Real Estate

Elion and Buchanan buy Maryland property for development project

Elion Partners and Buchanan Partners have agreed to acquire property in Montgomery County, Maryland for $34 million. The proposed development of the land will be for an estimated $66 million, according to a source familiar with the transaction. The development project will include a multifamily asset as well as a potential retail asset. Construction will begin in the first quarter of 2019.

Green Courte's senior living operating platform taps Pusateri as CEO

True Connection Communities, Green Courte Partners' new senior living operating platform, has named Jim Pusateri as CEO. Also, Pusateri will join Green Courte as a managing director. Pusateri is a former co-chief operating officer of Senior Lifestyle Corporation.

Investor group buys Alabama pharmaceutical campus

An investor group comprised of Capital Recovery Group, Federal Equipment Company, Heritage Global Partners and PPL Group LLC have acquired a Huntsville, Alabama-based pharmaceutical manufacturing and packaging facility. The seller was an unnamed generics manufacturer. No financial terms were disclosed.

J.P. Morgan Asset Management closes fourth European opportunistic property fund at $1.3 bln

J.P. Morgan Asset Management has closed its oversubscribed fourth European opportunistic property fund at $1.3 billion. The fund is focused on investing in the office, retail, industrial and residential sectors across the European Union, with emphasis on the U.K., France and Germany.

NHI to provide $25.35 mln for Wisconsin nursing facility development

National Health Investors Inc has agreed to commit $25.35 million to fund the development of a 144-bed nursing facility in Oak Creek Wisconsin. Currently, construction is underway and expected to be completed in the second quarter of 2020.

James Campbell Company hires chief investment officer

Hawaii-based James Campbell Company, a real estate company, has named Arndt Nicklisch as chief investment officer. Previously, he was senior vice president at Amstar, a real estate private equity investment manager.

Trinity and Elliot buys Grande Lakes Orlando Resort

Trinity Real Estate Investments LLC and Elliott Management Corporation have acquired Grande Lakes Orlando Resort. No financial terms were disclosed. The luxury complex includes two hotels – a 582-key Ritz-Carlton and a 998-key JW Marriott.

Ardian to buy Berlin office complex

Ardian has agreed to acquire an office complex in Berlin, Germany. The seller is a fund managed by J.P. Morgan Asset Management. No financial terms were disclosed for the transaction that is being done with an unnamed co-investor.

Homestake backs Harvestate Group

Homestake Capital LLC, a real estate investment firm, has provided funding to New Jersey-based developer Harvestate Group LLC. No financial terms were disclosed. The capital infusion will be used for The Enclave at Winslow, a Winslow, New Jersey-based community of 105 town home rentals.

Prescott Group appoints Casey as MD for Dyck-O'Neal

Prescott Group Inc, a private equity real estate firm, has named Gerald Casey as managing director, head of acquisition and underwriting for its national debt buyer and loan servicer Dyck-O'Neal. Previously, Casey was managing director at Hudson Advisors/Lone Star Funds.