AEW Capital Management acquired the Wellington Bay senior living facility for $100.13 million. The town is just west of West Palm Beach.

Commercial Edge reports Area Management and ZOM Senior Living sold the 749,488-square-foot senior facility at 2590 Wellington Bay Drive to AEW Capital Management. The buyer assumed the seller’s $81.73 million mortgage with Capital One.

Built on the 36.1-acre site near the Wellington Mall in 2022, Wellington Bay features 224 independent living, assisted living and memory care units with a combined 424 beds. Amenities include a dining room, indoor and outdoor pools, a spa, a salon, a wellness center, a theater and social rooms. It’s operated by Liberty Senior Living.

The project broke ground in 2019 with an $89.03 million construction loan.

There’s been strong demand for senior housing in Palm Beach County amid the growth of the senior population, however, higher interest rates have put a damper on sales prices for most types of commercial real estate.

AW Properties obtained $55.2 million in financing for a nine-property medical portfolio totaling 297,500 square feet in Burlington, Durham and Greensboro, North Carolina. The loan proceeds were used to acquire the portfolio.

JLL placed the 10-year, fixed-rate loan with a life company. Travis Anderson and Anthony Sardo led the JLL Capital Markets Debt Advisory team, representing the borrower.

With an average vintage of 2006, the portfolio is 99% leased to leading healthcare systems and dominant independent physician practices, with credit tenants representing 73% of in-place income. All of the properties are located on or adjacent to hospital campuses in Burlington, Durham and Greensboro markets.

The portfolio includes Cone Health Neurology Clinic, 2001 North Church Street, Wesley Long MOB in Greensboro, Alamance Eye Center in Burlington, UNC Family Medicine Center, and Duke Medical Center in Durham.

Equus Capital Partners acquired a nine-building portfolio near Charlotte and Greensboro for $124 million through a sponsored value-add fund called Equus Investment Partnership XII LP. The nine buildings add up to 1.4 million square feet of space.

Commercial Edge reports the seller was Investcorp. Equus financed the purchase with a three-year, $75 million loan from Franklin BSP Realty Trust.

The portfolio comprises mostly single-tenant bulk distribution assets ranging from 38,480 to 382,668 square feet. At the time of the sale, the facilities were fully leased to nine tenants, including FedEx, Lenovo and American Woodmark.

In February 2022, the firm acquired eight industrial properties in Greensboro, N.C., through the same value-add fund. More recently, last June, Equus sold Carolina 85 Logistics Center (see photo), a speculatively built 300,468-square-foot warehouse/distribution facility in Kings Mountain, N.C., for $32.9 million. 

Overall, the firm’s U.S. portfolio totals more than 30 million square feet of owned and managed industrial assets.