REBusinessOnline

Hudson Holdings Receives Unanimous Approval for $135M Mixed-Use Project in South Florida

DELRAY BEACH, FLA. — The City of Delray Beach has unanimously approved Hudson Holdings LLC’s plan for the development of Midtown Delray Beach, a 400,000-square-foot mixed-use development. The $135 million project will span parts of four city blocks in Delray Beach and will feature retail, restaurant, office and residential space, as well as a hotel. Approved by city commissioners at 5-0, the development will include eight restored historic structures that will be revived under the guidance …

Passco Buys 360-Unit Apartment Community in Southwest Florida for $77.5M

SARASOTA, FLA. — Passco. Cos. has purchased Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road in Sarasota. The Irvine, Calif.-based company purchased the newly constructed property from the developer, Continental Properties, for $77.5 million. Jamie May of JBM Institutional Multifamily Advisors represented both parties in the transaction, and Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing. Passco plans to …

Meridian Capital Secures $66M Acquisition Financing for Multifamily Portfolio in Florida

TAMPA, FLA. — Meridian Capital Group has arranged $66 million in acquisition financing for a six-property multifamily portfolio located throughout Florida. Tampa-based Blue Roc Premier acquired the assets, which total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park Ormond Beach, DeLand and Brandon. Community amenities across the portfolio include sports courts and swimming pools. Seth Grossman and Sarah Keubler of Meridian’s Solana Beach office arranged the …

JCR Acquires Shopping Center in Metro D.C. for $6.7M

ALEXANDRIA, VA. — The JCR Cos. has acquired Krispy Korner Shopping Center in Alexandria, located eight miles south of Washington, D.C., for $6.7 million. The 16,680-square-foot center formerly housed a Krispy Kreme. Krispy Korner LLC sold the property, according to local media reports. The transaction marks JCR’s 10th shopping center acquisition since 2012 and its second for 2018. The center is home to tenants such as Wing Stop, Sprint, One Main Financial, a dentist and a dry

Ready Capital Provides $5.6M Acquisition Loan for Medical Office Building in Richmond

RICHMOND, VA. — Ready Capital Structured Finance has provided a $5.6 million acquisition loan for an approximately 40,000-square-foot medical office facility located at 7301 Forest Ave. in Richmond’s West End. The undisclosed borrower will use proceeds from the floating-rate loan to renovate and lease up the asset. The interest-only, non-recourse loan features a 36-month term with two extension options. The medical office building is situated less than a mile from Henrico Doctors’ …

Retail Sector is in Midst of Unprecedented Adaptation Cycle, Says Nadji

LAS VEGAS — Hessam Nadji has a simple message for the shopping center community in a tumultuous retail environment: adaptation plus innovation equals opportunity, particularly in an economy with plenty of runway left for growth. “If you take a look at the most dominant technology players that you can think of — Microsoft, Apple and Amazon — they are getting into brick-and-mortar retail every day. Why? Because physical space counts, physical location counts, presence in the community …

Facebook Signs Full-Building Lease for 43-Story Office Tower in San Francisco

SAN FRANCISCO — Social media giant Facebook Inc. (NASDAQ: FB) has signed a long-term lease to fully occupy Park Tower at Transbay, a 43-story office tower under construction in San Francisco’s Financial District. According to the San Francisco Business Times, the transaction is the largest office lease in the history of the city and will make Facebook the market’s third-largest tech tenant by square footage. Park Tower is co-owned by MetLife Investment Management, the asset …

Diverse Population, UAB Help Retail, Restaurants Expand in Birmingham

It wasn’t until the last five to seven years that college graduates started looking at Birmingham as a place to live and work. Cities like Nashville and Atlanta were getting too expensive and too congested. Upon discovering how progressive Birmingham has become with the revitalization of the downtown area, it became the new hot place to live, play and work. So what was once an untapped market has started to grow with new retailers and restaurants to meet the growing demand. The addition of …

H&R REIT to Sell 63-Property Retail Portfolio for $633M

TORONTO — H&R Real Estate Investment Trust has entered into an agreement to sell nearly all of its U.S. retail holdings for US$633 million. The sale includes 63 assets and is expected to close in June. The Toronto-based REIT’s portfolio houses retailers including Walgreens, CVS/pharmacy, Publix, Kroger, Kohl’s, Rite Aid, Sam’s Club, Lowe’s Home Improvement and The Home Depot. H&R REIT (TSX: HR.UN) still owns 16 gas and convenience stores in the United States. The buyer was not …

Birmingham’s Multifamily Market Sees a Turnaround in Highway 280 Corridor

Birmingham’s multifamily market closed out 2017 with an average 7 percent vacancy rate and effective rents that flirted with the $900 per unit ceiling. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2017. The market outperformed the region and the nation in terms of value appreciation on a per unit basis. The average price per unit in Birmingham increased by more than 20 percent from fourth-quarter 2016 to fourth-quarter …

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