Tratt Properties paid $140 million for a 1.6 million square foot industrial distributuion facility located at 4500 Academy Road in Cookeville, Tennessee. Fully leased to Academy Sports + Outdoors, Tratt Properties acquired the Class A, build-to-suit site from Middleton Partners. Ken Hedrick, Andrew Ragsdale, Phillip Butts, Jonathan Ameen, Will Smith and Spencer Smith at Colliers represented both the buyer and seller during the transaction.

  
Constructed in 2015, the property features approximately 1.6 square feet of warehouse space and approximately 18,901 square feet of office space. The facility is the newest of the tenant’s three U.S. distribution centers, supporting fulfillment for 84 stores across 14 states and the company’s e-commerce operations.

Tratt Properties, headquartered in Phoenix, Arizona, is engaged in the acquisition and development of institutional-grade logistics and E-commerce properties in key markets throughout the United States.

CBRE facilitated the sale of Rowland Medical Plaza, an 81,410-square-foot medical outpatient building (MOB) located in Novato, and secured financing for the buyer, Los Angeles-based Stockdale Capital Partners. The buyer reported an acquisition price of $32.8 million. 

Chris Bodnar, Brannan Knott, Cole Reethof and Trent Jemmett of CBRE U.S. Healthcare Capital Markets partnered with Kyle Kovac and Mike Taquino of CBRE’s Bay Area Capital Markets and Trask Leonard of Bayside Realty Partners to advise the seller. Zack Holderman and Jesse Greshin of CBRE’s Healthcare Debt and Structured Finance team secured the financing for the purchaser.

Located at 75 Rowland Way, Rowland Medical Plaza is a fully leased, Class A MOB adjacent to Sutter Health’s 47-bed Novato Community Hospital. “This is a highly strategic outpatient facility for the anchor tenant, MarinHealth, who has made significant investments and a long-term commitment to this location,” said Bodnar. “Healthcare investors continue to gravitate toward the resiliency and growth of the healthcare real estate sector as demonstrated by this transaction.”

The deal represented Stockdale’s sixth acquisition of its recently formed, U.S.-focused, open-ended Healthcare Real Estate Investment Fund

The Boulder Group, a net-leased investment brokerage firm, completed the sale of a single-tenant P.F. Chang’s located at 2361 Fountain Square Drive in Lombard, Illinois, for $4,782,500.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a Midwest-based real estate investor, and the buyer was a real estate investment trust. “P.F. Chang’s has operated from this location since 2000 and has demonstrated continued commitment,” said Randy Blankstein, President of The Boulder Group.

The 10,682-square-foot building benefits from its position off Butterfield Road, which is a dense retail thoroughfare positioned near Interstate 88. Tenants occupying the area include DICK’S, Target, The Home Depot, Costco, Chick-Fil-A, Starbucks, Ethan Allen, Uncle Julio’s, and many others. Additionally, P.F. Chang’s backs up to The Hyatt Place, Fountain Square Condominiums, and Sunrise Senior Living.

Jimmy Goodman of The Boulder Group added, “Strong-performing restaurants continue to garner interest so long as the asset has solid real estate fundamentals.”

Gorman & Co. has debuted its second affordable housing community in Atlanta. Located along Martin Luther King Jr. Drive across from the H.E. Holmes MARTA Station in Southwest Atlanta, Hamilton Hills offers 52 apartment units featuring one-, two- and three-bedroom floor plans. Gorman & Co. broke ground on Hamilton Hills in early 2023. The project cost $17.4 million to develop. The community is already fully leased and occupied.

All units are reserved for residents earning 50%-60% of the area median income. For a four-person household in metro Atlanta, this constitutes an annual gross pay of $53,750-$64,500, according to the 2024 income limits set by the U.S. Department of Housing and Urban Development.

The Residences at Westview, also located along MLK Jr. Drive, delivered 60 affordable and market-rate units to the city’s Westside.

Quantum Real Estate Advisors, Inc. has brokered the lease of a 1,280-square-foot medical building located at 2005 W. Alameda Ave. in Burbank. The property was formally an urgent care clinic. The new tenant will open an optometry practice that will service the greater Burbank trade area.

The tenant was represented by Eric Kates with Peak Commercial. The landlord was represented by the Quantum team of EVPs Sam Yourman and Jaryd Meenach.

“We had a shared vision with the landlord to procure a medical group that could utilize existing infrastructure within the premises to save the incoming tenant on both time and financial resources,” said Yourman. “With unit economics and construction timelines showing little signs of stabilization, outpatient medical buildings are in high demand. We leveraged these conditions to find a tenant that could thrive in this environment.”

Be there in person for the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Industry leading experts will share insights and forecasts on today’s CRE markets.   

Gantry secured a $28-million permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center located at 2841 Lomita Blvd. in Torrance. The three-story, 65,000-square-foot medical office building is 100% leased for use by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service Cedars Sinai-affiliated hospital.

Principals George Mitsanas and Braden Turnbull and associate Alicia Sabanero with Gantry’s Los Angeles (El Segundo) office secured the financing on behalf of the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at an attractive fixed rate featuring 30-year amortization and pre-payment flexibility after year seven.

Mitsanas said, “While many office property types, from suburban low rise to CBD towers, are struggling with post-COVID market shifts to workstyle and the higher cost of debt, properties supporting specialized medical service providers remain a vital component to our health care system. These properties continue to demonstrate strong leasing and need-driven occupancy. Our sponsor client has a long-term lease in place with a subsidiary of one of the top hospital operators in the nation, which allowed us to shop this loan with several of Gantry’s insurance correspondents, ultimately resulting in a loan that maximized both leverage and proceeds for a superior asset.”