HOUSTON — Taeken Ltd., a family limited partnership, has purchased 47 acres at 0 S. Main St. between Hiram Clarke Road and South Post Oak Road from S Main Ltd. The site will be the new campus for Saint Nicholas School and related developments to be announced. Linda Jones of Wilson-Jones Properties represented the seller. Mark Kidd Sr. and Mark Kidd Jr. of M Kidd Properties represented the buyer. Margot Heard founded Saint Nicholas School, currently operating at 1920 N. Braeswood Blvd. Classes at the new campus will begin in Fall 2018.
EL PASO, TEXAS — El Paso-based developer River Oaks Properties plans to build a pedestrian-friendly outdoor retail center in west El Paso. West Towne Marketplace will be an open-air retail and entertainment destination located on the northeast corner of Interstate 10 and Paseo del Norte. The center will feature tree-lined streets and native plants. It will be built to include gathering spaces designed to encourage relaxation. The anticipated completion date for the center is October 2017. West Towne Marketplace spans 63 acres and will include more than 500,000 square feet of retail, restaurants and entertainment. It will feature a grocery anchor, sporting goods and clothing retailers, along with a movie theater, specialty retail stores and restaurants. Phoenix-based Butler Design Group is designing West Towne Marketplace. Richard Amstater of RJL Real Estate Consultants is handling the leasing of the project.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and private real estate investors, has arranged the sale of The Palazzo, a 90-unit condominium community in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The community is located at 5455 Rowley Road. The Palazzo’s one-, two- and three-bedroom floor plans average 1,099 square feet and feature stainless steel and black appliances, granite countertops, porcelain tile flooring and freestanding showers. Common area amenities, which are maintained by a condominium owners association, include reserved parking, a pool, fitness center, business center, breezeways, picnic area and playground.
CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.
ELK GROVE VILLAGE, ILL. — Morgan/Harbour Construction will complete two projects within the O’Hare Logistics Center on behalf of DCT. Morgan/Harbour will build out a warehouse facility at 2200 Arthur Ave. McNichols Co. will occupy the entire 112,862-sqaure-foot building, which is situated on 6.8 acres. The cross-docked facility features 32-foot clear heights, 38 exterior dock positions and 40 trailer stalls. The build-out will include the addition of 12,167 square feet of office space, a new interior truck dock, an exterior drive-in ramp, an ADA customer service entry, three bridge cranes and equipment power distribution. The renovation is scheduled for completion in May. Morgan/Harbour will also redevelop a neighboring property, 2201 Arthur Road. The redevelopment of the 108,931-square-foot industrial warehouse will include the demolition of the interior offices and the exterior façade, replacement of office windows and the installation of a new metal panel exterior wall system. Morgan/Harbour will also demolish the eastern exterior wall of the warehouse to add 10 exterior truck docks, completely overhaul the electrical service and add a new ADA-compliant entrance. A new parking area will also be constructed and will accommodate 49 cars and 21 trailers. Construction is slated for completion this summer. Harris Architects is …
LINCOLN, NEB. — HSA Commercial Real Estate has acquired a 42,040-square-foot medical office building in Lincoln for an undisclosed price. Elizabeth Park South Medical Center is located at 4501 S. 70th St. and is fully leased by The Physician Network’s East Lincoln Internal Medicine, Lincoln Pediatric Group and Lincoln Behavioral Group. The three tenants have occupied the building since it opened in 1996. Dana Hamric and Jonathan Kesler of Newmark Grubb Knight Frank represented the seller, MJM-MED LLC, in the transaction.
CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.
American Street Capital Arranges $4M in Financing for 81-Unit Multifamily Property in Chicago Suburb
OAK LAWN, ILL. — American Street Capital has arranged a $4 million acquisition loan for an 81-unit apartment property in Oak Lawn, approximately 16 miles southwest of Chicago. The three-building property, Oak Lawn Gardens, was constructed in 1963 and is 97 percent occupied. The asset features on-site laundry facilities and 67 parking spaces. The non-recourse loan features a 10-year fixed rate and 25-year amortization schedule. The financing was placed with a CMBS lender. Igor Zhizhin of American Street Capital arranged the financing.
NORTHGLENN, COLO. — Starlight Investments Acquisition has purchased the 228-unit Carrick Bend apartments for $47.8 million. The community is located at 11525 Community Center Drive, just north of Denver. It was built in 2014. CBRE’s Dave Potarf, Dan Woodward and Matt Barnett represented the seller, Keller Holland Northglenn Investors, in this transaction.
SPARKS, NEV. — Shopoff Realty Investments has acquired Iron Horse Shopping Center, a 186,000-square-foot retail center located in the Reno suburb of Sparks, for an undisclosed sum. Shopoff has committed more than $1 million for improvements to the property. The retail center was 33 percent occupied at the time of sale by tenants including Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box and El Pollo Loco. The center is anchored by a Save-Mart, which was not included in the purchase.