CASTLE ROCK, COLO. – The 34-unit Castle Court Apartments in Castle Rock has sold to an unnamed buyer for $3.3 million. The community is located at 7 & 19 N Cantril Street, just southeast of Denver. The two buildings contain 17 units each. They were built in 1980 and 1985, respectively. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and local seller in this transaction.
NEWCASTLE, WASH. – Security Properties has sold Newport Crossing, a 192-unit apartment complex in the Bellevue submarket of Newcastle, for $38.8 million. The buyer was not named. The community is located at 7311 Coal Creek Parkway SE. Security Properties acquired the community in 2012 in a joint venture with an East Coast insurance company through its Security Properties Multifamily Fund. The company implemented a substantial value-add renovation program in conjunction with its affiliated property management firm, Madrona Ridge Residential, prior to the sale. The renovation included an investment of $1.5 million to re-paint and re-roof the buildings, redesign the community pool, improve landscaping and upgrade unit interiors. Newport Crossing was built in 1990. Security Properties Multifamily Fund currently has 15 remaining multifamily properties in its portfolio. The fund launched in June 2011.
ATLANTA — Colliers International has arranged an $11.6 million refinancing for a portfolio of three apartment communities totaling 143 units in Atlanta’s Castleberry Hill neighborhood. The properties — Stonewall Lofts, Legacy Lofts and Intown Lofts — currently have a 91 percent occupancy rate. H.J. Russell & Co. developed the four buildings between 1998 and 2003. Rod Mullice and Kevin Troy of Colliers International arranged the loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of H.J. Russell & Co.
CHANDLER, ARIZ. — Crown Castle International has leased 70,000 square feet of Class A office space in Chandler. The property is located off Loop 202. The shared wireless infrastructure provider will occupy the space next July. The landlord, LGE Design Build, represented itself in this transaction. Crown Castle was represented by Keith Lambeth, Todd Noel and Ryan Timpani of Colliers International.
SACRAMENTO, CALIF. – Pacific Castle has acquired four shopping centers in the Sacramento area for $40 million. The acquisitions include Waterman Grove Plaza in Elk Grove, Willow Creek Town Center in Folsom, Zinfandel in Rancho Cordova and Strawberry Creek in Sacramento. The 44,090-square-foot Waterman Grove Plaza is located at 9304-9332 Elk Grove Blvd. in the Elk Grove retail submarket. Major tenants include Panda Express, Subway, T-Mobile and Gamestop. Willow Creek is located at 1001-1011 E. Bidwell Street. It is anchored by SaveMart and CVS. Other notable tenants include IHOP, Chipotle, Golden One Credit Union, Wingstop and Anytime Fitness. The 39,737-square-foot Zinfandel is located at 2817-2863 Zinfandel Drive. It is scheduled to undergo a major renovation and repositioning. Strawberry Creek is located at 8211-8251 Bruceville Road. It is anchored by a Super Target, in addition to tenants like Panda Express, Subway, UFC Gym, Starbucks and Comcast. Pacific Castle also owns the Rancho Cordova Town Center, a power center anchored by a Super Target.
NEW YORK — Newcastle Investment Corp. (NYSE: NCT) has purchased a portfolio of six seniors housing communities for $186 million. The portfolio was purchased with unrestricted cash. The six rental continuing care retirement communities in the portfolio are all located in Texas and consist of a total of 1,265 beds. Concurrent with the acquisition, Newcastle has entered into a triple-net master lease agreement with a subsidiary of Lifecare Cos. LLC. The lease has an initial term of 15 years with two 5-year renewal options. The initial cash lease yield is 7.6 percent with 3.75 percent increases in years two to four and 2.5 percent in years five to 15. Lifecare Cos., established in 1971, is a manager of continuing care retirement communities throughout the United States. Newcastle has invested more than $700 million of equity in the past 24 months to acquire 95 seniors housing properties with more than 11,900 beds, totaling more than $1.8 billion in assets. The company is managed by an affiliate of Fortress Investment Group LLC. Newcastle also recently created a spin-off company, New Senior Investment Group Inc. (NYSE:SNR), a publicly traded REIT focused on the seniors housing sector. The stock price of Newcastle closed at …
NEW YORK — The Board of Directors of Newcastle Investment Corp. (NYSE: NCT) has approved a plan to spin off its seniors housing business into a publicly traded real estate investment trust that primarily targets seniors housing related investments. The new company will be called New Senior Investment Group and trade on the New York Stock Exchange under the symbol SNR. The approval by the board occurs six months after Newcastle purchased a 51-property portfolio from an affiliate of Holiday Retirement for more than $1 billion. “The spin-off of New Senior from Newcastle will be a key step towards optimizing the future growth of each standalone company,” said Newcastle CEO Kenneth Riis in a prepared statement. “As two separately traded public companies, both Newcastle and New Senior will be better positioned to capitalize on respective market opportunities and further enhance shareholder value creation.” An affiliate of Fortress Investment Group LLC will manage New Senior Investment Group. In an investor call on Monday, Newcastle Chairman of the Board Wesley Edens said the reasons for the spin-off include the expected growth of the U.S. senior population, the cost of capital both on the equity side and the debt side that will create …
RALEIGH, N.C. — Grubb Properties, a Charlotte-based commercial real estate company, and Rubenstein Partners, a Philadelphia-based real estate fund manager, have sold Newcastle North, an 112,340-square-foot laboratory and office building at the Imperial Center Campus in Raleigh. The two-building portfolio was sold for $14.5 million to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, Va. The building, located at 1035 Swabia Court at the intersection of I-40 and I-540, was originally acquired in September 2012 from GlaxoSmithKline. The building was fully leased to Reichhold Industries within its first year of ownership. Scot Humphrey, Chris Norvell and Bill Simerville of Cushman & Wakefield | Thalhimer’s capital markets group, along with Samir Idris of Cushman & Wakefield’s Atlanta office, handled the negotiations on behalf of the seller. The building was 100 percent leased at the time of sale. The second building, Newcastle South at 1015 Swabia Court, features 86,895-square-feet of office space.
PHOENIX – The former Castle Hot Springs resort in Yavapai County has sold to CHS3, LLC for $1.9 million. The resort is located on North Castle Hot Springs Road in Castle Hot Springs, just north of Phoenix. The LLC purchased the property through an online auction. The 210-acre Castle Hot Springs resort opened in 1896. Its 118-degree natural hot spring produced 180,000 gallons of pure water daily. The seller, EktornetUS, a susidiary of Swedbank, was represented by Dave Headstream of CBRE’s Land Services Group in Phoenix. He worked in conjunction with CBRE Auction Services.
CASTLE ROCK, COLO. – The 186-unit Rolling Hills apartmentcomplex in Castle Rock has sold to Virtú Investmentsfor $16.6 million. The community is located just east of Interstate-25near the Southeast Business Corridor, Sky Ridge Medical Center, RidgeGate development and Park Meadows Mall. It was built in 1987 and updated in 2007. The seller, an unnamed national real estate investor, was represented by ARA’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews.
