By Taylor Williams ATLANTA — Seniors housing has long been established as a viable property type within the spectrum of commercial real estate investment, and at the institutional level, major seniors housing owners oftentimes happen to be major healthcare owners as well. The pairing is only logical. Seniors tend to require disproportionate amounts of healthcare resources, which is why ideal sites for their residential facilities tend to have proximity to hospitals. It also explains why the staffers who make these facilities run often have medical training backgrounds. Therefore, to continue to evolve as an asset class and investment proposition, it follows that seniors housing owners must, from top to bottom, deepen their embrace of healthcare technologies and operating philosophies within their properties. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. At the InterFace Seniors Housing Southeast conference in Atlanta in late August, several panelists representing prominent owner-operators encouraged a crowd of 400-plus attendees at the Westin Buckhead Hotel to do just that. Incorporating both tangible and intangible features of pure-play healthcare properties and operations reflects an …
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DALLAS — Blackstone Real Estate (NYSE: BX) has entered into an agreement to sell G6 Hospitality, the Dallas-based parent company of Motel 6, for $525 million. The buyer is Oravel Stays, which owns Indian hospitality and travel technology company OYO, and the all-cash deal is expected to close during the fourth quarter. Blackstone acquired Motel 6 in 2012 and invested in capital improvements to the portfolio during its ownership. Through G6 Hospitality, Blackstone operates nearly 1,500 economy lodging venues in the United States and Canada under the Motel 6 and Studio 6 Extended Stay brands. OYO entered the U.S. market in 2019 and currently operates over 320 hotels across 35 states.
COLLEGE STATION, TEXAS — Austin-based student housing owner-operator Parallel has completed Otto, a 745-bed development located near the Texas A&M University campus in College Station. The property offers studio through six-bedroom floor plans. Amenities include a pool, hot tub, outdoor kitchen, full-service smart market, dog spa, sky lounge and a fitness/wellness center with barre and yoga studios and dry saunas. The community also features multi-level lounges with coworking spaces, conference rooms and private study pods. BOKA Powell designed the project, and Rogers O’ Brien Construction served as general contractor.
DALLAS — JLL has brokered the sale of Skillman Live Oak, a 74,653-square-foot shopping center located in the Lakewood area of East Dallas. The center was 77 percent leased at the time of sale. Erin Lazarus, Adam Howells, Megan Babovec and Ben Pollack of JLL represented the seller, BentallGreenOak, in the transaction. Charlotte-based investment firm Asana Partners purchased the property for an undisclosed price.
HOUSTON — Partners Real Estate has negotiated a 32,596-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the single-tenant building at 14490 Wagg Way Road was originally constructed in 2014. Travis Land and Braedon Emde of Partners represented the landlord, United Equities, in the lease negotiations. Caleb Lawson of Flatrock Cos. represented the tenant, 2911 Fabrication.
HOUSTON — Alterra IOS (industrial outdoor storage) has acquired a 4.6-acre site in southeast Houston. The site at 9002 Wayfarer Lane houses 40,930 square feet of warehouse space, and an undisclosed, national trucking company recently renewed its lease at the property. Zane Carman of Partners Real Estate brokered the sale. The seller and sales price were not disclosed.
BERGEN, N.Y. — Dutch farm machinery and equipment provider Oxbo International will open a 195,000-square-foot, build-to-suit industrial project in Bergen, a western suburb of Rochester. The site spans 50 acres, and the new facility will replace Oxbo’s existing plant that is located about seven miles away and has been operational since 1969. Oxbo will enter into a 25-year ground-lease agreement with the owner, Ohio-based Geis Development, and expects to employ about 200 people at the plant at full capacity. Construction is slated for an October 2025 completion.
BINGHAMTON, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Price Chopper Plaza, a 127,000-square-foot shopping center located in the upstate New York community of Binghamton. Regional grocer Price Chopper has been the anchor tenant at the center, which was 97 percent leased at the time of sale, since 1987. Other tenants include Planet Fitness, Big Lots and Dollar Tree. Jim Koury of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MOUNT OLIVE, N.J. — JLL has arranged a $9 million permanent loan for a 161,000-square-foot industrial building in the Northern New Jersey community of Mount Olive. Constructed in 1982, the building features clear heights of 19 to 22 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors. Greg Nalbandian and Ben Morgenthal of JLL arranged the 10-year, fixed-rate loan through life insurance company TruStage on behalf of the borrower, Commercial Realty Group. The building was fully leased at the time of the loan closing to UnCommon Logistics.
NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.