Property Type

How Baby Boomers Will Transform Our Stereotypes of Retirement and Aging

by Jeff Shaw September 16, 2016

WASHINGTON, D.C. — An age wave is coming that will be the most extraordinary demographic disruption in history, and one which will create both winners and losers in the seniors housing space, predicts Ken Dychtwald, a noted psychologist, gerontologist and author. The number of people 65 and older in this country is projected to increase 81 percent between 2010 and 2030, according to the U.S. Census Bureau. The first of the Baby Boomers will turn 80 in 2026. That demographic tsunami presents great opportunities and risks for owners and operators of seniors housing. “You will win if you can imagine this generation, understand what’s in their hearts and souls and minds and bodies, and then project them into a stage of life that itself is morphing as they migrate into it,” said Dychtwald, founder and CEO of Emeryville, Calif.-based Age Wave, a thought leader on issues relating to an aging population, including the business and social implications. The comments from Dychtwald came during the 2016 NIC Fall Conference at the Marriott Marquis in Washington, D.C. The three-day event attracted a record turnout of more than 2,500 attendees, largely owners, operators, developers and lenders. Dychtwald was the first of three speakers …

September 16, 2016

Illinois Midwest Retail

Mid-America Arranges $150M Sale of Five-Property Retail Portfolio in Chicago

by John Nelson September 15, 2016

CHICAGO — Mid-America Real Estate Corp. has brokered the $150 million sale of a five-property retail portfolio in Chicago known as the Smithfield Chicago Urban Portfolio. Chicago-based Acadia Realty Trust purchased the properties from Chicago-based Smithfield Properties. The assets included State & Washington Shops, with a tenant roster that includes Nordstrom Rack and H&M; 151 N. State St., a flagship Walgreens store at the corner of State and Randolph streets; North & Kingsbury Center, which is leased to Old Navy, Pier 1, Blick Art Materials and Modani Furniture; California & Armitage Shops, leased to PNC Bank, 7-Eleven, The UPS Store, Sally Beauty Supplies and Athletico; and Milwaukee & Concord Shops, leased to 7-Eleven, The UPS Store and Kriser’s. Joe Girardi and Stan Nitzberg of Mid-America Real Estate represented Smithfield Properties in the transaction.

September 15, 2016

Hospitality Michigan Midwest

Shinola, Bedrock to Build Boutique Hotel in Downtown Detroit

by John Nelson September 15, 2016

DETROIT — Shinola, a wristwatch and bicycle manufacturer, has teamed up with Bedrock Real Estate Services LLC to develop the Shinola Hotel, a 130-room hotel located at 1400 Woodward Ave. in downtown Detroit. The new hotel is set to open in the fall of 2018. Detroit-based Kraemer Design Group is the architect of record for the Shinola Hotel, and New York-based NoHo Hospitality Group will handle the hotel’s food and beverage program. The hotel will feature Detroit-inspired design from Gachot Studios. Detroit-based Bedrock is a full-service commercial real estate firm owned by Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers. Bedrock owns over 90 properties totaling more than 15 million square feet.

September 15, 2016

Midwest Multifamily Ohio

Miller-Valentine to Develop Apartment Community in Southwest Ohio

by John Nelson September 15, 2016

HUBER HEIGHTS, OHIO — Miller-Valentine Group plans to develop WaterStone at Carriage Trails, a 192-unit apartment community at the intersection of I-70 and Route 201 within the Carriage Trails master-planned development in Huber Heights, about nine miles outside of Dayton. The apartment community will feature one-, two- and three-bedroom residences with rents starting from $911 for a one-bedroom unit, $1,100 for a two-bedroom unit and $1,165 for a three-bedroom unit. Unit interiors will feature wood-style flooring, private balconies and patios, kitchen islands, in-unit washers and dryers, quartz countertops, walk-in closets and stainless steel appliances. Community amenities will include a resort-style pool, 4,500-square-foot clubhouse, cyber café, coffee bar, billiards room, TV lounge, fitness center with yoga room, private dog park and rentable entertainment areas. The development team includes architect CR Architecture + Design, landscape architect POD Design, interior designer Mitsch Design, civil engineer American StructurePoint and general contractor Miller-Valentine Residential Construction.

September 15, 2016

Iowa Loans Midwest Multifamily

NorthMarq Capital Arranges $12.4M Refinancing of Apartment Community in Iowa

by John Nelson September 15, 2016

JOHNSTON, IOWA — NorthMarq Capital has arranged the $12.4 million refinancing of Providence Pointe East, a 141-unit apartment community located at 10310 Providence Drive in Johnston. Jason Kinnison of NorthMarq Capital’s Omaha, Neb., office arranged the Freddie Mac loan on behalf of the undisclosed borrower.

September 15, 2016

Healthcare Illinois Midwest

Podolsky|Circle CORFAC Brokers $3.2M Sale of Medical Office Building in Crystal Lake, Ill.

by John Nelson September 15, 2016

CRYSTAL LAKE, ILL. — Podolsky|Circle CORFAC International has brokered the $3.2 million sale of a single-tenant, net-leased medical office building in Crystal Lake. Known as Centegra Milestone Therapy Center, the 11,909-square-foot medical office building is located at 394 Federal Drive. The building was originally developed by the private owners of a physical therapy center, who then sold their practice to Centegra Health System. Kapadia and Sons Ltd. sold the asset to a Chicago-based private investment group. Alissa Adler, John Homsher and Paul Tesdal of Podolsky|Circle CORFAC represented Kapadia and Sons in the transaction.

September 15, 2016

New Jersey Northeast Office

H&M Group Buys Polygon Plaza in Fort Lee from BFE Affiliate for $22M

by Jaime Lackey September 15, 2016

FORT LEE, N.J. — A BFE affiliate has sold the fully leased Polygon Plaza in Fort Lee’s redevelopment district to H&M Group Inc., a New York investor, for $22 million. The 90,000-square foot property is located at 2050 Center Ave. BFE acquired the building in 1994 for $6.4 million from Connecticut Mutual Life, which had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management Corp., a BFE affiliate, will continue to manage the building for the new owner. Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of Cushman & Wakefield represented BFE in the sale. Ashley Kim and Bowen Pak of Eastern International Realty Inc. served as co-brokers for the seller in the transaction.

September 15, 2016

New York Northeast Office

Marcus & Millichap Brokers $14.47M Sale of Upstate New York Office Park

by Jaime Lackey September 15, 2016

ALBANY, N.Y. — Marcus & Millichap has arranged the sale of Corporate Plaza, a 149,460-square-foot office park in Albany, for $14.47 million, or just under $100 per square foot. The eight buildings were 93 percent occupied at the time of sale to local owner/developer Cass Hill Development Cos. Ben Sgambati, Chip Collins, and Anthony Asencio of Marcus & Millichap represented the seller, Rosenblum Cos., an Albany-based owner/developer, and procured the buyer. J.D. Parker is Marcus & Millichap’s broker of record in the state of New York.

September 15, 2016

Hospitality Loans New Jersey Northeast

Silver Arch Originates $10.75M Loan for Hotel Project in Jersey City

by Jaime Lackey September 15, 2016

JERSEY CITY, N.J. — Silver Arch Capital Partners has originated a $10.75 million loan allowing Tramz Hotels Group to refinance a 15,300-square-foot land parcel located at 155 Luis Munoz Marin Boulevard in Hudson County, N.J., on which it will develop a 202,495-square-foot, 276-room Marriott hotel. The property will include a full-service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full-service fitness center. Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. She was only the second woman to become a chartered accountant in Pakistan in 1976. In the U.S., she has financed transactions of more than $150 million and holds an MBA from Columbia University in New York.

September 15, 2016

Healthcare Massachusetts Northeast

Tryko Partners Acquires Skilled Nursing Facility in Massachusetts, Plans $2.5M Renovation

by Jaime Lackey September 15, 2016

METHUEN, MASS. — Brick, N.J.-based private equity investment group Tryko Partners has acquired Methuen Health & Rehabilitation Center, which is being renamed Cedar View Rehabilitation and Healthcare Center. SMV Methuen LLC sold the property, which was built in 1960 and renovated in 1995. The property is licensed for 107 beds and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street in Methuen. It is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital, and also near Lawrence General Hospital, a 189-bed short-term acute care hospital. Tryko affiliate Marquis Health Services will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming. Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the sale. Chicago-based Private Bank provided acquisition financing.

September 15, 2016

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