Property Type

TerraCap Acquires 790,000 SF Industrial Building in Metro Savannah

by John Nelson November 28, 2022

RINCON, GA. — TerraCap Management LLC has purchased Savannah Gateway Building 1H, a 790,000-square-foot industrial building located in the Savannah suburb of Rincon. The single-story property is located within Savannah Gateway Industrial Hub and was 75 percent occupied at the time of sale. Building 1H marks the completion of a two-building acquisition — TerraCap previously purchased Building 1F in August of this year. Broe Real Estate Group sold Building 1H for an undisclosed price. Britton Burdette of JLL represented the seller in the transaction, and Colliers has been appointed to manage the property. The seller and sales price were not disclosed.

November 28, 2022

Development Multifamily Southeast Virginia

Breeden Opens 258-Unit Lofts at Front Street Apartments in Norfolk

by John Nelson November 28, 2022

NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.

November 28, 2022

Acquisitions Florida Multifamily Southeast

Colliers Brokers $10.5M Sale of Seven-Building Multifamily Portfolio in Miami

by John Nelson November 28, 2022

MIAMI — Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio Fernandez of Colliers represented the buyer. The buildings, constructed between 1970 and 1972, occupy a 1.3-acre site with a combined lot size of 57,950 square feet. Units at the properties include one- and two-bedroom layouts.

November 28, 2022

Georgia Loans Seniors Housing Southeast

MMCC Arranges $8.3M Refinancing for Brookside Commerce Assisted Living Facility in Northeast Georgia

by John Nelson November 28, 2022

COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.

November 28, 2022

Acquisitions Florida Healthcare Retail Southeast

SRS Facilitates $2.8M Sale of Tampa Property Leased to Banfield Pet Hospital

by John Nelson November 28, 2022

TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a 4,000-square-foot single-tenant property located at 12815 Bayou Branch Ave. in Tampa. Banfield Pet Hospital, which is engaged in a 10-year lease, occupies the property. Patrick Nutt, William Wamble and Daniel Becker of SRS arranged the transaction on behalf of the seller, locally based Soho Capital. A private, Florida-based investor purchased the property for $2.8 million in a 1031 exchange. The property is located across the street from North Bay Shopping Center, a 270,000-square-foot retail center anchored by Publix and Lowe’s Home Improvement.

November 28, 2022