Property Type

JLL Income Property Trust Buys New Industrial Building in Metro Atlanta for $31M

by Camren Skelton January 5, 2018

BUFORD, GA. — JLL Income Property Trust has acquired Mason Mill Distribution Center, a 340,000-square-foot industrial property in Buford, roughly 38 miles northeast of Atlanta, for $31 million. The newly constructed building is fully leased to a publicly traded global pharmaceutical distribution company through 2027. Mason Mill Distribution Center features 32-foot ceiling heights, an ESFR sprinkler system, LED lighting, a cross-dock design and 376 parking spaces. In addition, the facility is fully air-conditioned.

January 5, 2018

Florida Industrial Loans Maryland Mixed-Use Southeast

Ready Capital Arranges $20.4M in Loans for Industrial, Mixed-Use Properties in Maryland, Florida

by Camren Skelton January 5, 2018

HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations and infrastructure upgrades, followed by re-tenanting the property. In Miami, Ready Capital arranged a $6.4 million, three-year loan for the acquisition, renovation and stabilization of a 19,600-square-foot mixed-use property. The borrower plans to fully renovate unit interiors, build out new retail space and re-tenant the property. Both loans feature floating interest rates, two extension options and flexible pre-payment structures. The names of the borrowers were not disclosed.

January 5, 2018

Retail Southeast Tennessee

Cobalt Buys 134,818 SF Retail Center in Nashville for $16.3M

by Camren Skelton January 5, 2018

NASHVILLE, TENN. — Cobalt Real Estate Solutions LLC has acquired Jackson Downs, a 134,818-square-foot shopping center in Nashville, for $16.3 million. Viking Partners sold the asset, and Integrated Realty Advisors arranged acquisition financing through ORIX RE Holdings LLC. Marshalls and OfficeMax anchor the property, and Target and Kohl’s are shadow-anchors. At the time of sale, Jackson Downs was fully occupied. Divaris Real Estate and Divaris Property Management Corp. have been retained to oversee leasing and management of the property, with support from Colliers International.

January 5, 2018

Illinois Midwest Ohio Retail Top Stories

Sears, Kmart, Macy’s Unveil List of Store Closures for Early 2018

by Kristin Harlow January 5, 2018

HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …

January 5, 2018

Data Centers Industrial Market Reports Texas Texas Market Reports

Data Centers Double Down on Size

by Taylor Williams January 5, 2018

Demand for data center space stems from a variety of sources. The vast majority of companies across most industries have some sort of web presence, and their customer and employee records and information are stored electronically. At the same time on the consumer side, smartphones and tablet devices are all but ubiquitous, their owners constantly upping their usage of apps and social media platforms. Nonprofit communications firm CTIA tracks aggregate wireless data usage across the country on an annual basis. The Washington, D.C.-based company found that in 2013, Americans used approximately 3.2 trillion megabytes of data. By 2015, a year in which there were about 228 million smartphones and 41 million tablet devices in circulation, that figure had increased threefold to 9.6 trillion megabytes. By 2016, a year in which there were more than 261 million smartphones in circulation, wireless data usage had exceeded 13.7 trillion megabytes. That total represents more than 35 times the volume of data traffic recorded in 2010, according to CTIA’s website. Web presences, records storage and electronic communications — not to mention the ever-expanding role of e-commerce in retail today — each contribute marginally to the growing demand for data center space. However, when combined …

January 5, 2018

Arizona Multifamily Western

Avesta Communities Acquires 320-Unit Coronado Crossings Apartments in Arizona

by Nellie Day January 4, 2018

CHANDLER, ARIZ. — Avesta Communities has purchased the 320-unit Coronado Crossings in Chandler for an undisclosed sum. The community is located at 700 N. Coronado St. in the Price Corridor. Avesta plans to fully renovate the property, upgrading all interior units and community amenities. Intel announced plans last year to invest $7 billion in a new facility in Chandler, which would create 3,000 jobs. Avesta deployed more than $119 million of equity into eight communities across four states in 2017. The company now operates in Arizona, Colorado, Florida and Texas.

January 4, 2018

California Multifamily Seniors Housing Western

Sabra Health Care REIT Completes $103.3M Sale of 20 Skilled Nursing Facilities Leased to Genesis

by Nellie Day January 4, 2018

IRVINE, CALIF — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously announced sale of 20 skilled nursing facilities leased to Genesis Healthcare Inc. in Kentucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously announced memoranda of understanding with Genesis. Under the terms of the deal, Genesis’s annual rent obligations to Irvine-based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay borrowings under its revolving credit facility. The dispositions are part of the REIT’s “Sabra 3.0” plan to have more scale and diversification within the company’s portfolio as far as continuum of care, operator and geography. Sabra plans to sell its entire portfolio of Genesis-operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million.

January 4, 2018

Colorado Office Western

Broe Real Estate Group Buys 461,000 SF Office, Lab Facility in Longmont, Colorado

by Nellie Day January 4, 2018

LONGMONT, COLO. — Broe Real Estate Group has purchased a 461,000-square-foot office/lab facility in Longmont, approximately 15 miles northeast of Boulder. The 24-acre business campus was built in 1989. The property was renovated and expanded in 2001 to facilitate a long-term lease with Maxtor Corp. (now Seagate Technology). Seagate vacated the property in 2007, but continued to make lease payments until the expiration of its lease in 2016. Shortly thereafter, the property was transferred through a deed in lieu of foreclosure transaction to a special servicer.

January 4, 2018

California Loans Multifamily Seniors Housing Western

The Ensign Group Receives $112M HUD Refinancing for 17-Property Seniors Housing Portfolio

by Nellie Day January 4, 2018

MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing. The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries. Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD). Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit. In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.

January 4, 2018

Colorado Loans Office Western

Harbert Management Corp., Bancroft Capital Obtain $44.6M Refinancing for Denver Highlands Office Building

by Nellie Day January 4, 2018

DENVER — A joint venture between Harbert Management Corporation and Bancroft Capital has obtained a $44.6 million loan to refinance Denver Highlands, a 359,919-square-foot office property in Denver. The asset is located at 10375 and 10065 E. Harvard Ave. The JV acquired the property in 2014 and repositioned the property. Renovations included exterior building improvements, landscaping, renovated lobbies and common areas, new elevators and tenant amenity space. Proceeds will be used to pay off the existing loan and fund leasing costs to bring the property to stabilization. Dennis Williams of NorthMarq Capital arranged the three-year, interest-only loan. Funds were provided by Bedrock Capital.

January 4, 2018

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