EDINA, MINN. — Pentagon Revival LLC has selected Cushman & Wakefield | NorthMarq (CWN) to market a 42-acre future multi-use redevelopment in Edina. The site, formerly known as Pentagon Park, is located at the northeast intersection of Highway 100 and I-494. The proposed redevelopment plan, named The Link, will include 1.4 million square feet of Class A office and medical space and 60,000 square feet of retail, alongside a new hotel and structured parking. The city of Edina approved the redevelopment in May 2014. CWN’s Bob Revoir, Peter Fitzgerald and Tate Krosschell will be in charge of leasing at The Link.
SIERRA MADRE, CALIF. — Fountain Square Development West and HPI Architecture have completed The Kensington of Sierra Madre, an assisted living and memory care community in Sierra Madre. Occupying 58,000 square feet, The Kensington comprises 75 total units, 33 of which are memory care. The facility also offers a salon and art studio that is open to the community.
SIDNEY, MONTANA – A 22.5-acre, mixed-use development site in Sidney has received a $1.4 million loan. The site is located along East Holly Street in east-central Montana, near the North Dakota border. The development site contains 18 lots within the Sunrise Village subdivision. The project features 11 lots zoned for residential and seven lots zoned for commercial use. The developer is American Land Development-Sidney LLC, an affiliate of American Land Development Corp. The three-year, interest-only financing was closed by Kennedy Funding Financial LLC, which will also service the loan.
SALT LAKE CITY — Extra Space Storage has acquired SmartStop Self Storage for $1.4 billion. Extra Space will acquire 121 SmartStop stores and will assume the property management for its 43 third-party managed stores once the transaction is complete. SmartStop is based in the Orange County submarket of Ladera Ranch, Calif. It currently operates 169 self-storage properties in 21 states and in Canada. SmartStop is the seventh-largest owner and operator of self-storage facilities in the U.S. Certain SmartStop assets will be sold for about $120 million at or prior to the closing of this transaction. This includes one store in California, beneficial interests in two Alabama stores and five stores in Toronto. The stores in Alabama and California will be managed by Extra Space following the disposition. Salt Lake City-based Extra Space Storage is a self-administered and self-managed REIT. The company owns and/or operates 1,100 self-storage properties in 35 states, Washington, D.C., and Puerto Rico.
SAN BERNARDINO, CALIF. — National Community Renaissance (National CORE) has broken ground on the $200 million redevelopment of Waterman Gardens in San Bernardino. The redevelopment efforts will fill a housing void and serve as an economic catalyst for the neighborhood and city, National CORE notes. Phase I of the project will raze the 1940s-era public housing that currently sits on the Waterman Gardens site. The 252 affordable units will be replaced with 411 new units, including market-rate and senior apartments. An additional 76 new units will be built at Valencia Avenue and 9th Street, which will sit adjacent to the existing Waterman Gardens community. Phase I was awarded nearly $12 million in tax credits from the State of California this past fall. The City of San Bernardino is also investing $2.3 million of federally allocated HOME-Investment Partnership funds into the project. The $25 million remaining balance for first-phase funding was provided by the Housing Authority of the County of San Bernardino, the Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program and a permanent loan from PNC Real Estate. Amenities at the project will include a community center with community meeting rooms, after-school program facilities and a …
SCOTTSDALE, ARIZ. — Mid-America Apartment Communities has acquired the 325-unit SkySong Scottsdale Apartments for $67.5 million. The community is located at 1301 N. Scottsdale Road. The purchase comes on the heels of the SkySong 3 debut, the newest office building within the 42-acre, mixed-use SkySong, the ASU Scottsdale Innovation Center development. The SkySong development team has also announced plans for a new restaurant facility along Scottsdale Road at SkySong Boulevard, while construction of SkySong 4 is expected to begin sometime this year. SkySong Scottsdale Apartments were developed by a joint venture between the ASU Foundation and USAA Real Estate Co.
NEW YORK CITY — American Realty Capital Hospitality Trust Inc. (ARC Hospitality) has agreed to acquire a portfolio of 13 hotels from affiliates of Noble Investment Group LLC for $300 million. The Noble portfolio includes 12 select-service and extended-stay hotels and one full-service hotel, totaling 1,913 rooms. The hotels are located in Boston; Atlanta; Monterey, Calif.; Columbus, Ohio; Fort Worth, Texas; Chicago; Minneapolis; Birmingham, Ala.; and Northern and Central New Jersey. The hotels are franchised by major global brands including Hyatt Hotels, Hilton Hotels & Resorts and Marriott International. Hotel flags include Hyatt Place, Hilton Garden Inn, Hyatt House, Courtyard by Marriott and Hilton. ARC Hospitality was represented by Hunton & Williams LLP. The acquisition is subject to franchisor approvals and the completion of due diligence; the acquisition is expected to close in three separate tranches (which are not conditioned on each other) during the fourth quarter of 2015 and first quarter of 2016.
SPRINGFIELD AND MORRISTOWN, N.J. — Gebroe-Hammer Associates represented Forest Realty in the recent sale of two apartment properties, located in Springfield and Morristown. The properties sold for a combined $113.5 million. Short Hills Village Club, a 26-building, 286-unit garden-apartment and townhome community in Springfield, was acquired for $83.5 million by SH Club Village LLC. The property is located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The second property, Franklin Manor, is located at 114 Franklin St. in Morristown. RK Franklin LLC acquired the 140-unit garden-style apartment community for $30 million. The Gebroe-Hammer brokerage teams, led by Joseph Brecher, identified the buyers of both properties. Legal representation in the two latest transactions was provided by Thomas E. Cohn, Esq., of Coughlin Duffy LLP, in Morristown, N.J., on behalf of the seller; Steven D. Fleissig, Esq., of Greenberg Traurig in Florham Park, N.J., on behalf of the Springfield buyer; and Kenneth Gliedman, Esq., of Lichter, Gliedman, Offenkrantz PC in New York City on behalf of the Morristown buyer.
BATH, MAINE — JHR Development of Marblehead, Mass., recently completed Mid Coast Hospital’s new medical practice in downtown Bath. The 20,000-square-foot, two-story healthcare center is valued at $6 million. The property is located at 108 Centre Street and will provide preventive and chronic disease care as well as integrated behavioral health counseling. JHR Development is also in the planning process for a 40-unit condominium community on the Kennebec River in Bath.
DALLAS — StreetLights Residential has topped out The Jordan Uptown, a new high-rise development in Dallas. Sitting on nearly one acre, the project site is located off McKinney Avenue at the Maple/Routh connection and Thomas Avenue in the Uptown area. Gromatzky Dupree & Associates designed the 23-story project to feature 212 units with one- and two-bedroom floor plans, in addition to penthouse options with views of the Dallas skyline. Units range from 735 to 2,262 square feet. The community will offer 24-hour concierge services, a private resident bar, Wi-Fi conference room and controlled access onsite garage parking including electric car charging stations. Apartment features will include keyless entry, stainless steel appliances, granite countertops and custom cabinetry, 24- and 30-inch stainless steel apron sinks, granite kitchen backsplashes and built-in Sonos surround sound. SLR is developing the project and SLR Uptown Construction LLC is serving as the general contractor. Waldrop + Nichols Studio LLC will design the unit interiors, and Studio Outside will design the landscape. Pre-leasing begins this fall and move-in is projected for January 2016.