CAPRE’s Commercial Real Estate Headlines for September 16, 2019
Check out the latest deals and developments in commercial real estate for September 16, 2019:
- Elevation Announces Acquisition Of Two Senior Properties In Illinois: Elevation Financial Group is excited to announce the purchase of two senior properties for a total purchase price of $10.7 million. This acquisition brings the total number of properties purchased within the past two months to eight and represents the first purchase for Elevation in the state of Illinois. The first property, Homestead at Montvale, is a 160-unit 55+ senior property acquired by Elevation Real Property VII, LLC (The Apollo Fund). The property was purchased for $8.4 million or $52,500/unit. The three-story community was built in 1999 and features an elevator, a game room, library, community rooms and additional amenities designed to serve senior residents. The second property, acquired by Elevation Real Property Fund VI, LLC, is a 60-unit 55+ independent senior community purchased for $2.3 million or $38,333/unit. Built in 1996, Homestead Place is located in Springfield, Illinois.
- Plymouth Industrial REIT Completes Acquisitions Totaling $90.5 Million in Four Targeted Industrial Markets: Plymouth Industrial REIT has completed the previously announced acquisitions of industrial buildings in Chicago, Cincinnati, Columbus and Memphis totaling 2.2 million square feet for total consideration of $90.5 million. The acquisitions were funded with proceeds from the Company’s May equity offering, borrowings on its expanded credit facility and the assumption of existing mortgage loans. On August 29, 2019, Plymouth purchased two industrial buildings in Memphis, Tennessee totaling 566,281 square feet for total consideration of $22.05 million. The acquisition, which is projected to provide an initial yield of 8.1%, was funded with $12.55 million in cash and the assumption of a $9.5 million mortgage loan. 4540 & 4600 Pleasant Hill Road are located in the Southpark Distribution Center, one of the premier industrial parks in Memphis, and 100% leased to iQor Global Services. The buildings are immediately adjacent to the BNSF Intermodal Yard with direct accessibility to major transit corridors, I-240, I-55 and I-40.
- Northeastern University, The City of Boston and American Campus Communities Open LightView Student Living Community: American Campus Communities joined Northeastern University and the City of Boston today to commemorate the opening of LightView, the newest student living community that represents an innovative approach to housing more students through public-private partnerships with universities. Conveniently located at 744 Columbus Avenue adjacent to the southeastern border of Northeastern’s campus, the opening of the new 20-story residential tower marks a key milestone for the “Housing A Changing City: Boston 2030” initiative which aims to improve the quality and quantity of housing for students attending Boston institutions of higher education. The 825-bed facility is helping free up housing needed for the local community workforce.
- Kennedy Wilson and Security Benefit Announce New Joint Venture Platform: Global real estate investment company Kennedy Wilson has announced the formation of a new joint venture platform with Security Benefit targeting stabilized, income producing, high-quality real estate investment opportunities in the Western United States. The Joint Venture is initially targeting $500 million of investments with potential to grow. In its role as asset manager, Kennedy Wilson expects to invest alongside Security Benefit with a 20% interest in the investments of the Joint Venture and will earn customary fees. The Joint Venture also announced the acquisition of Sunset North, an institutional quality, three-building campus in Bellevue, Washington, for $227 million. The Joint Venture invested $77 million of equity, including $15 million of equity from Kennedy Wilson, and secured a 10-year, fixed rate, interest only loan for $150 million at 3.25%.
- Jamestown’s Ballston Exchange Becomes First Office Building in Virginia to Attain LEED Silver Certification Under v4 Rating System: Jamestown, a leading real estate investment and management firm, announced that 4201 Wilson Boulevard, a 595,000-square-foot office building at Ballston Exchange in Arlington, VA, has earned LEED Silver certification, making it the first office building in the state of Virginia to certify using the LEED v4 Building Design + Construction green building rating system from the U.S. Green Building Council (USGBC). The building constitutes one half of the 776,000-square-foot Ballston Exchange development, Jamestown’s first venture in Arlington. The designation also marks the latest recognition under the brand’s sustainability vertical ‘Jamestown Green,’ created to integrate sustainability efforts throughout Jamestown’s property, portfolio and corporate levels.
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