SAN DIEGO — Berkeley Point Capital has provided $105 million in acquisition financing for the 448-unit Avion at Spectrum apartment community in San Diego. The community is located at 8811 Spectrum Center Blvd. The property was purchased by an affiliate of Prime Residential. The luxury apartments were completed in 2002 and partially upgraded by the seller in 2012. Avion at Spectrum features oval garden soaking tubs, crown molding, nine-foot ceilings, granite countertops and stainless steel appliances. The pet-friendly community is near Interstate 15, Interstate 805 and Highway 163. Amenities include a resort-style spa, pool with cabanas, grilling area, fire pit and fitness studio.
SACRAMENTO, CALIF. — TSB Realty LLC has arranged the sale of The Element, a 792-bed student housing community located near California State University-Sacramento. The community offers one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a resort-style swimming pool, updated fitness facility, covered basketball half-court, lighted sand volleyball court and game room. TSB represented the seller, a joint venture between VerTex Student Housing Partners and Harrison Street Real Estate Capital, in the transaction. Nelson Brothers acquired the property for an undisclosed price.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired three skilled nursing facilities in Southern California, and provided mortgage financing on a fourth. CareTrust entered into a tenant agreement with Providence Group, which has operated all four facilities since 2015. The names of the facilities were not disclosed. The total investment for the three-facility, 528-bed portfolio was approximately $69 million inclusive of transaction costs. The properties will yield approximately $6.1 million in initial annual cash rent, according to CareTrust. The mortgage on the 104-bed skilled nursing facility was $12.5 million inclusive of transaction costs, at an annual interest income of 9 percent. The master lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. The acquisition was funded using CareTrust REIT’s $400 million unsecured revolving credit facility.
LANCASTER, CALIF. — Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot store in Lancaster net-leased to Rite Aid. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released.
WORCESTER, MASS. — Senate Construction has completed the construction of a 615,600-square-foot distribution center located at 150 Blackstone River Road in Worcester. The property was developed by 150 Blackstone River Road LLC, a joint venture between Mid-States Packaging Inc. and GFI Partners. Imperial Distributors occupies 325,000 square feet of property, with G-3 occupying 200,000 square feet and Mid-States Packaging occupying the remaining space. Senate performed the design-build of the foundation, superstructure, HVAC, fire protection, plumbing and electrical work. Jim Thornton of Andover, Mass.-based Applied Form and Space Architects provided architectural services for the project.
BOSTON — Needham, Mass.-based PTC has signed an 18.5-year lease for 250,000 square feet of office space at 121 Seaport Blvd. in Boston’s Seaport District. PTC will occupy the top nine floors of the 17-story, 400,000-square-foot office building when it is completed in the first quarter of 2018. Developed by Skanska Development and designed by Boston-based CBT Architects, the property will feature large floor plates, two floors of retail and views of the Boston Harbor and downtown Boston. PTC is a global provider of technology that transforms how companies design, manufacture, operate and service the “things” in the Internet of Things. Jack Burns, Adam Subber and Dan Sullivan of Cresa Boston negotiated the lease for PTC, while Bill Anderson and Dave Martel of Newmark Knight Frank represented the developer in the lease transaction.
READING, MASS. — Cushman & Wakefield has arranged the sale of Residence at Pearl Street, an 83-unit assisted living and memory care community in the Boston suburb of Reading, for an undisclosed price. The seller was a joint venture between LCB Senior Living and Virtus Real Estate. A new joint venture between LCB and Artemis Real Estate Properties acquired the asset. LCB will continue to operate the property. The community was originally an elementary school built in 1939 and is now a historic building. In 1996 the building was redeveloped into a seniors housing community and a purpose-built wing was added that currently houses the majority of the residential units. The property underwent a $3.3 million renovation in 2014 and 2015. LCB stabilized the community by the end of 2016 with occupancy over 90 percent. The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Miller.
EDISON, N.J. — CBRE has arranged the sale of Washington Park Apartments, an apartment complex located at 1940 Lincoln Parkway, Route 27 in Edison. Joseph’s Wish LLC sold the property for $6.2 million. Situated on 1.9 acres, the garden-style apartment complex features 52 units. At the time of sale, the property was fully occupied. Nat Gambuzza and Spencer Beriont of CBRE represented the seller and procured the undisclosed buyer in the deal.
NORWALK, CONN. — RHYS has arranged the sale of an office building located at 14 Westport Ave. in downtown Norwalk. Watermill Westport LLC sold the three-story Class B building to Philipos Properties for $2.9 million. Constellation Health Services occupies the 32,000-square-foot building, which was built in 1985. Christian Bangert, Cory Gubner and Alex Haendler of RHYS represented the seller, while John Zervos of DVB Commercial represented the buyer in the transaction.
MCKINNEY, TEXAS — Hunt Southwest has broken ground on a 202,270-square-foot industrial facility located at 900 Wilmeth Road near U.S. Highway 75 in McKinney. The property will be configured as a front-park, rear-load facility and feature amenities such as 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting, 43 dock-high doors and two acres of additional land for parking or outside storage. Construction of the facility, which is being built on a speculative basis, is expected to be complete by June 2018. Hunt Southwest expects to begin developing another 200,000-square-foot speculative industrial facility within University Business Park in McKinney during the second quarter of 2018.