NEW BRAUNFELS, TEXAS — National Health Investors Inc., a Tennessee-based healthcare and seniors housing REIT, has acquired a 126-bed skilled nursing facility in New Braunfels, a northeastern suburb of San Antonio, for $13.9 million. NHI will lease the facility, which opened in 2015, to an affiliate of The Ensign Group Inc., a company with numerous subsidiaries that operate rehabilitative and assisted living properties.
DALLAS — Lee & Associates and EDGE Realty Capital Markets have co-brokered the sale of a 14,000-square-foot office property, located at 2320 Stemmons Trail in west Dallas. The sale price of the building, which is currently occupied by Octapharma Plasma, a blood donation center, was $3 million. Allen Buchanan and Joshua Harper of Lee & Associates represented the buyer, Double Run LP, a California-based investment firm. Mark Mordecai and Brandon Crow of EDGE represented the undisclosed seller.
HOUSTON AND AUSTIN, TEXAS — LMI Capital has arranged $15 million for the refinancing of two retail properties in the greater Houston and Austin areas. The first transaction was a 10-year loan for a 102,000-square-foot site in southeast Austin, and the second transaction was a seven-year loan for a 21,000-square-foot property in north Houston. Both loans included a 4.75 percent fixed interest rate, flexible step-down payment and minimal closing costs. The names and addresses of the properties were not disclosed.
BIXBY, OKLA — Marcus & Millichap has closed the sale of Self Storage Depot, a 76,050-square-foot self-storage facility in Bixby, a city about 20 miles south of Tulsa. Located at 13455 S. Memorial Drive near U.S. Route 64, the Class A property was valued at more than $100 per square foot at the time of sale. Trey Hammond and Michael Mele of Marcus & Millichap procured the buyer, a private investor, and represented the seller, a limited liability company, in conjunction with the firm’s Oklahoma broker of record, Tom Mann.
LOS ANGELES — V.C.I. Corp. has sold a 157,225-square-foot office property in the Los Angeles submarket of El Segundo for $52 million. The buyer was not named. The Class A asset is located at 2300 E. Imperial Ave. The property was vacant at the time of sale. The building was originally constructed in 1964 and renovated in 2000 with new common areas and parking structure. Chris Sinfield and Tom Sheets of Cushman & Wakefield represented the seller in the transaction.
PORT ORCHARD, WASH. — A joint venture between New Standard Equities and an affiliate of Brixton Capital has acquired the 276-unit Arbor Terrace apartment community in Port Orchard for $38.1 million. The community is located at 1800 Sydney Ave. The JV plans to implement a $3 million repositioning at the property that includes a full renovation of the asset’s 1995-vintage unit interiors, as well as improvements to the fitness center, leasing facility and exteriors. The acquisition was leveraged with a $30.15 million loan from Freddie Mac, which CBRE’s Brian Eisendrath arranged.
PHOENIX — BKM Capital Partners has purchased the Northwest Business Center, a 227,603-square-foot industrial facility in Phoenix, for $17.2 million. The warehouse is located at 2310-2440 W. Mission Lane, 9014-9034 N. 23rd Ave. and 9013-9033 N. 24th Ave. BKM plans to implement a $3.5 million capital improvement program at the property. Planned improvements include a new roof, new parking lot, improved HVAC system and upgrades to the exterior including paint, landscaping and signage. Robert Buckley of Cushman & Wakefield represented the undisclosed seller.
RANCHO DOMINGUEZ, CALIF. — Ring Power Corp. has leased a 70,640-square-foot industrial building in Rancho Dominguez. The facility is located at 18700 Laurel Park. The five-year lease is valued at $3.1 million. The new facility will allow the company to expand its California regional center. Ring is one of the largest Caterpillar dealers in the Southeast. Todd Taugner, Frank Schulz and David Prior of Klabin Co. represented the landlord, TA Associates, in this transaction.
SAN JOSE, CALIF. — BroadSoft has leased 33,000 square feet of office space at the Santana Row mixed-use development in San Jose. The space is located at 3055 Olin Ave. BroadSoft hopes to occupy the new space in mid-2017. The developer, Federal Realty, already commenced construction on 700 Santana Row, an additional 284,000-square-foot office building. It will be ready for tenant build-out in the third quarter of 2018. Todd Shaffer and Tracey Solari of Newmark Cornish & Carey serve as the property’s office leasing agents.
CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.