ROME AND CEDARTOWN, GA. — Enlivant has purchased two assisted living and memory care communities, both located in rural Georgia, from affiliates of Winthrop Senior Living for $10 million. The two properties are Winthrop West in Rome and Winthrop at Polk in Cedartown. The two towns are near to each other, approximately 70 miles northwest of Atlanta. Winthrop West was built in 1999 and comprises 42 memory care units in a 25,591-square-foot facility on 3.7 acres. Winthrop at Polk was built in 1991 and added 20 memory care units in 2014 to its existing 29 assisted living units. The 27,715-square-foot community is situated on 2.4 acres. Senior Capital Advisors, a brokerage firm based in Florida, represented the seller in the deal. Enlivant is a Chicago-based owner/operator. These acquisitions expand its regional presence to seven communities between Chattanooga, Tenn., and Atlanta.
MONTGOMERY, ALA. — Berkadia has arranged the $8.1 million sale of Woodmere at the Lake, a 200-unit apartment community located in Montgomery. Built in 1978, the garden-style property has an average unit size of 870 square feet. Woodmere Apartment Partners LLC purchased the community from ABACO Partners LLC. Josh Jacobs and David Oakley of Berkadia’s Birmingham office represented the seller in the transaction.
WILMINGTON, N.C. — Dallas-based Revere Capital has provided $4.8 million in financing for a new industrial cold storage facility that will be situated on land owned by the state of North Carolina at the Port of Wilmington. Construction is underway on the 101,000-square-foot project, which is the newest cold storage facility in the area and is the first phase of a potential two-phase warehouse operation. The Port of Wilmington is a full-service deep-water port and marine terminal handling more than 400 vessels annually with an annual import/export cargo tonnage of more than 3 million tons. Owned and operated by the North Carolina State Ports Authority, the port offers facilities serving container, bulk and break-bulk operations and is 26 miles from the open sea on the Cape Fear River. CSX Transportation provides direct rail access to the port, which is one of only two ports in North Carolina.
ABINGDON, MD. — NAI KLNB has brokered the $3.3 million sale of a two-building, 51,600-square-foot warehouse at 1305 Governor Court in Abingdon, roughly 25 miles northeast of Baltimore. The property is situated within William Paca Industrial Park. Grander Capital Partners purchased the property, which is the Boston-based company’s first acquisition in the state of Maryland. Built in 1987, the all-brick assets were cumulatively 87 percent leased at the time of sale. Brad Berzins and Bill Miller of NAI KLNB represented the undisclosed seller in the transaction.
DEKALB, ILL. — Marcus & Millichap has arranged the sale of a 365-bedroom off-campus student housing complex in DeKalb, approximately 70 miles west of Chicago, for $11.6 million, or $64,444 per unit. Ridgebrook Court Apartments is a three-building, 180-unit property that is located at 832 Ridge Drive, 808 Ridge Drive and 835 Edgebrook Drive. The apartments are less than a mile from Northern Illinois University and 7.5 miles from Kishwaukee College. The property has undergone recent renovations including new plumbing, electrical, HVAC, drywall, doors, frames, lighting and security systems. The complex also features updated wood floors, laundry room, kitchens and bathrooms. A private developer sold the asset to a private investor. Eric Bell of Marcus & Millichap represented the seller in the transaction and procured the buyer.
CHICAGO — CBRE has brokered the sale of a mixed-use building in Chicago for $8.3 million. A foreign investor purchased the building, located at 175 N. Franklin St. in Chicago, from an undisclosed seller. The four-story, 42,552-square-foot property is 100 percent leased to a mix of office and retail tenants. John Slivka of CBRE represented the owner in the transaction.
GURNEE, ILL. — Associated Bank has provided a $4.6 million loan to Gurnee Investment Partners LLC to acquire land and construct a 14,800-square-foot retail center in the Chicago suburb of Gurnee. The new center — located across the street from the Gurnee Mills Mall — is already 91 percent pre-leased to Mattress Firm, Vitamin Shoppe, Navy Federal Credit Union and MOD Pizza. Developer Shai Wolkowicki, who specializes in ownership and development of retail and mixed-use properties, owns Gurnee Investment Partners LLC.
PORT HURON, MICH. — L. Mason Capitani CORFAC International has arranged a 140,000-square-foot industrial lease in Port Huron, approximately 60 miles northeast of Detroit. Rex Performance Products, a manufacturer of polyethylene foam, has leased the building at 2100 Dove St. Jason Capitani and Joe DePonio of L. Mason Capitani represented both parties in the transaction.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 34,965-square-foot retail center in Livonia, approximately 20 miles northwest of Detroit, for an undisclosed price. CRE REO LLC – Gearing Capital Partners sold L.A. Plaza, to Cantor Real Estate Income and Opportunity Fund II LLC through Auction.com. The single-story, L-shaped building is located at 36083-36175 Plymouth Road. The shopping center includes tenants such as Lily Nails, The Hair Doctor, Cozy Corner Café, Quizno’s Subs, The Jewelry Factory, KDI and The Bike Tri Shop. The center is 60 percent occupied and is situated on 4.4 acres. Rich Deptula and Josh Miller Friedman Integrated Real Estate Solutions represented both parties in the transaction.
BETHESDA, MD. — Bethesda-based Finmarc Management Inc. has purchased a 26-building portfolio from First Potomac Realty Trust (NYSE: FPO) for $96 million. The portfolio spans 950,000 square feet of office, flex and warehouse space in Northern Virginia. The properties purchased include Enterprise Center in Chantilly; Gateway Centre Manassas, Linden Business Center and Windsor at Battlefield in Manassas; Herndon Corporate Center and Van Buren Office Park in Herndon; Prosperity Business Center in Merrifield; and Reston Business Campus in Reston. The portfolio is approximately 78 percent leased to more than 70 tenants, including the General Services Administration, Fairfax County, McLean Bible Church, American Public University System, Lenox Industries and U.S. Home Corp. “The sale of the northern Virginia non-core portfolio represents continued execution of our plan to dispose of $350 million of assets,” says Robert Milkovich, CEO of First Potomac Realty Trust. “The proceeds will be utilized to redeem a portion of our outstanding preferred shares, as we work to strengthen our balance sheet and improve our liquidity.” James Meisel and Bruce Strasburg of HFF represented First Potomac in the transaction. Joseph Hoffman and Aaron Rosenfeld of the law firm Kelley Drye & Warren LLP represented Finmarc. First Potomac Realty Trust is …