinois

by Kristin Harlow

CRESTWOOD, ILL. — Marcus & Millichap has brokered the sale of a 4,800-square-foot retail property in Crestwood, about 25 miles southwest of Chicago, for $2.4 million. The building, located at 13430 South Cicero Ave., is 100 percent leased to T-Mobile, Jersey Mike’s and Sport Clips. Sean R. Sharko and Austin Weisenbeck of Marcus & Millichap marketed the property on behalf of the seller, a developer. Brendan Lee of Marcus & Millichap secured and represented the buyer, a limited liability company.

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IndianaMidwestNet LeaseRetail

Lamb Net Lease Negotiates Sale of Auto Shop in Kokomo, Indiana

by Kristin Harlow

KOKOMO, IND. — Lamb Net Lease LLC has negotiated the sale of a 14,592-square-foot building net leased to Gerber Collision & Glass in Kokomo, 60 miles north of Indianapolis. The sales price was not disclosed. Gerber Collision & Glass is a wholly owned subsidiary of Boyd Group Income Fund. A Midwest-based REIT purchased the property, which is located at 418 Kentucky Drive. Mike Lamb of Lamb Net Lease negotiated the transaction between both parties. David Bickell of SVN represented the private equity seller.

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HospitalityNortheastPennsylvaniaRetailTop Stories

Gaming Giant Penn National to Acquire Pinnacle Entertainment in $2.8B Deal

by John Nelson

LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has agreed to purchase fellow gaming property owner Pinnacle Entertainment Inc. (NASDAQ: PNK) in a cash and stock transaction valued at $2.8 billion. The deal has been approved by the boards of directors of both companies and is expected to close in the second half of 2018 following an approvals process involving the two companies’ shareholders and applicable gaming authorities. Pinnacle employs roughly 16,000 team members and owns and operates 16 gaming and entertainment facilities located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Las Vegas-based company is also a manager and majority owner of Retama Park Racetrack near San Antonio. As part of the transaction, Wyomissing, Pa.-based Penn National will sell four of the newly acquired assets to Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) for $575 million. The properties include Ameristar St. Charles and Ameristar Kansas City in Missouri; Belterra Casino Resort in Florence, Ind.; and Belterra Park in Cincinnati. Penn National has also negotiated with Gaming and Leisure Properties (NASDAQ: GLPI), the landlord for Penn National and Pinnacle’s master lease agreements, to sell and lease back the real estate associated with Belterra Park and …

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FeaturesMultifamilySeniors HousingTop Stories

Skilled Nursing Occupancy Hits Five-Year Low, According to NIC Data

by Taylor Williams

ANNAPOLIS, Md. — Occupancy for skilled nursing facilities throughout the United States hit a five year low in the third quarter of 2017, falling to 81.6 percent, according to data released today by the National Investment Center for Seniors Housing & Care (NIC). NIC is a nonprofit data analytics organization exclusively serving the seniors housing sector. NIC collects the data using a sample population collected each month from more than 1,400 skilled nursing properties throughout the country. The occupancy numbers mark a 29 basis point decrease from the previous quarter and 167 basis point decrease from the same time last year. “Historically, there has been some variability in the occupancy trend in the third quarter in any given year, so it is difficult to gauge the impact of seasonality,” says Bill Kauffman, senior principal at NIC. “Occupancy did set a new low within this time series in the third quarter as pressure continues on the Medicare mix. However, it did decline at a slower pace from the prior quarter.” Medicare patient day mix declined 58 basis points from the second quarter and 84 basis points from year-earlier levels, coming in at a new low of 12.2 percent in the third …

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