LOUISVILLE, KY. — In its first-quarter earnings release, Campus Crest Communities announced that it has begun construction on two joint venture projects with Harrison Street Real Estate Capital at the University of North Carolina-Greensboro and the University of Louisville. Both projects will deliver for the 2014-2015 academic year and have a total estimated cost of $65.5 million. The Grove at Greensboro will consist of 584 beds using Campus Crest's ninth generation of its apartment building prototype. The Grove at Louisville will offer 654 beds. These two properties, along with The Grove at Cira Centre South, a Philadelphia high-rise, joint venture development with Brandywine Realty Trust and HSRE, comprise the company's 2014-2015 deliveries.
RIVERVIEW, FLA. — Eric Fixler of Johnson Capital has arranged an $8.6 million CMBS loan for Grand Oaks Apartments, a 202-unit multifamily property in Riverview. The 24-building community was completed in 1985 and amenities include a pool with restrooms, wood gazebos, a bike trail and a car care area. A partnership acquired the property in 2005 and invested significant capital in upgrading the property, including roof replacements and exterior painting. A national bank provided the fixed-rate, 10-year loan.
ISLAMORADA, FLA. — NWCL LLC, an affiliate of Northwood Investors, has secured an $85 million loan for the Cheeca Lodge & Spa, a luxury resort in the Florida Keys. Cheeca Lodge is situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009. The resort includes 214 units (a mix of hotel rooms and third-party owned condos), 5,439 square feet of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts and a fishing pier. The property also maintains the rights to develop 28 new units through an approved site plan. Dan Peek, Chris Drew, Max Comess, Cyrus Vazifdar and Scott Wadler led the HFF team that arranged the 10-year, fixed-rate CMBS loan. The borrower acquired the property in 2011.
WASHINGTON, D.C. — A joint venture between Federal Capital Partners and Self Storage Zone has broken ground on the redevelopment of 645 Taylor St. N.E. in Washington, D.C., formerly the Capital Area Food Bank. The property will be converted into a three-story, 78,600-square-foot self-storage facility. The fully climate-controlled property will include 1,034 units in the city's Brookland submarket, one block from Catholic University. The facility is scheduled for completion in the first quarter of 2014.
OLIVE BRANCH, MISS. — LEGACY Supply Chain Services Inc. has signed a lease for 117,181 square feet of industrial space at Crossroads Distribution Center Building B in Olive Branch. The third-party logistics provider is securing the space as a distribution center for a manufacturer of baseball-related equipment. The lease brings the property to full occupancy. As a result, the property owner, IDI, has broken ground on Building L “to meet market demand,” according to Tim Moore, vice president of leasing for IDI Memphis. Crossroads L is slated to be 241,994 square feet and is scheduled for completion in October 2013. Fully developed, Crossroads Distribution Center will contain approximately 7 million square feet of Class A distribution buildings. Ken Parker and Mike Demperio of Fischer & Co. represented the tenant in the transaction. Moore represented IDI.
LIGHTHOUSE POINT, FLA. — The 27,000-square-foot Bank of America Building, located at 2850 N. Federal Highway in Lighthouse Point, has sold for $1.5 million. The four-story, Class B property was constructed in 1968 and is 29 percent occupied by a Bank of America branch with seven drive-thru lanes. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from New York, in the transaction. Jason Yukins, also of Marcus & Millichap represented the buyer, a limited liability company from Illinois.
ATHENS, TENN. — RCG Ventures has purchased McMinn Plaza, a 107,200-square-foot power center in Athens. The property, located at 921 Decatur Pike, is 84 percent occupied and anchored by a 60,000-square-foot Ingles Supermarket and a 17,826-square-foot Badcock Furniture. The center is one mile from Athens Regional Medical Center, a 315-bed hospital. Helen Putterman and Vera Thomas of Cohen Real Estate represented the seller, Wheeler Interests, a Virginia Beach, Va.-based REIT, in the transaction. Putterman and Thomas also represented the Atlanta-based buyer.
In the decade between 1997-2007, a massive amount of retail development swept the country, and Birmingham — like much of the Southeast — was considered a demographic sweet spot. During this 10-year period, the majority of the population was at a peak buying age, the economy was performing well and most of the population was experiencing higher income levels. In Alabama, developers and retailers alike scrambled to keep up with the growth by building new shopping centers anchored by big and junior box concepts in every major town across the state. Then the recession hit. As the market continued to slow, big and junior box retailers experienced decreasing sales and an overabundance of square footage brought new development pipelines to a halt. Despite a growing desire among today’s retailers to lease new space, the market is lacking supply. Now that big box development has largely stopped in Birmingham and retailers are starting to downsize, there is virtually no development pipeline for new shopping centers within the suburban markets. Competition for prime leasable space within these suburban locations has become fierce. Retailers, medical office tenants, and restaurants are all now vying for the same spaces that were built 10 years ago. …
BALLSTON, VA. — Donohoe Construction has completed the 183-roon Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Ballston. The hotel is a component of the Shooshan Cos. Founder's Square development, a four-building complex consisting of more than 1 million square feet of office, residential, retail and hotel space. Donohoe Hospitality will manage the property, which is the Ballston submarket's first extended-stay hotel. The property was built to LEED Gold standards and features a green roof, a 20 percent reduction in water use and a 44 percent reduction in energy consumption. Architect BBG-BBGM has also incorporated 1,880 square feet of retail space, 1,300 square feet of meeting space and 110 underground parking spaces.
ALPHARETTA, GA. — Sealy & Co. Inc. has purchased an 88,215-square-foot industrial property, located at 1525 Morrison Parkway in Alpharetta, for $5.8 million. The building is fully leased to FedEx Corp., which has five years remaining on its lease. Originally constructed as a build-to-suit, the property has been occupied by FedEx since 1998. Britton Burdette of Stan Johnson Co. represented both the buyer and seller, Wallace Enterprise, in the transaction.