TUCSON, ARIZ. — Heslin Holdings has acquired a former grocery-anchored retail building, located at 5548 E. Grant Road in Tucson. Albertson’s sold the property for $2.5 million. The 35,000-square-foot property is situated on the southeast corner of Grant and Craycroft roads. Safeway formerly occupied the space. The company plans to invest $1.5 million in development and improvement efforts at the property, which is part of its larger plan to invest $75 million in retail properties over the next year. The property will be remodeled, repositioned and leased to a single retailer, slated to open in 2019.
MISSOURI — Griffin-American Healthcare REIT IV Inc., which is co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million. The portfolio comprises eight facilities totaling 1,112 licensed beds and approximately 385,000 square feet. Affiliates of Reliant Care Management Group sold the properties, and will continue to operate them under a 15-year absolute net lease with two 10-year renewal options. (Under terms of an absolute net lease, the tenant is responsible for all expenses and repairs relating to the building, including the roof and structure.) The lease includes annual rent escalations tied to the consumer price index with a floor of 2 percent and a cap of 3 percent. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and Keybank NA. The specific names and locations of the properties were not disclosed.
ROCKFORD, ILL. — HREC Investment Advisors has arranged the sale of the 106-room Fairfield Inn & Suites in Rockford for an undisclosed price. Minnesota-based Oliver Cos. purchased the asset. Jeff Preston and Tom Sommer of HREC represented the sellers, North Central Group and Raymond Management Co. The hotel, located near I-90, features a complimentary breakfast, Wi-Fi, a fitness center and pool. Fairfield Inn & Suites is part of the Marriott chain of hotels.
CORNELIUS, N.C. — Woodside Health has completed the disposition of Jetton Medical Park, a two-building medical office property located at 19475 and 19485 Old Jetton Road in Cornelius, a suburb of Charlotte. Montecito Medical Real Estate acquired the property for an undisclosed price. The 45,000-square-foot property is anchored by medical practices affiliated with Novant Health, an integrated healthcare organization with more than 500 locations.
LAS VEGAS — The Ensign Group, through its Bridgestone Living portfolio company, has acquired Villa Court Assisted Living and Memory Care in Las Vegas. The community features 53 units of assisted living and 20 units of memory care. Villa Court had an occupancy rate of approximately 74 percent at the time of acquisition. This acquisition brings Ensign’s portfolio to 186 skilled nursing operations (22 of which also include assisted living), 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across 16 states. Ensign owns the real estate at 69 of its 237 healthcare operations.
PHOENIX — Orion Investment Real Estate has arranged the sale of Campbell Shops at 24th, a retail center in Phoenix. Yuma-based Santa Fe Arms LLC sold the property to KCS Arizona for $4 million, or $466 per square foot. At the time of sale, the approximately 8,584-square-foot property was fully occupied. Tenants include 7-Eleven, Ye Old Pipe & Tobacco, Fit Optical and Noble Eatery. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Larry Kush of Orion and Sunhee Lee of Cambridge Properties represented the buyer in the deal.
LAS VEGAS — RealComm Advisors has arranged the purchase of an industrial property located within the Martin Hinson Business Center at 6683 Schuster St. in Las Vegas. Tabs Realty acquired the property for $1.7 million. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.
GRAND HAVEN, MICH. — Brennan Investment Group LLC has purchased a 90,121-square-foot industrial property in Grand Haven, about 33 miles west of Grand Rapids. The purchase price was not disclosed. The property serves as the headquarters and manufacturing facility for Lakeshore Fittings, which specializes in brass and aluminum machined components and fittings. The tenant has occupied the facility since its completion in 1989. The seller was not disclosed.
LA VERGNE AND NOLENSVILLE, TENN. — US Storage Centers has purchased three self-storage facilities in metro Nashville for an undisclosed price. The facilities include a 68,660-square-foot, 641-unit property at 5565 Murfreesboro Road and a 59,590-square-foot, 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113-square-foot, 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville. The properties feature climate-controlled units, ground-floor units and parking. US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller in the deal. US Storage Center currently owns and operates 11 self-storage facilities in Tennessee.
ELMWOOD PARK, N.J. — Marcus & Millichap has brokered the sale of a 117,000-square-foot industrial facility in Elmwood Park. The five-acre property, which is located at 1 Paul Kohner Place, sold for $10.9 million at a 6 percent capitalization rate. Donovan Mackey, Mark Taylor, David Beyel, Mitch Cowan and Joe Batres of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.