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Deals & Dealmakers

SELLING POINTS: JLL sells NJ retail center $25M

● COLLEGIUM CAPITAL, ROCKWOOD CAPITAL, TRI-ARCH REAL ESTATE GROUP
Former Yeshiva University dorm in the Village switches hands again

Dr. Marilyn Simons, the president of the Simons Foundation, has acquired “The Alabama ‘’ located at 15 East 11th Street in Greenwich Village, utilizing a limited liability corporation entitled, “Alabama Flats LLC.” The deal priced at $79.4 million, closed in mid-December of last year.

The Simons Foundation was established in 1994 to support research in mathematics, fundamental sciences, and autism research among other initiatives. Chairmen of the board of the Simons Foundation is Marilyn’s husband Jim Simons.

Jim Simons is a noted mathematician, who worked as a code breaker for numerous government agencies and then taught mathematics at both the Massachusetts Institute of Technology and Harvard University, before becoming the founding intellectual behind Renaissance Technologies.

According to estimates, Jim and Marilyn rank among the top 25 wealthiest people in the United States; accumulating a networth in the neighborhood of $20 billion.

Historically “The Alabama” had been owned by Yeshiva University which sold it to a consortium of capital groups in a joint-venture which featured Collegium Capital, a subsidiary of Pebb Capital, Rockwood Capital and TriArch Real Estate Group for $58 million in Fall 2016. Yeshiva had acquired the property in 1998 for $12 million and began leasing primarily to law students.

The Alabama’s condo units had been leased to students dating back to Yeshiva’s purchase in the 20th century. The Alabama features, and markets, its amenities targeted at young professionals and students.

Amenities included at building consist of a 24 hour business centers with study and conference rooms, a 24 hour Coffee bar, a Fitness Center, Concierge, an Amazon hub secure package receiver and on-site management.

The Simons Foundation declined to comment when Real Estate Weekly inquired on the transaction.

● GFI REALTY SERVICES
New Midwood building asking $42M

GFI Realty Services, LLC has been named the exclusive sales agent for 1704-1712 Ocean Avenue, a (seven)-story multifamily building comprised of 64 units and a 21-car parking garage, in the Midwood section of Brooklyn. GFI Realty Managing Director Matthew Sparks will oversee the marketing of the property, with pricing targeted at $42 million.

Completed in 2019, the newly constructed building totals 59,840 s/f. The apartments are configured as one studio, 40 one-bedroom units and 23 two-bedroom units. The units are completed with high-end modern finishes and stainless-steel appliances. Select units offer private outdoor space; either a balcony or terrace. Ideally located in a prime area of Brooklyn the property benefits from proximity to public transit, several parks and a variety of restaurants and stores.

The property has an abatement for fifteen years providing strong protection against large tax increases.

This multifamily asset is a short walk away from the B and Q subway lines.

● JLL
NJ retail center, anchored by ShopRite, sells for $25M

JLL Capital Markets has closed the $25 million sale of Cross Roads Plaza, a 99,650-s/f, fully leased, grocery-anchored retail center in the Philadelphia bedroom community of Lumberton, New Jersey.

JLL marketed the property on behalf of the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Limited purchased the asset.

Cross Roads Plaza is anchored by a 70,818-s/f ShopRite, which makes-up 71 percent of the property’s GLA and 58 percent of the gross income with lease term through 2024. ShopRite expanded by more than 10,000 s/f in 2013 into its current footprint, demonstrating a long-term commitment to the location. ShopRite combines with outparcels occupied by Wawa and a bank to compromise 81 percent of the GLA and 74 percent of the property’s gross income, creating a stable and secure cash flow. The property is further supported by a premier shadow anchor in Lowe’s Home Improvement, which acts as an additional consumer traffic driver.

Approximately 20 miles from Philadelphia, the property is highly visible along major regional arterial Route 38, counting more than 40,000 vehicles per day. The surrounding area has average household incomes approaching $110,000.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Munley, James Galbally and Jose Cruz and Senior Director Colin Behr.

● GENESIS HEALTHCARE
NJ nursing home gets new owner, new focus on Korean programming

Private equity investment firm Tryko Partners has acquired Oak Ridge Rehabilitation and Nursing Center in Wayne, New Jersey, from Genesis Healthcare, expanding its local nursing portfolio. Renamed Arbor Ridge Rehabilitation & Healthcare Center, the facility will soon offer enhanced specialty care programming, including the introduction of a Korean cultural offering.

Located at 261 Terhune Drive, Arbor Ridge sits three miles from Oakland Rehabilitation & Healthcare Center, another Tryko Partners-owned facility.

The 120-bed Arbor Ridge provides post-hospital care, short-term rehab and long-term residential care, and maintains a four-star rating from the Centers for Medicare & Medicaid Services (CMS). The property offers common and lounge areas, including a sunroom and a living room with fireplace. Outside, its grounds feature gardens, courtyards and views of the Ramapo River.

Arbor Ridge Rehabilitation & Healthcare Center has retained the services of Marquis Health Services, Tryko Partners’ healthcare affiliate. The nursing home administrative services company currently supports Mid-Atlantic and New England facilities totaling nearly 4,500 skilled nursing and assisted living beds, as well as more than 2,000 independent living units.

The planned Korean cultural program will include caregivers and medical professionals who speak Korean and traditional décor, ethnic cuisine prepared in-house, and cultural programming and recreational activities.

● CBRE
New Rochelle school property will become 334 apartments and parish

CBRE has announced the sale of 24 Maple Avenue and 115 Centre Avenue in New Rochelle, a 2.02-acre site that housed the former Blessed Sacrament School. Developer Millcreek Residential acquired the transit-oriented development site with plans to build a 334-unit apartment community. As part of the deal, Mill Creek will be delivering a new parish center to Blessed Sacrament parish which continues to serve the New Rochelle Catholic community.

CBRE’s William V. Cuddy, Jr. and Jacqueline Novotny represented and advised the Church of the Blessed Sacrament in the transaction. Counsel for seller in the transaction included Peter N. Bassano, Esq. from Bleakley Platt & Schmidt, LLP and Michael D. Zarin, Esq. from Zarin & Steinmetz.

The property is within walking distance from the New Rochelle Train Station, offering service from Metro North and Amtrak, and is one mile from Interstate-95.

● GREYSTONE
Greystone buys 12 nursing homes from HUD in Illinois and Missouri

Greystone, a long-time healthcare facility owner and operator, has bought a 13-facility portfolio comprised of 12 skilled nursing facilities and one supportive living community across Illinois and Missouri. The Rosewood portfolio of properties was acquired from the Department of Housing and Urban Development for an undisclosed amount.

The 1,662-bed portfolio includes the following facilities, rebranded and managed by Greystone Healthcare Management-Midwest LLC, an affiliate of Greystone Healthcare Management Corp., which manages over 30 health and rehab facilities in Florida:

Rosewood Care Center of Alton, IL (Madison County) now named Riverside Rehab & Healthcare;

Rosewood Care Center of East Peoria, IL (Tazewell County) now named Lakeside Rehab & Healthcare;

Rosewood Care Center of Edwardsville, IL (Madison County) now named Care Center at Center Grove;

Rosewood Care Center of Elgin, IL (Kane County) now named Fox River Rehab & Healthcare;

Rosewood Care Center of Inverness, IL (Cook County) now named Inverness Health & Rehab;

Rosewood Care Center of Joliet, IL (Will County) now named Lakeshore Rehab & Healthcare;

Rosewood Care Center of Moline, IL (Rock Island County) now named Centennial Rehab & Healthcare;

Rosewood Care Center of Northbrook, IL (Cook County) now named Lake Cook Rehab & Healthcare;

Rosewood Care Center of Peoria, IL (Peoria Cunty) now named University Rehab at Northmoor;

Rosewood Care Center of Rockford, IL (Winnebago County) now named Carriage Rehab & Healthcare;

Rosewood Care Center of St. Charles, IL (Kane County) now named Dunham Rehab & Healthcare;

Rosewood Care Center of St. Louis, MO (St. Louis County) now named

Crest View Rehabilitation and Healthcare Center; and Foxes Grove Supportive Living of Wood River, IL (Madison County), which will retain its existing name.

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