Property Type

Belmont Village Breaks Ground on 149-Unit Seniors Housing Community in Chicago’s Lincoln Park

by Kristin Harlow September 26, 2017

CHICAGO — Belmont Village Senior Living has broken ground on a 149-unit seniors housing community in Chicago’s Lincoln Park. Belmont Village Lincoln Park will feature 120,500 square feet of assisted living and memory care units. The property is being developed on a parcel of land that was originally part of the Children’s Memorial Hospital campus. The building was demolished earlier this year. The project, slated to open in summer 2019, is Belmont Village’s first property in the Chicago proper. The developer has previously completed properties in Buffalo Grove, Carol Stream, Glenview and Oak Park.

September 26, 2017

Midwest Office Ohio

Colliers Brokers $5.9M Sale of Office Property in Cincinnati

by Kristin Harlow September 26, 2017

CINCINNATI — Colliers International has brokered the sale of a 39,385-square-foot office property in Cincinnati for $5.9 million. Built in 2010 and expanded in 2017, the building is located at 9655 Reading Road. EMCOR Inc., a mechanical and electrical construction services company, fully occupies the property. Steve Timmel, Jeff Johnston, Chris Prosser and John Gartner of Colliers represented the undisclosed seller. A real estate investment trust purchased the property.

September 26, 2017

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of Apartment Building in St. Paul, Minnesota

by Kristin Harlow September 26, 2017

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of a 25-unit apartment building in St. Paul’s Merriam Park neighborhood for $3 million. The property is located at 1880 Marshall Ave. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and secured the buyer, a partnership.

September 26, 2017

Retail Texas

InvenTrust Acquires 226,000 SF Grocery-Anchored Center in Metro Austin for $59M

by Taylor Williams September 26, 2017

KYLE, TEXAS — InvenTrust Properties Inc. has acquired Kyle Marketplace, a 226,000-square-foot shopping center located in the southern Austin suburb of Kyle, for approximately $59 million. Anchored by H-E-B, the center is currently leased to tenants such as Starbucks, Subway and Whataburger. The seller was not disclosed.

September 26, 2017

Multifamily Seniors Housing Texas

Greystar Nears Completion of 143-Unit Seniors Housing Development in San Antonio

by Taylor Williams September 26, 2017

SAN ANTONIO — Greystar is nearing completion of construction of Overture at Stone Oak, a 143-unit, 55-and-older community in San Antonio. The property offers one- and two-bedroom units ranging in size from 725 to 1,225 square feet and includes 185 parking spaces for staff and residents. Amenities include a pool, hair and nail spa , café and lounge and a private media room. Meeks + Partners served as the project architect.

September 26, 2017

Retail Texas

Sterling Organization Sells 103,000 SF Shopping Center in San Antonio for $21.9M

by Taylor Williams September 26, 2017

SAN ANTONIO — Sterling Organization, a Palm Beach, Fla.-based private equity firm, has sold Grandview Shopping Center, a 103,000-square-foot, grocery-anchored shopping center in San Antonio for $21.9 million. Anchored by Sprouts Farmers Market, the center is located along Interstate 10 at Callaghan Road, just north of the Loop 410 interchange. The company originally acquired the asset in 2012 for roughly $11.1 million. The buyer was not disclosed.

September 26, 2017

Industrial Office Texas

Bradford Commercial Negotiates 87,780 SF Flex Lease in Metro Dallas

by Taylor Williams September 26, 2017

GARLAND, TEXAS — Bradford Commercial Real Estate Services has negotiated an 87,780-square-foot office/warehouse lease at 2660 Market St. in the Dallas metro of Garland. Kevin Santaularia and Susan Singer of Bradford Commercial represented the landlord, Houston-based Herzstein Investments Inc., in the lease negotiations. Mark Collins of Cushman & Wakefield represented the tenant, American Builders Contractors Supply Co. Inc., a distributor of roofing, siding and window materials. The space includes three acres for outside storage.

September 26, 2017

Arizona Florida Multifamily Southeast Top Stories Western

Investcorp Acquires Six-Property Multifamily Portfolio in Florida, Arizona for $350M

by Katie Sloan September 26, 2017

ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …

September 26, 2017

Features Multifamily Seniors Housing Top Stories

Seniors Housing Executives Predict Increased M&A Activity, According to Capital One Survey

by Jeff Shaw September 26, 2017

BETHESDA, MD. — Seniors housing executives have a generally optimistic view for mergers and acquisitions activity heading into the fourth quarter of 2017, according to a survey by Capital One. Approximately 89 percent of respondents believe M&A activity will maintain its current pace over the next year, with about half of those believing the pace will increase. Bethesda-based lender Capital One conducted the survey in early September 2017. It asked professionals to provide their 12-month outlook on a number of issues in the seniors housing and skilled nursing space. Respondents included 157 senior executives from healthcare companies, including pharmaceutical and medical technology companies, hospitals, healthcare service providers and health systems, as well as other industry participants. In another survey question, respondents were asked to name the greatest financial challenge facing the industry. Labor cost pressure was the top concern at 33 percent, with supply and demand imbalances following close behind at 32 percent. The regulatory and reimbursement environment was the next largest concern at 21 percent. Further fueling the sentiment that M&A activity will be a focal point for the industry, just four percent cited availability or cost of capital as their top financial challenge. “The uptick in acquisition interest …

September 26, 2017

California Multifamily Western

Kennedy Wilson Buys 210-Unit Latitude Apartments in Happy Valley for $58M

by Nellie Day September 25, 2017

HAPPY VALLEY, ORE. — Kennedy Wilson has purchased the 210-unit Latitude Apartments in Happy Valley for $58 million. The community is located at 11282 S.E. Causey Circle. Latitude Apartments was built in two phases between 2008 and 2014. It is situated near Clackamas Town Center. Amenities include a dog run and grooming station, electronic parcel lockers, bike repair station, fitness facility, pool, basketball court and direct-entry garages. HFO represented both the buyer and the seller, the Reliant Group, in this transaction.

September 25, 2017

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