Albany, N.Y. — DMG Investments has broken ground on a 322-bed student housing community located near the State University of New York at Albany campus in Albany. The $30.5 million community will be located at the former Red Carpet Inn site at 1385 Washington Ave. The four-story, 142,000-square-foot property will offer one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include partially underground parking, in-unit washers and dryers, a fitness center, study room, resident’s lounge, gaming room, on-site tanning and courtyards. A timeline for the project has yet to be announced.
NORTH MIAMI BEACH, FLA. — US Storage Centers has delivered a five-story, 931-unit self-storage facility located at 15555 W. Dixie Highway in North Miami Beach. The company acquired the property in 2015 for $1.4 million and subsequently began construction on the 122,605-square-foot building. The new facility features drive-up access, climate control, passenger elevators, video monitoring, electronic gate access, boxes and moving supplies, moving carts and alarm units. US Storage Centers owns and operates six facilities in the Miami area and is currently developing two additional facilities, which are slated for completion in the fourth quarter.
CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.
LAKELAND, FLA. — Avison Young has brokered the $7.2 million sale of Citizens Bank & Trust Plaza, a 71,190-square-foot office building located at 402 S. Kentucky Ave. in Lakeland, a city in Central Florida. David Duckworth, Tim Callahan, Michael Fay and John Crotty of Avison Young represented the undisclosed seller in the sale to South Florida-based Geneva Group. The six-story building was 89.8 percent leased at the time of sale to government-sponsored, financial, engineering and law-related tenants.
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.