RENO, NEV. — Griffin-American Healthcare REIT IV has purchased a 191,000-square-foot medical office building in Reno for an undisclosed sum. The Class A building is situated on the campus of St. Mary’s Regional Medical Center. The six-story building is fully leased to seven tenants. Approximately 80 percent of the building is leased to Prime Healthcare Services – Reno LLC, the operator of St. Mary’s Regional Medical Center. The property is the primary outpatient location for the hospital, providing healthcare services like wellness, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine. Ensemble Real Estate Solutions & Investments developed the asset. CBRE’s Chris Bodnar and Lee Asher represented the seller, an unaffiliated third party. Griffin-American financed the acquisition using cash on hand. It also borrowed under its line of credit with Bank of America and KeyBank National Association. American Healthcare Investors and Griffin Capital Company co-sponsor the REIT.
HOUSTON — Targa Resources Group, a publicly traded midstream energy company, has leased 127,724 square feet of office space at 811 Louisiana St. The Class A, 577,735-square-foot office tower is located in Houston’s Central Business District. Tim Relyea, Chad Beck, David Guion and Morgan Relyea of Cushman & Wakefield represented the unspecified landlord in the transaction. Chip Colvill, Paula Bruns and Damon Thames of Colvill Office Properties represented Targa Resources Group.
KING OF PRUSSIA, PA. — CBRE has brokered the sale of the Triad office building in King of Prussia for $30.2 million. Zamir Equities purchased the four-story, 184,118-square-foot property, which is located at 2200 Renaissance Blvd. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Kairos Real Estate Partners. Built in 1985, the Triad building underwent renovations in 2014 including the addition of a café, conference center and fitness center. The lobbies and common areas were also redesigned and upgraded. The building is 96 percent leased with tenants including Liberty Mutual Insurance Co., ASI Business Solutions and Telerx Marketing. CBRE’s Steven Doherty and Nick Harris secured an acquisition loan on behalf of the purchaser; the amount of the loan was not disclosed.
PASSAIC, N.J. — Urstadt Biddle Properties has acquired the Van Houten Farms Shopping Center in Passaic for $7.1 million. Van Houten Farms is a 36,500-square-foot shopping center. Tenants include a 30,569-square-foot Gala Fresh Supermarket, Valley National Bank, a local Italian restaurant and a stationery store. The purchase was funded with available cash and the assumption of a $3.5 million first mortgage secured by the property with a 4.6 percent interest rate.
MILFORD, CONN. — Calare Properties has sold a 200,000-square-foot industrial property located at 40 Pepe’s Farm Road in Milford. An unnamed institutional buyer purchased the property for $13.3 million. Calare purchased the property in 2014 and made several upgrades including LED lighting and landscaping improvements. The entire property is leased to a transportation solutions company.
MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.
SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road. The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. Stockdale purchased the Galleria Corporate Center in 2013. The recapitalization includes the addition of more than two adjacent acres of land that is currently entitled for construction of up to 220,000 square feet of offices.
ONTARIO, CALIF. — Sares Regis Group has signed four new leases for distribution buildings within the Meredith International Centre in Ontario. The leases contain a total of 972,000 square feet. The project is situated on 150 acres near Ontario International Airport. All of the lease agreements range from five to 10 years. Five out of the seven buildings at the project are now fully leased. The two remaining buildings contain 575,000 square feet and 398,000 square feet. New leases were signed with international marketing, financial and technology service provider Arvato, which leased a 552,000-square-foot building; international air services provider Metro Air Service, which rented a 155,000-square-foot building; aftermarket automotive wheels and accessories maker and distributor the Wheel Group, which absorbed a 138,000-square-foot building; and transportation management solutions provider Metropolitan Logistics Services, which leased a 127,000-square-foot building. Joe McKay and Chris Morrell of Lee & Associates represented Sares Regis in the deals. Meredith International Centre totals 243 acres and includes plans for 1.1 million square feet of office and retail space and 800 apartments.
BRISTOL, CONN. — Rick Chozick and Steve Pappas of Chozick Realty Inc. have brokered the sale of Brookside Apartments in Bristol. The sales price was $7 million or roughly $89,743 per unit for the 78-unit garden-style complex. Brookside Apartments was constructed in 1961 and renovated in 2003. The unit mix includes 12 one-bedroom, 41 two-bedroom and 25 three-bedroom apartments, of which 14 are townhouse style. The property is located at 111-159 Union Street. Chozick Realty represented the seller, Bristol Brookside LLC, and procured the purchaser, Up Realty, a New York-based investment group.
KING OF PRUSSIA, PA. — Cronheim Hotel Capital has secured $12 million in financing for a Holiday Inn Express & Suites in King of Prussia, a suburb of Philadelphia. The 10-year, non-recourse CMBS loan includes a fixed interest rate.