ANKENY, IOWA — Houser Enterprises Inc. and Baxter Construction Co. are building Campus Town, a $15 million, 96-unit student housing development in Ankeny, a northern suburb of Des Moines. The 334-bed student housing project is currently preleasing to students at the Ankeny campus of Des Moines Area Community College. The development will include ground-floor retail and amenities such as a 24-hour fitness center, rooftop deck, game and theater room and a food court. Construction is slated for completion in August.
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WAUKEE, IOWA — A grand opening celebration was held Tuesday for The Winhall of Williams Pointe, a new $18.7 million, 206-unit apartment community located along University Avenue in Waukee. Hubbell Realty Co., along with its equity partner, Washington, DC.-based Persimmon Capital Partners, is developing the project. Construction of The Winhall began in May 2012. Currently, four of the eight buildings are completed as well as the community clubhouse. The remainder of the buildings will be delivered throughout 2013. Hubbell Construction Services is building the multifamily property. Hubbell Apartment Living will manage the community.
RICHFIELD, MINN. — The Boulder Group has completed the sale of a TCF Bank ground lease, located at 6501 Richfield Parkway in Richfield, a southern suburb of Minneapolis, for $2.8 million. TCF Bank is the sole occupant of the 4,500-square-foot retail building that was developed in 2007. The TCF Bank lease had 15 years remaining at the time of sale and features multiple rental escalations. The property is located on a one-acre parcel within Cedar Point Commons. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private developer, in the transaction. The buyer was a West Coast-based family trust.
FLORENCE, KY. — Marcus & Millichap Real Estate has arranged the sale of Village at the Mall, a 92,764-square-foot shopping center in the Cincinnati metro area. The terms of the sale were not disclosed. The retail property is located at 7606 Mall Road in Florence, Ky. Developed in 1991, Village at the Mall was fully occupied at the time of sale. Joel Dumes and Charles Bulger represented the seller, a private investment group, in the transaction. The buyer is a private investor.
SAYVILLE, N.Y. — Rochester, N.Y.-based Home Properties has sold two multifamily communities in New York and Maryland for a combined total of $109.1 million. South Bay Manor, a 61-unit multifamily property in Sayville, traded for $11.1 million. Net proceeds to the seller, after closing costs and debt assumed by the buyer, were approximately $4.4 million. The second apartment property, Falkland Chase, a 450-unit apartment complex in Silver Spring, Md., sold for $98 million. Falkland Chase consists of three parcels and is approved for 70,000 square feet of retail space. Net proceeds to Home Properties, after closing costs and debt repayments, were $60.3 million.
NEW YORK CITY — Berkadia Commercial Mortgage LLC has originated $35 million in financing for The Chocolate Factory, a mixed-use property located in the Wallabout neighborhood of Brooklyn. The borrower, The Chocolate Factory LLC, will use the loan to refinance its mixed-use facility. The seven-year loan features a 73 percent loan-to-value ratio. The Chocolate Factory, located at 275 Park Ave., was built in 1890 and served as a fully operational chocolate factory until 1967. Yuri Kletsman of Berkadia worked with the borrower to arrange the fixed-rate financing. Kletsman also worked with lender Freddie Mac to arrange the loan.
NEW YORK CITY — DelShah Capital LLC has completed the purchase of 58-60 Ninth Ave. in the Meatpacking District of New York City for $18.2 million. Located directly across from the Apple Store at West 14th Street, the 10,839-square-foot building includes 34 feet of frontage on Ninth Avenue. David Schechtman of Eastern Consolidated brokered the transaction to DelShah Capital. Icon Realty Management was the seller of 58-60 Ninth Ave. Jon Krieger of RKF is the leasing agent for the building.
KING OF PRUSSIA, PA. — Cronheim Mortgage has secured $10.3 million in financing for a 74,326-square-foot medical office building located off Schuylkill Expressway in King of Prussia. The loan was placed with a CMBS lender on a 10-year term with a 30-year amortization schedule. The borrower was a major Philadelphia-based developer. The property is a brick-clad office building located at the intersection of South Gulph Road and South Henderson Road. It was 82 percent occupied by nine tenants at the time of sale. Main Line Spine, The Philadelphia Hand Center and a private wealth management firm anchor the medical office building. David Turley and Janet Proscia of Cronheim Mortgage arranged the loan.
HOUSTON — Investcorp's U.S.-based real estate division has purchased One Westchase Center, a 466,000-square-foot office building in Houston's Westchase submarket. The purchase was part of Investcorp's $200 million investment in five office properties in the metro areas of Washington, D.C., Denver and Houston. The properties total more than one million square feet and have a combined occupancy rate of approximately 94 percent.
FORT WORTH, TEXAS — Glimcher Realty Trust has closed a $55 million mortgage loan secured by University Park Village, an open-air lifestyle center in Fort Worth. The 15-year loan has a fixed interest rate of 3.85 percent. The new loan replaces the $60 million loan executed in connection with the purchase of University Park Village in January 2013.