REBusinessOnline

Northwood Ravin to Break Ground on 354-Unit Multifamily Development in Uptown Charlotte

CHARLOTTE, N.C. — Northwood Ravin will break ground on 500 West Trade in July. The project will feature 354 apartment units, 8,500 square feet of retail space and a 3,600-square-foot pedestrian courtyard. The apartment units will be situated within a seven-story and a 14-story building connected by the courtyard. Communal amenities will include a business center overlooking Trade Street, a rooftop lounge and outdoor kitchen in the 14th floor, dog spa and two swimming pools. Additionally, …

Cushman & Wakefield Brokers $54.4M Sale of Office Building in South Florida

CORAL GABLES, FLA. — Cushman & Wakefield has arranged the $54.4 million sale of 550 Biltmore, a 162,293-square-foot office building in Coral Gables. Miami-based CGI Merchant Group acquired the 16-story building for $336 per square foot. The asset was built in 1986 and renovated in 2013. The property is located at 550 Biltmore Way, six miles west of downtown Miami. 550 Biltmore was 89 percent leased at the time of sale to tenants including UBS, Compagnie Financière Richemont (Cartier) and …

ContraVest Sells Multifamily Community in Tampa for $54.3M

TAMPA, FLA. — ContraVest has sold the Addison at Tampa Oaks, a 262-unit multifamily community in Tampa, for $54.3 million. Addison at Tampa Oaks was built in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 1,046 square feet. Community amenities include a swimming pool, sun deck, outdoor lounge, 24-hour fitness center, spin cycle studio and a resident clubhouse. TM Real Estate Group and Lindy Property Management acquired the asset for $207,061 per

Berkadia Arranges $32.5M Sale of Apartment Complex in Metro Orlando

WINTER SPRINGS, FLA. — Berkadia has arranged the $32.5 million sale of 1020 at Winter Springs, a 208-unit apartment complex in Winter Springs, about 15 miles north of downtown Orlando. The community was built in 1992 and was 97 percent occupied at the time of sale. 1020 at Winter Springs offers one-, two- and three-bedroom floor plans averaging 769 square feet. Communal amenities include a swimming pool, tennis courts, clubhouse, fitness center, playground and a laundry facility. Cole …

Marcus & Millichap Negotiates $11M Sale of Retail Center in Central Florida

HAINES CITY, FLA. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, about 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 …

Relocations, Expansions Push Birmingham Office Market to a Tipping Point

Birmingham is a unique market for Class A office space. Last year had its fair share of notable transactions (both sales and leases), but overall a few key transactions from previous years pushed absorption in the negative figures. The most significant deal that is still impacting our market was a tenant relocation into the Red Roofs Colonnade (Colonnade North and South) located at the interchange of Highway 280 and Interstate 459, the heart of the 280/459 office submarket. Southern Co. …

GE Appliances to Invest $130M in Three Georgia Industrial Facilities, Create 300 Jobs

LOUISVILLE, KY. — GE Appliances will invest $130 million in three industrial facilities in north Georgia, ultimately adding 300 new jobs for the Louisville-based manufacturer in the Peach State. GE Appliances will invest $43 million in the company’s affiliate Roper Corp. facility in Walker County in order to expand manufacturing capabilities and introduce new cooking products. The investment will create an additional 100 jobs, bringing the total employee count at the plant to 2,000. The …

Rieber Developments to Build Seniors Housing, Mixed-Use Tower Near Miami

AVENTURA, Fla. — Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit luxury senior living component and a structured parking garage. The …

Q Hotels, Stirling Properties Break Ground on Marriott Hotel Near New Orleans

SLIDELL, LA. — Q Hotels and Stirling Properties have broken ground on Springhill Suites by Marriott, an 88-room, four-story hotel in Slidell. The hotel will sit on 1.9 acres at the intersection of Ruth Garrett Way and Bill Garrett Road, about 35 miles northeast of downtown New Orleans. Construction is already underway on the hotel with delivery slated for the fourth quarter of 2020. The hotel will be situated within Fremaux Park, Stirling’s 350-acre mixed-use development that includes …

Lynd, Topaz Capital Acquire Apartment Complex in Jacksonville for $35.2M

JACKSONVILLE, FLA. — A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add apartment complex in Jacksonville, for $35.2 million. The joint venture plans to invest $5 million to upgrade the property and will rebrand it as Topaz Villas JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Mission Springs was built in …

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