NEWPORT BEACH, CALIF. – A joint venture between AEW and Kearny Real Estate Company has acquired five fee title buildings and 12 land parcels within Newport Corporate Plaza in Newport Beach for $41.5 million. The 24-building Newport Corporate Plaza is situated on 20 acres of land on Corporate Plaza Drive. The acquired properties are subject to ground leases at the office campus. The joint venture was represented by CBRE’s Gary Stache. The unnamed seller was represented by Don Nourse and Jim Nourse of Lee & Associates – Newport Beach.
Property Type
LOS ANGELES – A Los Angeles-based healthcare operator has received $9 million to refinance two local skilled nursing facilities. The facilities include a 99-bed nursing facility on Pico Boulevard near Koreatown and an 81-bed nursing facility on North Fairfax Avenue. The short-term financing retired the existing senior secured term loan. It also funded about $300,000 worth of planned capital improvements at both properties. The sponsor currently owns, operates or manages 20 healthcare centers throughout California. The loan was provided by Felix Gutnikov of Thorofare Capital.
SAN DIEGO — Solana Enterprises has acquired an 83,335-square-foot industrial building in San Diego for $7.9 million. The building is located at 7455-7465 Carroll Road. It is fully leased to Rhino Linings and Westside Building Supplies. Bryce Aberg, Brant Aberg and Ryan Spradling of Cassidy Turley’s San Diego office represented both the buyer and seller, Drake West LLC, in this transaction.
LOS ANGELES – The 25-unit G6 Apartments in Los Angeles has sold to a private investor for $3.9 million. The student housing facility is located at 1188 W. 36th Place, just one block from the University of Southern California’s (USC) main campus. It was built in 2009. The seller, G6 Apartments LLC, was represented by Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.
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.
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.