SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.
HELENA AND CLANCY, MONT. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added challenges in these somewhat unusual times, but these buildings were well-run and the parties were pragmatic in dealing with those uncertainties,” says Dave Sedgwick, CareTrust’s chief operating officer. CareTrust’s total initial investment for the two assets was $16.5 million, inclusive of transaction costs and $500,000 of funding to Eduro to improve the facilities. Annual cash rent under the existing Eduro master lease, to which the two properties were added, will increase by approximately $1.6 million. The master lease has a remaining term of approximately 9.5 years, with two five-year renewal options and CPI-based annual rent escalators. The acquisitions were funded using cash on hand.
ORLANDO, FLA. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Patrick Luther, Matthew Mousavi and Patrick Nutt of SRS, along with Gradon Willard of BluRock Commercial Real Estate, represented the undisclosed seller, which was the original developer of the property. Limestone Asset Management, an affiliate of Miami-based Orion Real Estate Group, acquired the portfolio.
BOSSIER CITY, LA. — Caesars Entertainment and Vici Properties have entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment for $22 million. The buyer, Rubico Acquisition Corp., will pay Vici $5.5 million and Caesars $16.5 million. The sale is expected to close by early 2021. The property is located at 8000 E. Texas St. in Bossier City, 10 miles east of downtown Shreveport. The casino floor offers 150,000 square feet of games, dozens of TVs and a high-limit area. Louisiana Downs also features a dirt horse-racing track. Louisiana Gov. John Bel Edwards ordered casinos to close in March due to the COVID-19 outbreak. Casinos in the state were allowed to reopen in May at limited capacity.
HOUSTON — Heavenrich & Co. has negotiated the $5.3 million sale of Villa Toscana at Cypress Woods, a 120-bed skilled nursing facility in northwest Houston. Villa Toscana was built in 2009 on an 80-acre medical campus, anchored by the Kelsey-Seybold Clinic. Heavenrich & Co. represented the sellers, national owner-operator StoneGate Senior Living and an unnamed, publicly traded REIT. The buyer was O&M Investments, a private equity firm focused on skilled nursing. Villa Toscana’s occupancy was 76 percent at the time of sale.
TERRE HAUTE, IND. — Gladstone Commercial Corp. has acquired a 153,600-square-foot distribution facility in Terre Haute for $10.6 million. The property was constructed as a build-to-suit for Clabber Girl Corp. in 2010 and is fully leased to the tenant. Terre Haute-based Clabber Girl manufactures baking powder, baking soda and corn starch. Jeff Castell of Cushman & Wakefield represented the undisclosed seller. The building features a clear height of 32 feet, nine dock doors and one drive-in door.
SAN DIEGO — Longfellow Real Estate Partners has purchased Creekside, a three-building office property located in San Diego’s Sorrento Mesa submarket. The price was not disclosed. The acquisition brings Longfellow’s San Diego portfolio to more than 660,000 square feet spanning 23 buildings in the Sorrento Valley and Sorrento Mesa submarkets. The company plans to immediately convert 60,000 square feet of existing vacancy and eventually transition the entire 124,473-square-foot campus into state-of-the-art lab space. Creekside is part of Longfellow’s SOVA Science District campus — throughout which Longfellow is completing campus façade enhancements and an outdoor amenity space featuring murals by local artists that will be unveiled this fall. Creekside tenants will also have access to Elevate, Longfellow’s proprietary tenant amenities and hospitality offerings, including a fitness center, brewery, restaurant, coffee shop, programs and services. Louay Alsadek and Hunter Rowe of CBRE and Chris High and Steve Bruce of Newmark Knight Frank assisted with the transaction. Newmark Knight Frank will continue to represent Creekside as leasing agent for Longfellow.
CARY, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL represented the seller in the transaction. San Diego-based Realty Income Corp. purchased the property.
CHARLOTTE, N.C. — CIP Real Estate has acquired Whitehall Tech Center in Charlotte for $28 million. The property comprises two buildings totaling 205,000 square feet. The acquisition also includes a 7.5-acre parcel for the development of up to 75,000 square feet of warehouse space. At the time of sale, one of the two buildings was fully leased to an undisclosed tenant while the other building was nearly vacant. CIP plans to implement a $3.2 million renovation of the nearly vacant building from a call center to a multi-tenant industrial space. Further details and the timeline of the renovation were not disclosed. Whitehall Tech Center is located within the Whitehall master-planned community, nine miles south of downtown Charlotte and Charlotte Douglas International Airport. CIP acquired the property from a joint venture between CrossHarbor Capital Partners and a separate CIP Real Estate entity.
POLO, ILL. — Marcus & Millichap has brokered the sale of a 9,900-square-foot retail property occupied by Dollar General in Polo in northwest Illinois. Renovated for Dollar General in 2009, the building is located at 107 E. Dixon St. Daniel Hurd and Edward Kemp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.