REXBURG, IDAHO — Blueprint Healthcare Real Estate Advisors has brokered the sale of Rexburg Care Center, a 119-bed skilled nursing facility in Rexburg, approximately 50 miles west of the Wyoming border. A publicly traded REIT and its operating partner sought to reduce their footprint in the state. The Ensign Group acquired the property for an undisclosed price. Rexburg Care Center is a 5-Star CMS rated facility situated adjacent to Brigham Young University-Idaho and less than 1.5 miles from the nearest regional hospital. With only one local competitor and the facility’s participation in the state’s Upper Payment Limit (UPL) supplemental payment program, Rexburg Care Center produced positive and increasing cash flow year-over-year. However, census remained at relatively low levels compared to industry averages. Blueprint positioned this as an upside opportunity, as only half of the facility’s operational capacity was being utilized, allowing for the potential introduction of lower acuity and/or specialty care services to boost overall census. Pennant Healthcare, Ensign’s portfolio company based in the Pacific Northwest, will operate the property following the sale. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal facilitated the sale for Blueprint.
LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.
ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.
NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.
DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.
DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.
POWAY, CALIF. — Pacific Coast Commercial has arranged the purchase of a retail property located at 12947 Poway Road in Poway. FRH Realty acquired the building for $2.5 million. Big O Tires occupies the 3,510-square-foot retail building, which is situated on 0.7 acres. Dave Dilday of Pacific Coast Commercial represented the buyer, while the seller was self-represented in the deal.
Denver’s industrial real estate market continues to fire on all cylinders with 37 consecutive quarters of positive net absorption, record amounts of new supply and record-low cap rates for investment properties. The region’s industrial product has benefitted greatly from a strong and diversified economy, significant population growth both locally and regionally and the continued trend by companies to modify their supply chain to accommodate same-day deliveries. Demand has come from existing businesses that have grown organically and are now serving a larger market and carrying increased inventories. It has also come from new companies that hadn’t previously had distribution centers here but now need to serve the Colorado Front Range and the Rocky Mountain region. A new phenomenon that impacted the market recently is increased demand by tenants and users seeking build-to-suits rather than leasing or purchasing speculative buildings. One reason has been affordability, as some new developers and their capital partners have accepted significantly lower yields on cost in order to “build into” the market, compared to existing local developers that have historically commanded higher yields for speculative product. An example of this was a project built by Becknell/UBS that contained a 541,000-square-foot, cross-dock building. Haier (GE) Appliances pre-leased …
THORNTON, COLO. — Los Angeles-based Gelt Inc. has purchased Timber Lodge, a multifamily property located in Thornton, approximately nine miles from downtown Denver. BMC sold the asset for $61 million. Situated on 12.6 acres at 1769 Coronado Parkway, Timber Lodge consists of 15 two-story buildings with basements. Built in 1972, the property features 390 apartments in a mix of 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, a fitness center, business center, playground, barbecue area, soccer field, dog park and carports. Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented the seller in the deal.
ORANGE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Orange County for $95.5 million. The property features 214 units of independent living, assisted living and memory care. The specific name and location were not disclosed. JCH represented the seller, a national owner-operator. The buyer was a Chicago-based private equity firm highly involved in the seniors housing industry. According to JCH, the transaction benefitted from the seller’s willingness to retain operations, high barriers to market entry, 94 percent occupancy and a 53 percent operating margin. Nick Stahler, Mike Mooney and Jim Hazzard were lead advisors in the transaction.