CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Uptown neighborhood for $4.8 million. The property is located at 4866 N. Magnolia Ave. The building, constructed in the 1920s, consists of mostly studio apartment units. Ben Smith, Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Local private investor Sandy Kahn purchased the asset from another local investor.
WAUKEE, IOWA — Bellomy & Co. has negotiated the sale of Waukee Storage Masters in Waukee, about 20 miles west of Des Moines. The sales price was not disclosed. The 64,517-square-foot self-storage facility features 462 climate-controlled units. The Class A property is located near Grand Prairie Parkway and I-80. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Waukee-based seller. The team also procured the buyer, StorageMart.
SLINGER, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 53,000-square-foot industrial building in Slinger, about 35 miles northwest of Milwaukee. The sales price was not disclosed. The property is located at 3767 Scenic Road. Scenic Cedar Creek LLC purchased the asset from the sellers, Robert and Ann Schoenke. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.
ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …
With occupancies, rental rates and volumes of new construction on the rise, the Fort Worth retail market continues to draw a great number of investors and available debt lenders to the area in search of deals. Stabilized strip centers in high-traffic areas are in high demand, often trading at first-year returns in the high-6 percent to low-7 percent range. The Dallas-Fort Worth (DFW) metroplex’s thriving economy and growing population has prompted greater retail spending, which, in combination with the shifting retail landscape, is generating strong demand for space. During the first quarter, area employers added 24,300 positions. Many of these jobs were created at businesses that are situated within master-planned, mixed-use developments that combine office, retail and rental units, which has helped foster greater retail spending. As of the first quarter, average retail spending per household in Fort Worth reached $4,439 per month — 17.3 percent higher than the U.S. average. Looking forward, it seems likely that these trends will continue as the DFW population is projected to expand by 728,000 people over the next five years. This should help sustain healthy demand and positive momentum for retail real estate. Along with the positive economic outlook, the reconfiguration and diversification …
IRVINE, CALIF. — HCP Inc. (NYSE: HCP) has unveiled a plan to “significantly reduce” its concentration of Brookdale-operated seniors housing communities. The plan includes HCP selling six Brookdale properties for an estimated $275 million, as well as selling its remaining 40 percent stake in a joint venture to Columbia Pacific Advisors for $332 million. The joint venture — RIDEA II — owns 49 seniors housing properties, of which Brookdale operates 46. Irvine-based HCP is one of the “Big Three” seniors housing REITs. Headquartered in Brentwood, Tenn., Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,048 properties and 102,055 units, according to the American Seniors Housing Association, which is nearly triple the size of the next largest competitor. However, the company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 on March 2, 2015, to $11.80 on Feb. 8, 2016. The goal of HCP’s plan is to reduce its exposure to Brookdale-operated properties, increase its lease coverage of the Brookdale communities it will continue to own, …
SANTA MONICA AND CARLSBAD, CALIF. — Balboa Retail Partners has acquired two grocery-anchored retail centers in Southern California — Lincoln Center in Santa Monica and Carlsbad Village in Carlsbad. Tom Lagos and Michael Asarch of Colliers International arranged the transaction. Other terms of the deal were not disclosed. Lincoln Center totals 57,630 square feet and is anchored by a Gelsons Market. Smart & Final anchors the 59,010-square-foot Carlsbad Village. Both properties were fully occupied with long-term leases at the time of sale.
FARMINGTON, N.M. — Welbrook Senior Living has started construction of its second transitional rehabilitation facility, located in Farmington in the northwest corner of New Mexico. Welbrook partnered with Embree Asset Group, a development company based in Texas, to build the 50-bed property. Welbrook expects to begin accepting patients in late 2018.
WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage. Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles. Units will be available to residents aged 55 and over earning 60 percent or less of the Area Median Income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50 percent of AMI, and two units restricted to households with income at or below 30 percent of AMI. The investment marks Boston Capital’s 32nd partnership with The Pacific Companies, and its first property in Alaska.
TEMPE, ARIZ. — DP Electric has purchased a 34,370-square-foot office building in Tempe for $3.4 million. The building is located at 2210 S. Roosevelt St. The space will serve as the firm’s new corporate headquarters. The office will be renovated to house the company’s entire staff under one roof. Renovations will include an open-concept floor plan with offices flanking work stations, and many areas for conferences and collaboration. It will also include an employee gym, locker rooms, and a café and event space that open to the outdoors with an adjacent large patio for entertaining. DP Electric has been at its current Tempe location since 2005, and will begin operating out of the new corporate headquarters by summer 2018. Kurt Saulnier of Lee & Associates Arizona represented the electrical contracting firm while Eric Jones of Commercial Properties Incorporated represented the seller, Robert Coleman Trust.