SAN DIEGO — Norm Blumenthal has purchased a seven-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 835-41 Agate St. Gary Urtiaga of Apartment Realty Group and Dylan Wright of ACRE represented Blumenthal. Dennis Leslie of ACI represented the seller, Stevens Family Trust – care of Elizabeth Dunn, in this transaction.
CINCINNATI — CareTrust REIT Inc. has acquired Victory Park Nursing Home, a 55-bed skilled nursing facility, and Victoria Retirement Community, which contains 90 skilled nursing beds and 69 assisted living units. Both facilities are located in Cincinnati. The two communities will be added to CareTrust’s existing master lease with Pristine Senior Living. CareTrust will provide Pristine with $500,000 to perform immediate upgrades to the community. Although the purchase price was not disclosed, CareTrust placed its aggregate investment in the communities at $15.2 million. The Pristine master lease has a remaining initial term of approximately 14.5 years, with two five-year renewal options and CPI-based rent escalators. CareTrust funded the acquisition using proceeds from its follow-on equity offering in March. The publicly traded REIT is based in San Clemente, Calif. Pristine Senior Living currently operates over 1,500 beds across 17 seniors housing properties in Ohio.
WHITE BEAR LAKE, MINN. — Steven Scott Management has sold a 153-unit off-campus student housing complex to a local investor for $5.1 million. Century Commons is located at 3515 Century Ave. North in White Bear Lake, approximately seven miles northwest of St. Paul. The apartment complex is leased primarily by students attending Century College. Lance Steiger and Robert Dulin of Cushman & Wakefield/NorthMarq represented the seller in the transaction.
RICE LAKE, WIS. — Marcus & Millichap has brokered the sale of an 18,500-square-foot retail property in Rice Lake, approximately 60 miles north of Eau Claire, for $2.4 million. A limited liability company sold Rose Stone Plaza to an undisclosed buyer. The shopping center, located at 2300 S. Main St., is 100 percent occupied. Adam Prins, Cory Villaume, Matthew Hazelton, Todd Lindblom and Sean Doyle of Marcus & Millichap listed the property on behalf of the seller.
MOUNT PROSPECT, ILL. — Avison Young has completed a long-term, 73,000-square-foot lease renewal for Fromm International. The company, which markets supplies to the professional beauty industry, will occupy industrial space at 603 Demster St. in Mount Prospect, approximately 25 miles northwest of Chicago. The facility is located within the Briarwood Business Center, a two-building, 460,000-square-foot complex that is situated on 14 acres. Constructed in 2006, the buildings feature 30-foot clear heights, two drive-in doors each and 196 combined parking spaces. Brett Kroner, Keith Purtiz and Eric Fischer of Avison Young represented Fromm International in the transaction. Tom Rodeno and Matthew Stauber of Colliers International represented the landlord, Clarion Partners.
CHICAGO — MB Real Estate Services Inc. has arranged an 11,000-square-foot lease expansion at 205-225 N. Michigan Ave. in Chicago for Intouch Solutions. The company, a Kansas City-based pharmaceutical marketing agency, has occupied space at Michigan Plaza since 2012. This is the third expansion for Intouch Solutions within the building. Michigan Plaza is a Class A, two-building property that totals 2 million square feet. The plaza is 88 percent occupied. Fujikawa Johnson & Associates designed the complex, which is comprised of a 44-story tower and a 25-story tower. Building amenities include a 10,000-square-foot fitness center, a 4,000-square-foot conference center and an emergency child care facility. Kathleen Bertrand and Mark Buth of MB Real Estate Services represented the ownership in the transaction. Steven Joseph of CBIZ Gibraltar Real Estate Services LLC represented Intouch Solutions.
MILWAUKEE — Associated Bank (NYSE: ASB) has purchased the Milwaukee Center office building at 111 E. Kilbourn Ave. in downtown Milwaukee. The purchase price was not disclosed, but the Milwaukee Business Journal reported it was $60.5 million. Chicago-based Hub Milwaukee River Center Properties sold the 28-story downtown building to Milwaukee Center Management LLC, a Green Bay, Wis.-based affiliate of Associated. Reinhart Boerner Van Deuren represented Associated Bank in the transaction. Associated will occupy between one-fourth and one-third of the building when the lease on its current regional office expires in 2022. Around 320 Associated employees currently occupy 97,000 square feet of the Plaza East towers at 330 East Kilbourn Ave. “Our purchase of this iconic, city-center building aligns with our efforts to become the city’s hometown bank,” says Philip Flynn, president and CEO of Associated Bank, which is based in Green Bay. The Class A property was built in 1988 and is 426 feet tall, with a total size of 373,000 square feet. It was 81.7 percent leased at the time of sale. Milwaukee Center is attached to a 220-room InterContinental hotel, Milwaukee Rep Theaters and Pabst Theater. Amenities include three on-site dining options and an on-site fitness studio. Associated Bank’s stock …
BROKEN ARROW, OKLA. — The Signorelli Co. has begun construction of The Reserve at Aspen Creek, a 240-unit apartment complex in Broken Arrow expected to open in early 2017. The community will be the residential component of The Shops at Aspen Creek, a 400,000-square-foot shopping, dining and entertainment destination planned to include multiple restaurants and stores in addition to multifamily residences. The entertainment anchor is the 16-screen Warren Theatre, which opened in 2015. Tulsa-based Architects Collective designed the apartments. Trinity Multifamily, which acquired the 13-acre site in 2014, will manage the apartment community. The Reserve at Aspen Creek will consist of 20 buildings with amenities including a saltwater pool, gazebos and fire pits, workout facilities and a business center. The interiors will feature stainless steel appliances and granite countertops.
AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment communities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management firm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark Southpark community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties offer one-, two- and three-bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an office in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.’s new Americas Operations Center.
DESOTO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Townsend Square, a 147,235-square-foot retail center in DeSoto. PRA represented the seller, Global Fund Investments LLC. An investor from Dallas, Ron Avneri, purchased the asset. Townsend Square is 67 percent leased to tenants such as Bealls, Fresenius Medical Care, Chase Bank, Boston Market, Leslie’s Pool Supplies, GNC and H&R Block. The entire team at Pierson Retail Advisors in Dallas handled the sale.
