CHARLESTON, S.C. — Capital Square and Method Co. have announced plans to develop 529 King Street, a 50-unit hotel with ground-level retail space in the Cannonborough-Elliotborough neighborhood of historic downtown Charleston. Capital Square has established a project-specific opportunity zone fund called CSRA Opportunity Zone Fund IV LLC, which seeks to raise $7.7 million in equity from investors willing to invest a minimum of $100,000 to fund the hotel development. Method’s ROOST Apartment Hotel brand will operate the hotel. Designed by New York-based Morris Adjmi Architects, the five-story property will feature 4,218 square feet of retail space, valet-operated parking spaces, a courtyard and rooftop lounge. The property will also feature a fitness center, library and coworking space on each floor.
HALLANDALE BEACH, FLA. — Hunt Real Estate Capital has provided a $67.6 million refinance loan for Artsquare at Hallandale, a multifamily property located in Hallandale Beach, approximately 13 miles south of Fort Lauderdale. The borrower is Hallandale Land Ventures LLP, a subsidiary of Integra Investments. The Freddie Mac Lease-Up loan has an 11-year term with four years of interest-only payments, followed by a 30-year amortization schedule. Built in 2018, the 358-unit community is located at 401 N. Federal Highway, less than two miles from the Atlantic Ocean. The property comprises six residential buildings located on a contiguous 2.7-acre parcel. Three of the buildings are walkups and the other three are mid-rises. Artsquare’s amenities include a pool, fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room and a private theater. The property also features six retail spaces totaling 13,500 square feet, as well as 328 covered parking spaces and 210 surface parking spaces. Artsquare’s current retail tenants include Land of a Thousand Hills Coffee and Orangetheory Fitness.
LINE LEXINGTON, PA. — A partnership between Metro Storage LLC and Fremont Realty Capital (FRC) has opened a 785-unit self-storage facility in Line Lexington, located approximately 30 miles north of Philadelphia. The two-story facility, located at 4671 County Line Road, offers 79,383 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. The property is Metro’s 11th self-storage facility in Pennsylvania.
EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.
EAST RUTHERFORD, N.J. — Terreno Realty Corp. has acquired a 50,000-square-foot industrial property in East Rutherford, a western suburb of New York City, for $12 million. The property comprises one distribution building featuring 30-foot clear heights and eight loading positions, including seven dock-high and one grade-level doors. Located at 46 Whelan Road, the property is situated less than two miles from the Meadowlands Sports Complex and the New Jersey Turnpike. The property is fully leased to one undisclosed tenant.
PORTSMOUTH, R.I. — CBRE has brokered the $20.4 million sale of Bay View Estates, a 130-unit multifamily community in Portsmouth, located approximately 20 miles southeast of Providence. Bay View Estates comprises 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building and 23 direct-access units in a terrace building. Floor plans include a mix of studio, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Amenities include a community room, outdoor pool, gym and a tennis count. Simon Butler and Biria St. John of CBRE represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill Realty and Providence and Lisco Development. The CBRE team also procured the buyer, Schochet Cos.
WEST BABYLON, N.Y. — German grocer Lidl has opened a 36,000-square-foot store at Hubbards Commons, a 65,970-square-foot shopping center in West Babylon on the western part of Long Island. Lidl will offer produce, meat, freshly baked goods and an array of household products. Hubbards Commons is located along Sunrise Highway, which connects Long Island to New York City. The property is now 98 percent leased to tenants including Walgreens, Orangetheory Fitness and Subway. ShopOne is the landlord of Hubbards Commons.
GREELEY, COLO. — Saunders Commercial Development has received $43.2 million in structured construction financing for the development of Ten West Greeley Apartments, a Class A multifamily property being developed at 6600 Eighth St. in Greeley. JLL worked on behalf of the developer to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group. Leon McBroom and Eric Tupler of JLL Capital Markets debt placement team secured the financing for the developer. Situated on 10.15 acres, the three-story Ten West Greeley will feature 264 garden-style apartments averaging 882 square feet. Units will include stainless steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. Slated for completion in 2021, the property will feature 64 garages as well as 408 surface parking spaces. Community amenities will include a resort-style pool, outdoor fire pit, lounge area, clubhouse, entertainment area, fitness center, wet bar and dog wash.
ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.
SAN DIEGO — Newport Beach, Calif.-based Focus Real Estate has completed the disposition of Copperwood Center, an industrial park located in San Diego’s Oceanside neighborhood. Newport Beach-based CB Copperwood LLC acquired the asset for $20 million. Located at 3365, 3375 and 3385 Mission Ave. and 101, 102, 105, 106 and 110 Copperwood Way, the eight-building complex features 140,945 square feet of industrial space. Originally built in 1984, the property was 97 percent leased to 64 tenants at the of sale across suites ranging from 886 square feet to 7,397 square feet. Additionally, Copperwood Center features visible signage for each unit and more than 350 parking spaces. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, while Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International San Diego Region represented the buyer in the transaction.