Property Type

InterFace Student Housing Panel Talks Living-Learning Communities, Investment Trends

by Alex Tostado April 11, 2019

AUSTIN, TEXAS — The concept of living-learning communities, wherein students take advantage of a property’s location and amenities to share academic and personal experiences, is growing in popularity in the student housing industry. As the property sector matures and more student housing communities become outdated, developers are finding success with new projects that capture both the living and learning sides of the college experience. This trend is visible at both on- and off-campus properties. The subject of living-learning communities was raised during the opening Power Panel at the 2019 Interface Student Housing Conference. The three-day event, which took place from April 8-10 at the JW Marriott Hotel in Austin, Texas, drew approximately 1,400 attendees. Bill Bayless, CEO of American Campus Communities (ACC), an Austin-based REIT, kicked off the discussion of living-learning communities by noting that, in general, America’s inventory of student housing product is aging, and not like a fine wine. “The average age of on-campus housing at universities across the United States is 53 years old,” said Bayless. “What continues to be one of the greatest opportunities in the space is the replacement of outdated on-campus student housing with living-learning communities on campus that are fully immersive.” Bayless was joined …

April 11, 2019

Development Midwest Missouri Office

McCarthy-Led Team to Construct $711.7M Campus for NGA in St. Louis

by Kristin Harlow April 11, 2019

ST. LOUIS — McCarthy HITT, a joint venture of McCarthy Building Cos. Inc., HITT Contracting, Black & Veatch Special Projects Corp., Gensler and Akima LLC, has been selected by the National Geospatial-Intelligence Agency (NGA) to build its new campus in north St. Louis. The total project budget of about $1.7 billion includes the McCarthy HITT contract of $711.7 million, land procurement, post-construction outfitting of the building and small business construction projects. Funds are appropriated through the Pentagon’s military construction budget and Congress has authorized spending over several budget cycles. The campus will be built on a 97-acre site at Jefferson and Cass avenues. Designed to replace the current NGA facility located south of downtown, the new development will feature a 712,000-square-foot office building, parking garages, a visitor center, remote inspection facility and access control points. The U.S. Army Corps of Engineers will oversee design and construction. Preliminary work beginning this spring will include various design and pre-construction activities, submittals and joint planning. Major construction work will begin in early 2020, with plans for the campus to be operational in 2025. NGA has had a presence in St. Louis for seven decades and currently employs more than 3,000 workers locally.

April 11, 2019

Development Illinois Industrial Midwest

Meridian Breaks Ground on 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow April 11, 2019

CHICAGO — Meridian Design Build has broken ground on an 84,000-square-foot USDA meat processing plant for Amylu Foods in Chicago’s Stockyards Industrial Park. The new sausage processing facility will include 56,000 square feet of production and cold-storage space and a freezer. The property will also include 16,500 square feet of corporate office space, including separate raw and cooked facilities, test kitchens and a laboratory. An expandable ammonia refrigeration plant will accommodate plant cooling and production loads. Harris Architects and Kimley-Horn make up the project team.

April 11, 2019

Development Illinois Midwest Retail

Woodmont Co. to Develop 15,000 SF Retail Center in Grayslake, Illinois

by Kristin Harlow April 11, 2019

GRAYSLAKE, ILL. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, about 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider of Woodmont will market the property for lease.

April 11, 2019

Loans Midwest Ohio Retail

Grandbridge Arranges $1.5M Refinancing for Shopping Center in Galion, Ohio

by Kristin Harlow April 11, 2019

GALION, OHIO — Grandbridge Real Estate Capital has arranged a $1.5 million loan for the refinancing of Galion West Shopping Center in Galion, about 60 miles north of Columbus. The 59,135-square-foot property includes a Papa John’s. Craig Kegg of Grandbridge arranged the financing with an insurance company. The 10-year loan features an interest rate of 4.93 percent and a 15-year amortization schedule.

April 11, 2019

California Development Loans Multifamily Western

PCCP Provides $145M Loan for Development of 442-Unit Multifamily Asset in San Diego

by Amy Works April 11, 2019

SAN DIEGO — PCCP has funded a $145 million senior loan to Sunroad Enterprises for the development of Sunroad Centrum Phase 6, a seven-story, Class A multifamily community in the Kearny Mesa neighborhood of San Diego. The 442-unit project is the final phase of the 24-acre Centrum master plan, which includes more than 800 multifamily units and an 11-story office tower. The new multifamily property will feature a 4,200-square-foot, two-level fitness center, pool, spa, rooftop bar with grill area and outdoor televisions, business center lounge, conference rooms, wine room with outdoor patio, game room and pet-grooming center. Aldon Cole, Tim Wright and Bharat Madan of HFF’s San Diego office arranged the financing.

April 11, 2019

California Development Loans Multifamily Western

Oakdale Communities Receives $83M Construction Loan for 300-Unit Multifamily Property in Sacramento

by Amy Works April 11, 2019

SACRAMENTO — Houston-based Oakdale Communities has received an $83 million loan for the development of The Core Natomas, an apartment complex in Sacramento. Located at 2705 Orchard Lane, the 300-unit, village-style community will feature 13 two- and three-story buildings offering one-, two- and three-bedroom layouts. On-site amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor kitchens. Construction is slated to begin in May. Kevin Randles, Angelica Heath, Jim Richards and Susan Speer of CBRE arranged the financing, which represents 90 percent of total needed project capital. William Ayres, also of CBRE, brokered the acquisition of the land site.

April 11, 2019

Development Hawaii Hospitality Western

Ike Place Hotels, R.D. Olson Begin Construction of AC Hotel Wailea in Hawaii

by Amy Works April 11, 2019

WAILEA, HAWAII — Ike Place Hotels and R.D. Olson Construction have started the ground-up construction of AC Hotel Wailea, a four-story estate hotel located at the corner of Wailea Ike Place and Wailea Ike Drive in Wailea. Situated on three acres, the 70,000-square-foot property will feature 110 guestrooms including one-bedroom suites and studio options, a business center, fitness area and infinity-edge pool with a poolside tiki bar and cabanas. The property will features a Polynesian design with modern flare and offer guests ocean-view and mountain-view room options with private lanais. Additionally, the property will feature indoor/outdoor lounge spaces and an 85-car parking lot. The project team includes R.D. Olson Development, Architects Hawaii Limited and SAND Design. Completion is slated for fall 2020.

April 11, 2019

Acquisitions Office Texas

Northridge Capital Acquires 378,401 SF Hewlett-Packard Office Campus in Metro Houston

by Taylor Williams April 11, 2019

SPRING, TEXAS — Washington, D.C.-based Northridge Capital LLC has acquired HP Plaza, the 378,401-square-foot Hewlett-Packard office campus located within CityPlace at Springwoods Village in Spring, a northern suburb of Houston. Hewlett-Packard occupies the entirety of the two-building campus, which was completed in 2018. The developer, Patrinely Group, sold the property in partnership with USAA Real Estate and CDC Houston. Jeff Hollinden and Trent Agnew of HFF served as listing agents for the transaction.

April 11, 2019

Acquisitions Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $61M Acquisition Financing for Portland-Area Seniors Housing Portfolio

by Amy Works April 11, 2019

LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE has arranged $61 million in financing for the acquisition of The Springs at Carman Oaks in Lake Oswego and The Springs Wilsonville in Wilsonville, both seniors housing communities in the greater Portland area. The borrower was The Springs Living, which sought to buy out its partner on the properties and become sole owner. Springs initially purchased the communities in 2012 with an institutional equity partner, and subsequently repositioned the assets. Springs will remain as operator following the transaction. The portfolio features a total of 145 independent living units, 82 assisted living units and 41 memory care units. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the four-year, floating-rate loan with 30 months of interest-only payments. A national bank provided the capital.

April 11, 2019

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