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The trade of the 208-unit garden-style community was reported by Berkadia, which arranged financing for the transaction that calculated out to $156,250 per unit.
“Legal sector change is occurring at lightning speed,” says Sherry Cushman, executive managing director and leader of Cushman & Wakefield's Legal Sector Advisory Group.
Meritage states that it plans to fund the $100 million in the development of the 40 Wendy's restaurants through a combination of cash on hand and development credit facilities.
The acquisition marks the company's fifth in the US in the past 12 months, with three sites under its belt in New York City, and a recent announcement that it had secured permits in Chicago for a 170,000-square-foot ground-up co-living project in The Chicago Loop.