SEATTLE — Ziegler, a specialty investment bank, has priced $130.3 million in fixed-rate bonds for Presbyterian Retirement Communities Northwest (PRCN), a nonprofit operator of three continuing care retirement communities (CCRCs) in Seattle. The bonds, which are expected to close in October, will refinance $98.9 million in existing bonds. The remaining funds will be used for renovations at Park Shore and Fred Lind Manor, two of the company’s CCRCs.
TOLLESON, ARIZ. — The Siegel Group Nevada has purchased a 442-unit Legacy Suites hotel in Tolleson for $16.6 million. The hotel was built in 2010. It will be renamed Siegel Suite Tolleson, This is the third Legacy Suites location the Siegel Group has acquired in the past 14 months. The other properties are located in Phoenix and Casa Grande.
DENVER — CommercialTribe has leased 10,473 square feet of office space in Denver’s LoDo (Lower Downtown) district. The space is located at the Guaranty Bank Building at 1331 17th St. An oil and gas firm formerly occupied the space. JLL’s Ken Gooden and David Shirazi executed this lease transaction.
MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year. The six separate transactions are organized like so: IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million. IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million. IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million. IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million. IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 …
OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s Marketplace and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.
FAIRFIELD, CALIF.— Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks, Round Table Pizza and Panda Express. A subsidiary of San Diego-based Gerrity Group sold the property.
LOS ANGELES — NorthMarq Capital has arranged the refinancing of two retail properties in Los Angeles. David Blum of NorthMarq arranged a $4.4 million loan for Atlanthub, a 32,768-square-foot retail property anchored by Kipp LA Schools; and a $2.5 million loan for Broadmark, a 14,331-square-foot retail property anchored by AutoZone. Both transactions were structured with a 20-year term and a 30-year amortization schedule. A life insurance company provided the capital for Broadmark.
BRUSH, COLO. — Eben Ezer Lutheran Care Center has selected OZ Architecture, a Denver-based firm, to redesign the assisted living and memory care community, located in Brush, approximately 90 miles northeast of Denver. Eben Ezer currently offers 54 assisted living units and 18 memory care units. The improvements will span 54,000 square feet, with the goal of increasing capacity and improving the campus. The community is over 100 years old and features a historic church at the heart of the campus. OZ’s design will build upon the previously developed master plan for the campus. Construction is slated to begin this month.
TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.
BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apartments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Martin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which provide access to key Los Angeles employment hubs, including downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction.
