Property Type

CBRE Negotiates Sale of 100,260 SF Office Property in San Antonio

by Taylor Williams October 5, 2017

SAN ANTONIO — CBRE has negotiated the sale of a 100,260-square-foot, Class A office property located at 3302 N. Ellison Drive in San Antonio. Amenities include a full-service cafeteria, outdoor patio with cooking stations, fitness center, wellness clinic and a walking/running trail. Gary Carr and John Alvarado of CBRE, along with Todd Mills and Hunter Mills of Cushman & Wakefield arranged the transaction on behalf of the seller, SRP Office Holdings I LLC. Houston-based Radler Enterprises Inc. purchased the asset for an undisclosed price.

October 5, 2017

Stream Realty Secures 60,408 SF Industrial Lease in Metro Fort Worth

by Taylor Williams October 5, 2017

NORTHLAKE, TEXAS — Stream Realty Partners has secured a 60,408-square-foot industrial lease within Northport 35 Business Center, a three-building, 945,000-square-foot industrial park in the Fort Worth metro of Northlake. Houston-based reLogistics, a provider of warehouse and pallet management services, will occupy most of Building C, leaving about 23,000 square feet of space still available for lease.

October 5, 2017

Industrial Midwest Ohio

Becknell to Develop 176,800 SF Speculative Industrial Building in Fairfield, Ohio

by Kristin Harlow October 5, 2017

FAIRFIELD, OHIO — Becknell Industrial has purchased a 14-acre site to develop a 176,800-square-foot speculative industrial building in Fairfield, a northern suburb of Cincinnati. Completion is slated for the first quarter of 2018. The building, located on Commerce Center Drive, will feature 32-foot clear heights, 18 docks and two drive-in doors.

October 5, 2017

Loans Midwest Seniors Housing Wisconsin

Pillar Arranges $13.6M HUD Refinancing Loan for Skilled Nursing Facility in Menasha, Wisconsin

by Kristin Harlow October 5, 2017

MENASHA, WIS. — Pillar has arranged a $13.6 million HUD 232/223(f) loan for the refinancing of Oakridge Gardens Nursing Center in Menasha, five miles south of Appleton. The 143-bed skilled nursing facility is located at 1700 Midway Road. Don Husi of Pillar arranged the 30-year loan, which includes a 30-year amortization schedule. Husi also arranged a $7.2 million loan for Oakwood Terrace, an assisted living facility in Pennsylvania.

October 5, 2017

Midwest Minnesota Multifamily

CBRE Brokers $3.2M Sale of Apartment Property in Minneapolis

by Kristin Harlow October 5, 2017

MINNEAPOLIS — CBRE has arranged the sale of Lee Lofts Apartments in the Minneapolis Warehouse District for $3.2 million. Located at 280 N. Second Ave., the property was originally built in 1906 and converted into loft-style apartments in the 1960s. SRRT Lee LLC, an affiliate of SR Realty Trust Inc., purchased the 24-unit apartment property, which was 96 percent occupied at the time of sale. CBRE also arranged a $2.2 million Freddie Mac loan for the acquisition. Ben Bastian, Joel Torborg and Mark Roos of CBRE represented the buyer. Harmony Lofts LLC was the seller.

October 5, 2017

Midwest Seniors Housing Wisconsin

Evergreen Acquires 72-Unit Seniors Housing Community in Racine, Wisconsin

by Kristin Harlow October 5, 2017

RACINE, WIS. — Evergreen Real Estate Group has acquired Durand Plaza in Racine, 25 miles south of Milwaukee. The purchase price was not disclosed. The 72-unit affordable seniors housing community is located at 3003 Durand Ave. Residents can qualify for occupancy by being either elderly or disabled. Originally constructed in 1970, the four-building property will undergo a $2 million renovation within the next six to nine months. Evergreen will make kitchen and bath upgrades to most units.

October 5, 2017

California Industrial Top Stories Western

Duke Realty Buys 3.5 MSF Industrial Portfolio for $515M

by Nellie Day October 5, 2017

CHICAGO — Duke Realty Corp. (NYSE: DRE) has purchased a 10-building industrial portfolio totaling nearly 3.5 million square feet, plus two additional land parcels, for $515 million. The assets are situated in Southern California, Northern New Jersey and South Florida. The two parcels will eventually contain two buildings totaling 852,745 square feet. Construction on these projects will commence later this year. The total value of the portfolio will be approximately $700 million once construction is completed. The seller, Bridge Development Partners, has completed more than $2 billion in developments and acquisitions since its joint venture with Dallas-based Banner Oak Capital Partners in 2013. Bridge’s current pipeline contains more than 10.3 million square feet valued at $1.3 billion in the most supply constrained U.S. core industrial markets, including Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle. “This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” says Steve Poulos, the company’s founder and CEO. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.” Though the exact properties included in this transaction were not disclosed, some of Bridge’s assets include the 306,466-square-foot Bridge Point I-95 in …

October 5, 2017

Indiana Market Reports Midwest Midwest Market Reports Retail

Northern Suburbs of Indianapolis See Vast Growth in Urban Core Development

by Kristin Harlow October 5, 2017

The northern suburbs of Indianapolis aren’t just following the latest trend of developing dense urban cores within suburban markets — they’re on the leading edge. In particular, Fishers and Carmel boast flourishing downtown environments that are walkable and bike-friendly. The idea is to develop a core urban area amid the suburban sprawl by creating activities and concepts that serve various community needs such as cool restaurants, shops, office and living space, evening events for adults, family activities and music and arts entertainment. It’s a lifestyle choice that more and more people prefer. While retail is struggling to regain balance in traditional environments, these mixed-use developments are resonating with their communities. Consumers are looking for experiential opportunities with multiple touch points, such as living, shopping, fitness, dining and entertainment options that integrate open green space. The suburbs of Indianapolis are responding to this trend. Grocery stores and medical facilities also are key to these types of developments, as residents desire the convenience of making one stop. Fishers blazes its own trail Fishers, located just northeast of Indianapolis in Hamilton County, officially became a city in 2015. The community elected a mayor with a strong vision. That vision included the urban core …

October 5, 2017

Conference Coverage Features Seniors Housing Southeast Top Stories

Labor Issues, Growing Competition Are Top Seniors Housing Concerns, Say InterFace Panelists

by Kristin Harlow October 5, 2017

ATLANTA — Pressures for seniors housing owners come from many sources, but the top two are labor issues and increasing numbers of communities in a market, according to panelists at InterFace Seniors Housing Southeast. The comments were made during the “State of the Industry” panel at the event, which was held in late summer at the Westin Buckhead in Atlanta and drew more than 400 industry professionals. Katie Davis, chief strategy officer for Sherpa, moderated the panel, which included Doug Schiffer, president and COO of Allegro Senior Living; Scott Stewart, managing partner of Capitol Seniors Housing; Joe Weisenburger, vice president of seniors housing for Welltower; Andy Isakson, managing partner at Isakson Living; and Alan Plush, president and senior partner at HealthTrust. Schiffer cited a recent time when a competing property opened near an Allegro community and immediately offered pay raises to any employee who would switch communities. “People want to mine our fort and take our staff,” said Schiffer. “Everyone was offered a $2 per hour raise, which is a 20 percent increase for some. No matter how much you like us, that’s hard to turn down.” Allegro kept most of its employees by matching the offers, but this significantly …

October 5, 2017

Multifamily New York Northeast Seniors Housing

AVR Realty Co. Develops $27M Assisted Living Facility in Yaphank, New York

by Amy Works October 4, 2017

YAPHANK, N.Y. — An affiliate of AVR Realty Co. is developing a $27 million assisted living facility at The Reserve at the Boulevard, the company’s mixed-use development in Yaphank, in the south part of the Town of Brookhaven on Long Island. Totaling 99,492 square feet, the two-building property will feature 118 beds, including a 77-bed building for special needs and memory care and a 41-bed supportive care building. Upon completion, the facility will employ 40 full-time workers and 20 part-time workers. Yaphank AVR Boulevard Chelsea, jointly owned by AVR and Chelsea Senior Living of Fanwood, N.J., is purchasing the site from Rose-Breslin Associates. Chelsea owns and operates 13 senior housing communities in New Jersey and three communities in New York. The Town of Brookhaven Industrial Development Agency has approved a package of economic incentives for the developer.

October 4, 2017

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