RICHLAND, MISS. — NAI UCR Properties has facilitated the $3 million sale of a 70,000-square-foot industrial facility located at 330 Leggett Drive in Richland. NAI UCR’s Micah McCullough represented the undisclosed buyer in the transaction. At the time of sale, the property was leased to FedEx Ground.
GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC), 908 Group and Kayne Anderson Real Estate Advisors has broken ground on The Nine @ Gainesville, a $54 million student housing community situated less than a quarter-mile from the University of Florida’s campus in Gainesville. Located at 1115 13th St., The Nine will feature 627 beds within one-, two-, three-, four- and five-bedroom units. All fully furnished residences will feature private bathrooms, in-unit washer and dryer units, stainless steel appliances and private balconies. Community amenities will include a resort-style swimming pool, fitness center, interactive study rooms, community café and a structured parking deck with 420 spaces. “We are thrilled to be underway on The Nine @ Gainesville and to launch this project with 908 Group,” says Litt Glover, CEO and president of Atlanta-based BCDC. “This location is unmatched in its proximity to the university, and with our team’s experience in student housing, we will be delivering a highly amenitized, desirable project that will appeal to UF students.” Kayne Anderson Real Estate Advisors, BCDC and 908 Group are providing equity and PNC Bank is providing construction financing. TSB Capital Advisors acted as consultant to 908 Group and BCDC on the …
Recent changes to the Federal Housing Administration’s (FHA) Lean 232 program provide owners with more options, all of which a lender offering a full suite of financing options can act upon. Owners who anticipate future cash-out needs are in a good position to benefit. The program was made easier for owners to work with through several additional changes. For owners of residential healthcare facilities that offer services like skilled living or memory care, FHA Lean 232 loans are of exceptionally high value. Because the FHA is committed to ensuring an adequate supply of affordable beds for seniors, nursing home borrowers can secure terms that are unheard of in other CRE markets. Early this year, the FHA made changes in its official Section 232 Handbook that make these loans even more attractive, especially for owners who wish to take cash out of their properties. In order to understand the significance of these changes, it helps to see them in the context of baseline Lean 232 loans. These FHA-insured loans are non-recourse and assumable, offer maturity schedules of up to 35 years and loan parameters of up to 80 percent loan-to-value (LTV), as well as 1.45 debt service ratio coverage. Best of …
As Chicago has emerged as one of the country’s top tech capitals, large parcels of land across the city -— many set aside for manufacturers that no longer do business there — have remained stuck in the past, serving as roadblocks to billions of dollars in new real estate development. That’s about to change thanks to a yearlong effort spearheaded by Mayor Rahm Emanuel and the city’s Department of Planning and Development, which recently approved recommendations for modernizing the first of 26 industrial corridors across the city. The recommendations are the result of a community engagement process that solicited feedback from various stakeholders, including our firm and other real estate developers. The plan will pave the way for new residential and commercial projects throughout the North Branch Industrial Corridor, which stretches from Kinzie Street to just north of Fullerton Avenue along the Chicago River. These investments, which include much-needed infrastructure and open space initiatives, will engage the adjacent riverfront and create mixed-use environments. The early years In the 1980s, the city of Chicago designated a series of industrial corridors and Planned Manufacturing Districts (PMDs) — many along waterways and railways — to protect the city’s industrial base from encroachment by …
VISTA, CALIF. — MG Properties has received an $84.9 million loan to acquire the 410-unit Alexan Melrose in the San Diego submarket of Vista. The Class A complex is located at 1401 N. Melrose Drive. Alexan Melrose was built in 2015. It is 94 percent leased. The garden-style community features one- to three-bedroom units. The buyer plans to rebrand the property as the Preserve at Melrose Apartments. The 10-year loan features a fixed rate through Freddie Mac. CBRE’s Scott Peterson, Bill Chiles and Brian Cruz secured the financing.
VAN NUYS, CALIF. – An unnamed buyer has acquired a 28-unit apartment building in Van Nuys for $4.5 million. The community is located at 15843 Saticoy St. It recently underwent an upgrade and has little deferred maintenance. Clyde Isaacson of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.
TUCSON, ARIZ. — Asset Campus Housing has been awarded management of INDI Tucson, a 250-bed community located near the University of Arizona. The property offers two-, three- and four-bedroom, fully furnished units. Community amenities include two resort-style pools, an outdoor media lounge, state-of-the-art fitness center and on-site laundry facilities.
SAN DIEGO — PSRS has arranged $2.6 million in acquisition financing for Melroy Investments, which will use the funds to purchase a three-story, 26-unit seniors housing community in San Diego’s North Park neighborhood. The total purchase price was $5.1 million. The property is restricted to those over the age of 55. The name of the property was not disclosed. In addition to the $2.6 million loan, PSRS included $700,000 in “earn outs” for hitting certain benchmarks as far as rent growth. If earned, Melroy will use that money for property improvements and future acquisitions. The nonrecourse loan features a 4 percent fixed rate and three years of interest-only payments.
PUEBLO WEST, COLO. — Faris Lee Investments has arranged the $2.4 million sale of Pueblo West Retail Center, a 13,000-square-foot, Walmart Supercenter shadow-anchored strip center located in Pueblo West. The triple-net-leased property is fully occupied by eight tenants including Little Caesars, Jackson-Hewitt, Fantastic Sam’s and Sally Beauty Supply. Tom Chichester of Faris Lee represented the buyer, a private investor from San Clemente, Calif. CBRE represented the seller, a private investor from San Diego.
WESTBURY, N.Y. — Lesso Group has acquired The Mall at the Source and an adjacent retail building, located at 1504 Old Country Road in Westbury, for $92 million. Totaling 723,326 square feet, the transaction is the largest Long Island transaction to date. Lesso plans to convert the properties into a showroom and retail center for its household goods. The transaction includes the 512,528-square-foot enclosed mall and a 210,798-square-foot retail building, formerly occupied by Fortunoff. Situated on 38 acres and zoned for industrial space, the properties also feature 3,838 parking spaces, 2,813 of which are within a garage. Peter Rossi and Dennis Karr of Newmark Knight Frank represented the buyer in the deal. The name of the seller was not released.
