Property Type

Greystar, Rockpoint Group Acquire Student Housing Community Near the University of Maryland

by John Nelson November 8, 2016

COLLEGE PARK, MD. — A partnership between Greystar Real Estate Partners LLC and Rockpoint Group has acquired University View, a 1,573-bed student housing community located near the University of Maryland campus in College Park. The joint venture plans to implement full interior upgrades to units and enhancements to the common areas and amenity spaces, including the conversion of the existing pool area into a resort-style amenity. The two-building property features studio, one-, two-, three- and four-bedroom units alongside 9,218 square feet of ground-floor retail space. Community amenities include two fitness centers, a barre and yoga studio, instructor-led fitness classes and shuttle service to campus.

November 8, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $14M Sale of Affordable Housing Complex in Miami

by John Nelson November 8, 2016

MIAMI — Berkadia has brokered the $14 million sale of Cutlerwood Apartments, a 161-unit affordable housing community located in Miami’s Cutler Bay neighborhood. Asden Realty purchased the Section 8 property from American Federated Tile Corp. for roughly $134 per square foot. Berkadia arranged a six-year, $11.4 million Freddie Mac loan on behalf of Asden Realty to fund the acquisition. Tal Frydman, Fernando Polanco and Yoav Yuhjtman of Berkadia’s South Florida office brokered the sale, and Mitch Sinberg and Matt Robbins from the same office arranged the financing.

November 8, 2016

Georgia Mixed-Use Southeast

Avison Young Arranges $13M Sale of Mixed-Use Development in Downtown Augusta

by John Nelson November 8, 2016

AUGUSTA, GA. — Avison Young has arranged the $13 million sale of Enterprise Mill, a 179,122-square-foot mixed-use development located on nine acres at 1450 Greene St. in downtown Augusta. The project features 118,928 square feet of office and retail space and 60 loft-style apartment residences. Enterprise Mill was approximately 90 percent occupied at the time of sale. AJ Belt III and David Duckworth of Avison Young represented the seller, Melaver/Enterprise Mill LLC, in the transaction. The buyer was Enterprise Mill LLC, a private investment group based in Coral Gables, Fla.

November 8, 2016

Retail Southeast Virginia

S.L. Nusbaum Brokers $8.2M Sale of Land in Hampton Roads Region for New Kroger Marketplace

by John Nelson November 8, 2016

CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the $8.2 million sale of 16.8 acres in Chesapeake for a new Kroger Marketplace store. Kroger LP I purchased the land situated at Dominion Boulevard and Cedar Road from Chesapeake Development. Tommy Drew of S.L. Nusbaum Realty represented Kroger in the purchase. The new 124,000-square-foot Kroger Marketplace will anchor the new shopping center at the site known as Dominion Commons. The new Kroger will feature 94,000 square feet of grocery space and 30,000 square feet of general merchandise, pharmacy, health and beauty and jewelry, as well as a fuel center. This store will be the sixth Kroger Marketplace in the Hampton Roads region and the second in Chesapeake. S.L. Nusbaum Realty is a member of X Team International.

November 8, 2016

2310-washington-st-newton-lower-falls-ma

Massachusetts Northeast Office

Margulies Perruzzi Architects Completes Design of 40,000 SF Office Headquarters in Massachusetts

by Amy Works November 8, 2016

NEWTON LOWER FALLS, MASS. — Margulies Perruzzi Architects (MPA) has completed the design and renovation of the headquarters for National Development in Newton Lower Falls. National Development and its construction affiliate, Cranshaw Construction, currently occupy all four floors of 2310 Washington St. MPA provided space planning and interior design services for the 40,000-square-foot property. The project included updating the office design and relocating amenities to create an open, modern and collaborative space for staff. Cranshaw Construction served as construction manager for the project.

November 8, 2016

Kindred Nursing and Healthcare – Victorian, San Francisco

Healthcare Multifamily Seniors Housing Top Stories

Kindred Plans to Leave Skilled Nursing Business, Posts Third-Quarter Loss of $671.3M

by Jeff Shaw November 8, 2016

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to fully exit the skilled nursing business, the Louisville-based healthcare owner-operator announced Monday afternoon during a third-quarter earnings call. Kindred posted a $671.3 million loss in the third quarter. The company was already in the process of reducing the number of skilled nursing facilities in its portfolio. At its peak the company owned and/or operated more than 300 skilled nursing facilities across the country. Kindred will instead focus the bulk of its efforts on Kindred at Home, the country’s largest provider of home healthcare and hospice services, according to Kindred. The company expects half its earnings to come from Kindred at Home, while long-term acute care hospitals will account for 25 percent of its earnings and rehabilitation services will account for the remainder. By divesting its entire skilled nursing portfolio, Kindred expects to reduce annual rent obligations by $90 million, capital expenditures by $30 million and corporate overhead by between $70 million and $100 million. “We are taking proactive strategic steps to position Kindred for long-term success against the backdrop of dynamic changes in the healthcare services industry,” says Benjamin Brier, president and CEO of Kindred. “Our plan to exit the …

November 8, 2016

Market Reports Office Washington Western Western Market Reports

Seattle’s Office Market Remains Healthy

by Camren Skelton November 8, 2016

Seattle is on the rise, and companies are thriving in the downtown core and surrounding submarkets. Seattle’s office market is one of the healthiest in the country. Leasing continues to be led by a robust technology sector that’s fueled by both the expansion of homegrown companies and the addition of engineering offices from mostly California-based companies. These companies have established significant footprints in Seattle as they have been able to attract, hire and retain workers from a talented employee pool. Institutions like the University of Washington continue to produce additional engineering graduates from an expanding computer science program, and companies have had great success recruiting talent eager to move from across the country and internationally to the Puget Sound region. Traditional brick-and-mortar companies like Sears, Best Buy and Starbucks are all working in Seattle to monetize the use of electronic devices. Many new companies to the market like Snapchat, Airbnb and, most recently, Pinterest, have opened their first Seattle locations in co-working spaces. The collaborative nature of the co-working environment is also popular among startups. These companies are often created by former employees of some of the region’s longstanding heavyweights. Amazon has had a significant ripple effect on the region, …

November 8, 2016

California Multifamily Student Housing Western

Kayne Anderson Real Estate Sells 6,000-Bed Student Housing Portfolio

by Nellie Day November 7, 2016

LOS ANGELES — Los Angeles-based Kayne Anderson Real Estate Advisors has sold a portfolio of seven student housing properties totaling nearly 6,000 beds to Singapore-based Mapletree Investments Pte Ltd. The purchase price was undisclosed. The portfolio includes 13th & Olive, a 1,308-bed community located near the University of Oregon in Eugene; Lofts at City Centre, a 1,225-bed community located near the University of Alabama in Tuscaloosa; Capstone Cottages of San Marcos, an 899-bed community located near Texas State University in San Marcos; The View on 10th, a 718-bed community located near Baylor University in Waco, Texas; One12 Courtland, a 717-bed community located near Georgia State University in Atlanta; The Flats at West Village, a 622-bed community located near the University of Virginia in Charlottesville; and Fuse, a 489-bed community located near Purdue University in West Lafayette, Indiana. Each property in the portfolio was built within the last three years, and features amenities including common rooms, game areas, reading rooms, gyms and swimming pools. Mapletree now owns a total of 32 student housing assets in the U.S. and the U.K.

November 7, 2016

Idaho Multifamily Seniors Housing Western

IRET Sells Eight Seniors Housing Communities in Idaho for $43.9M

by Nellie Day November 7, 2016

BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.

November 7, 2016

California Loans Retail Western

Meridian Capital Secures $40 Million Refinancing of The Plant Retail Center in Panorama City

by Nellie Day November 7, 2016

PANORAMA CITY, CALIF.— Meridian Capital Group has secured a $40 million refinancing for The Plant, a 219,922-square-foot retail power center located in Panorama City. Seth Grossman and Jackie Tran of Meridian arranged the five-year balance sheet loan featuring full-term, interest-only payments on behalf of the borrower, Decron Properties. Citibank provided the capital. Tenants at The Plant include Regency Theatres, Ross Dress for Less, Old Navy, Forever 21, PetSmart, Party City, Home Depot and In-N-Out Burger.

November 7, 2016

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