SAN DIEGO — Diversified Properties has acquired Bay City Plaza, a shopping center located at 1515-1555 Palm Ave. in San Diego. The Lorah Family Trust sold the property for $8.1 million. At the time of sale, the 34,051-square-foot property was fully leased to a variety of tenants, including Rent-A-Center, Advance America, Subway, Little Caesars Pizza, and St Vincent de Paul. Joe Yetter and Chad Iafrate of Cushman & Wakefield represented the seller in the transaction.
COOPER CITY, FLA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the $13.5 million sale of Stirling Town Center, a 53,857-square-foot shopping center located on a 5.9-acre site at 8637-8861 Stirling Road in Cooper City. Built in 2005, the shopping center was 92 percent leased at the time of sale to tenants such as Subway, Tijuana Flats, Starbucks Coffee, Smoothie King, Cold Stone Creamery, Beef ‘O’ Brady’s and Aroma Kosher Market and Catering. Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller, LNR Partners LLC, in the transaction.
ESCONDIDO, CALIF. — Duhs Commercial has arranged the sale of a shopping center located at 426 W. Second Ave. in Escondido. William and Helen Taylor Trust acquired the 8,694-square-foot asset for $1.9 million. Austin Dias and Scott Duhs of Duhs Commercial represented the sellers, Tom Family Trust and Golden Meadows Investments LLC, while Matt Belshin and Bill Morgan of Morgan Real Estate represented the buyer in the deal.
NORTH BRANFORD, CONN. — National Health Investors Inc. (NYSE: NHI), a Tennessee-based healthcare REIT, has agreed to acquire an undisclosed continuing care retirement community (CCRC) in the New Haven suburb of North Branford for $74 million. NHI will lease the community to Senior Living Communities (SLC), a North Carolina-based operator. The 13-year lease features a rate of 6.8 percent with a 4 percent annual escalator during the first two years, and a 3 percent annual escalator thereafter. NHI will use its revolving credit facility to fund the acquisition. The seller in the transaction was not disclosed. The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.
QUINCY, MASS. — The Boston office of Colliers International has arranged the sale of Eventide Home, an independent living and nursing home campus located at 215 Adams St. in Quincy. O’Connell Development acquired the 43,000-square-foot property for $3.7 million. Situated on 6.5 acres, the property features 60 independent and skilled-nursing beds. The buyer plans to reposition the property into a 58-unit seniors housing residential rental property. Robert Cronin of Colliers brokered the transaction, with Peter O’Connell representing O’Connell Development.
NEW YORK CITY — McSam Hotel Group has broken ground for a 25-story Hyatt Place located in Manhattan’s Garment District/Times Square. Designed by Gene Kaufman Architect, the 180,000-square-foot hotel will feature 518 guest rooms and approximately 7,000 square feet of dining and lounge space, including an indoor restaurant, backyard eatery, bar/lounge, fitness center, business center and meeting space. VLDG Inc. is designing the interiors of the hotel.
NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.
SMITHFIELD, R.I. — Sweeney Real Estate has arranged a lease for 4,000 square feet of office space at 333 George Washington Highway in Smithfield. ELITechGroup Inc. leased the space from Lincoln Environmental Properties LLC. Kevin Casey of Sweeney Real Estate & Appraisal represented the landlord, while Gerry Surprenant of MG Commercial Real Estate represented the lessee in the deal.
TAMPA, FLA. — A joint venture between City Office REIT (NYSE: CIO), Feldman Equities LLC and Tower Realty Partners has acquired Park Tower, a 475,000-square-foot office building in downtown Tampa, for $79.8 million. The 36-story tower is located at 400 N. Tampa St. The joint venture plans to make a substantial investment in the property to modernize the building. The building is approximately 86 percent leased. Notable tenants include BB&T, United States Department of Justice U.S. Attorney’s Office, Level 3 Communications and Lykes Insurance. The tower boasts views of Hillsborough Bay, the Hillsborough River and the Tampa skyline. Park Tower was built in 1973. It was the tallest building in Tampa until 1981 when One Tampa City Center was constructed. Park Tower has previously served as the headquarters for the First National Bank of Tampa, the Lykes Brothers Corp. and Colonial Bank. Park Tower is situated near the Florida Museum of Photographic Arts and Lykes Gaslamp Park, about two blocks from the Hillsborough River and the Tampa Riverwalk entertainment district. Mike DiBlasi of Feldman Equities will lead the building’s leasing efforts. The seller was Sterling American Property. City Office REIT currently owns about 1 million square feet of office properties …
To those outside Orlando, the Central Florida metro of just over 2.3 million residents has long been a vacation destination with its major theme parks and top attractions including Walt Disney World, Universal Orlando, SeaWorld and the I-Drive corridor, home to the new Orlando Eye. In fact, Orlando welcomed over 66 million visitors who spent more than $60 billion in 2015, a new all-time local and U.S. travel industry high. However, tourism is just one piece of the puzzle when it comes to Orlando’s emergence as a top target for multifamily investment. The metro is experiencing exceptional growth across multiple sectors of the economy, and in 2015, the Orlando MSA led the nation in employment gains, coming in at 4.6 percent. According to the U.S. Department of Labor, the metro added 52,200 new jobs. Of these new jobs, the highest percentage was in professional business services, medical, transportation and general services. Looking forward, data from CBRE-Econometric Advisors projects that Orlando will lead the U.S. in employment growth over the next five years by a wide margin (2.3 percent compared to 0.8 percent for the nation overall). The rapid employment growth driven by numerous corporate relocations and expansions including Verizon, Mitsubishi-Hitachi, …
