BLOOMFIELD, N.J. — Marcus & Millichap has arranged the sale of Terry’s Drugs Retail Strip, a retail property located at 1049 Broad St. in Bloomfield. A private investor sold the property for $3.4 million. At the time of sale, the 8,500-square-foot center was fully leased to five retailers. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller. The name of the buyer was not released.
INDIANAPOLIS — HRI Properties has broken ground on the dual-branded Hyatt Place and Hyatt House hotel in the Wholesale District in Indianapolis. Construction began in September, with completion slated for the second quarter of 2019. HRI Lodging, an affiliate of HRI Properties, will manage the property under franchise agreements from Hyatt Hotels Corp. The property will feature a 186-room Hyatt Place hotel and a 130-room Hyatt House, an extended-stay hotel. Amenities will include valet parking, 6,000 square feet of event space and rooftop swimming and fitness facilities. The development will also feature 13,000 square feet of ground-floor retail space and a 382-space parking garage. The property will face the main entrance of Bankers Life Fieldhouse, home of the Indiana Pacers. Wells Fargo Bank NA provided construction financing. In addition, Regions Bank NA purchased tax increment bonds that were issued by the city of Indianapolis. The project team includes contractor Wilhelm Construction Co., architect RATIO Architects and interior designer Getty’s One.
GLENDALE, WIS. — Caddis is developing Heartis Village North Shore in Glendale, about nine miles north of Milwaukee. The 105-unit assisted living and memory care community is the developer’s first senior living community in the state of Wisconsin. The 96,770-square-foot facility will be located at 100 W. River Woods Parkway. Amenities will include walking paths, courtyards, game and activity rooms, a library, media room, dining room and barbershop. Pathway Senior Living LLC will manage the property. Completion is slated for early 2019. The project team includes architect Katus and general contractor Stevens Construction Corp.
ST. LOUIS — SkyView Advisors has arranged the sale of ACE Storage portfolio in metro St. Louis. The sales price was not disclosed. The portfolio spans six properties and 440,059 square feet. The buildings feature a total of 750 climate-controlled units and 2,246 non-climate-controlled units as well as 331 parking spaces. Ryan Clark of SkyView Advisors represented the undisclosed seller. National Storage Affiliates purchased the portfolio.
GURNEE, ILL. — Weiman Products LLC has signed a 255,418-square-foot industrial lease renewal and expansion in Gurnee, about 40 miles north of Chicago. Previously occupying 155,000 square feet at the property, the surface care product manufacturer will now occupy the entire property. Developed by CenterPoint Properties in 2008, the building is located at 705 Tri-State Parkway and features 30-foot clear heights and 20 exterior docks. Whit R. Heitman, Sam Badger and Jared Paff of CBRE represented Weiman in the lease transaction.
HULL, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of The Estates, an apartment community located in Hull. Invesco Real Estate purchased the 162-unit property from Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor, for an undisclosed price. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction. Built in 2000, the property comprises 20 two- and three-story direct-access buildings, as well as a freestanding clubhouse and separate fitness center and outdoor pool. The community features 32 one-bedroom units, 34 two-bedroom lofts, eight two-bedroom/one-bath units, 40 two-bedroom units and 48 two-bedroom lofts with an average size of 1,116 square feet.
GIG HARBOR, WASH. — Emerald Communities has opened Heron’s Key, an 18-acre continuing care retirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimated at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent living homes range from 729 to 1,800 square feet. Heron’s Key offers an financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle-based operator.
PHOENIX — Bailard has purchased a 188,142-square-foot industrial building in Phoenix for $16.1 million. The facility is located at 7822 S. 46th St. in the Sky Harbor Airport submarket. The property is fully leased to BAE Systems. The seller, Cohen Asset Management, acquired the asset in 1992. Will Strong of Cushman & Wakefield and Rick Lee and Conner Lee of Lee & Associates represented both the buyer and seller in this transaction.
TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.
TEMPE, ARIZ. — Benchmark Electronics has announced its plans to relocate its new headquarters to Rio 2100, a new 52-acre office park in Tempe. The Class A property is situated at the southwest intersection of the Loop 101 and 202 freeways. Rio 2100 will eventually feature office, retail, restaurant and multifamily space, as well as two hotels within the Rio Salado corridor. Groundbreaking for the new site is expected to begin before the end of the year for completion in early 2019. Benchmark’s current headquarters is at 4141 N. Scottsdale Road. The global design, engineering and manufacturing company was previously based in Angleton, Texas. JLL’s Andrew Medley represented Benchmark. CBRE’s Bryan Taute represented the landlord, Boyer, in this transaction.
