sales_and_leases

NHI Buys Three Seniors Housing Communities Near Portland for $36.6M

by Nellie Day September 7, 2016

MCMINNVILLE, ORE. — National Health Investors (NYSE: NHI) has purchased the entire portfolio of FirCrest Community Living for $36.6 million. The transaction included three seniors housing communities, all located in McMinnville, approximately 35 miles southwest of Portland. The three facilities are located within four miles of each other and feature a total of 134 units and 181 beds. The facilities were constructed in 2008, 2014 and 2015, and offer memory care, assisted living and independent living care services. Evans Senior Investments represented the seller the transaction, which included FirCrest Community, Maple Valley and Cherrywood Memory Care. The purchase price equates to $272,388 per unit. NHI immediately leased all three communities to Chancellor Health Care. The lease term is for 15 years with an annual lease rate of 7.5 percent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing communities to Chancellor. NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility.

September 7, 2016

California Office Western

Marcus & Millichap Brokers $7M Acquisition of Retail/Office Property in North Hollywood

by Nellie Day September 7, 2016

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the acquisition of a four-building retail/office property located at 11305-11335 Magnolia Blvd. and 5215 Bakman Ave. in North Hollywood. Elijah 27 LLC acquired the 20,139-square-foot property from a family trust for $7 million. Martin Agnew, Jessica Kelley and Ryan Rothstein-Serling of Marcus & Millichap represented the buyer, while Scott McCauley of Corporate Realty Services represented the seller in the 1031 exchange.

September 7, 2016

California Retail Western

CBC Advisors Arranges $3.5M Sale of Retail Strip Center in Long Beach

by Nellie Day September 7, 2016

LONG BEACH, CALIF. — CBC Advisors Orange County has arranged the $3.5 million sale of Orange Plaza, a 19,840-square-foot retail strip center located in Long Beach. Daniel Tyner and Scott Hook of CBC represented the undisclosed seller in the sale of the property to a private, all-cash buyer. Tenants at the center include Subway and Domino’s Pizza.

September 7, 2016

Retail Southeast Virginia

Chevy Chase Land Acquires Shopping Center in Metro D.C. for $62M

by John Nelson September 7, 2016

RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.

September 7, 2016

Multifamily Southeast Virginia

Federal Capital Partners Buys Apartment Community in Metro D.C. for $60.5M

by John Nelson September 7, 2016

WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.

September 7, 2016

Industrial Massachusetts Northeast

CBRE/NE Facilitates $25.5M Sale of 252,600 SF Industrial Facility in Massachusetts

by Amy Works September 7, 2016

BELLINGHAM, MASS. — CBRE/New England has arranged the sale of a warehouse and distribution facility located at 150 Depot St. in Bellingham. An institutional investor, advised by Bentall Kennedy LP, acquired the property from National DCP for $25.5 million. The 252,600-square-foot property features dry storage, freezer/cooler space, 30-foot clear heights and ESFR sprinklers throughout the warehouse portion of the building. Dave Pergola, Brian Doherty and Robert Gibson of CBRE/NE represented the seller and procured the buyer in the transaction.

September 7, 2016

Midwest Multifamily North Dakota Seniors Housing Western

IRET Sells Entire Seniors Housing Portfolio to Edgewood Senior Living for $236M

by Nellie Day September 2, 2016

MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year. The six separate transactions are organized like so: IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million. IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million. IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million. IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million. IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 …

September 2, 2016

California Retail Western

InvenTrust Buys Old Grove Marketplace in Metro San Diego for $23.3M

by Nellie Day September 2, 2016

OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s Marketplace and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.

September 2, 2016

California Retail Western

Sterling Organization Acquires Raley’s Plaza in Metro San Francisco for $22.8M

by Nellie Day September 2, 2016

FAIRFIELD, CALIF.— Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks, Round Table Pizza and Panda Express. A subsidiary of San Diego-based Gerrity Group sold the property.

September 2, 2016

Northeast Pennsylvania Retail

Unison Realty Partners Buys 132,000 SF Portion of 355,000 SF Shopping Center in Harrisburg

by Amy Works September 2, 2016

HARRISBURG, PA. — Unison Realty Partners has acquired 100 percent ownership interest in the 132,000-square-foot non-anchor portion of High Pointe Commons, a 355,000-square-foot regional shopping center located in Harrisburg, for $33.8 million. The 132,000-square-foot acquisition includes retail space occupied by Christmas Tree Shops, Chili’s Bar & Grill, Famous Footwear, Lane Bryant, Sleepy’s and Petco. Built in 2006, the property is anchored by an independent 125,000-square-foot Target and a 98,000-square-foot JCPenney, which were not included in the sale. High Pointe Commons is currently 99 percent leased. Brad Nathanson of CBRE represented the seller, a joint venture between High Real Estate Group and CBL & Associates. Thomas Gorman, also of CBRE, represented the buyer in arranging financing for the acquisition.

September 2, 2016

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