EAST HARTFORD, CONN. — Farmington Hills, Mich.-based RHP Properties has acquired two manufactured home communities located in East Hartford for an undisclosed price. The 263-site Rivermead Manufacturing Home Community and the 199-site Colonial Manufactured Home Community are all-age communities, with a focus on senior residents. With this acquisition RHP Properties now owns and operates 30 manufactured home communities with more than 1,200 sites in New England.
MANALAPAN, N.J. — FM Capital has acquired the non-performing loan for the Century Office park in Manalapan. The property has an unpaid principal balance of roughly $6.2 million, and the debt is secured by a 77,706 square feet of office space. Situated on 6.7 acres, the three-building office park was built in 1976, 1978 and 1979. Additional terms of the transaction were not disclosed.
WEST CHESTER, PA. — Colliers International has arranged the acquisition of an industrial facility located within Birch Run Industrial Park at 16 Hagerty Blvd. in West Chester. Turf Equipment and Supply Co. purchased the property for $2.8 million. The buyer will relocate to the property from Kennett Square, Pa., and occupy 21,670 square feet of the facility, which was the former home of VF Technologies. The remainder of the 35,150-square-foot building is fully occupied by professional services tenants. Larry Bergen of Colliers represented the buyer, while Steve Italiano of Italiano Commercial Real Estate Services represented the seller in the deal.
ARLINGTON, TEXAS — Caddis, a healthcare real estate firm headquartered in Dallas, recently held a grand opening for the 81-unit, 67,000-square-foot Heartis Arlington seniors housing community located at 3424 W. I-20 in Arlington. The assisted living and memory care community was developed and is owned by Caddis and managed by Portland, Ore.-based Frontier Management. Amenities at the development include a bistro, internet café, outdoor walking paths, game and activity rooms, barber shop and a fitness center. Services range from assistance with personal activities, including housekeeping and laundry, to daily nursing care and 24-hour emergency response. Austin-based Pi Architects Inc. was the architect for Heartis Arlington, and the Dallas office of Weis Buildings was the general contractor. UMB Bank NA provided construction debt financing.
ARLINGTON, TEXAS — SVN has arranged the sale of Fielder Crossing in Arlington, a 132-unit apartment project built in 1981. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller and procured the buyer, an out-of-state private investor. Fielder Crossing is located less than a mile from the University of Texas at Arlington. Units feature nine-foot ceilings, walk-in closets, washer and dryer connections and wood-style flooring. Fannie Mae provided financing for the transaction.
COLLEGE STATION, TEXAS — Marcus & Millichap has negotiated the sale of Landmark on Longmire, a 144-unit apartment property located in College Station. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Landmark on Longmire is located at 2302 Longmire Drive. Constructed in 1977, the property includes a unit mix of 57 percent two-bedroom units. One-third of the units include either washer/dryer connections or furnished laundry appliances. Since 2011, more than $640,000 has been spent on capital improvements, including a 30-year dimensional shingle roof, new signage and exterior paint.
SAN ANTONIO — The Silver Group has brokered the sale of a single-tenant store leased to Sherwin Williams Paints at 7688 Bandera Road in San Antonio. The freestanding, 5,000-square-foot retail building is situated on a 0.5-acre parcel of land at the corner of Bandera Road and Westchase Drive. Sherwin Williams recently extended its lease term an additional 10 years, with two additional renewal options. The property was sold to an out-of-state limited liability company at a 6 percent cap rate. Barry Silver of The Silver Group represented the unnamed seller in the transaction.
HOUSTON — NorthMarq Capital’s Denver office has arranged a permanent $3 million loan for Arbor Point Apartments located at 1812 S. Park View Drive in Houston. The multifamily community, constructed in 1985, consists of 65 units contained in contained in 13 two-story buildings. Community amenities include controlled access, carports and an outdoor pool. Units feature washer/dryer hookups, fireplace, vaulted ceilings and patios or balconies. Paul Bruder of NorthMarq arranged the financing for the Colorado-based borrower through an unnamed life insurance company.
LOS ANGELES — National Storage Affiliates has purchased a 22-property self-storage portfolio in Southern California for an undisclosed sum. The properties are situated throughout Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego. The transaction also includes seven facilities in Bakersfield and one in Fresno. The portfolio has a combined occupancy of approximately 92 percent. The facilities contain a total of 1.6 million square feet. CBRE’s Nicholas Walker represented both the buyer and seller, CPA: 17-Global, in this transaction. Extra Space Storage manages the portfolio.
MEDFORD, ORE. — LBG Real Estate Cos. LLC is set to begin a $12 million redevelopment of Medford Center, a 420,000-square-foot entertainment and lifestyle center located in Medford. The redevelopment will include a complete redesign and remerchandising of the central pedestrian promenade; the addition of 30,000 square feet of leasable space, designed particularly for restaurants, wine bars and breweries with most spaces offering significant outdoor seating; and the addition of a freeway-visible tower and new hardscape and signage. Additional seating and a water/fire feature will also be added during renovations. Construction is expected to begin in late August, with completion scheduled for late 2017.