TOMBALL, TEXAS — PDGL Partners LP has purchased 2.8 acres in the northern Houston suburb of Tomball for the development of a 39,000-square-foot industrial project. The multi-tenant office/warehouse property will be constructed on a speculative basis and will be located within Tomball Business & Technology Park. The groundbreaking is slated for late 2020. Tom Condon Jr. of Colliers International represented the seller, Tomball Economic Development Corp., in the land sale.
PHILADELPHIA — Broad Street Healthcare Properties, owner of the shuttered Hahnemann University Hospital, has offered to lease the medical facility to the City of Philadelphia below market cost in the event that a surge of coronavirus cases occurs. The 496-bed former acute care hospital is located in the Logan Square neighborhood, a central district of the city. Broad Street offered the facility at a daily rental price of approximately $27 per bed plus operating costs. As of March 25, The Wall Street Journal tracked 946 cases in Pennsylvania and 8 confirmed deaths.
NEW YORK CITY AND BOSTON — JLL has arranged the sale of three-property self-storage portfolio totaling 3,596 units. The facilities are located in the greater New York City and Boston areas. The assets were all constructed in 2018 or 2019 and are located at 5002 2nd Ave. in Brooklyn; 479 5th Ave. in New Rochelle; and 490 Eastern Ave. in metro Boston. Steve Mellon, Brian Somoza, Andrew Scandalios and Coleman Benedict of JLL represented the sellers, affiliates of Banner Real Estate Group. The team also procured the buyer, an affiliate of California-based REIT Public Storage.
YARDLEY, PENN. — Rubenstein Partners L.P. is planning an amenity overhaul project at Makefield Crossing, a four-building office complex in Yardley, a southwestern suburb of Trenton. Rubenstein plans to upgrade the fitness center, conference center, full-service café and tenant lounge, and will also replace a portion of the parking lot with green space. In the past 12 months, several new tenants have signed office leases at Makefield Crossing, including Biohaven Pharmaceuticals (21,082 square feet) and Cello Health (21,690 square feet). Further details of the project, including the project cost and construction schedule, were not disclosed. Rubenstein owns three of the complex’s four buildings totaling 276,533 square feet of Class A space
CLEMSON, S.C. — Alexandria Va.-based MultiVersity Housing Partners has acquired The Ridge, a 616-bed student housing community located near Clemson University in South Carolina. The property was built in 2018 and offers two- and four-bedroom, apartment- and townhome-style units with bed-to-bath parity. Shared amenities include a pool with a lazy river, dog park, clubhouse, private shuttle to campus and a fitness center. MultiVersity Property Management (MVPM) will oversee management of the community. The seller and further details of the transaction were not disclosed.
ORLANDO, FLA. — NorthMarq has provided a $41.2 million Freddie Mac acquisition loan for The Bentley at Maitland, a 324-unit multifamily community in Orlando. The borrowers, Enzo Multifamily and Moneil Investments, received the loan through Freddie Mac’s Green Advantage program. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property is situated at 6750 Woodlake Drive, nine miles north of downtown Orlando. The community offers one- and two-bedroom floor plans and amenities such as a fitness center, business center, pool, playground, clubhouse, a tennis court and grilling stations.
TUSCALOOSA, ALA. — SLH Tuscaloosa LLC will develop a 120-room Southern Living-branded hotel in Tuscaloosa. Included on the 38.7-acre site will be 32 cottages available for individual sale. The property is situated at the intersection of Rice Mine Road North and McFarlane Boulevard West, across the Black Warrior River from the University of Alabama. The 124,000-square-foot property will include a restaurant and rooftop lounge on the fourth floor, as well as a wellness center that will include massage and facial therapy rooms, a nail salon, blowout hair salon, exercise and yoga classes, fitness center outfitted with Peloton equipment, a pool, hot tubs and men’s and women’s locker rooms. Kennedy Funding provided the developer with a $2.8 million loan to acquire the land, which sold for a total of $5.5 million. A timeline for construction was not disclosed. There are 23 hotels currently in the Southern Living collection, ranging from Texas to Florida to Maryland.
ATLANTA — Transwestern Real Estate Services has arranged the $19.7 million sale of a single-tenant building leased to Target and an outparcel leased to Taco Bell. The property is situated at the intersection of North Druid Hills and Briarcliff roads in Atlanta, less than one mile from Emory Healthcare and Children’s Healthcare of Atlanta. The Target store spans 154,000 square feet and the Taco Bell restaurant comprises 2,272 square feet. Fred Victor and Jon Kleinberg of Transwestern represented the seller, Lauderhill, Fla.-based Scarlett & Associates Inc., in the transaction. San Francisco-based Stockbridge Capital Group acquired the property.
WEST POINT, GA. — Kia Motors Manufacturing Georgia Inc. (KMMG) will temporarily halt production at its West Point facility starting Monday, March 30 and is planned to reopen Monday, April 13 in the face of the worldwide COVID-19 outbreak. While operations are suspended, KMMG will perform additional cleaning and disinfecting processes of workstations throughout the plant. The factory produces 340,000 vehicles annually, including the Telluride CUV, Sorento CUV and Optima midsize sedan. The facility spans 2,200 acres and operates 24 hours per day.
PASO ROBLES, CALIF. — The Kase Group has arranged the sale of a single-tenant retail property located at 189 Niblick Road in Paso Robles. A California-based investor acquired the property from an undisclosed seller for $27.9 million. Albertsons occupies the 52,691-square-foot building on a long-term, triple-net lease basis. Robert Walker of The Kase Group represented the seller in the off-market transaction.