LONG BEACH, CALIF. — Molina Healthcare has executed a $158-million sale/leaseback that encompasses the firm’s Long Beach corporate office complex and an office building in Columbus, Ohio.The Long Beach property features two conjoined 14-story office towers that total 500,000 square feet. Molina purchased the property in 2011. It houses the company's corporate headquarters, as well as Molina Healthcare of California, its California health plan subsidiary. The Columbus property contains a 160,000-square-foot office building that was acquired in December 2012. It serves as the principal health plan operations for its Molina Healthcare of Ohio subsidiary.Molina was represented by McKinney Advisory Group. Angelo Gordon & Co., AGNL Clinic, L.P. worked alongside McKinney.Western Reserve Partners LLC served as Molina’s co-advisor and placement agent.
SEATTLE— Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. Health …
SAN JOSE, CALIF. — Century Plaza II, a 99,126-square-foot, Class A office building in San Jose, has sold to Grosvenor Americas for an undisclosed sum. The six-story building is located at 560 S. Winchester. It is fully occupied by the Rockefeller Group Business Centers, Cushman & Wakefield and Merrill Lynch Wealth Management.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7thStreet metro rail station. The complex was designed by Nadel Architects.
RICHMOND, VA. — Landmark Apartment Trust of America Inc. has acquired eight multifamily communities throughout the Southeast and Texas for a combined purchase price of approximately $169.3 million. Collectively, the properties contain 2,252 units and are 95 percent occupied. Five of the communities are located in Charlotte, Raleigh and Wake Forest, N.C. Two are located in Tampa and Jacksonville, Fla. The final property is located in Texas. The seller’s name was not released
ORLANDO — Bell Properties has acquired an institutional-quality apartment community located adjacent to Universal Studios in Orlando from Epoch Properties for $48.3 million. Landmark at Universal comprises 10 three-story buildings and a two-story carriage style building situated on 12 acres at 6350 Vineland Road. It contains 310 units and features a resort-style pool and spa, clubhouse, 24-hour fitness center, business center, game room, theater, club room and an outdoor grilling area. The Jones Lang LaSalle team of Jubeen Vaghefi, Jeff Morris and Denny St. Romain represented Epoch Properties in negotiations.
MAYODAN, N.C. — Firearms maker Sturm, Ruger & Co. has announced plans to build a new manufacturing facility in Mayodan, located approximately 50 miles north of the Triad area. Sturm, Ruger & Co. will finalize plans for the 220,000-square-foot facility in August. It currently operates manufacturing facilities in Newport, N.H., and Prescott, Ariz. The new plant represents the company’s first major expansion in more than 25 years.
WASHINGTON, D.C. — New York City-based Aria Development Group has completed a $10 million renovation of The Bond, an apartment building located at 1250 New Hampshire Ave. in the city’s West End neighborhood. Aria purchased the property in 2012 from the International Monetary Fund, which had been using it for corporate housing. Aria completed a gut renovation that provided brand new interiors for the building’s 83 units. Upgrades include European-style kitchens, three-inch natural white oak floors, Bosch washers and dryers, and all new systems including video intercoms and Nest programmable thermostats. The building’s front yard and courtyard were also landscaped. Aria will soon install a cast iron canopy on the building exterior. The Bond was developed by Aria in partnership with New York-based Manocherian Brothers. Monarc Construction was the general contractor, and Bonstra Haresign Architects designed the project.
JEKYLL ISLAND, GA. — The new Westin Hotel under development on the beachfront of Jekyll Island has received $25 million in construction financing. PNC Bank provided $10 million in conventional financing for the project. In addition, the U.S. Department of Agriculture provided $15 million in Rural Development loans for the project. The 200-room, convention-class hotel is slated to open in September 2014. Atlanta-based Davis, Pickren, Seydel and Sneed represented PNC Bank in the deal.
MAPLE GROVE, MINN. — SilverCrest Properties LLC and Ryan Cos. have purchased land in Maple Grove, a northwest suburb of Minneapolis, to co-develop a new 260,000-square-foot senior living community. Phase I of the two-phase development is a $34 million campus situated on nine acres at WeaverLake Road and Main Street. The four-story building will include 182 units and feature a mix of independent living, assisted living and memory care. The City of Maple Grove sold the land to SilverCrest and Ryan Cos. Construction for Phase I is scheduled to begin in September. The architectural design team on the project is Harriss Architects and Pfister & Associates.