KLAMATH FALLAS, ORE. — NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.
Property Type
MISSION VIEJO, CALIF. — Avison Young has brokered the sale of HighPark Corporate Center, a 37,579-square-foot office building in Mission Viejo, for $6.7 million. Built in 1986, the two-story, Class A structure is situated on nearly two acres at 23351-23361 Madero, within the 112-acre, master-planned HighPark business park. The property was 93 percent leased at the time of the sale, and Holt Integrated Circuits was the largest tenant, occupying 58 percent of the facility. Dan Vittone and Alan Pekarcik of Avison Young, along with Trent Walker of Voit Real Estate services, represented the seller, Madero LLC & Wyocal LLC. Bratun Real Estate represented the buyer, CK HighPark LLC, which completed a 1031 tax-deferred exchange. The sales price reflects a cap rate of 7.25 percent.
HERMITAGE, TENN. — Multi Housing Advisors (MHA) has arranged the $13.8 million sale of Green Leaf at Hermitage, a 261-unit apartment community in Hermitage, about 14 miles northeast of Nashville. The property, built in 1973, includes one- to three-bedroom layouts. The asset’s amenity package includes a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area. Brett Kingman of MHA’s Atlanta office represented the sellers, affiliates of Danville, Calif.-based Green Leaf Partners, in the transaction. The buyer, an affiliate of Old Tappan, N.J.-based Spyglass Capital Partners, did not use a broker.
LAKE WORTH, FLA. — CBRE has arranged the sale and financing of Palm Club Apartments, a 160-unit townhome community located at 2425 Second Ave. N. in Lake Worth. Palm Club Investments LLC purchased the property from Palm Club Townhouses LLC for $12.9 million. Built in 1993, the property features a swimming pool with a sundeck, clubhouse, fitness center and sand volleyball court. Richard Tarquinio and Calum Weaver of CBRE represented the seller in the transaction. Charles Foschini, Chris Apone and Christian Lee of CBRE arranged a 10-year, $9.8 million Freddie Mac loan on behalf of the borrower to acquire the property.
ORLANDO, FLA. — NXT Capital has provided a $26.3 million first mortgage loan to refinance a Class B, 386-unit multifamily community in Orlando. The property features one- to three-bedroom layouts and includes two swimming pools, a fitness center, playground, sauna and spa. The borrower will use the loan proceeds to repay existing debt, repurchase units within the complex previously sold as condominium units, return the property to a rental structure and implement capital improvements.
LYNCHBURG, VA. — Inland Real Estate Income Trust Inc. has acquired the 66,906-square-foot Lakeside Crossing Shopping Center in Lynchburg for approximately $19.8 million. The newly constructed property is located between Old Forest Road, Whitehall Road and Lakeside Drive. The asset is 98.5 percent leased to 14 tenants, including a 20,900-square-foot Fresh Market grocery store, Panera Bread, U.S. Cellular, Massage Envy and Zoe’s Kitchen. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Mark Cosenza of Inland Real Estate Acquisitions Inc. in the transaction.
VIERA, FLA. — Greystone Healthcare Management Corp. has purchased Wuesthoff Progressive Care Center, a 114-bed, 51,000-square-foot skilled nursing and rehabilitation facility in Viera. As part of the acquisition, the asset has been renamed to Viera Health and Rehabilitation Center. The facility was built in 1995 and provides sub-acute care, rehabilitation care and skilled nursing in both short- and long-term settings.
ST. PAUL, MINN. — M&M has brokered the $2.9 million sale of Highwood Center, a 13,160-square foot retail property in St. Paul. Highwood Center is located at 1758 Old Hudson Road. The property was 90 percent occupied with three tenants at the time of sale and is anchored by Davita Dialysis. Sean Doyle and Cory Villaume of Marcus & Millichap’s Minneapolis office represented the buyer, a limited liability company. An outside brokerage firm represented the seller, a limited liability company.
MINNEAPOLIS — The Ackerberg Group has arranged leases for two retailers in the Hennepin Curve building located in downtown Minneapolis. a&bé bridal boutique and RE/MAX Results will occupy space at 1605 and 1609 Hennepin Ave. Denver-based bridal boutique a&bé has signed a five-year lease for 3,086 rentable square feet of retail space. RE/MAX Results has signed a 10-year lease for 6,874 rentable square feet of first floor and lower-level space. Angela Demonte of CBRE represented a&bé bridal boutique. Mark Hulsey of RE/MAX Results Commercial represented RE/MAX Results. The Ackerberg Group coordinated marketing and leasing of the storefronts.
GARDEN CITY, KAN. — Cohen Real Estate will market a 102,648-square-foot shopping center in Garden City, located approximately 52 miles northwest of Dodge City. The Manhattan-based brokerage firm will broker the sell of Garden City Plaza, a full-service shopping center at 2214 E. Kansas Ave. The shopping center is 98 percent occupied. Tenants include JC Penny, Buckle, Maurices, Famous Footwear, Foot Locker, Riddle’s Jewelry and GameStop. The shopping center is shadow-anchored by Sears, and is adjacent to Dick’s Sporting Goods, Menards, T.J. Maxx, Ross, Ulta and Target. The owner will have the ability to develop up to two outparcels.