CRANSTON, R.I. — Washington Trust has provided $5 million in construction financing to Scandinavian Home Inc. for an assisted living facility in Cranston. Proceeds from the loan will be used for a 2,000-square-foot addition the Scandinavian Home community, as well as renovations to existing facilities. The assisted living and skilled nursing facility is located in the Edgewood section of Cranston, about five miles south of Providence. Built in 1930, Scandinavian Home is a nonprofit community.
Property Type
NEW YORK CITY — Marcus & Millichap has arranged the $1.2 million sale of 328 Madison St., an eight-unit apartment property in Brooklyn. The sales price represents approximately $141 per-square-foot. Derek Bestreich, Lucien Sproviero and Shaun Riney, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor.
CARLSTADT, N.J. — NAI James E. Hanson has arranged a 26,112-square-foot lease at 455 Barell Ave. in Carlstadt. S.N.S. Oriental Rugs LLC signed a three-year lease for the entire building, which it plans to use for the warehousing and distribution of oriental rugs. The property features a 3,000-square-foot office portion, a 16-foot clear ceiling height, three loading docks and 19 parking spaces. Jeffrey DeMagistris and Thomas Vetter of NAI James E. Hanson represented the landlord, R. J. Purcell Associates, in the transaction.
SAN ANTONIO — USAA Real Estate Co. has acquired One Riverwalk Place, an 18-story office building in downtown San Antonio. The 261,633-square-foot property, located at the corner of N. Saint Mary’s and Convent streets, was leased to 35 tenants at the time of sale. Developed in 1981, One Riverwalk Place offers frontage on the San Antonio Riverwalk and close proximity to Interstates 35 and 10. Jason Adkison, Scott Boyton and Christi Griggs of Peloton Commercial Real Estate represented USAA in the transaction. The name of the seller was not disclosed.
GRANBURY, TEXAS — The Sanders Trust, a Birmingham, Ala.-based medical real estate development company, has broken ground on a new $8.7 million medical office building in Granbury, approximately 40 miles southwest of Fort Worth. The facility will house the orthopedics, outpatient radiology, cardiology and sports medicine departments of Lake Granbury Medical Center, a Community Health Systems-affiliated hospital. The 41,000-square-foot space is slated for completion in June 2014. Dallas-based Skiles Group will serve as general contractor on the project, Ascension Group Architects will design, and Cadence Bank will finance.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Capella, a 336-unit apartment complex located at 8900 N. Interstate 35 in Austin. The property, originally constructed in 1981 and renovated in 2012, offers one- and two-bedroom floorplans in multiple two-story, garden-style buildings. Amenities include a business center, sports court, landscaped pool area, playground and dog park. FPA MultiFamily LLC of San Francisco sold Capella to Avesta Communities LLC of Tampa, Fla.
COLLEGE STATION, TEXAS — Texas A&M University has chosen Satterfield & Pontikes Construction for the $6.4 million renovation of Francis Hall on the College Station campus. The project, which will transform the building into the new home of the university’s construction science department, will include demolition of the building’s current interior; installation of new mechanical, electrical, plumbing, fire alarm and communication systems; and the construction of an auditorium, exhibit hall, student lounge and conference room. Completion is expected in November 2014. The three-story Francis Hall was originally constructed in 1918.
PHOENIX — CNL Healthcare Properties has purchased six medical facilities throughout the U.S. for $59.5 million. Four of these facilities are located out West. They include the John C. Lincoln Medical Plaza I and II and North Mountain Medical Plaza in Phoenix, as well as Escondido Medical Arts Center in the San Diego submarket of Escondido. The Phoenix properties contain a total of 73,666 square feet. They are leased to multiple tenants, including John C. Lincoln/Scottsdale Health, which occupies about 45 percent of the buildings. The 49,302-square-foot Escondido Medical Arts Center in Escondido is an outpatient medical office building that is leased to tenants like Graybill Medical Group. The Phoenix properties will be managed and leased by Holladay Properties’ healthcare division. The San Diego facility will be managed by Lincoln Harris CSG, an affiliate of Lincoln Property Company. The remaining properties are located in Ohio and Kansas. The portfolio contains a total of 181,890 square feet throughout a mix of single- and multi-tenant buildings.
BELMONT, CALIF. — Grosvenor Americas has purchased the 195-unit Carlmont Woods Apartments in Belmont for an undisclosed sum. The community is located at 2515 Carlmont Drive just northwest of Silicon Valley. Grosvenor plans to renovate the unit’s interiors and common-area amenities. Carlmont Woods is the firm’s first apartment acquisition in the Bay Area. The property was marketed by Kara Wiard of Eastdil Secured.
LAS VEGAS – FPA has purchased the 210-unit Indigo Creek in the Las Vegas submarket of Summerlin for $19.6 million. The community is located at 2200 Club Pacific Way. FPA was represented by David Baird and Brandon Baird of Sperry Van Ness’ Las Vegas office. The seller, Tomanek, was represented by Michael Miyagishima of the firm’s San Francisco office.