Property Type

Baker Katz Arranges 4,243 SF Lease for Newk’s Eatery in Metro Houston

by Taylor Williams April 7, 2017

HOUSTON — Baker Katz has arranged a 4,243-square-foot lease on behalf of Newk’s Eatery, a Mississippi-based fast casual restaurant chain, in Sugar Land, a southwestern suburb of Houston. The new restaurant, which is scheduled to open in early May, will be situated within Market at Town Center, a retail center located at the intersection of Lexington Boulevard and State Highway 6. Ben Brown of Baker Katz and Jennifer Watson of Newmark Grubb Knight Frank represented Newk’s Eatery in the lease transaction.

April 7, 2017

Meta Housing Corp. Completes $21.6M Multifamily Community in LA

by Nellie Day April 7, 2017

LOS ANGELES — Meta Housing Corp. has completed 5400 Hollywood Family Apartments, a 40-unit apartment community in East Hollywood, for $21.6 million. The five-story apartment community aims to provide affordable housing options for families throughout Los Angeles, and also includes 3,485 square feet of retail space. 5400 Hollywood Family Apartments includes a landscaped rooftop deck with barbecue and children’s play areas, as well as a clubhouse and computer room. The apartment community is located at 1655 N. Serrano Ave. and includes one-, two- and three-bedroom floor plans.

April 7, 2017

Healthcare Iowa Kansas Midwest Missouri Multifamily Nebraska Seniors Housing

Blueprint Brokers $82M Sale of 18 Skilled Nursing Facilities in the Midwest

by Kristin Harlow April 7, 2017

CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.

April 7, 2017

Multifamily Oregon Western

Riverwood Apartments and Townhomes in Grants Pass Sells for $15.1M

by Nellie Day April 7, 2017

GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.

April 7, 2017

Industrial Michigan Midwest

Monmouth Acquires 343,483 SF Industrial Building in Walker, Michigan for $32.1M

by Kristin Harlow April 7, 2017

WALKER, MICH. — Monmouth Real Estate Investment Corp. has acquired a 343,483-square-foot industrial building in Walker, near Grand Rapids, for $32.1 million. The building is situated on 61 acres at 3466 Shippers Drive. The property is net leased to FedEx Ground Packaging System Inc. for 15 years.

April 7, 2017

Loans Midwest Missouri Multifamily

Associated Bank Provides $8M Loan for Redevelopment of Apartment Property in St. Louis Suburb

by Kristin Harlow April 7, 2017

RICHMOND HEIGHTS, MO. — Associated Bank has provided an $8 million loan for the redevelopment of the former Manhasset Village apartment complex in Richmond Heights, a suburb of St. Louis. The four-building property is located at 1351 McCutcheon Ave. The project, the second phase of redevelopment at the community, will update a total of 46 apartments including a mix of one-, two- and three-bedroom floor plans ranging in size from 762 to 1,465 square feet. Residents moved into the first phase of the project, EVO, in fall 2016. Phase II is slated for completion in late 2017 or early 2018. Edward Notz of Associated Bank managed the loan for the borrower, Draper and Kramer Inc./MV Two LLC.

April 7, 2017

Michigan Midwest Retail

Signature Associates Arranges Sale of 35,856 SF Retail Building in Big Rapids, Michigan

by Kristin Harlow April 7, 2017

BIG RAPIDS, MICH. — Signature Associates has arranged the sale of a 35,856-square-foot retail building in Big Rapids in central Michigan. The sales price was not disclosed. The building is located at 706 Perry Ave. Joe Rizqallah of Signature Associates represented the seller, Blackmer-Cosgrove LLC, and the purchaser, Cocca Development. The space will be leased to Dunham Sports.

April 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Arranges Refinancing for 207-Unit Seniors Housing Community Near San Francisco

by Nellie Day April 7, 2017

DALY CITY, CALIF. — CBRE has arranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent living and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, floating-rate loan. A regional bank provided the capital.

April 7, 2017

Michigan Midwest Retail

KJ Commercial Brokers Sale of 31,000 SF Retail Center in Rochester Hills, Michigan

by Kristin Harlow April 7, 2017

ROCHESTER HILLS, MICH. — KJ Commercial has brokered the sale of Auburn Plaza in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 31,000-square-foot retail center is located at 240 E. Auburn Road. Kevin Jappaya of KJ Commercial represented the undisclosed buyer in the transaction. The buyer purchased the property in a 1031 exchange.

April 7, 2017

California Retail Western

CalBay Development Acquires STNL Outback Steakhouse in Foothill Ranch

by Nellie Day April 7, 2017

FOOTHILL RANCH, CALIF. — CalBay Development LLC has acquired, via an off-market transaction, the STNL Outback Steakhouse in Foothill Ranch for $1.85 million. The site sits within the Foothill Ranch Town Center, a 130-acre retail project with tenants including Target, Regal Cinemas, Walmart, CVS, Ralphs, Hobby Lobby, Michaels and Old Navy. Hon Development, part of the original property developer partnership of Foothill Ranch Town Center, was the seller.

April 7, 2017

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