STILLWATER, MINN. — Dougherty Mortgage LLC has provided a $6.5 million Fannie Mae loan for the refinancing of Long Lake Villas in Stillwater, about 25 miles east of Minneapolis. The 59-unit affordable housing property consists of 10 buildings. The 12-year loan features a 30-year amortization schedule. Long Lake Villa LP was the borrower.
SPRINGFIELD, ILL. — Marcus & Millichap has brokered the sale of Lake Victoria Apartments in Springfield for $4.1 million. Built in 1982, the 156-unit multifamily community is located at 2925 Taylor St. It consists of 19 two-story buildings, all of which underwent extensive renovations beginning in 2013. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.
NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has agreed to sell a 10 percent interest in 1633 Broadway, a 2.5 million-square-foot office tower located on Broadway between 50th and 51st streets in Manhattan. While the price and buyer were not disclosed, the seller says the transaction values the property at $2.4 billion and netted a profit of $114 million for the company. The transaction is scheduled to close in the second quarter. Floor plates at the 48-story building range from 37,000 to 54,000 square feet. The property features a newly renovated lobby, 40 elevators, direct access to the New York City subway system and a 250-space parking garage. The property is located in the heart of Manhattan’s Theater District, with both Gershwin Theater and Circle In The Square Theater located in the building. The location is two blocks from Radio City Music Hall and Rockefeller Center, four blocks from Times Square and seven blocks from Central Park. “With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well above what is implied by our stock price,” says Albert Behler, chairman, CEO and president …
Raleigh checks all the boxes: a youthful, highly educated population, top research universities, a thriving large cap research and tech sector, plus clement weather. It’s Austin with more first-rate college basketball teams and less traffic. Despite its conspicuous lack of entry barriers, multifamily investors and developers have placed enormous bets on Raleigh’s continuing success. Since 2017, apartment properties valued at nearly $8 billion have exchanged hands and over 15,000 market-rate apartment units worth more than $2.5 billion were delivered — a commitment of capital the equivalent of roughly $11,000 for every working Triangle resident. Competition promises to be no less taxing this year. Supply in 2020 will approach 8,000 units, easily the largest vintage in market history and an increase of 40 percent from last year. Few players have regrets. The metro apartment and labor markets continue to perform at full throttle, and investment returns remain among the highest in the country. There were, however, moments of doubt. Recent preliminary Bureau of Labor Statistics payroll employment and hourly wage data for the nine-month period that ended in June 2019 recorded uncharacteristically soft results. Initial reports suggested that metro payroll job formation had limped along at a 1 percent annual pace …
ORANGE PARK, FLA. — Los Angeles-based Broadshore Capital Partners has led a joint venture including an investment client in the $37.1 million acquisition of Victoria at Orange Park in metro Jacksonville. The 280-unit apartment community offers one- and two-bedroom floor plans spanning 13 buildings. Communal amenities include a pool, fitness center and a clubhouse. The buyers will upgrade the amenity space as well as open a new business center. The property was originally built in 1986 and is situated at 1710 Wells Road in Orange Park, 14 miles south of downtown Jacksonville. The seller was not disclosed.
MOBILE, ALA. — Cushman & Wakefield has arranged the $20.5 million sale of Park West, a 278-unit apartment complex in Mobile. The property was originally built in 1977 and includes communal amenities such as two pools with sundecks, a 24-hour fitness center, courtyard picnic and barbecue pavilion and a playground. Park West offers one- and two-bedroom floor plans with rents ranging from $607 to $1,011 per month, according to Apartments.com. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Lyndhurst, Ohio-based seller, Legacy Capital Partners, in the transaction. Alpharetta, Ga.-based Two Waters Capital Management acquired the property.
SARASOTA, FLA. — Marcus & Millichap has negotiated the sale of Sixth Street Plaza a 20,922-square-foot retail property in Sarasota. The buyer, an undisclosed limited liability company, paid $1.4 million for the asset, which is situated at 601A N. Washington Blvd., less than one mile north of downtown Sarasota. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, an undisclosed individual trust, in the transaction. The team also procured the buyer.
MARIETTA, GA. — TSCG has secured two leases for Publix and Five Guys Burger and Fries to join the retail lineup at East Cobb Crossing in Marietta. The new Publix store will span 37,395 square feet. and Five Guys will occupy an outparcel previously leased to Del Taco. The fast-casual hamburger chain is renovating the 2,478-square-foot building and expects to open later this year. Other tenants at East Cobb Crossing include Dick’s Sporting Goods, Party City, Ashley Furniture Homestore, Arby’s, Dog City Bakery and Capozzi’s NY Pizza. TSCG represented the landlord, East Cobb Crossing LLC, in the negotiations.
LAKELAND, FLA. — Publix Super Markets is offering two months of rent relief to businesses that operate within Publix-owned shopping centers that have closed due to the coronavirus outbreak. The Lakeland-based grocer is also waiving payments for common area maintenance fees and taxes, regardless of the tenant’s access to other relief or assistance. Publix operates 1,243 stores in seven Southeastern states, including Florida, Georgia, South Carolina, North Carolina, Tennessee and Alabama. A total number of businesses that have closed within Publix-owned centers was not disclosed. Publix owns more than 330 shopping centers.
IRVING, TEXAS — 7-Eleven Inc. has donated 1 million masks to the Federal Emergency Management Agency (FEMA) to be distributed among healthcare workers and patients who are battling COVID-19. The Irving-based convenience store giant has provided all franchisees with masks to be used by employees in their stores, which remain open as essential services. The chain operates approximately 11,800 stores in North America and more than 70,000 worldwide. 7-Eleven is also offering free delivery services for all products through its 7NOW app until April 30.
