CASTLE ROCK, COLO. — Investors Management Group has acquired the 186-unit Rolling Hills apartments in Castle Rock for $23.8 million. The community is located at 1129 S. Eaton Circle, just southeast of Denver. The property was built in 1987. It was 93 percent occupied at the time of sale. Rolling Hills is situated near Sky Ridge Medical Center, the RidgeGate development, Park Meadows Mall and the DTC Business Corridor, the largest employment center in metro Denver. ARA’s Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Virtú Investments, in this transaction.
PASADENA, CALIF. — JCH Senior Housing Group, a brokerage based in California, has arranged the sale of three skilled nursing facilities in Pasadena for $10.9 million. The properties were Pasadena Residential Care Center (136 beds), Castle View Retirement Estate (40 beds) and Garfield Care Center (60 beds). SYTR bought the portfolio out of bankruptcy from 1415 Garfield LLC, 1425 Garfield LLC and 1435 Garfield LLC. Shep Roylance led the JCH team on the transaction.
Metro Philadelphia’s industrial market saw strong demand, developer confidence and declining vacancy rates in 2015. Asking rents averaged $4.43 per square foot for the region, a 4 percent increase from 2014. The overall vacancy has decreased to 7.7 percent as demand kept pace with 5.7 million square feet of completed spec development. The only submarket that is posting greater than 10 percent vacancy is New Castle County, Delaware; however, New Castle’s vacancy rate was trending downward at the end of 2015. We continue to see healthy demand for industrial space in 2016. There could be some impact from global uncertainties, but these will be offset by continued on-shoring of manufacturing requirements and last-mile delivery expansion. Companies seeking between 25,000 to 80,000 square feet have seen limited availability in most submarkets, particularly for purchase. Due to strong demand and reduced availability for modern, net-leased, single-tenant buildings, some investors must consider lesser-quality assets and/or secondary locations. Sale prices and rents have increased. It is not unusual for modern bulk facilities with long-term leases in place to trade in the $90-per-square-foot range. In one recent deal, a private investor paid more than $78 per square foot for the leaseback transaction of an 85-year-old …
Recovery is continuing to occur in the Delaware retail market and forecasts show it will continue in the year to come. The retail sector has been strong in Class A locations, while secondary centers have experienced less demand. Land values on major corridors remain high and the limited supply is expected to further this trend. The area around Christiana Mall continues to be a strong draw for national retailers. Recent new retail activity includes the Christiana Fashion Center, which has been approved for buildings totaling in excess of 500,000 square feet. Current tenants include The Container Store, REI, Nordstrom Rack, DSW, Saks OFF Fifth, Ulta Cosmetics and Jared Jewelers. Allied Properties is developing the center. Also in the Christiana area, Kimco is planning to develop the Christiana Promenade which will encompass more than 400,000 square feet. Demolition of an existing structure is underway. The city of Wilmington will see a new $40 million redevelopment of a popular retail and office location on the 2000 block of Pennsylvania Avenue. Mayor Dennis Williams recently announced the project, which will redevelop the existing property into an attractive, high-quality mixed-use and pedestrian-oriented space that incorporates luxury residences above a first floor of quality retail …
LEWISVILLE, TEXAS — Bright Realty has sold a two-acre pad site in the Castle Hills area just off State Highway 121 in Lewisville. The pad site is located at the southeast corner of Josey Lane and Windhaven Parkway. The corner will be anchored by an ALDI grocery store and is adjacent to Nebraska Furniture Mart and The Realm, a planned 1.5 million-square-foot mixed-use Bright Realty development. An unnamed buyer purchased the pad site. Bright Realty was self-represented in the sale by Tim McNutt and Britton Lankford.
INDIANAPOLIS — Thorofare Capital has provided an affiliate of Arciterra Group LLC with a $32.5 million acquisition loan for a retail property in Indianapolis. Castleton Square & Commons is a 256,582-square-foot power center located on Castleton Corner Drive. Tenants at the property include REI, Golfsmith, Dave & Busters, Haverty’s Furniture, Buffalo Wild Wings and DXL Casual Male. The property was 94 percent leased at the time of sale. The seller was an affiliate of Ann Arbor, Mich.-based McKinley Inc. The non-recourse, floating-rate loan is for a period of two years and includes two six-month extension options, a flexible prepayment structure and was priced at a competitive spread over LIBOR.
LEWISVILLE, TEXAS — Bright Realty has held a topping out ceremony for its upcoming multifamily project known as Discovery at The Realm. The first of Discovery at The Realm’s 423 apartment units are on track to deliver in April. The topping out party celebrated the completion of the three apartment buildings’ major structural and environmental construction, which includes a lake with promenade pedestrian access. Members of Bright Realty development, leasing and marketing teams, general contractor Andres Construction, project architects from Charlotte, N.C.’s LandDesign, local officials and Bright Realty’s business partners attended the celebration. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins. Located south of Windhaven Parkway at Castle Hills Drive in Lewisville, Discovery at The Realm’s first phase features three podium-style buildings on 20.4 acres. All Phase I units should be delivered by October. Total project costs are $75 million. Discovery at The Realm is the first project in The Realm at Castle Hills, a mixed-use project to be built along State Highway 121 frontage. At completion, Discovery at The Realm will include more than 4,000 apartment units, with another 800 units planned within other parts of The Realm at …
WORCESTER, MASS. — Kelleher & Sadowsky Associates has arranged the sale of an industrial building located at 70 Quinsigamond Ave. in Worcester. Lutco Inc. acquired the 65,000-square-foot property from A.M. Castle Metals Co. for an undisclosed price. The buyer plans to make several improvements, including significant electrical upgrades, to the property in January 2016.William Kelleher IV and Matthew Mayrand of Kelleher & Sadowsky Associates brokered the transaction.
MEQUON, WIS. — Cushman & Wakefield has arranged the recapitalization of Newcastle Place, a 257-unit retirement community located in the affluent Milwaukee suburb of Mequon. Cushman & Wakefield served as an advisor to a venture between Westminster Capital and LCS. ROC Seniors, a private equity real estate fund manager, will replace Westminster Capital in the joint venture with LCS. Terms of that deal were not disclosed. Life Care Services, the management arm of LCS, will continue to manage the community. Newcastle is located on a 48.5-acre campus and consists of 158 independent living units, 36 assisted living units, 16 memory care units and 47 skilled nursing beds. The community was originally built in 2003. Westminster Capital and LCS acquired Newcastle from Milwaukee Protestant Home in late 2012 as a turnaround investment. In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to the acquisition group arranging the financing with Bank of America Merrill Lynch. The Cushman & Wakefield team involved in this transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig, Stuart Kim and Caryn Miller. Faegre Baker Daniels LLP served as legal counsel to the Westminster Capital/LCS venture on this transaction.
HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.