KOKOMO, IND. — Lamb Net Lease LLC has negotiated the sale of a 14,592-square-foot building net leased to Gerber Collision & Glass in Kokomo, 60 miles north of Indianapolis. The sales price was not disclosed. Gerber Collision & Glass is a wholly owned subsidiary of Boyd Group Income Fund. A Midwest-based REIT purchased the property, which is located at 418 Kentucky Drive. Mike Lamb of Lamb Net Lease negotiated the transaction between both parties. David Bickell of SVN represented the private equity seller.
LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has agreed to purchase fellow gaming property owner Pinnacle Entertainment Inc. (NASDAQ: PNK) in a cash and stock transaction valued at $2.8 billion. The deal has been approved by the boards of directors of both companies and is expected to close in the second half of 2018 following an approvals process involving the two companies’ shareholders and applicable gaming authorities. Pinnacle employs roughly 16,000 team members and owns and operates 16 gaming and entertainment facilities located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Las Vegas-based company is also a manager and majority owner of Retama Park Racetrack near San Antonio. As part of the transaction, Wyomissing, Pa.-based Penn National will sell four of the newly acquired assets to Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) for $575 million. The properties include Ameristar St. Charles and Ameristar Kansas City in Missouri; Belterra Casino Resort in Florence, Ind.; and Belterra Park in Cincinnati. Penn National has also negotiated with Gaming and Leisure Properties (NASDAQ: GLPI), the landlord for Penn National and Pinnacle’s master lease agreements, to sell and lease back the real estate associated with Belterra Park and …
ANNAPOLIS, Md. — Occupancy for skilled nursing facilities throughout the United States hit a five year low in the third quarter of 2017, falling to 81.6 percent, according to data released today by the National Investment Center for Seniors Housing & Care (NIC). NIC is a nonprofit data analytics organization exclusively serving the seniors housing sector. NIC collects the data using a sample population collected each month from more than 1,400 skilled nursing properties throughout the country. The occupancy numbers mark a 29 basis point decrease from the previous quarter and 167 basis point decrease from the same time last year. “Historically, there has been some variability in the occupancy trend in the third quarter in any given year, so it is difficult to gauge the impact of seasonality,” says Bill Kauffman, senior principal at NIC. “Occupancy did set a new low within this time series in the third quarter as pressure continues on the Medicare mix. However, it did decline at a slower pace from the prior quarter.” Medicare patient day mix declined 58 basis points from the second quarter and 84 basis points from year-earlier levels, coming in at a new low of 12.2 percent in the third …
PHOENIX — Globe Corp. has obtained $86 million in financing for a four-property office and industrial portfolio based in Arizona. The portfolio contains two Class A office buildings and two industrial warehouses in Phoenix, Tempe and Scottsdale. The loan for one property, 101 Corporate Center, served as acquisition financing and the remaining were refinancings. Debt for the two industrial warehouses, 8990 S. Kyrene Road and Riverside Commerce Park, was consolidated into a single loan structure. Each of the three long-term, fixed-rate loans were closed with separate life insurance companies. Walker & Dunlop arranged the loans.
DENVER — Crestone Partners has obtained $70.6 million in financing for Granite Place at Village Center, a 299,568-square-foot office tower in the Denver submarket of Greenwood Village. The 10-story building is located at 6165 S. Willow Drive. The property is fully leased to Charter Communications and CSG International. HFF secured the six-year, fixed-rate, interest-only loan through Principal Real Estate Investors. Loan proceeds were used to acquire the property. The borrower was not disclosed.
LAS VEGAS — The Wolff Company has announced has broken ground on Revel Las Vegas, a 132-unit independent living community in Las Vegas. The three-story property will offer a mix of studio, one-bedroom and two-bedroom layouts. It is scheduled to open in 2018. Revel Las Vegas will be the sixth seniors housing community that Wolff has developed since 2016. The Arizona-based developer plans to invest between $300 million and $400 million annually in independent living developments in the United States.
SALT LAKE CITY — PolarityTE has leased a 178,000-square-foot industrial facility in Salt Lake City. The facility is located at 1960 S. 4250 West. PolarityTE is developing tissue-regenerative medical procedures and technology. Jim Sheldon of Newmark Grubb ACRES executed the transaction.
ESCONDIDO, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a 51-unit assisted living community in Escondido, located between San Diego and Los Angeles. A regional for-profit operator acquired the property from a single-asset nonprofit operator for $18.5 million, or $365,000 per unit. The seven-building property was built in phases between 1980 and 2002.
READING, PA. — Hunt Mortgage Group has provided a $28.4 million conventional Fannie Mae loan for the acquisition of Reed Farm Apartments, a multifamily property located in Reading. Loan terms include a 12-year term with a 30-year amortization period and an 11.5-year yield maintenance period. The Reading-based sponsor purchased the subject as part of a 1031 exchange. Reed Farm Apartments is a 242-unit garden-style apartment complex consisting of 35 two-story residential structures, including a farm house that was built pre-1930 and converted into an apartment unit in 2003. The property was built in two phases between 2003 and 2005. Jame Conley of HFF represented the undisclosed sponsor in the financing.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of two contiguous four-story apartment buildings in the Prospect-Lefferts Gardens section of Brooklyn. The buyer, 558-566 Parkside LLC, acquired the properties from 566 Parkside LLC for $14.6 million. Located at 558-566 Parkside Ave. the buildings offer a total of 59 apartments. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.