BROOKFIELD, WIS. — MBH Investment Real Estate LLC has arranged the sale of Triangle Plaza in Brookfield, a suburb of Milwaukee, for $1 million. The 11,567-square-foot retail center, built in 1984, is located at 13805 W. Capitol Drive. The property is 100 percent occupied by seven tenants. Matson Holbrook of MBH represented the seller, Keren Properties 9 LLC. A private investor purchased the property.
PORTLAND ORE. — CareTrust REIT Inc. (NASDAQ: CTRE) has agreed to acquire 13 skilled nursing facilities in three separate transactions for a total purchase price of $97 million. The properties are located in Idaho, Texas, Oregon and Washington. In the first transaction, CareTrust has acquired three skilled nursing facilities in Idaho as part of a staged, seven-facility portfolio transaction. When completed, the full portfolio price will be $65.5 million, which CareTrust funded with cash on hand and its $400 million unsecured revolving credit facility. The full transaction is scheduled for completion by the end of the year. The seven properties, which total 571 beds, will all be added to CareTrust’s master lease with Cascadia Healthcare LLC. CareTrust forecasts an annual cash rent of approximately $5.9 million from the portfolio. In the second transaction, CareTrust acquired Wellspring Health and Rehabilitation of Cascadia, a 53-bed skilled nursing facility in Nampa, Idaho; Secora Health and Rehabilitation of Cascadia, a 120-bed skilled nursing facility in Portland, Ore.; and Brookfield Health and Rehabilitation of Cascadia, an 83-bed skilled nursing facility in Battle Ground, Wash. CareTrust bought the properties for $11.3 million and added all three to the same master lease with Cascadia Healthcare. CareTrust expects …
ALTOONA, PA. — PREIT has sold Logan Valley Mall, a regional mall located in Altoona for $33.2 million. Macy’s, J.C. Penney and Sears anchor the property, which is home to tenants including AMC Theatres, Victoria’s Secret, Old Navy, Maurices, GNC and GameStop. The buyer in the transaction was undisclosed.
BUFFALO, N.Y. — Sinatra & Company Real Estate has acquired 10 mixed-use properties in Buffalo for a combined total of $12.7 million. Roger Chainani’s 1000 Elmwood Associates LLC and 1256 Hertel Avenue Associates LLC sold the properties. The properties include a variety of uses and tenants: – 427 Elmwood features a three-story, 10,246-square-foot mixed-use building with two retail businesses, a restaurant space, 4,000 square feet of vacant office space and two apartments. – 494 Elmwood is a 12,938-square-foot restaurant property occupied by Tokyo Shanghai Restaurant. – 500 Elmwood is a 3,024-square-foot building with restaurant, retail and apartment space. – 502 Elmwood is a single-story, 2,464-square-foot restaurant building, which will be occupied by House of Hummus. – Saigon Café occupies the 6,992-square-foot restaurant property at 520 Elmwood. – Mezza Restaurant & Lounge occupies the 3,747-square-foot building at 929 Elmwood. – 1000 Elmwood is a 10,560-square-foot mixed-use building currently occupied by The Market on Elmwood and Ashker’s on the first floor with residential or office space on the second floor. – India Gate and Hong Kong Kitchen occupy the 6,710-square-foot building at 1116 Elmwood. – The properties at 1122 Elmwood and 1256 Hertel Ave. both offer retail space.
Cushman & Wakefield Facilitates $9.5M Sale of 65,000 SF Office Building in Manchester, New Hampshire
MANCHESTER, N.H. — Cushman & Wakefield has brokered the sale of an office building located at Two Wall St. in Manchester. The Mental Health Center of Greater Manchester acquired the property from Wall Springs LLC (Brady Sullivan Properties) for $9.5 million. The four-story, 65,000-square-foot office building features a two-story atrium lobby and free visitor parking. In 2016, the buyer entered into a 10-year lease at the property with an option to purchase. At the time of sale, the property was 89 percent leased. Thomas Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, while Mike Reed of Stebbin Commercial Properties represented the buyer in the transaction.
FRANKLIN, MASS. — NAI Hunneman has arranged the sale of a former retail building located at 750 Union St. in Franklin. 750 Union Street LLC acquired the property from US National Bank Association for $2.6 million. The buyer plans to redevelop the 25,852-square-foot former Boston Sports Club into a medical office building. Ovar Osvold of NAI Hunneman procured the buyer, while Osvold, Cathy Minnerly, Leeanne Rizzo, Ned Halloran and Sean Hannigan, also of NAI Hunneman, represented the seller in the deal.
WACO, TEXAS — A partnership between Civitas Capital Group and Atlantic Hotels Group has purchased the 93-room TownePlace Suites in Waco. The hotel is located within Legends Crossing, a 150-acre, mixed-use development near the downtown area and Baylor University. Amenities include a pool, fitness center and business center. The transaction marks the partnership’s second acquisition of a Waco hotel in the last two months.
DUNCANSVILLE, PA. — CBRE has brokered the sale of Holliday Towne Center, a community shopping center located at 221 Glimcher Drive in Duncansville. RPAI sold the 83,122-square-foot property to Equity Investment Group for an undisclosed price. At the time of sale, the center was 81 percent occupied. Tenants include a 54,322-square-foot Martin’s Food, Dollar Tree, Domino’s Pizza and Holiday Hair. Brad Nathanson, Adam Rosenzweig, Kyle Prawdzik and John Colussi of CBRE represented the seller and identified the buyer in the transaction.
DALLAS — Affiliates of Virginia-based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties are located in the Dallas area and two in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for approximately $295 million.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired three adjacent industrial properties in Carlstadt for $13.5 million. Situated on 7.8 acres, the properties consist of two transshipment facilities totaling 43,400 square feet with 77 dock-high and 10 grade-level loading positions. The acquisition included one improved land parcel comprising 1.1 acres at 50 and 100 Kero Road. The properties are 100 percent leased to three tenants, two of which are on a short-term basis. The name of the seller was not released.