The Port Washington, NY-based REIT acquired a 99-year leasehold in the 62,000-square-foot shopping center at Minnesota Avenue and Benning Road that includes a purchase option.
The Department of Buildings tells Globest.com that the $210,000 in fines were for false filings on construction permit applications. In total the DOB found 42 such violations at 17 Kushner buildings.
Originally built as The Stillings Building in 1901 by the Boston Wharf Co., the brick, post and beam property was redeveloped into the Residence Inn Boston Downtown Seaport.
Capitol Senior Housing has other holdings in New Jersey, including the newly opened Atria Norwood, Arbor Terrace Morris Plains, and The Chelsea at the Solana Marlboro, and is opening new communities in Mount Laurel and Shrewsbury.
With the acquisition of Modera, RISE now owns a total of 12 assets in the Puget Sound area, and plans to make technology upgrades and transition Modera property management to Thrive Communities.
With a FedEx Ground hub onsite and near a UPS ground hub, Wonderful Industrial Park's location has access to 14% of the US population within 300 miles and same-day delivery to 30 million Californians.
The state's population growth and geographic advantages of being in the center of the Sunbelt and sharing a border with Mexico make it an obvious location for distribution networks and investor interest as a result.