9200 Hudson Blvd., Lake Elmo, $13.63 million: HSRE
Lake Elmo LLC, a Harrison Street entity, closed on the acquisition March 16.
Brandywine and Campus Crest will each own 30.0% of the joint venture, while HSRE
will own 40.0%.
Also, as per the management's current estimate of the next 12 months' net operating income of the properties, the acquisitions imply a nominal capitalisation rate of about 7.2%, the company said and added that with this acquisition it has bought wholly-owned interests in seven properties from HSRE and increased its wholly-owned operating assets to 29 properties.
Further, interests in four additional operating assets are still held by the company in joint ventures with HSRE.
Campus Crest Communities Inc (NYSE:CCG), the US property developer and manager focused on purpose-built student housing, said it had finalised a deal to buy partner Harrison Street Real Estate (HSRE
) out of two joint ventures.
9 July 2012 - Campus Crest Communities Inc (NYSE:CCG), the US property developer and manager focused on purpose-built student housing, said it had finalised a deal to buy partner Harrison Street Real Estate (HSRE) out of two joint ventures.
CCG has acquired the 50.1% it did not own in The Grove at Moscow, Idaho and the 80% stake held by HSRE in The Grove at Valdosta, Georgia.
The closure of the deal brings to seven the number of joint ventures in which CCG has bought the interests held by HSRE, giving it full control of 29 properties.
HSRE Clarity Pointe at Little Rock LLC of Des Moines, Iowa, purchased a 4.06-acre site near the northeast corner of Ranch Boulevard and Ranch Drive for $920,000.
Construction of HSRE's 59-bed Alzheimer facility is financed with a four-year loan of $7.18 million from Compass Bank of Birmingham, Ala.