HANOVER, N.H. — Dartmouth College will develop a residence hall for undergraduate students on the north end of the institution’s campus in Hanover. The community will feature 128 apartment-style units with a total of 400 beds. The project is set to include indoor and outdoor common areas, fitness facilities and shuttle service to campus. Further details, including a timeline for construction and potential partnership with a private developer, were not announced.
OCALA, FLA. — BSD Capital recently purchased a former Sears department store and Sears Automotive Center in Ocala spanning 148,857 square feet. An affiliate of Seritage Growth Properties, the spun-off REIT from Sears Holding Corp., sold the buildings at a private auction for $3.2 million. Louie Granteed of Tobin Real Estate represented BSD Capital in the acquisition and is leading leasing efforts for the new owner’s redevelopment that will convert the property to a retail and entertainment destination. Granteed says that prospective tenants for the redevelopment include grocers, big-box retailers and entertainment operators. Located on 12 acres near I-75, the former Sears once served as an anchor to Paddock Mall, an enclosed regional mall that is still open and operating with tenants including Belk, Macy’s, JCPenney and more than 90 specialty stores.
EAST STROUDSBURG, PA. — G.S. Wilcox & Co. has arranged $17 million in construction-to-permanent financing for a 130,435-square-foot industrial project in the Lehigh Valley community of East Stroudsburg. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan through a local bank on behalf of the undisclosed borrower. Further details about the project were also not disclosed.
NEW YORK CITY — Marketing and technology firm Impact.com has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The 17-story, 300,000-square-foot building houses tenants such as Syracuse University, Regus, Bernhardt Furniture, Wacoal and Green Key. Eric Cagner of Newmark and Alex Leopold of CBRE represented the tenant, which plans to relocate from the Empire State Building to the entire 10th floor at the end of the year, in the lease negotiations. Mac Roos of Colliers represented the landlord, Williams Equities.
SAVANNAH, GA. — Berkadia Institutional Solutions has brokered the $73 million sale of Beacon Place Godley Station, a 252-unit build-to-rent multifamily community located at 165 W. Mulberry Blvd. in Savannah. Russ Hardy of Berkadia’s Atlanta office represented the unnamed seller in the transaction. Washington-based Wilkinson Corp. purchased the property, which features one-, two- and three-bedroom single-family rental homes. Amenities include a swimming pool, fitness center and a business center. Richard Levine of Berkadia’s Atlanta office arranged a $51 million, three-year acquisition loan through Bridge Investment Group on behalf of Wilkinson Corp.
RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a leading real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.
JACKSONVILLE, N.C. — Marcus & Millichap has negotiated the $29 million sale of Gateway Marketplace, a 131,780-square-foot shopping center located at 3000 Western Blvd. in Jacksonville. Lori Schneider and David Gant of Marcus & Millichap represented the unnamed seller and procured the buyer, Prestige Properties & Development LLC, in the transaction. Built in 2019, Gateway Marketplace’s tenant roster includes anchors Publix, HomeGoods, Michaels and Ulta Beauty.
CHICAGO — The Habitat Co. and joint venture partner Diversified Real Estate Capital LLC have broken ground on Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. Designed by Solomon Cordwell Buenz, the 375-foot glass tower will feature 343 units. The project site at 350 N. Canal St. was formerly home to the Cassidy Tire building. The developers plan to integrate some of the property’s original bricks into the new development. “To honor the location’s rich history, it was important to us to bring this neighborhood a new development that stands out through its forward-looking design and modern conveniences, yet also pays homage to the site’s legacy by keeping the Cassidy family name,” says Matt Fiascone, president of Habitat. Cassidy on Canal will feature a variety of studio, one- and two-bedroom floor plans along with 1,313 square feet of ground-floor retail space and parking for 123 cars. The property’s fifth floor will feature amenities such as a fitness center, game room, coworking center, spa, pool, grilling areas and dining areas. First move-ins are scheduled for spring 2024. McHugh Construction is the general contractor. Development costs were not disclosed. Cassidy on Canal is one of several major …
WASHINGTON, D.C. — In the face of economic insecurity, high living costs and inflation, some cities are considering implementing rent control measures. Municipalities in New York and California have taken steps toward enacting further rent control measures, while other states, such as Nevada, are shooting down these ideas entirely. Rent control measures are government regulations that place a limit on the amount a landlord can charge to lease a home or renew a lease. These regulations are intended to keep living costs affordable for renters, particularly for tenants earning lower incomes. Once signed by a governor or passed through referendum, rent control regulations are legal and binding. As of 2022, only five states — California, Maryland, New Jersey, New York, Oregon and Minnesota — and the District of Columbia have rent control laws in place. Thirty-one states have pre-emptions that prevent rent control policies, including Florida, whose state law bans local governments from controlling the price of rent except in certain cases. But according to the Washington, D.C.-based National Multifamily Housing Council (NMHC), several cities in Florida have nonetheless been working to place a rent control referendum on their November ballots. In both Tampa and St. Petersburg, city councils rejected these efforts, but …
BEAUMONT, CALIF. — USAA Real Estate and McDonald Property Group has broken ground on a 1.8 million-square-foot distribution center in Beaumont for United Legwear & Apparel Co. (ULAC). Located at Phase II of the Crossroads Logistics Center, the building will be used to accommodate ULAC’s global design/manufacturing, marketing, sales and distribution. The facility will contain assembly, racking and material handling conveyor automation systems, as well as 30,000 square feet of office space. The development team includes HPA Architecture and Fullmer Construction Co. Luke McDaniel, Cameron Driscoll, Jeff Bellitti and Mac Hewett of JLL represented ULAC. David Consani, Jim Koenig, Darla Longo and Barbara Emmons of CBRE, along with Rick John of Daum, represented McDonald Property Group and USAA in the lease transaction, which was signed in July 2022.