Campus Crest Acquires Two Student-Housing Projects; Cureton Town Center Sold for $13.9M
- Jan 13, 2012
Campus Crest Communities Inc., a leading developer, builder and manager of purpose-built student housing under The Grove brand, recently announced it has closed on the purchase of the remaining 50.1 percent interests in The Grove at Huntsville, Texas and The Grove at Statesboro, Ga. from Harrison Street Real Estate Capital. The company bought out its joint-venture partner for $13.5 million.
Alongside the acquisition of the two student housing projects, Campus Crest closed on $28.7 million of term loans for the two properties, through Citibank N.A, as reported by the Charlotte Business Journal.
“Huntsville and Statesboro are two great additions to our wholly owned portfolio. The properties are within close proximity to campus at universities that are experiencing significant enrollment growth,” said Ted Rollins, the company’s co-founder, co-chairman and chief executive officer, in a press release. “The ability to increase our ownership in assets developed and successfully operated by Campus Crest since opening represents another attractive growth alternative for our company. Additionally, the land for potential expansions make this acquisition a great opportunity for us.”
In other commercial news, Cureton Town Center, a 74,557-square-foot shopping center located in Waxhaw, recently sold for $13.9 million.
The shopping center was 91.9 percent occupied at the time of the acquisition and has Harris Teeter as its anchor tenant on a long-term lease through March 2027, according to Citybizlist. Other notable tenants include Fifth Third Bank, SunTrust Bank, Great Clips, Papa John’s and Moe’s Southwest Grill. Cureton Town Center is located approximately 12 miles south of Charlotte.
The grocery-anchored complex was acquired by Phillips Edison–ARC Shopping Center REIT, a joint venture between Phillips Edison & Co., the largest private owner-operator of grocery-anchored shopping centers, and American Realty Capital, a leading sponsor and equity raiser in the non-traded REIT industry.
Photo credits: The Grove of Statesboro facebook page