LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
Western
LOS ANGELES – The 65-unit Culver Vista Apartments in West Los Angeles has sold to Culver Place, LLC for $12.5 million. The community is located at 11730 to 11846 Culver Blvd. The seller, Culver Vista Partners, was represented by Hamid Soroudi of Charles Dunn Company. Soroudi leads Charles Dunn Company’s The Soroudi Group.
TORRANCE, CALIF. – The 272,245-square-foot PROLOGIS Capelin Distribution Center has opened in Torrance. It is located at 20000 S. Western Ave. The Class A, LEED-certified center is situated on a 14-acre site that previously held a vacant steel plant. It was designed by HPA and built by KPRS. David Prior of Klabin/CORFAC and Todd Taugner and Frank Schulz of Klabin Company/CORFAC in Torrance will serve as the center’s exclusive leasing agents.
GLENDALE, ARIZ. – The 103,216-square-foot Arrowhead Health Center in Glendale has sold to Archway Holdings Corp. for $20 million. The center, formerly known as Arrowhead Orchards Medical Office Building, contains two institutional-quality medical buildings that sit adjacent to the 217-bed Arrowhead Hospital. They are currently 65 percent leased. Archway was represented by Braxton Glass of Orion Investment Real Estate. The seller was Ventas REIT. Lucent Capital arranged the financing for the property’s acquisition and repositioning.
COLORADO SPRINGS, COLO. – The 156-unit Bonterra Lakesideapartments in Colorado Springs has sold to Griffis/Blessing for $16.5 million. The community was built in 1973 and renovated in 2007. It was 94 percent occupied at the time of closing. The seller, Hamilton Zanze and Company, was represented by ARA’s Kevin McKenna, Ken Greene, Doug Andrews and Jeff Hawks.
ARVADA, COLO. — NorthMarq Capital has provided $13.6 million to Aukum Management LLC for the purchase of Ridge at Mountain View Apartments in Arvada. The 168-unit community is located at 7865 Allison Way. Financing was arranged by John M. Stewart and Ilan Reissner of the firm’s Denver office.
GLENDALE, ARIZ. – The 103,216-square-foot Arrowhead Health Center in Glendale has sold to Archway Holdings Corp. for $20 million. The center, formerly known as Arrowhead Orchards Medical Office Building, contains two institutional-quality medical buildings that sit adjacent to the 217-bed Arrowhead Hospital. They are currently 65 percent leased. Archway was represented by Braxton Glass of Orion Investment Real Estate. The seller was Ventas REIT. Lucent Capital arranged the financing for the property’s acquisition and repositioning.
COLORADO SPRINGS, COLO. – The 156-unit Bonterra Lakesideapartments in Colorado Springs has sold to Griffis/Blessing for $16.5 million. The community was built in 1973 and renovated in 2007. It was 94 percent occupied at the time of closing. The seller, Hamilton Zanze and Company, was represented by ARA’s Kevin McKenna, Ken Greene, Doug Andrews and Jeff Hawks.
ARVADA, COLO. — NorthMarq Capital has provided $13.6 million to Aukum Management LLC for the purchase of Ridge at Mountain View Apartments in Arvada. The 168-unit community is located at 7865 Allison Way. Financing was arranged by John M. Stewart and Ilan Reissner of the firm’s Denver office.
AURORA, COLO. — Southlands Town Center, a 900,000-square-foot, mixed-use development in Aurora, has sold to Northwood Investors for an undisclosed sum. The outdoor lifestyle center contains 730,000 square feet of retail space and 170,000 square feet of office space. Notable retail tenants include AMC Theaters, Bed Bath & Beyond, Sports Authority, Ross, Barnes & Noble, Ulta, Victoria’s Secret, White House Black Market, American Eagle Outfitters ad Gymboree. This is Northwood’s first Colorado-based investment. Northwood Retail, a Northwood Investors subsidiary, will lease and manage the center.