NEWTON, MASS. — Senior Housing Properties Trust (SNH) has acquired seven seniors housing communities from Five Star Quality Care for $112.4 million. Five Star will continue to operate the communities as part of the sale-leaseback deal. The portfolio totals 545 units in North Carolina, South Carolina, Tennessee and Virginia. The lease with Five Star expires at the end of 2028 and includes renewal options. Five Star intends to use the proceeds it receives from the sale-leaseback transaction to repay in full amounts outstanding under its secured revolving credit facility, which had $60 million outstanding on June 28, 2016, and for general business purposes. The initial annual rent payable to SNH under the lease will be $8.4 million per year, resulting in an approximate capitalization rate of 7.5 percent. Starting after 2017, the rent may increase based upon a percentage of gross revenue increases realized by operations at the leased communities. SNH funded the purchase of the seven communities with cash on hand and drawings under its $1 billion unsecured revolving credit facility. Five Star was formerly SNH’s wholly owned subsidiary and both companies are based in Newton.
ALTAMONTE SPRINGS, FLA. — Crescent Communities has opened Crescent Gateway, a 249-unit apartment community located near the Maitland Boulevard exit on I-4 at 912 Innovation Way in Altamonte Springs. The property’s residences range from a 634-square-foot studio to a 1,476-square-foot, three-bedroom unit. Amenities include a clubhouse with Wi-Fi access, computer lounge with Macs and PCs and a poolside indoor/outdoor kitchen and lounge area. The community also has a yoga lawn, fire pit near the pool deck, bike storage, off-leash dog park and a media lounge with Xbox, PlayStation 4 and Apple TV. Unit interiors include granite countertops, stainless steel appliances, USB ports in the kitchen, walk-in closets and a washer and dryer in every residence.
RICHMOND, VA. — A partnership between L5 Investments and BH Equities has purchased Aspen Station Apartments, a 232-unit multifamily community located at 1500 Forest Run Drive near I-95 in Richmond, for $22.9 million. Built in 1980, the garden-style property features a swimming pool, clubhouse with a business center, lighted tennis and basketball courts, car wash and vacuum station and picnic areas with grill stations. Each unit features a full-size washer and dryer and a private balcony or patio. L5 Investments and BH Equities plan to invest $2.6 million in capital improvements such as remodeling amenities, upgrading unit interiors and landscaping. BH Management Services, BH Equities’ property management division, will manage Aspen Station. Laura Cathlina of Berkadia Commercial Mortgage arranged acquisition financing on behalf of the new ownership. Wink Ewing of ARA Newmark represented both the buyer and the undisclosed seller in the transaction.
DANIA BEACH, FLA. — Meridian Capital Group has arranged $15.4 million in construction financing for a new Wyndham Garden hotel located in Dania Beach. The 142-room, seven-story hotel will be situated one-and-a-half miles from the beach and near Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center. Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the three-year, interest-only construction loan through BB&T. The loan converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term.
LOUISVILLE, KY. — Monmouth Real Estate Investment Corp. has purchased a new 137,500-square-foot industrial building located at 2311 S. Park Road in Louisville for $11.3 million. The building is situated on approximately 10.2 acres off I-65, roughly seven miles south of the Louisville International Airport. The property is net-leased for 10 years to Challenger Lifts Inc., a subsidiary of Snap-on Inc. The lease is guaranteed by Snap-on. Monmouth, a publicly traded REIT based in Freehold, N.J., has a portfolio comprising 97 properties located in 30 states, containing a total of approximately 15.1 million square feet.
The real estate market in downtown Birmingham has followed the “chicken and egg” trend. Over the last few years, over a dozen multifamily projects have been announced, but the major hurdle is proving the demand as people moving downtown have wanted a downtown grocer. While some multifamily developers decided to proceed with construction, others waited on the sidelines hoping a grocer would announce a new downtown location. On the other hand, major grocers put off locating in downtown Birmingham due to the lack of people living in the general area. Problem solved when construction started last year on a new 30,000-square-foot Publix with a full-service pharmacy in downtown Birmingham. Developers Scott Bryant and Dick Schmalz announced that the Publix will anchor a new multi-story, mixed-used development. Publix considered a store in downtown Birmingham in 2007 and again in 2009 before finally deciding to bring a store downtown now. The development of the Parkside District with Railroad Park and Regions Field, along with existing and planned apartment projects in the area, contributed to the timing. With the addition of Publix, several other multifamily projects are well underway or completed, such as the 228-unit LIV Parkside, 332 total units next to Regions …
FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.
ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.
MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.
HENDERSONVILLE, TENN. — Ryan Cos. US Inc. and LCS have announced plans to build Clarendale of Hendersonville, a $40 million independent living, assisted living and memory care community in the Nashville suburb of Hendersonville. Clarendale of Hendersonville will feature 184 total units on an 11-acre site. The community will be the fourth Clarendale-branded property. Life Care Services, an operational subsidiary of LCS, will manage the community once complete. Ryan Cos. will build the property, and Jack Potter of Nashville-based HFR Design will design the community. Marty Cook of Bone McAllester Norton is providing legal services.