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FloridaLoansMixed-UseOfficeRetailSoutheast

CMC Group Obtains $69.9M Loan for Refinancing of Metro Miami Mixed-Use Development

by John Nelson

CORAL GABLES, FLA. — Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year, floating-rate loan on behalf of CMC Group. Situated at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce features The Collection, a luxury car dealership whose brands include Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. The property also includes 150,000 square feet of office space and 32,000 square feet of retail space. 4000 Ponce was 90 percent leased at the time of sale to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

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AcquisitionsDevelopmentDistrict of ColumbiaMultifamilySoutheastStudent Housing

Joint Venture Acquires Boathouse Apartments in DC for $67.5M, Plans to Reposition for Student Housing

by John Nelson

WASHINGTON, D.C. — A joint venture between Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings has purchased Boathouse, a 250-unit multifamily community located at 2601 Virginia Ave. NW in Washington, D.C.’s Foggy Bottom neighborhood. An undisclosed seller sold the property for $67.5 million. The new ownership is embarking on a redevelopment plan to convert and rebrand Boathouse to off-campus housing for students, faculty and staff for nearby George Washington University. Planned renovations to the 10-story property include updated amenities, common areas and fully furnishing all 250 units. The property, which features retail space and two levels of underground parking, was recently renovated by the previous ownership.

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DevelopmentIndustrialSouth CarolinaSoutheast

HDA to Design 385,000 SF Distribution Center in Metro Charleston for RoadOne IntermodaLogistics

by John Nelson

SUMMERVILLE, S.C. — St. Louis-based HDA has been selected to design a new 385,000-square-foot distribution center in Summerville for RoadOne IntermodaLogistics, an intermodal trucking provider. The developer of the build-to-suit project is Equity Industrial Partners, and Frampton Construction is serving as the development’s general contractor. Situated on a 48-acre site northwest of Charleston, the cross-dock facility will feature 32-foot clear heights, 100 dock doors, one drive-in door and parking for 364 trucks and 138 cars. Additionally, the property will include two office spaces with private and open work areas, a conference room, breakrooms, restrooms and a locker room. Site work began for the project in January and is expected to wrap up in January 2025.

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AcquisitionsFloridaOfficeSoutheast

CBRE Brokers Sale of 947,176 SF NetPark Tampa Bay Office Building

by John Nelson

TAMPA, FLA. — CBRE has brokered the sale of NetPark Tampa Bay, a 947,176-square-foot, two-story office complex located on a 98.7-acre site at 5701 E. Hillsborough Ave. in Tampa. The property is the largest office asset in the Tampa Bay market and the sale marks the largest office property sold in the Southeast since 2022, according to CBRE. The office building formerly operated as East Lake Square Mall, a regional mall that opened in 1976 and closed in 1998. Dale Peterson, Joe Chick and Courtney Snell of CBRE represented the seller, Bluett Capital Realty Inc. and its tenants-in-common (TIC) ownership group, in the transaction. New Jersey-based Saxum Real Estate Partners purchased NetPark Tampa Bay, marking its first acquisition in Tampa. The sales price was not disclosed, but the Tampa Bay Times reports the property traded for $45 million.

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AcquisitionsMarylandRetailSoutheast

Finmarc Management Purchases Riverview Plaza Shopping Center in Frederick, Maryland for $30M

by John Nelson

FREDERICK, MARYLAND — Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot regional shopping center in Frederick, for $30 million. Ryan Sciullo and H. Casey Benson Smith of CBRE represented the seller, a joint venture between Edens and JPMorgan Chase & Co., in the transaction. Built in 1998 on 23 acres, Riverview Plaza fronts Urban Pike (Maryland Route 355) and is situated approximately 40 miles from Washington, D.C. The shopping center was 95 percent leased at the time of sale to 10 retailers, including T.J. Maxx, PetSmart, Michaels, Staples, Sierra and Old Navy. Target and The Home Depot shadow-anchor the property, which features approximately 9,260 square feet available for lease, according to Finmarc.

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Elmore-Roberts-Great-Falls-MT
AcquisitionsAffordable HousingDevelopmentMontanaMultifamilyWestern

CPP Purchases 60-Unit Elmore Roberts Affordable Multifamily Community in Great Falls, Montana

by Amy Works

GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired Elmore Roberts, an affordable apartment property in Great Falls, with plans to renovate the asset. CPP’s total development investment is approximately $13.2 million, which includes the $3.1 million purchase price and an estimated $97,000 per unit renovation cost. Located at 6 6th St. S., Elmore Roberts features 60 units in a mix of 30 one-bedroom and 30 two-bedroom layouts. Planned renovations include addressing deferred maintenance and outdated systems, including ADA accessibility, and increasing sustainability across the property. In-unit renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators and upgraded ranges and range hoods. Additionally, units will receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Exterior and community upgrades include new windows, roofing and gas furnaces, path-of-travel upgrades, parking lot restriping and brick pointing. CPP will also upgrade the laundry room and add a community area with a computer room. Renovations are slated for completion in December. Project partners include WNC & Associates, Glacier Bank, MBOH, Montana Healthcare Foundation and the City of Great Falls. The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a …

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AcquisitionsIndustrialNevadaWestern

BLT Enterprises Buys 88,457 SF Industrial Asset in Las Vegas from PepsiCo

by Amy Works

LAS VEGAS — BLT Enterprises has purchased an industrial warehouse property, located at 3131 Polaris Ave. in Las Vegas, from PepsiCo for an undisclosed price. In conjunction with the sale, PepsiCo has leased back the 88,457-square-foot property for one year. Once PepsiCo vacates the property, BLT will implement value-add improvements, including upgrading onsite power and refurbishing the parking lot.

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14575-Firestone-Blvd-La-Mirada-CA
AcquisitionsCaliforniaIndustrialWestern

Stos Partners Sells 21,980 SF Warehouse Building in La Mirada, California

by Amy Works

LA MIRADA, CALIF. — Stos Partners has completed the sale of an industrial building, located at 14575 Firestone Blvd. in the Los Angeles suburb of La Mirada, to an owner/user for $9.2 million. Bulit in 1964, the building features 21,980 square feet of warehouse space with 24-foot clear heights. Stos Partners originally acquired the vacant building in June 2022. The seller implemented a capital improvements program, including parking lot resurfacing, door renovations, LED lighting systems and mechanical improvements. Brad Schenider and Nick Krakower of Lee & Associates represented the seller in the deal.

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501-W-58th-Ave-Anchorage-AK
AcquisitionsAlaskaIndustrialWestern

Time Equities Acquires Industrial Property in Anchorage, Alaska for $9.1M

by Amy Works

ANCHORAGE, ALASKA — Time Equities Inc. (TEI) has expanded its Alaska portfolio with the purchase of 501 W. 58th Ave., an industrial facility in Anchorage. 58TH Avenue Warehouse LLC/Chugach Alaska Corp. sold the asset for $9.1 million Spanning 2.4 acres, the industrial site features 48,011 square feet of first-floor space and various mezzanine and outdoor storage space. Platt Electric and Chugach Alaska occupy the property. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith provided in-house representation for TEI, while Eric Sobolik of Jack White Commercial represented the buyer in the transaction.

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AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Colliers Arranges Sale of 522-Unit Self-Storage Facility in San Pablo, California

by Amy Works

SAN PABLO, CALIF. — Colliers has brokered the sale of San Pablo Mini Storage, a self-storage facility located at 5310 Riverside Ave. in the Bay Area city of San Pablo. The Reeves Family Trust sold the property to Merit Hill Capital for an undisclosed price. Jacob Becher of the de Jong | Becher Self-Storage Team of Colliers represented the seller and procured the buyer in the deal.   Situated on 2.4 acres, the 11-building San Pablo Mini Storage features 50,503 square feet of rentable space and 522 units. At the time of sale, the property was 83 percent occupied.

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