MORGANTOWN, W.VA. — Nelson Brothers Professional Real Estate LLC, a California-based company, has acquired Mountain Valley Apartments, a student housing complex located roughly three miles from West Virginia University in Morgantown, for $39 million. Constructed in 1998, the 344-unit property includes a mix of one-, two- and three-bedroom floor plans and features a 24-hour fitness center, swimming pool, full-size gym, volleyball court, dog park, cyber café, game room and an outdoor picnic and grilling area. With this acquisition, Nelson Brothers owns 35 student housing properties in 13 states.
RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has purchased The Potomac Marketplace, a 370,000-square-foot shopping center located along Route 9 in Ranson. The property was 92 percent leased at the time of sale to tenants including Weis Supermarket, Kohl’s, Petco and The Home Depot. The Potomac Marketplace is also home to restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers and John’s Café. This purchase marks the joint venture’s sixth acquisition overall and third since November 2016.
RANSON, W.VA. — Trout Daniel & Associates has arranged the $3.7 million sale of Ranson Shoppes, a 16,300-square-foot retail center located along WV Route 9 in Ranson. The property was fully leased at the time of sale to Mattress Warehouse, Five Guys Burgers & Fries and Little Caesars. Trout Daniel & Associates represented the undisclosed seller in the transaction.
BECKLEY, W.VA. — PREIT has sold Crossroads Mall, an enclosed regional mall in Beckley, for $24.8 million. The mall’s tenant roster includes anchors Belk, Dick’s Sporting Goods, J.C. Penney and Sears, as well as tenants such as AT&T, Bath & Body Works, GameStop, Hallmark, Hot Topic, PetSmart, Victoria’s Secret and Zales. Since January 2013, PREIT has sold 16 lower productivity malls and other non-core properties, generating $720 million in gross proceeds. The company’s portfolio featured 27 Sears stores in 2012 but is now down to just 10 stores in its portfolio, following the sale of Crossroads Mall. The buyer was undisclosed.
BARBOURSVILLE, W.VA. — Field & Stream, an outdoors specialty store owned and operated by Dick’s Sporting Goods, plans to open a new store in Huntington Mall in Barboursville. The new store will be situated adjacent to an existing Dick’s Sporting Goods and together the two retailers will occupy 100,000 square feet on the west side of the 1.5 million-square-foot mall, which is located off Route 60 and I-64. Niles, Ohio-based Cafaro Co. owns the mall and inked the lease for the new Field & Stream, which is slated to open in the fall of 2017.
SHEPHERDSTOWN, W.VA. — EdR has begun construction on a new $22 million, 298-bed residence hall at Shepherd University in Shepherdstown. The five-story project will feature a mix of single- and double-suite style units. Amenities will include a food service and dining area, classroom, student lounges and Wi-Fi. The Shepherd University Foundation Supporting Organization hired EdR to develop the third-party project and will own the asset upon completion in summer 2017. Raymond James Financial Inc. assisted in financing the development, and Shepherd University will manage the property upon completion.
MORGANTOWN, W.VA. — Core Spaces has acquired a three-year-old, 420-bed student housing community located less than half a mile away from the West Virginia University campus in Morgantown. Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. Core Spaces will implement a capital improvement program to include the addition of a fitness center replete with a steam room and sauna, and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Core Spaces will add a new computer lab that will feature new computers, printers, multiple group study areas and individual study spaces. The leasing offices, lobby and reception area will also be redesigned and repositioned. Renovations are expected to begin this summer and be complete by late fall.
BRIDGEPORT, W.VA. — Pittsburgh-based Civil & Environmental Consultants Inc. (CEC) has moved its Bridgeport office to Charles Pointe, a $1.5 billion, 1,700-acre mixed-use community within West Virginia’s I-79 High Technology Corridor. The environmental firm has leased 18,600 square feet of office space at 600 Marketplace Ave. for its 65 Bridgeport employees. CEC provides civil, ecological, environmental and survey services, as well as wastewater collection, transmission and treatment solutions to the mining, oil and gas and real estate industries, as well as to the public sector.
MORGANTOWN, W.VA. — Campus Evolution Villages has refinanced Campus Evolution Villages Morgantown, a 924-bed, 280-unit student housing property located minutes away from West Virginia University. Each unit is fully furnished and features private bedrooms and bathrooms for each resident. Amenities at the center include a newly renovated clubhouse with a 24-hour fitness center, resort-style pool with hot tub, volleyball court, sun deck, basketball court, 24-hour computer lounge, tanning beds and a free shuttle bus service to West Virginia University’s downtown, Evansdale and Health Sciences campuses. Steven Vornea with JL Hunter arranged the financing for CEV.
CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.
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