ASHEVILLE, N.C. — Greystone has provided a $16 million HUD construction loan for White Oak Grove Apartments, a 113-unit apartment complex in Asheville. The borrower and developer is White Oak Grove Associates. The loan provides 85 percent of the project costs and carries a fixed interest rate during the construction period, followed by a 40-year term with amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, low-rate financing. The community also will be built to comply with HUD’s Energy Star requirement to achieve a Green Mortgage Insurance Premium (MIP) reduction. The community will consist of 10 garden-style walk-up buildings, with 12 one-bedroom units averaging 743 square feet and 101 two-bedroom units averaging 1,138 square feet. Community amenities will include a fitness room, community room, business center, dog park, picnic areas and green space throughout. The project is planned for completion in 2020.
PORT ST. LUCIE AND TALLAHASSEE, FLA. — Waramaug Hospitality has acquired two hotels totaling 213 rooms in Port St. Lucie and Tallahassee. The sales prices were not disclosed. The company bought the four-story, 88-room SpringHill Suites by Marriott Tallahassee Center. The hotel offers a 24-hour business center, 24-hour fitness center, outdoor pool with grilling area and 635 square feet of meeting space. Waramaug also acquired Residence Inn by Marriott Port St. Lucie, a six-story, 125-room hotel which features studio and one-bedroom suites. The hotel is located near PGA Golf Club, The Landings, First Data Field (home to the St. Lucie Mets, training field for Major League Baseball’s New York Mets) and Super Play. Waramaug is planning a comprehensive renovation of the Residence Inn and a refresh of the SpringHill Suites. Interstate Hotels & Resorts will manage both properties. The seller(s) was not disclosed.
Demand for industrial space in Philadelphia and suburban Pennsylvania counties has been strong over the last five years. The last meaningful wave of speculative construction occurred in 2002. Couple that with the fact that much of the area’s industrial inventory was built prior to 1980, and we have a market that is ready to absorb a rising volume of speculative product. Organic growth and new-to-market requirements have absorbed most of the quality supply, leaving inventory that is at 40 to 50 years old and functionally obsolete for many requirements of today’s e-commerce users. Activity has been slower in the year’s first six months as companies have been more cautious about planning for future growth. Another factor has been the lack of quality-space options, with less than 1 percent of the inventory considered institutional, Class A space. This dearth of quality space is reflected in the single-digit vacancies. Developers, tenants and brokers will be watching closely as over 5 million square feet of speculative industrial space is projected to deliver in the next 12 to 24 months. Strong Urban Demand There is pent-up demand from local warehouse and manufacturing companies as well as increasing demand from third-party logistics (3PLs) users, food …
BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units. Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction. Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan. New York City-based Westbrook is a privately owned real estate investment management company. Houston-based Hines is a privately owned real estate investment, development and management firm with …
KING OF PRUSSIA, PA. — CBRE has arranged the sale of a 292,110-square-foot industrial portfolio in King of Prussia, a northwestern suburb of Philadelphia. The properties are located at 201 and 221 King Manor Drive, as well as 740, 780 and 820 Third Ave. The portfolio was 95 percent leased at the time of sale. Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the sellers, Pennsylvania-based Endurance Real Estate Group and Texas-based Thackeray Partners, in the transaction. The sales price and buyer were undisclosed.
NEW YORK CITY — KFIR Capital, a New York-based firm, has arranged the $20.5 million sale of a multifamily property in Brooklyn. The 43,000-square-foot building at 210 Clarkson Ave. was vacant at the time of sale, formerly housed a Dollar Tree store and a private school. The buyer plans to develop part of the building into a residential property. Jake Blatter of KFIR represented the seller, New York-based 210 Clarkson Corp., in the transaction. Blatter also represented the buyer, a local investor.
NEW YORK CITY — KZA Realty Group, a Bronx-based firm, has brokered the $7.2 million sale of an office building in The Bronx. Built in 1921, the 11-story building at 2021 Grand Concourse includes 59,292 square feet of office space and a pharmacy on the ground floor. The offices have traditionally been leased to medical professionals. Kathy Zamechansky represented the seller, Bronx-based Gara Realty Co., in the transaction. Zamechansky also represented the buyer, Brooklyn-based Chera Realty Group, which plans to renovate the property.
JERSEY CITY, N.J. — Capital Realty Associates, a New Jersey-based firm, has brokered the sale of two multifamily buildings in Jersey City. The buildings, located at 458-460 and 549-551 Mercer St., consist of 14 residential units and a ground-floor retail space. The sales price represents a capitalization rate of 5 percent. Solomon Halberstam represented the seller in the and procured the buyer in the transaction, which were both undisclosed.
SNELLVILLE, GA. — A public-private partnership (PPP) between the City of Snellville and developers CASTO and MidCity Real Estate Partners, will develop The Grove at Towne Center, a planned mixed-use development in downtown Snellville. The City of Snellville unanimously approved the project on Monday, Aug. 26 in a 6-0 vote. The PPP will break ground on the $85 million Phase I in 2020 and expects the first deliveries in 2021. Phase I will comprise more than 50,000 square feet of retail, restaurant, office and entertainment space, and about 250 multifamily units. The Market Center building will serve as the project anchor. CASTO and MidCity are working with the City of Snellville to customize the overall design and uses within the building. Early ideas include a brew pub on the first floor and event space on the second floor. The Grove Apartments will offer amenities such as a fitness center, swimming pool, grilling area, parking deck and business center. The Commons area will allow the City to host many of the community’s festivals and activities in one centrally located space.
DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.