FRANKLIN, TENN. — Matthews Real Estate Investment Services has negotiated the $11.8 million sale of Carothers Crossing, a shopping center located in Franklin. Hutt Cooke and Clay Smith of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. The buyer was also not disclosed. Carothers Crossing is fully occupied by tenants such as Starbucks, FirstBank and Pacific Dental. The property includes an outparcel occupied by Life Time Fitness. The property also includes seven triple net leases. Located at 5040 Carothers Parkway, the property is situated off Interstate 65 and is 21.8 miles from Nashville.
Content PartnerFeaturesFinance InsightMidwestMultifamilyNortheastSeniors HousingSoutheastTexasWestern
Investment, Financing in Seniors Housing Driven by Property Performance
If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …
JUPITER, FLA. — A joint venture between PCCP LLC, Woodmont Industrial Partners and Butters has purchased 115 acres in Jupiter. The site is situated within Palm Beach Park of Commerce, a 1,200-acre master-planned industrial park located 23 miles northwest of West Palm Beach. The seller and sales price for the land were not disclosed. The parcel is zoned for industrial use and the site plan approval is now in process. The joint venture plans to develop eight industrial buildings totaling approximately 1.5 million square feet at the site. The speculative project will feature concrete tilt-up construction, and the first two buildings for development will include a 301,145-square-foot warehouse with anticipated completion in January 2023 and a 50,094-square-foot warehouse anticipated for completion in July 2023. Palm Beach Park of Commerce is home to more than 70 businesses and 1,400 employees with tenants including Amazon, Walgreens, CSX and McLane. The site is situated close to the Florida Turnpike and Interstate 95.
MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. has acquired The Six Apartments, a 92-unit multifamily community located in Mount Pleasant, for $28.3 million. Tai Cohen of Cushman & Wakefield represented the undisclosed seller in the transaction. The asset was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. Developed by an affiliate of Origin Development Partners LLC, the Six offers studio, one- and two-bedroom floorplans ranging from 574 to 1,154 square feet of space. Built in 2018, unit features include granite kitchen and bathroom countertops, custom cabinetry, hardwood flooring, tile backsplashes, pendant lighting, walk-in closets, ceiling fans throughout, in-unit washers and dryers, stainless steel appliances, garden tubs and balconies. Community amenities include an outdoor pool, clubhouse with conference center, health and fitness center, pet park, bike and kayak storage area, private garages and a recreational area with an outdoor kitchen, movie screen wall and firepit. The three-story community was 97 percent occupied at the time of sale. Located at 2170 Snyder Circle, the property is situated near top employers including Joint Base Charleston, Medical University of South Carolina, The Boeing Co. and …
KENNESAW, GA. — CBRE has brokered the $28.1 million sale of a medical office building located at 187 Chastain Road NW in Kennesaw, about 26.7 miles north of downtown Atlanta. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman of CBRE represented the seller, PLSQ Chastain, an entity comprising investors from Quintus and Pope & Land Real Estate. Renasant Bank provided acquisition financing on behalf of the undisclosed buyer. Piedmont Healthcare Inc. fully occupies the entire property on a new long-term lease. CBRE represented Piedmont Healthcare in the lease transaction. In 2021, Pope & Land developed the 39,642-square-foot building as a build-to-suit for Piedmont. The property includes a linear accelerator and includes imaging, infusion and radiation and oncology suites for cancer treatment on the first floor. The second floor includes more than 30 exam rooms for multiple specialties. Brasfield Gorrie was the contractor for the facility, and EYP was the architect.
MORRESVILLE, N.C. AND SAN DIEGO — Mooresville-based Lowe’s and San Diego-based Petco Health and Wellness Co. Inc. have plans to open a new in-store concept that will offer both home and pet products within select Lowe’s locations. The first Lowe’s + Petco store-in-store concept is slated to open at the Lowe’s Alamo Ranch store in San Antonio at the beginning of February. The companies plan to also expand to 14 additional Lowe’s locations in Texas, North Carolina and South Carolina by the end of March. The purpose of the new Lowe’s + Petco locations is to provide a unique customer experience where customers can support their pet’s health and wellness through an assortment of Petco’s pet food, supplies and services and improve the home they share in one shopping trip. The new store locations are also expected to offer a selection of Petco’s pet services, including Vetco vaccination clinics, microchipping, prescription pest prevention and mobile grooming at select times and locations.
LOUISVILLE, KY. — The Kroger Co. has plans to open a 50,000-square-foot delivery spoke facility in Louisville. The Cincinnati-based grocer has partnered with Ocado Group, a UK-based technology company, to operate the facility. The property will collaborate with Kroger’s Customer Fulfillment Center in Monroe, Ohio. Additionally, the Louisville property will serve as a cross-dock to connect customers with fresh food by using a combination of vertical integration, machine learning and robotics. The project is expected to become operational later this year and will employ up to 161 full-time associates.
ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.
OCALA, FLA. — Atlanta-based MDH Partners has acquired 28 acres of industrial land in Ocala, with plans to construct Ocala Logistics Center, a 350,878-square-foot Class-A, cross-dock distribution building. The seller and the sales price for the land were not disclosed. Joe DeHaven served as the deal lead for MDH Partners. Clay Witherspoon with Avison Young represented the seller and will also lease the property on behalf of MDH. Peak Development Co. will act as the development manager for the project. Situated on 27.9 acres of land, Ocala Logistics Center will feature 279 parking spaces, ESFR sprinkler systems and 36-foot clear heights. Located at the corner of NW 35th Street and NW 27th Avenue, the facility is located a half-mile from Interstate 75 and 25 miles north of the Florida Turnpike Junction. The development of Ocala Logistics Center will increase MDH’s Florida footprint to over 1.5 million square feet.
MELBOURNE, FLA. — Lument has provided a $26.7 million bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily community in Melbourne. Josh Messier of Lument led the transaction. The borrower was not disclosed. Harbor Village comprises two sections: Harbor Village Apartments and Harbor Village Townhomes. Built in 1976, Harbor Village Apartments is situated on 6.4 acres and features 143 apartments in eight buildings. Built in 1983 on 5.8 acres, Harbor Village Townhomes contains 86 units in 18 two-story, wood-frame townhomes. Onsite amenities for each section include a swimming pool and laundry facility. The overall community was 96 percent occupied at the time of the loan transaction. The loan features a variable interest rate and a three-year term, with two 12-month extension options. The loan fully funded the required capital expenditures, including $3.8 million in capital improvements to upgrade unit interiors and amenities, according to Messier.