OXFORD, MISS. — Carter and Chance Partners have broken ground on the $40 million, 753-bed Highland Square, a student housing community located less than two miles from the University of Mississippi in Oxford. Amenities will include three pools, fitness trails, media center, individual cottage courtyards, community fireplaces, basketball and volleyball courts, a lawn with a stage and games, dog park, car wash, dog wash and media center. Campus Advantage will oversee the property. Completion is slated for July 2013.
Property Type
TAMPA, FLA. — Marcus & Millichap has arranged the $5.05 million sale of the 47,150-square-foot SpaceSavers Storage, a self-storage property located in Tampa. The property includes 475 units and is 85 percent occupied. Michael Mele of Marcus & Millichap represented both the seller, a Tampa-based private investor, and the buyer, a Cleveland-based limited liability company, in the transaction.
NORTH PALM BEACH, FLA. — Grieco Motors has purchased the 6.5-acre former Ed Morse Chevrolet Dealership, located at the corner of Northlake Boulevard and Alternate AIA in North Palm Beach, from Morse Operations for $5 million. The property includes three buildings totaling 45,000 square feet. The buyer plans to open a new dealership, Grieco Mazda of North Palm Beach, in the main 35,000-square-foot building and will lease the remaining 10,000 square feet. Reichel Realty represented the seller in the transaction.
ALEXANDRIA, VA. — Walker & Dunlop has arranged $67.5 million in financing for the 443-unit Huntington Gateway Apartments, a high-rise residential community located in Alexandria. Amenities include a fitness center, spa, racquetball court, barbecue area, fireside lounge and tennis courts. Ted Hermes and Elizabeth Conahan of Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule through New York Life Insurance Co. on behalf of the borrower, Huntington Apartment Associates.
BOYNTON BEACH, FLA. — Beech Street Capital has secured a $21.7 million acquisition loan for the 300-unit Ashley Lake Park, a multifamily community located in Boynton Beach. Amenities include a 24-hour fitness center, basketball court, two resort-style pools, jacuzzi, laundry facility, playground, tennis court and clubhouse with Wi-Fi. Mitch Sinberg and Michael Wallace of Beech Street arranged the seven-year loan with two years of interest-only payments through Freddie Mac's CME program on behalf of the borrower, Robbins Property Associates.
CHICAGO — Crews have broken ground on a new office for Sarah's Circle, a social services agency, at 4836 N. Sheridan Road in Chicago. The agency supports women who are homeless or at risk of homelessness. The 14,000-square-foot building will house a daytime program, office space for housing services, case management and clinical services, and 10 apartments for women with a history of chronic homelessness. Features will include new offices, bathrooms, an elevator and full kitchen area. Summit Design + Build will construct the facility and Mayber Brown and Perkins + Will will design the project.
SALINA, KAN. — Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged a $1.5 million loan for the purchase of a single-tenant property occupied by a Chili's franchisee in Salina. Farhan Kabani of Mark One arranged the 10-year loan, which contains a 25-year amortization schedule. The interest rate is fixed at 4.9 percent.
NEW YORK CITY — Winick Realty Group has arranged the $3.2 million sale of a 17,676-square-foot retail property at 80 Jamaica Ave. in Brooklyn. The ground floor retail has been home to a Citibank branch location since 1973 and the tenant will remain in place for the duration of its long-term lease. Ken Zakin, Hymie Dweck and Randall Liberman of Newmark Grubb Knight Frank represented the seller in the transaction. Zach Mishaan of Winick Realty represented the buyer.
PHILADELPHIA — Marcus & Millichap has arranged the $1.6 million sale of Park Place Apartments, a 30-unit apartment property at 5730-42 Frankford Ave. in Philadelphia. The seller, a private investor, developed the property in the early 1970s. Dana Newton and Fred Paisley of Marcus & Millichap represented the seller in the transaction. They also secured the buyer, a limited liability company.
ELIZABETH, N.J. — Gebroe-Hammer Associates recently closed two transactions for a combined $3.5 million in Elizabeth. Stephen Tragash of Gebroe-Hammer represented the buyer and seller in the $1.7 million sale of a 19-unit apartment building at 547-555 S. Broad St. The three-story, all-brick building is within walking distance of mass transit and shopping. Tragash also represented both parties in the $1.8 million sale of a 20-unit apartment building at 150-152 Elmora Ave. The property also features ground-floor retail.