NEW ALBANY, IND. — Everhealth Properties LP, a subsidiary of Everest Healthcare Properties LLC, has acquired New Albany Medical Center, a 60,000-square-foot medical office building in New Albany, roughly six miles west of Louisville. The Scottsdale, Ariz.-based company acquired the asset through its tax-deferred IRS Section 721 program. Other terms of the transaction were not disclosed. At the time of sale, New Albany Medical Center was 95 percent occupied, with a weighted average lease term of almost five-and-a-half years. The seller was not disclosed. The 721 program is designed to offer investors access to high-quality medical office real estate that has the potential for long-term capital appreciation.
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the sale of a 38,793-square-foot flex office building in Mount Prospect, 22 miles northwest of Chicago, for $4.2 million. The property is located at 585 Slawin Court and is fully leased to Siemens Real Estate, a division of Siemens Corp. The building was constructed in 1987. John Abuja and Michael Lawrence of Marcus & Millichap represented the undisclosed seller. The buyer was also not disclosed.
DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.
SUMTER, S.C. AND JACKSONVILLE, N.C. — NAI Earle Furman has arranged the $60 million sale of two multifamily properties in the Carolinas: Piedmont Plantation in Sumter and Plantation at Jacksonville in Jacksonville. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman arranged the transactions on behalf of the seller, Greensboro, N.C.-based Berkley Hall Construction. Gastonia, N.C.-based Triangle Real Estate acquired both properties in separate transactions. Constructed in 2007, Piedmont Plantation includes 252 one-, two- and three-bedroom units. The Plantation at Jacksonville was constructed in 2014 and includes 360 one-, two- and three-bedroom units. Both properties feature a pool, fitness center, dog park, playground and a car care center. In addition, both properties were fully occupied at the time of sale.
TAMPA, FLA. — CBRE has arranged the $45.1 million sale of Tampa International Business Park, a six-building office park in Tampa’s Westshore submarket, roughly six miles north of Tampa International Airport. Dale Peterson, Zachary Eicholtz, Courtney Snell, Philip Weber and Hans Kaunath of CBRE arranged the transaction on behalf of the seller, TerraCap Management LLC. Real Estate Value Advisors LLC acquired the property. At the time of sale, the office park was 98 percent leased to tenants including WellCare, Gateway One Financial & Lending and MedHOK Health Care. The six buildings were constructed between 1980 and 1986 and renovated between 2014 and 2017. The property offers 1,816 parking spaces, accounting for a parking ratio of 5.61 spaces per 1,000 rentable square feet.
NORTH CHARLESTON, S.C. — LRC Properties has acquired Leeds Park, a 1.1 million-square-foot industrial complex located at 4500 Leeds Ave. in North Charleston, for $42 million. Dexter Rumsey, Shep Benjamin and Andie Edmonds of NAI Charleston arranged the transaction on behalf of LRC Properties. Amherst Capital Management provided debt financing for the acquisition and future renovations. The seller was not disclosed. Leeds Park is located on 72 acres off Interstate 526, near the Port of Charleston, Charleston International Airport and Boeing’s manufacturing facility. The center offers office, manufacturing and flex space and features a water treatment plant, air compressors, large electrical capacity, conditioned space and more than 1,200 parking spaces. At the time of sale, the property was 75 percent leased to tenants including MAHLE, American Axle & Manufacturing, Cumming, the Charleston Chamber of Commerce and Limestone College. LRC plans to invest approximately $15 million in infrastructure and aesthetic improvements, including a new façade on part of the building, added amenities and a new entrance, signage and landscaping. In addition, LRC will renovate roughly 40,000 to 50,000 square feet of office space to Class A standards and another 150,000 square feet of industrial space to create needed flex/industrial space. Interior …
SUMMERVILLE, S.C. — Chatham Lodging Trust has acquired the 96-room Courtyard by Marriott Charleston Summerville for $20.2 million. The hotel, constructed in 2014, is located within Nexton, a mixed-use community under construction in Summerville, roughly 24 miles northwest of Charleston. Over the next decade, Nexton is projected to include approximately 10,000 homes, 8 million square feet of commercial space and a medical campus. Volvo’s new 2.3 million-square-foot facility will also be located near the development. In addition to the Marriott Charleston Summerville, Chatham Lodging Trust is under contract to acquire an adjacent hotel, the 96-room Residence Inn by Marriott, upon opening in the second quarter of 2018.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell 600 Lexington Ave. in Midtown Manhattan for $305 million. The 36-story, 303,515-square-foot office building is located on the corner of 52nd Street and Lexington Avenue in the heart of the Plaza District. The property is 99 percent leased to tenants such as MKP Management, Element Capital Management and Hawkins Parnell Thackston & Young. The sale is expected to close by the first quarter of 2018, and generate net cash proceeds of approximately $292 million, according to a news release. Darcy Stacom of CBRE represented SL Green in the transaction. The buyer was not disclosed. SL Green acquired 600 Lexington Ave. through a joint venture in May 2010 for $193 million, and took full ownership of the property in December 2015. SL Green is a fully integrated real estate investment trust, focused on acquiring and managing retail and office properties in Manhattan. The company’s stock price closed on Thursday, Nov. 16 at $100.81 per share, down from $104.49 per share one year ago. — Kristin Hiller
In the greater Fort Worth commercial real estate market, there was a scarcity of industrial speculative development until 2007-2008. A number of submarkets saw projects go vertical at this time, including Alliance, North Fort Worth and South Fort Worth. The results were mixed. While there were some successes, a number of developers found themselves at the mercy of unfortunate timing. Deal velocity slowed, leaving well-positioned buildings competing for the same tenants. This resulted in unanticipated, extended vacancy time frames and generous tenant concessions. Fast forward to 2017 — 10 years after the last cycle — and we are in the midst of an even more ambitious round of speculative development. Although many would say we are in the late innings of this real estate upswing, the number of new starts under construction or announced across Fort Worth paints a different picture. Is the continued construction justified, or is this another example of developers falling in love with the market fundamentals and not paying enough attention to market-specific deal velocity? According to the U.S. Census Bureau, Fort Worth’s population has grown 60 percent since 2000, making it the 16th-largest city in the country and the fastest-growing among the 20 largest cities …
SANTA CLARA, CALIF. — Preylock Real Estate Holdings has obtained $195 million in acquisition financing for a seven-property office portfolio in Silicon Valley. The 626,000-square-foot office and R&D campus is located at 2770-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. All seven buildings are triple-net leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit and PC gaming, computer graphics and artificial intelligence innovator. The seven-year, floating-rate loan features an initial five-year term followed by two one-year extension options and full-term, interest-only payments. Meridian Capital Group arranged the loan.