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Industrial Property picks up 30 assets in Q2; Education Realty starts Texas on-campus housing project

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Industrial Property picks up 30 assets in Q2; Education Realty starts Texas on-campus housing project

This feature rounds uprecent property news from covered companies and highlights larger deal coveragealready published.

* IndustrialProperty Trust Inc. picked up 30 industrial buildings during thesecond quarter for a total of roughly $541.0 million. The buildings, acquiredby the company directly or via its 20%-owned joint venture, cover 8.1 millionsquare feet across 14 U.S. markets.


Rendering of  Texas A&M University-Commerce residence hall
Source:  Education Realty Trust Inc.

In April alone, the company purchased 10 buildings covering1.4 million square feet for about $101.9 million. In May, the REITclosed five transactions, including 13 buildings covering about 4.5 millionsquare feet, for roughly $295.1 million. In June, it closed fivetransactions, including seven industrial buildings totaling 2.2 million squarefeet, for a total of about $144.0 million.

* EducationRealty Trust Inc. completed the financing and kicked off theconstruction of an on-campus housing community covering 136,975 square feet atTexas A&M University-Commerce in Texas.

The freshman-only residence hall, expected to be completedin summer 2017, will be managed by the university. The $29.9 millionthird-party development will feature 490 beds and amenities, such asprivate study rooms and communal areas.

* TerrenoRealty Corp. picked up a roughly 13.4-acre land parcel with about18,300 square feet of existing building improvements in Hanover, Md.

The company paid about $8.2 million for the property at 7479New Ridge Road, which is fully leased to a single tenant and has a 7.9%projected stabilized cap rate.

* CyrusOneInc. wrapped up construction of a new data hall on its Chandler,Ariz., data center campus, adding 36,000 colocation square feet with 2 MWof power capacity to the facility.


Chandler II Data Center Facility
Source:  CyrusOne Inc.

* DCTIndustrial Trust Inc. broke ground on a 796,000-square-footdevelopment at DCT ArborAvenue in Tracy, Calif., with construction expected to be completedin the third quarter of 2017.

The development, which sits on 39.6 acres, features across-dock distribution building with 32-foot minimum clear height, more than650 parking spaces, 195-foot secured truck courts and 118 trailer parkingpositions.

* MaplewoodInternational REIT received committed debt financing for itssole investment assetin the Netherlands from the property's existing mortgage lender. The newfinancing was added to Maplewood's existing mortgage debt on the asset.

The company will use the financing to fully fund a maximum€140,000 capital investment in the asset that will go toward specified buildingimprovements.

Additional coverage:

DiamondRockwraps up $208M sale of 2 NY, Minneapolis hotels: The divestmentswill reduce the company's full-year 2016 adjusted EBITDA by about $12.2 millionand AFFO by $9.6 million.

CareyWatermark Investors 2 pays $154M for San Jose, Calif., hotel: Theprice works out to $302,000 per key.

CenturyCasinos taps Asian gaming market: The company opened a ship-basedcasino that will cater to the Asian gaming market, especially the Chinesemarket.

Equinix todevelop new data center at Netherlands property: The company willhave spent $189 million by the time it completes the four expansion phases ofthe facility.

MGM Resortswins regulatory nod in NJ for Borgata casino stake buy: The CasinoControl Commission in New Jersey approved the lease agreements required for thetransaction in a 3-0 vote, according to The Associated Press.

MedicalProperties details Wash. facility sale-leaseback deal, other operationalactivities: The company plans to convert a $93 million loan securedby the Olympia, Wash., facility into a sale-leaseback arrangement.

Kennedy Wilsonexpands in Seattle area with $81M purchase: The apartment communityis in the Seattle suburb of Auburn, Wash., and the company also procured a loanto finance the acquisition.

American HotelIncome set to buy Dallas and Tempe, Ariz., hotels: The acquisitionof the two Embassy Suites by Hilton hotels represents a weighted-averagecapitalization rate of about 8.3% on trailing-12-months NOI.