BURBANK, CALIF. — BWE has secured a $32.6 million loan to provide first mortgage financing for First Street Village, a six-story, mixed-use development in Burbank. Steve Perricone and Tom Mazlo of BWE originated the loan from a correspondent life company on behalf of the borrower, a regional private investment firm. First Street Village features 94 studio, one-, two- and three-bedroom units and 6,100 square feet of fully leased commercial space. Units feature quartz countertops, Energy Star-rated appliances, European cabinetry, nine-foot ceilings and in-unit washers/dryers. Community amenities include an outdoor swimming pool, a fitness center, spa, sundeck, business center and landscaped courtyard. The loan has a 15-year term with a 30-year amortization and is open to prepayment at par after nine years. The borrower used the proceeds to pay off an existing high-interest construction loan.
MYRTLE BEACH, S.C. — DC Blox, a data center provider based in Atlanta, has opened its Cable Landing Station in Myrtle Beach. The 125,000-square-foot facility is equipped with 19 megawatts (mW) of power and can host up to five subsea cables and colocation space for network and cable operators, communications providers, local enterprises and partners. DC Blox is also building a dark fiber route from the new facility to its communications hub in Atlanta. Google has announced two subsea cables that will land at the Myrtle Beach station, including the Firmina cable connecting Myrtle Beach to Argentina, Brazil and Uruguay, and the Nuvem cable to connect to Portugal and Bermuda. Edge Holdings (a subsidiary of Meta, parent company of Facebook and Instagram) has announced that it plans to land its Anjana cable connecting to Spain.
BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.
BLOOMINGDALE, GA. — Atlanta-based MDH Partners has purchased Beltway Logistics Center, a 655,370-square-foot industrial facility located in Bloomingdale, about 15 miles from the Port of Savannah. The seller, a joint venture led by TPA Group, recently delivered the property, which is situated less than one mile from I-16. Joe DeHaven led the acquisition process for MDH Partners on an internal basis. The sales price was not disclosed. The cross-deck facility features 40-foot clear heights, 172 trailer parking spots, 134 dock-high doors, 185-foot concrete truck courts, 2,445 square feet of speculative office space and LED lighting in the warehouse. Notable neighbors of Beltway Logistics Center include Floor & Decor, FedEx and Arco Plastic.
WAKE FOREST, N.C. — St. John Properties has purchased a 30-acre site in Wake Forest, about 13 miles north of Raleigh. The Baltimore-based developer plans to build Wake Forest Exchange, a 165,000-square-foot mixed-use business community comprising flex, research-and-development (R&D), office and retail space. Phase I will include two flex/R&D buildings spanning approximately 95,000 square feet, a 25,000-square-foot office building and a 10,000-square-foot retail building. The remaining flex/R&D and retail buildings will be phased based on leasing pace, with the goal of executing St. John Properties’ entire development plan by 2027. Wake Forest Exchange is expected to support nearly 500 jobs at final build-out and leasing. Jay Taylor of SVN Tar Heel Commercial Realty Inc. represented the unnamed seller in the land sale, and St. John Properties was self-represented.
DELRAY BEACH, FLA. — Pebb Capital has signed 136,852 square feet of retail, restaurant and commercial office leases at Sundy Village, a mixed-use development underway in Delray Beach. The new tenants include communications infrastructure provider Vertical Bridge, Barcelona Wine Bar and a Schulson Collective project by chef and restauranteur Michael Schulson. Additionally, Pebb Capital will relocate its Boca Raton headquarters to Sundy Village in one of the property’s standalone office buildings, taking approximately 5,600 square feet of office space. The firm has also signed a 79,141-square-foot lease on the neighboring block, located at 100 S.E. 1st Ave., for a build-to-suit corporate headquarters relocation of an undisclosed, publicly traded company. Sundy Village will span across six buildings on approximately seven acres at 22 W. Atlantic Ave. Joe Freitas and John Criddle of CBRE oversee the Sundy Village’s office leasing, and Sara Wolfe of Vertical Real Estate handles retail leasing. Pebb Capital broke ground on the project in February, with delivery estimated for summer 2024. The project team includes Gensler and RLC Architects.
EULESS, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Euless Town Center, a 239,610-square-foot shopping center located on the eastern outskirts of Dallas. Ross Dress for Less and grocer Aldi anchor the center, which was roughly 86 percent leased at the time of sale. Other tenants include Dirt Cheap, Skechers USA and Sally Beauty. Hudson Lambert and Jennifer Pierson of STRIVE represented the California-based seller and procured the Texas-based buyer, both of which requested anonymity, in the transaction.
SAN DIEGO — Owner 6916 Fulton St. LLC is nearing completion of the development of Citrino, an apartment complex in the Linda Vista neighborhood of San Diego. Located at 6919 Fulton St., the pet-friendly community features 47 studio, one- and two-bedroom apartments ranging from 470 square feet to 941 square feet. Units offer open floorplans with oversized windows, stainless steel appliances, quartz countertops and full-size stackable washers/dryers. The solar-powered property features two electric vehicle charging stations, a community clubhouse, kitchen and courtyard. San Diego-based Sunrise Management is serving as property manager for the asset. Pre-leasing for the community is underway.
FALCON, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 7575 Falcon Market Place in the Colorado Springs suburb of Falcon. A limited liability company sold the asset to an undisclosed buyer for $2.6 million. Freddy’s Frozen Custard & Steakburgers occupies the 3,030-square-foot property on a net-lease basis. Part of a 20-acre development, the new restaurant is located in front of a King Soopers supermarket that is currently under construction. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver represented the seller in the deal.
HOUSTON — Dallas-based Civitas Capital Group has topped out UNITi Montrose, a 238-unit multifamily and coliving project in Houston. The site spans a full acre, and the building rises six stories atop a three-story parking garage. Floor plans consist of 190 studio, one- and two-bedroom units as well as 48 private suites that house a total of 161 private rooms. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for next summer.