WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.
BROOKSVILLE, FLA. — ProVest Properties LLC has acquired Sunrise Plaza, an 86,815-square-foot shopping center located in the Tampa suburb of Brooksville, for $4.8 million. Winn-Dixie anchors the shopping center, which is also home to tenants including Beef O’Brady’s and Winn-Dixie Liquor. Brad Peterson and Whitaker Leonhardt of HFF arranged the sale on behalf of the seller, Noble Properties.
San Antonio evokes many positive images: the River Walk, the Alamo, Fiesta, the Mission Trail, Texas Hill Country and more. All of these images have one thing in common: hospitality. San Antonio is known for its warmth and hospitality. It is a fun place to visit for the many conventioneers and tourists that are attracted to the city year after year. It is also a good place to do business and a great place to live. Strength of the Market San Antonio boasts a strong economy. Overall employment grew at 3.5 percent over the past year, including an above-average growth of 3.2 percent for hospitality, retail and healthcare employment. Unemployment declined to 3.6 percent in July 2016, with strong increases in the labor force, according to Moody’s Analytics. Tourism and convention activity drive the economy, strengthened by a large military and cybersecurity presence. Manufacturing, healthcare and energy round out San Antonio’s strong, stable economy. The San Antonio lodging industry has also maintained a strong and steady pattern. While other Texas markets are adding a lot of new supply, San Antonio has kept the number of new hotel rooms to a minimum, adding only about 1,000 rooms over the past five …
The Capital Region continues to experience low vacancy rates across the industrial sector. The region’s growth over the last decade has primarily been driven by multibillion-dollar investments by GlobalFoundries, a semiconductor foundry, and State University of New York Polytechnic Institute (known as SUNY Poly). With limited new construction and virtually no spec-built facilities, the rates on existing spaces have finally experienced some rental appreciation after remaining relatively flat over the decade from 2005 to 2015. For the most part, the region has seen existing tenants shifting to new locations within the marketplace as opposed to companies entering to the marketplace for the first time. Generally, new entrants to the market that have some technology component to their business are locating at the SUNY Poly campus or related facilities. One of the most notable recent transactions was the $57 million sale of The Beltrone Portfolio to The Rosenblum Companies. The portfolio totaled 23 buildings made up of a mix of office and industrial properties. The industrial assets included 10 buildings that would be classified as Class A and B product. Historically the entire portfolio maintained a low vacancy status and at the time of sale it was approximately 5 percent vacant. …
TUSTIN, CALIF. — Lincoln Property Co. and Alcion Ventures have gained approval from the City of Tustin to move forward on Flight, an 870,000-square-foot creative office campus within the 1,600-acre master-planned community of Tustin Legacy. Flight will contain a mix of four-story buildings with outdoor platform decking and roll-up doors. The Rios Clementi Hale Studios-designed buildings will feature perforated metal building skins that shade the indoor/outdoor office space and large glass curtain walls on the ends to allow light penetration. Flight will be constructed in two phases, with Phase I anticipated to begin in early 2017 and finish within 14 to 18 months. Phase I will include more than 470,000 square feet of office space, a mess hall and conference center.
OXNARD, CALIF. — JRK Property Holdings has purchased the 168-unit Rancho Solana apartments in Oxnard for $30.7 million. The community is located at 2444 Alvarado St. Rancho Solana borders RiverPark, a 704-acre master planned community, that includes a mix of housing, schools and 14 community parks. The community was 99 percent leased at closing. Amenities include controlled access, swimming pool and spa, barbecue area, sports court, children’s playground and covered parking. Gregory Harris, Kevin Green and Joseph Grabiec of IPA represented both parties in the transaction. The seller was a private investor.
SANTA MONICA, CALIF. — Century West Partners has completed construction of the 56-unit Chelsea luxury apartment building in Santa Monica. The community is located at 1320 2nd St. in the downtown area. Chelsea’s units are set within a four-story building atop two restaurants, occupying 3,150 square feet and 2,850 square feet, respectively.
DENVER — Prologis has purchased a 40-acre industrial site in Central Denver for an undisclosed sum. The infill site is located at 6030 Washington St. The area is undergoing a significant redevelopment, which may displace a number of industrial tenants who will need to seek out new spaces within the area. Some of the most notable projects include the redevelopment of the National Western Stock Show, the reconstruction of I-70 between Brighton and Colorado boulevards and the continued transformation of the RiNo district. Matt Trone, Steve Hager and Sam Slaton of Cushman & Wakefield represented the seller, Northwest Pipe Co., in this transaction. The team will also act as Prologis’ leasing agents.
CHANDLER, ARIZ. — Olympus Property has purchased the 194-unit Vive in Chandler apartment community for an undisclosed sum. The Class A community is located at 1901 W. Germann Road in the South Price Corridor submarket. Vive was built in 2014. Property amenities include a 24-hour fitness center, resort pool with spa, clubhouse with billiard table, cinema room and an outdoor fireplace with seating. The South Price Corridor features notable employers like Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft and GM Financial. The North Price Corridor plays host to Microchip Technology, Bank of America, GM Arizona IT Innovation Center, CVS Health, SanDisk and Pearson Education.
LENEXA, KAN. — A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community, for $17.7 million. The property is situated on 20.5 acres at 12000 W. 77th Terrace in Lenexa, approximately 12 miles south of Kansas City, Mo. The community features 145 one-bedroom units and 144 two-bedroom units. The building was originally built in 1972 and renovated in 1992. The partnership is planning a major renovation of the property estimated at more than $6 million, including construction of a new leasing center, business and fitness center, landscaping enhancements and new lighting. BH Equities will manage the property through its property management arm, BH Management Services. Dustin Dulin of JLL arranged the debt on behalf of the partnership. Brandon Grisham of CBRE brokered the deal with both the buyer and the seller, a private investor.