Property Type

GRANDBRIDGE CLOSES $1M SALE OF MINNESOTA OFFICE BUILDING

by admin January 9, 2014

BROOKLYN CENTER, MINN. — Grandbridge Real Estate Capital has closed the $1 million sale of Brookdale Towers, a 61,853-square-foot office building in Brooklyn Center, a northern suburb of Minneapolis. Tony Carlson of Grandbridge Real Estate Capital represented the seller, an institutional lender, which had previously foreclosed on the property. Carlson also arranged the acquisition financing for a local buyer. The property was 25 percent occupied at the time of the sale. The new owner plans to improve the property by addressing deferred maintenance and enhancing building aesthetics.

January 9, 2014

28,000 SF PLANET FITNESS UNDERWAY IN CINCINNATI

by admin January 9, 2014

CINCINNATI — Cassidy Turley has arranged the sale of the former Red Lobster property at 6186 Glenway Road in Cincinnati. The buyer, franchisee owner John Clancy of Palm Beach Gardens, Fla., plans to locate a new Planet Fitness health club at the property. The former Red Lobster location was demolished, and construction has begun on the 1.7-acre site. The new Planet Fitness will span approximately 28,000 square feet and is slated to open in fall 2014. Clancy currently owns a Planet Fitness in Lexington, Ky., and plans to open another Planet Fitness in the Lexington area in 2014. He also has plans to open three of the health clubs in the St. Louis area in 2015.

January 9, 2014

Healthcare Northeast

SENIOR HOUSING PROPERTIES TRUST CLOSES $90M SALE OF TWO HOSPITALS

by admin January 9, 2014

BRAINTREE AND WOBURN, MASS. — Senior Housing Properties Trust has closed on the sale of two rehabilitation hospitals in Woburn and Braintree for $90 million. The company plans to gain more than $30 million from the sale. A joint venture comprised of Birmingham, Ala.-based The Sanders Trust LLC and Chicago-based Harrison Street Real Estate Capital LLC purchased the hospitals. The two hospitals sold are New England Rehabilitation Hospital in Woburn and Braintree Rehabilitation Hospital in Braintree. Senior Housing Properties Trust purchased the hospitals in 2002. Medicare pays a large majority of the revenues at the sold hospitals, according to Senior Housing Properties Trust. Reliant Hospital Partners LLC will operate the hospitals.

January 9, 2014

Mixed-Use Northeast

NAI HANSON ARRANGES $19M SALE OF 47 ACRES IN BETHLEHEM

by admin January 9, 2014

BETHLEHEM, PA. — NAI James E. Hanson has arranged the $19 million sale of 47 acres in Bethlehem, located about nine miles east of Allentown. The buyer, a joint-venture partnership of KRE Group and The Silverman Group, plans to build Madison Farms, a large-scale, mixed-use residential and retail project on the property. The first phase of the development will feature 294 apartments and 123,000 square feet of retail space. ShopRite grocery store will anchor the retail portion of the project, which is expected to open by the first quarter of 2015. Upon completion, Madison Farms will feature 837 residences that will include a mix of apartments, single-family homes and townhomes. John Schilp, senior vice president, and Sig Schorr, vice president of NAI Hanson, represented the buyer and the seller in the transaction.

January 9, 2014

Northeast Retail

M&M ARRANGES $6.6M SALE OF WINSLOW SHOPPING CENTER

by admin January 9, 2014

SICKLERVILLE, N.J. — Marcus & Millichap has arranged the $6.6 million sale of Winslow Plaza, a 40,695-square-foot shopping center in Sicklerville, a city in southern New Jersey. Dean Zang, Mark Taylor and Christopher Munley, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a joint venture of RPC Real Estate and Wynnewood-based Merion Realty Partners. The agents also represented the buyer, Wheeler Interests, a newly formed public REIT based in Virginia Beach. Winslow Plaza is shadow anchored by a ShopRite grocery store and is located along Berlin-Cross Keys Road.

January 9, 2014

Multifamily Northeast

CHOZICK BROKERS $4.4M SALE OF CONNECTICUT APARTMENT PROPERTY

by admin January 9, 2014

MANSFIELD, CONN. —Chozick Realty Inc. has arranged the $4.4 million sale of Renwood Apartments, a 76-unit, student-oriented multifamily community located near the University of Connecticut in Storrs. The property features 32 one-bedroom and 44 two-bedroom apartments with 46 garages. Constructed in 1966, Renwood is located 1.5 miles from campus and is situated on a 35-acre site. Rick Chozick, an investment sales broker at Chozick Realty Inc., represented the seller, 157-35 OAP Holding LLC, and procured the buyer in the transaction.

January 9, 2014

Seniors Housing Texas

CBRE ARRANGES $38M REFINANCING IN THE WOODLANDS

by admin January 9, 2014

THE WOODLANDS, TEXAS — CBRE has arranged a $38 million take-out loan for The Village at The Woodlands Waterway, a 207-unit seniors housing property in The Woodlands. This long-term financing replaces the original construction loan for the project. A joint venture between Houston-based Bridgewood Property Co. and Chicago-based Harrison Real Estate Capital, the Class A facility offers independent living, assisted living and memory care options plus amenities such as a library, convenience store, barber shop, fitness center and indoor pool. The five-year, floating-rate mortgage includes an all-in interest rate of 2.35 percent and 36 months of interest-only payments. Aron Will of CBRE arranged the refinancing.

January 9, 2014

Office Texas

M&M BROKERS SALE OF 97,522 SF OFFICE BUILDING IN AUSTIN

by admin January 9, 2014

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of The Jefferson, a 97,552-square-foot office building in Austin. The property is occupied by healthcare and other professional tenants including Seton Healthcare, which leases 24 percent of the facility, and Austin Radiological Association, which leases 14 percent of the facility. Located at 1600 W. 38th St., the building is in proximity to three area hospitals, including Seton Medical Center, Seton Shoal Creek Hospital and Heart Hospital. John Smelter of Marcus & Millichap represented the seller, Velocis Jefferson LP. Healthcare Realty Trust Inc. purchased the asset at a cap rate of approximately 7 percent.

January 9, 2014

Multifamily Texas

BEECH STREET PROVIDES $5.9M REFINANCING FOR TULSA APARTMENT COMPLEX

by admin January 9, 2014

TULSA, OKLA. — Beech Street Capital has provided a $5.9 million refinancing loan for South Slope, a 96-unit multifamily community in Tulsa. Located at 6320 E. 72nd St., the complex offers one- to three-bedroom units in flat and townhouse styles plus amenities such as a swimming pool and fitness center. The seven-year, fixed-rate Freddie Mac CME mortgage includes 6.5 years of defeasance and a 30-year amortization schedule. Doug Taylor of Beech Street originated the refinancing, and David Yancey of Crown Capital arranged the loan on behalf of the undisclosed borrower.

January 9, 2014

Office Texas

USAA, PATRINELY BREAK GROUND ON 128,000 SF SAN ANTONIO OFFICE BUILDING

by admin January 9, 2014

SAN ANTONIO — USAA Real Estate Co. and development partner Patrinely Group LLC have broken ground on WestRidge One at La Cantera, a 128,000-square-foot office building in northwest San Antonio. The Class A facility, designed for LEED Silver certification, is slated for completion in the fourth quarter of this year. Crimson Services LLC will oversee leasing and property management at the property, while Travis Commercial Real Estate serves as local listing broker. USAA Real Estate Co. is the master developer of the larger La Cantera complex, which includes a 500-room resort, The Shops at La Cantera retail facility and a planned multifamily property, The Residences at La Cantera.

January 9, 2014

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