WEST PALM BEACH, FLA. — Calkain Cos. has arranged the $6.1 million sale of a retail property located at 1771 S. Congress Ave. in West Palm Beach that is currently leased to Wawa. Patrick Nutt and Scott Campbell of Calkain represented the undisclosed seller in the transaction. The newly constructed convenience store features a 20-year ground lease. The deal marks Nutt’s 23rd Wawa transaction. The buyer was not disclosed.
IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well. Harvey swept through the country this week, causing major flooding, particularly in the Houston metro. HCP’s preliminary assessment indicates “either no or limited damage due to Hurricane Harvey.” The company did evacuate three seniors housing communities due to some water intrusion. Remediation work has already begun, with re-opening expected in a few days. HCP also noted that all damage to its properties will be covered by insurance. “Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s president and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.” CareTrust reported that its seven properties in the area experienced no damage, but did evacuate The Courtyard Rehabilitation and Healthcare Center in Victoria, Texas, due …
WINSTON SALEM, N.C. — Cronheim Mortgage has secured a $5.2 million loan for St. George Square, a 41,000-square-foot retail and office property in Winston-Salem. Allison Villamagna, Andrew Steward and Dev Morris of Cronheim structured the 10-year loan with a 20-year amortization schedule through Standard Insurance Co. on behalf of the borrower, an entity managed by The Bedrin Organization. At the time the loan was placed, St. George Square was fully leased to a mix of retail and office tenants including Salons by JC, Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Café, Nothing Bundt Cakes and Painting with a Twist. The property is situated across from Hanes Mall Boulevard and roughly seven miles south of Wake Forest University.
CARROLLTON AND PLANO, TEXAS — Inland Private Capital Corp (IPC). has arranged the $86 million sale of two multifamily properties totaling 559 units in metro Dallas. The properties include the 289-unit Mustang Park Apartments, located at 4645 Plano Parkway in Carrollton, and the 270-unit Domaine Apartments, located at 6400 Windcrest Drive in Plano. Both properties offer fitness centers, business centers and pools. IPC facilitated the sale though its subsidiary that serves as asset manager on behalf of one of its 1031 investment programs.
SAN ANTONIO — Austin-based development firm Teeple Partners will develop Kallison Square, an $83 million mixed-use project that will be located at the southwest corner of Flores and Dolorosa streets in San Antonio. The project will include 45,000 square feet of retail space and office space, as well as 305 multifamily units. Construction is scheduled to begin during the spring of 2018 and conclude in mid-2020.
DALLAS — Northwood Investors will develop a 340,000-square-foot office tower within The Shops at Park Lane, a 550,000-square-foot mixed-use development in Dallas. Gensler designed the 11-story, Class A building, which has yet to be branded. Cushman & Wakefield will handle leasing of the property. A timetable for construction has not yet been established.
FORT WORTH, TEXAS — A partnership that includes creators of the restaurant BREWED and residential real estate firm 6th Ave. Homes will open The 4 Eleven in Fort Worth. The project involves transforming an 18,000-square-foot warehouse located at 411 S. Main St. into a center with an events venue and a variety of shops. Committed tenants include Alchemy Pops, a provider of frozen pops; Winton and Waits, an accessories and home goods store; and The Greenhouse 817, a design studio. The opening is scheduled for late October.
SAN ANTONIO — Siegel Group, a Las Vegas-based investment and hospitality firm, has acquired the former Budget Lodge Extended Stay Hotel in San Antonio for $3.3 million. Built in 1963 and situated on 6.6 acres along Interstate 35, the two-story property totals approximately 80,000 square feet. Siegel Group plans to repurpose some of the existing space to include a restaurant and lounge, as well as a conference and banquet area.
UNIVERSITY PARK, ILL. — Clayco Inc. has completed construction of a Georgia-Pacific distribution facility at Gateway 57 Industrial Park in University Park, about 38 miles south of Chicago. The 1 million-square-foot facility is a joint venture between CRG and Venture One along with design-build firm Clayco and its subsidiary Forum Studio. The investment will allow Georgia-Pacific to expand capabilities in University Park, where the company previously operated out of a 700,000-square-foot facility. The distribution center will be used to supply paper goods for commercial and recreational use for some of Georgia-Pacific’s largest clients, including Walmart and Costco. The building features 36-foot clear heights, 100 dock doors and two drive-in doors.
TERRE HAUTE, IND. — Dora Hotel Co. LLC and Gibson Development LLC are developing a Home2 Suites by Hilton in Terre Haute, located in western Indiana. The 91-suite, extended-stay hotel will be located at 2625 S. Sycamore Crossing St. Amenities will include Wi-Fi, pool and deck, fitness room, guest laundry, grilling patio and outdoor lounge. The lobby will feature an open-area floor plan known as the Oasis, designed to alternate between a breakfast area and a workspace. First Financial Bank NA is providing construction financing. Completion is slated for September 2018.
