Property Type

Mainstreet Acquires 42-Property Seniors Housing Portfolio for $425M

by Taylor Williams November 20, 2017

CARMEL, IND. — Mainstreet Health Investments (TSX: HLP-U), an Indiana-based seniors housing owner and developer that trades on the Toronto Stock Exchange, has acquired New York-based Care Investment Trust LLC and its portfolio of 42 seniors housing communities for $425 million. Mainstreet is funding the equity portion of the acquisition through the issuance of Mainstreet common shares directly to Tiptree Inc. (NASDAQ: TIPT), a New York-based holding company with roughly $2.4 billion in assets, including Care Investment Trust. Mainstreet will issue 16.8 million shares of its common stock at $9.75 per share to Tiptree. Mainstreet will also assume $261.2 million of Tiptree’s existing mortgage debt, which carries an interest rate with a weighted average of 4.7 percent. Upon closing of the deal, which is expected to occur during the first quarter of 2018, Tiptree will become Mainstreet’s largest shareholder with a 34 percent interest. The Care Investment Trust portfolio consists of 35 independent living, assisted living and memory care properties as well as seven skilled nursing facilities. The 42 properties, 24 of which are leased to long-term, triple-net operators, total 3,178 suites/beds across 11 states. The other 18 properties are leased to seniors housing operators via joint ventures in which …

November 20, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta’s Disciplined Retail Market Ready to Face Headwinds from REITs, Amazon

by John Nelson November 20, 2017

A decade ago, the Atlanta retail market was a house of cards. It was clear to see this if you were in the industry at the time, and possibly even if you weren’t. Based on the intense overbuilding that had taken place, it wouldn’t have taken a worldwide economic meltdown to wreck it, though that didn’t help. Literally hundreds of unanchored retail centers had cropped up all over suburbia, fitting directly into everything that people consider to be negative about shopping centers. The formula for developers was to scrape every tree from a piece of land, cover it with asphalt and an inexpensively constructed building, then fill it with whatever tenants they could find. The result was largely a glut of properties with poor intrinsic values: mid-block sites, odd shaped layouts, challenging access, uninspired, non-credit tenants with high rents. This would, of course, turn out to be unsustainable. To be fair, not every property was developed in this fashion. Atlanta was and still is home to many excellent retail developers that know how to create amazing projects. But many look back to the 2000s in Atlanta as a time of cookie cutter development with inexperienced builders playing a game of …

November 20, 2017

California Industrial Western

Former LA Times Printing Plant Site in Costa Mesa Sells for $65M

by Nellie Day November 17, 2017

COSTA MESA, CALIF. — A joint venture that includes SteelWave has acquired a 24-acre site that previously served as a Los Angeles Times printing plant in Costa Mesa for $65 million. The site is located at 1350 South Coast Drive. The 50-foot-tall steel frame building on the property was used by the Los Angeles Times and three of its community newspapers as a printing plant, distribution facility and office until it closed in 2010. The facility is known as The Press. Redevelopment plans include more than three acres of outdoor amenities, as well as a 20,000-square-foot raised patio. SteelWave plans to re-brand the space as the Hive. Rick Kaplan and Rob Lambert of Cushman Wakefield represented the sellers, Tribune Real Estate Holdings, a subsidiary of Tribune Media Co., and Kearny Real Estate. Kearny Real Estate has worked with the City of Costa Mesa to re-entitle and redevelop the property over the past two years.

November 17, 2017

California Retail Western

JLL Negotiates $32.3M Sale of La Paz Plaza in Mission Viejo, California

by Nellie Day November 17, 2017

MISSION VIEJO, CALIF. — JLL has brokered the sale of La Paz Plaza, a retail and medical office campus located in Mission Viejo in South Orange County. Combined Investments acquired the property from Newport Beach, Calif.-based Flinn West for $32.3 million. At the time of sale, the 51,766-square-foot property was 96 percent occupied. Matt Berres and G. Ryan Smith of JLL Capital Markets represented the seller.

November 17, 2017

California Retail Western

CBC Advisors Arranges $6.9M Sale of Rite Aid-Leased Property in San Jacinto

by Nellie Day November 17, 2017

SAN JACINTO, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.9 million sale of a 17,272-square-foot building leased to Rite Aid in San Jacinto. John Archibald and Guillermo Olaiz of CBC Advisors arranged the transaction on behalf of the seller, and Ernie Farhat of Sanjo Investments represented the buyer. Other terms of the transaction were not disclosed. The single-tenant, net-leased pad anchors Mountain View Plaza, which is home to 7-Eleven, Denny’s and Panda Express.

November 17, 2017

California Retail Western

Bass Pro Shops to Anchor 800,000 SF Retail Development in Bakersfield

by Nellie Day November 17, 2017

BAKERSFIELD, CALIF. — Bass Pro Shops has unveiled plans to open a 100,000-square-foot location at Bakersfield Gateway, a planned retail development in Bakersfield. Upon completion, the project, developed by Woodmont Co., will feature 800,000-square-feet of retail and will include a central gathering area for lifestyle events and programming. The new Bass Pro Shops will be the retailer’s fifth location in California. A construction timeline was not released.

November 17, 2017

Hawaii Retail Western

Sears Opens Concept Store in Honolulu

by Nellie Day November 17, 2017

HONOLULU — Sears has opened a new store dedicated to appliances and mattresses in Honolulu. The unique retail concept focuses on two of Sears’s strongest categories, appliances and mattresses. The new store builds on the success of the first Sears Appliances & Mattresses store located in Pharr, Texas, which has been open since June 2017, as well as the Sears Appliances store, which opened in Ft. Collins, Colo., in 2016. Located at Ala Moana Center, the 16,200-square-foot Sears Appliances & Mattresses store showcases major appliance brands in a bright, spacious setting with interactive displays.

November 17, 2017

Office Texas

Granite Properties Opens 215,000 SF Redeveloped Office Property in Dallas

by Taylor Williams November 17, 2017

DALLAS — Granite Properties has opened Factory Six03, a 215,000-square-foot office property located at 603 Munger St. in the West End area of Dallas. Over the years, the 114-year-old building has served as a warehouse, marketplace and movie theater, but was vacant between 2006 and 2015, when Granite acquired it. The redevelopment delivered an additional two floors with views of the Dallas skyline, a tenant lounge, conference center, ground-floor restaurant space, an outdoor plaza and underground parking structure. The first tenant, C1 Innovation Lab by Blue Cross and Blue Shield of Texas, moved into Factory Six03 over the summer.

November 17, 2017

Multifamily Texas

WWC Acquires Two Multifamily Properties Totaling 480 Units in San Antonio

by Taylor Williams November 17, 2017

SAN ANTONIO — Western Wealth Capital (WWC), a Canadian investment firm, has acquired two multifamily properties totaling 480 units in San Antonio. The company purchased Brynwood Apartments, a 276-unit community located at 8711 Bowens Crossing on the city’s northwestern side, and Sereno Park Apartments, a 204-unit property located at 3903 SE Military Drive on the city’s southeastern side. ARA Newmark brokered the sale and an undisclosed private equity firm provided acquisition financing for the transaction.

November 17, 2017

Massachusetts Multifamily Northeast

Twinning Properties Breaks Ground on 308-Unit Apartment Property in Cambridge

by Amy Works November 17, 2017

CAMBRIDGE, MASS. — Twinning Properties has broken ground on Mass+Main, a multifamily property located in Cambridge’s Central Square. The 308,000-square-foot property will feature 308 mixed-income apartments and 17,000 square feet of retail space overlooking Lafayette Square. The project will offer 248 market-rate and 60 affordable apartments in three buildings: a tower, a six-story building with studios and roommate units, and a four-story building designed for families. Designed by CBT Architects to LEED Gold standards, Mass+Main will be a sustainable green community with green roof terraces, energy tracking, wind energy and smoke-free apartments. The $190 million development is a joint venture between Twinning Properties and its capital partner Mass PRIM. Construction of the three buildings will be completed in phases from fall 2018 through mid-2020.

November 17, 2017

Newer Posts

Older Posts