NANTUCKET, MASS. — Strategic Storage Growth Trust (SSGT), a public non-traded REIT sponsored by SmartStop Asset Management, has purchased an 840-unit self-storage facility in Nantucket. Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition. The property includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival. The SSGT portfolio currently consists of 21 operating self-storage facilities located in 10 states comprising approximately 13,700 self-storage units and approximately 1.6 million net rentable square feet of storage space.
PENNSYLVANIA — Happy Home Communities (HHC), the mobile home park and RV park investment arm of Los Angeles-based Gelt Inc., has acquired a mobile home park portfolio in central and northeast Pennsylvania for $13 million. HHC acquired the three-property 439-space portfolio from Horizon Land Company. Jonathon McClellan of Marcus & Millichap brokered both sides of the transaction. The company plans to bring in affordable manufactured homes to fill approximately 48 empty lots and will upgrade common areas and add amenities, including playgrounds, to the properties over the next 36 months. A. Hunter Property Management, a firm focused on the management of manufactured housing communities throughout Pennsylvania, has been retained to take over management responsibilities for the portfolio, which includes: Birchwood Village Estates, a 209-space, 26.26-acre mobile home park located at 1946 Wyoming Avenue in Exeter. It is currently 82 percent occupied. Timberend Mobile Home Community, a 153-space, 70.6-acre mobile home park located at 528 Ruben Lehrer Road in Muncy just outside of Williamsport. It is currently 85 percent occupied. Wedgewood Mobile Homes Community, a 77-space, 19.16-acre mobile home park located at 23 Minton Drive in Selinsgrove. It is currently 90 percent occupied.
BUFFALO, N.Y. — A REIT has sold the McKinley Plaza shopping center to a private real estate investment firm. The price was not disclosed. The 95,544-square-foot retail center at 3670 McKinley Parkway is 98 percent leased to 12 tenants and has 503 parking spaces. T.J. Maxx and A.C. Moore Arts & Crafts anchor the center, occupying 32,000 and 22,000 square feet, respectively. Built in 1991, the center underwent extensive renovations in 2015. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was the agent for the property and procured the buyer as well as the seller. Brian Whitmer, Andrew Merin, Seth Pollack, and Kubby Tischler of Cushman & Wakefield worked in conjunction with Joyce MacKnight and Ben Borruso of Pyramid Brokerage Company.
CHARLOTTE, N.C. — Emma Capital Investments Inc. has acquired two multifamily communities in Charlotte: the 240-unit Grand Terraces Apartments, located at 6000 Regal Estate Lane, and the 310-unit Stanford Reserve, located at 1207 Kelson Ave. The Toronto-based company purchased the properties for $53 million. The garden-style communities, located across the street from each other, will be rebranded as one property known as Avalon Heights Apartments. Community amenities include a swimming pool, clubhouse, business center, fitness center, tennis court and a picnic area with grilling station. The acquisition marks Emma Capital’s fourth and fifth investments in North Carolina.
BATON ROUGE, LA. — Atlanta-based Audubon Communities, in conjunction with New York-based RCG Longview, has purchased St. Jean, a 624-unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three-bedroom units averaging 1,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units, a new standalone leasing office and two amenity buildings, energy efficient windows, new exterior doors and a new fitness center. A select number of units will be offered as affordable housing.
BROOKSVILLE, FLA. — Housing Trust Group (HTG) has opened Freedom Gardens, an $18.5 million affordable housing community situated in the Central Florida city of Brooksville. Located at 932 Freedom Way, the 96-unit property is part of a two-phase development. The second phase of Freedom Gardens will provide an additional 94 units and is slated to break ground in the first quarter of 2018. Freedom Gardens offers one-, two- and three-bedroom units with rents ranging from $400 to $880 per month. Community amenities include a cyber café, swimming pool, after-school care, laundry facility, fitness center, walking path, community gathering area and a pet park. The property achieved a green building certification under the National Green Building Standard administered by the National Association of Home Builders.
JOHNS CREEK AND ALPHARETTA, GA. — SG Property Services, an Atlanta-based real estate firm, has acquired Johns Creek Medical and The Swan Building for a combined $11.9 million. The properties are located at 6918 McGinnis Ferry Road in Johns Creek and 4165 Old Milton Parkway in Alpharetta, respectively. Both properties are roughly 30 miles north of Atlanta, and together total 55,664 square feet. Jodi Selvey of Colliers International represented the physician owner of Johns Creek Medical and Lee Asher of CBRE represented the owner of the Swan Building. At the time of sale, Johns Creek Medical was 100 percent leased to a single tenant. The Swan Building was leased to a mix of medical practices including a plastic surgery center. SG Property Services plans to fill remaining vacancies at The Swan Building with medical users and renew existing tenants with long-term leases.
DESOTO, TEXAS — Dallas-based construction firm ARCO/Murray has completed a 145,000-square-foot warehouse project in the Dallas metro of DeSoto for SEW Eurodrive, a South Carolina-based motor manufacturing firm. Construction on the $10 million facility, which also includes 20,000 square feet of office space, began in June 2016. The property is a fully conditioned tilt-wall assembly plant with 28-foot clear heights, including bridge cranes, paint booths and mezzanine storage.
ALLEN PARK, MICH. — KeyBank Real Estate Capital has provided a $12 million loan for the refinancing of an 809,918-square-foot industrial center located in Allen Park, a southern suburb of Detroit. The property consists of two buildings and a garage. The facilities were built in 1957 and 2000, with renovations in 2010 and 2014-2016. Roush Industries anchors the property. Robert Williams of KeyBank originated the 10-year CMBS loan, which features a 30-year amortization schedule.
SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. The property offers a mix of one- and two-bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a coffee bar and bistro, fitness center with yoga studio, a gaming room and a resort-style pool.