WEST POINT, GA. — Batson-Cook Construction and its sister company Batson-Cook Development Co. have partnered with Principal Senior Living Group for a spate of new seniors housing facilities in the Southeast. The development team has delivered or is constructing seven facilities totaling $56 million and 275,000 square feet. The facilities, operating under the Benton House brand, are located in Douglassville, Ga.; Johns Creek, Ga.; Alpharetta, Ga.; Woodstock, Ga.; Brunswick, Ga.; Clermont, Fla.; and Bluffton, S.C. West Point-based Batson-Cook Construction is building the Benton Houses at approximately 40,000 square feet each, with each memory-care property housing 55 beds. The company also began a $1.8 million expansion to Benton House of Alpharetta in April.
Property Type
ATLANTA — Starwood Hotels & Resorts and DeBartolo Development have opened Aloft Downtown Atlanta, a 10-story, 254-room hotel in downtown Atlanta immediately adjacent to the Atlanta Merchandise Mart. Banyan Investment Group manages the hotel, which includes a bar, lounge, swimming pool, 24-hour fitness center and 2,500 square feet of meeting space. The new hotel is Starwood’s largest Aloft hotel in the Southeast.
BRISTOL, TENN. — KeyBank Real Estate Capital has closed a $32.9 million construction loan for The Pinnacle, a 386,853-square-foot power center in Bristol. The Pinnacle’s tenant roster includes Belk, Marshalls, Michaels, Marquee Cinema, Ulta Beauty and Pier 1 Imports. Upon completion, Bass Pro Shops will anchor the center, which will span 1.3 million square feet and feature retail, restaurants, a hotel, medical office space and an outdoor pavilion.
FOREST PARK, GA. — A joint venture between Dallas-based Sealy & Co. and AEW Capital Management has purchased a 242,000-square-foot industrial park in metro Atlanta. The asset is located in Forest Park in the Airport/North Clayton submarket, Atlanta’s largest industrial submarket. AEW Capital Management previously owned the property on behalf of AEW Partners VII LP.
NASHVILLE, TENN. — QR Capital has acquired Hillwood Pointe Apartments, a 180-unit multifamily community in Nashville, for approximately $14.9 million. Atlanta-based QR Capital plans to invest $1.9 million in renovations in the next 12 months to the apartment community, which was built in 1997. The Kirkland Co. brokered the sale, and Trevor Ritter of Colliers International and Charlie Mentzer of Capital One Multifamily Finance arranged acquisition financing on behalf of QR Capital and it’s co-sponsor, Militello Capital.
LAWRENCE, KAN. — LANE4 Property Group has entered into a venture with the owners of the Mercato property to develop a new regional shopping center in Lawrence, approximately 39 miles west of Kansas City, Mo. LANE4 will join forces with land owners and developers Duane and Steve Schwada, and members of the Gene Fritzel family, to develop a 600,000-square-foot retail, restaurant, and entertainment center, which will be located at the corner of K-10 and W. 6th St. The Schwada and Fritzel families have been involved in developing industrial, residential, retail, hotels and office buildings in Douglas County. They continue to have substantial ownership interests in downtown Lawrence. The regional shopping center is planned as a part of a larger, mixed-use development known as The Mercato. Plans for the retail center include approximately 250,000 square feet of anchor and entertainment space, and 350,000 square feet of additional anchor stores, junior boxes, restaurants and shops. The project will be completed in phases. Tenants for the project and a date for completion have not been announced.
COUNTRYSIDE, ILL. — HREC Investment Advisors has arranged the sale of the 174-room Holiday Inn Chicago Southwest Countryside Conference Center in Countryside, approximately 17 miles southwest of Chicago. Schaumburg, Ill.-based Pearlshire Capital Group, which specializes in distressed investments, purchased the property for an undisclosed price. The hotel is situated near the intersection of I-294 and I-55 and is approximately 10 miles from Midway International Airport. Pearlshire Capital Group will invest $8 million in capital improvements to reposition the property. Scott Kaniewski and Scott Stephens of HREC Investment Advisors represented the seller in the transaction.
MILWAUKEE — Marcus & Millichap has arranged the $5.9 million sale of a 25,466-square-foot medical office building in Milwaukee. The Lakeshore 20th Medical Building is located at 3305 S. 20th St. The property is fully occupied by healthcare tenants. The building is anchored by Lakeshore Medical Clinics, a multi-specialty medical group offering primary care and 20 different sub-specialties. Lakeshore Medical Clinics is a wholly owned subsidiary of Aurora Health Care. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the undisclosed seller and undisclosed buyer. Matthew Fitzgerald of Marcus & Millichap assisted in the transaction.
CRYSTAL LAKE, ILL. — Chicago-based Baum Realty Group LLC has brokered the sale of two adjacent properties in Crystal Lake, a northern suburb of Chicago. Baum brokered the $3.1 million sale of a 28,506-square-foot retail center located at 435 Angela Lane. Danny Spitz and Greg Dietz of Baum represented a private partnership in the transaction. Spitz and Dietz also represented the same ownership group in the sale of an adjacent development parcel located at Randall Road and Alexandra Boulevard. The six-acre site sold for $900,000.
EASTON AND ASHLAND, MASS. — Cushman & Wakefield’s Senior Housing Capital Markets group has arranged $48.2 million in senior construction financing and joint venture capital for the construction and development of two senior housing projects for LCB Senior Living. Situated approximately 30 miles south of Boston in Easton, The Residence at Five Corners will be an 84-unit, 90-bed senior living facility. Located in Ashland, The Residence at Valley Farm will be an 80-unit, 83-bed senior housing facility. Situated on Pond Road, the three-story, 72,000-square-foot building is located in a heavily trafficked retail corridor. Both projects will offer independent and assisted living, as well as memory care units. PNC Bank provided construction financing for the Easton project, while M&T Bank provided the construction financing for the Ashland project. An institutional investor provided the joint venture equity on both projects. Construction on both projects is slated to begin in June, with the properties opening in late summer/early fall 2015.