SOUTH BRUNSWICK, N.J. – CBRE has arranged 450,000 square feet of leases at 301 Middlesex Center Blvd., a Class A industrial building in South Brunswick — bringing the newly constructed, speculative facility to full occupancy The transactions include a 250,000-square-foot lease with CDS Logistics and a 200,000-square-foot lease with Best Logistics. CBRE’s Steven Beyda, Mindy Lissner and Scott Belfer arranged the transaction on behalf of landlord IDI Gazeley, an industrial real estate developer. Beyda, Kevin Dudley and William Waxman of CBRE represented Best Logistics. Joe Nitti of Cresa represented CDS. Located near the New Jersey Turnpike, 301 Middlesex includes 36-foot ceiling heights, ESFR sprinkler systems and cross-docked loading.
CHICAGO — Care Capital Properties Inc. (NYSE: CCP) has entered into a definitive agreement to acquire six behavioral health hospitals in a sale-leaseback transaction for $400 million. The six-property portfolio contains a total of 712 beds in California, Arizona and Illinois. The hospitals primarily provide acute inpatient and outpatient psychiatric care, addiction services, geriatric psychiatric care and child and adolescent psychiatric care. Signature Healthcare Services LLC, one of the largest privately owned behavioral healthcare providers in the United States, currently owns the properties. As part of the transaction, CCP has agreed to fund up to $50 million in expansion and improvements within the portfolio. CCP will also have an option, exercisable beginning in the fourth quarter of 2018, to purchase one additional building for an amount that is expected to be approximately $20 million. Acquired properties include Aurora Charter Oak Hospital in Covina, Calif.; Aurora Vista del Mar Hospital in Ventura, Calif.; Aurora San Diego Hospital in San Diego; Aurora Arizona West in Glendale, Ariz.; Aurora Arizona East in Tempe, Ariz.; and Aurora Chicago Lakeshore Hospital in Chicago. Upon completion of the transaction, which is slated for the second quarter of 2017, CCP will lease the properties to affiliates of …
AUSTIN, TEXAS — Over 1,200 leaders from across all facets of the student housing industry descended on Austin last week for the 9th annual InterFace Student Housing conference, held at the J.W. Marriott. The conference concluded April 7 after two-and-a-half days of networking and educational sessions on topics ranging from the state of the industry, to leasing and marketing, development and design. While the industry is evolving, sunny skies continue to be the forecast for years to come. Rising rental rates are coupled with record-breaking levels of asset sales, and an increase in institutional and foreign investment, further legitimizing the sector. The conference kicked off Wednesday, April 5, with the 6th annual SHB Open Golf Outing at Barton Creek Resort & Spa, and then moved to the third floor of the J.W. Marriott Austin, where a record-breaking number of attendees met to network and dine over a range of industry topics. The afternoon began with a round of Speed Networking, where over 100 industry experts participated in short, four-minute conversations designed to spur discussion and foster new relationships. The group then moved into 25 InterFace+ Info Roundtables on topics ranging from the possible obsolescence of interior amenities, to international student housing opportunities and …
Market Moves There is so much fascinating discussion happening around the Las Vegas office market: what is the future of the suburban office? How does layout truly affect the culture of a company? Is parking a dying amenity? For the Las Vegas office market, it is just as easy to be captivated by imagining the possibilities of tomorrow. The post-recession recovery has seen office as the last product type to get healthy. The resort corridor led the way with a few new developments, like the T-Mobile Arena and Lucky Dragon Hotel, but there were many significant rehabs and upgrades as well. Multifamily and industrial followed closely behind, not surprisingly. What is interesting is that multifamily developers, as well as industrial, have been delivering product classes the valley has not experienced in any previous cycles. These include integrated apartment communities with over-the-top lifestyle amenities, and big bomber industrial buildings with the latest fixings of the day. Office development completions, however, have been limited to niche plays like the 140,000-square-foot Federal Justice Tower, and relic projects like Downtown’s 200,000-square-foot One Summerlin. Some of these projects were carried out by new owners, some with a lower basis. These buildings filled up and are …
PORTLAND, ORE. — An unnamed buyer has acquired the 134-unit Modera Goose Hollow apartments for $47.5 million. The community is located at 2004 S.W. Jefferson St. It was built in 2016. The property sits across the street from a MAX light rail system train station. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and the seller, a partnership between Millcreek Trust and a Global Real Estate Investment Manager, in this transaction.
SAN DIEGO — Gemini Rosemont has received a $33 million loan to refinance a 177,400-square-foot office tower in San Diego’s Little Italy submarket. The 19-story tower is located at 610 West Ash St. It is 97 percent occupied with 13 tenants that include an international cyber security firm and the General Services Administration. A10 Capital is refinancing a short-term loan that funded the building’s acquisition in 2016. A10 structured its financing with a 10-year maturity that included a $2 million rollover reserve for tenant improvements.
GILBERT, ARIZ. — The Weitz Company has completed construction of Savanna House, a 119,000-square-foot assisted living and memory care facility in Gilbert. The memory care section is split into three neighborhoods for different levels of need. The number of units was not disclosed. Prevarian Senior Living developed the property. The Weitz Company was the general contractor. Florida-based firm Architectural Concepts designed the project. This is Prevarian’s first community in Florida. Life Care Services will operate the property.
LOS ANGELES — Forever 21 plans to open 40 new F21 RED locations across the U.S. in 2017. The first three F21 RED stores will open in April in including San Antonio, New York City and Chicago. New locations will continue to open throughout the year and will bring F21 RED total store count to more than 70 locations by year end. F21 RED launched in 2014 and offers an assortment of fashion staples from Forever 21 and its sub-brands, including Forever 21 Men, Forever 21 Plus and Forever 21 Girls. Forever 21 Inc., headquartered in Los Angeles, is a fashion retailer of women’s, men’s and kids’ clothing and accessories. Founded in 1984, Forever 21 operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom.
LAS VEGAS — JCH Consulting Group has arranged the placement of a “long-term, publicly traded credit tenant” at a 95-unit assisted living community in Las Vegas. The name of the facility was not disclosed. The owner, a private equity firm based in California, had not received rent from the previous tenant for over a year and was in the process of eviction. JCH helped the new operator secure an emergency license to take over the distressed property. The new, 25-year lease agreement allows rents to return to market rates within three years. JCH Consulting Group is a real estate brokerage firm focused on seniors housing.
PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.