MELBOURNE, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Artistry at Viera, a newly constructed, 259-unit multifamily property in Melbourne. Davis Development delivered the asset in 2018 within Viera, a 22,000-acre, master-planned community being developed by Viera Cos. Artistry at Viera offers one- through three-bedroom floor plans and communal amenities such as a swimming pool, clubhouse, game room, fitness center, media center, movie theater and a business center. The sales price was not disclosed.
DAVIE, FLA. — Cushman & Wakefield has negotiated the $17 million sale of Flamingo Commons, an office campus spanning 81,959 square feet in Davie. Flamingo Commons was 95 percent leased at the time of sale to tenants including Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The two two-story buildings and one six-story building were completed between 2002 and 2006. Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella of Cushman & Wakefield, along with Steven Beauchamp from Mangrove Advisory, represented the seller, Flamingo Commons LLC. Miami-based Prive Flamingo LLC Land Banking acquired the property.
HOUSTON — JLL has arranged a $200.6 million, seven-year credit facility for a portfolio of industrial properties located throughout the four major markets of Texas. The Class A portfolio, which was fully leased at closing time, spans 18 single-tenant properties totaling approximately 1.7 million square feet. Thirteen of the assets are in Houston industrial markets, with two each in Austin and Dallas markets and one property in San Antonio. Tyler Ford and Tolu Akindele of JLL handled the transaction on behalf of the owner and borrower, Welcome Group LLC through Global Atlantic Financial Group. The parties involved in the deal could not disclose what the funds would be used for.
FORT WORTH, TEXAS — Hillwood will develop two speculative industrial buildings totaling approximately 1.3 million square feet at its 26,000-acre AlllianceTexas development in Fort Worth. Alliance Center North 7 will offer 810,908 square feet in Fort Worth, and Alliance Northport 2 will total 459,762 square feet in Northlake. Both buildings are located in Denton County with direct access to Interstate 35 West. Hillwood will start construction on these new facilities in September, with completion scheduled for mid-2020. Both facilities will include 36-foot clear heights, cross-dock configuration, onsite trailer storage and adjacent land for expansion. In addition, the properties will offer proximity to Interstate 35, State Highway 114 and the ground hubs of FedEx and UPS.
HOUSTON — Newmark Knight Frank (NKF) has arranged a loan of an undisclosed amount for the refinancing of Enterprise Park and Town & Country Center, two industrial properties totaling 221,763 square feet in Houston. Enterprise Park is located on the city’s southwest side and spans 153,835 square feet across 14 buildings. Town & Country Center is located on the city’s west side and comprises 67,928 square feet across three buildings. Spencer Hough and Tip Strickland of NKF arranged the financing through Reinsurance Group of America Inc. on behalf of private investor CPM Holdings LLC. The transaction was executed via a 1031 exchange.
DOYLESTOWN, PA. — Hunt Real Estate Capital has provided a $35.8 million Fannie Mae loan for the refinancing of Center Square Towers, a mid-rise multifamily property in Doylestown, a city about 30 miles north of Philadelphia. The property consists of two buildings containing 350 units. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. The borrower was undisclosed.
HOUSTON — Commercial investment firm MLB Capital Partners has broken ground on its Houston Farmers Market redevelopment project. MLB Capital will upgrade the 77-year-old market to include modern infrastructure, climate-controlled spaces, shaded areas, restrooms, common seating areas, organized parking and traffic circulation, defined sidewalks, site landscaping and dedicated green spaces. Additionally, James Beard Award-winning chef and project consultant Chris Shepherd plans to develop a concept unique to the Houston Farmers Market. The market will maintain business operation throughout the redevelopment process. Clark Condon Associates, Studio RED Architects, Gunda Corp. and Arch-Con Construction have been named to the design and construction team. Project completion is slated for late 2020.
RICHLAND HILLS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Creek on Calloway, a 247-unit multifamily community located in the Fort Worth suburb of Richland Hills. Built in 1979 on 14.5 acres, the property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, outdoor grilling stations and a children’s play area. Will Balthrope, Nick Fluellen, Drew Kile, Bard Hoover, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a private investment and development firm, and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.
PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.
BETHLEHEM, PA. — Berkadia has negotiated the sale of Birchwood Commons, a newly constructed, 96-unit multifamily community in Bethlehem, a city about 50 miles north of Philadelphia. The property was completed in 2018 and features one- and two-bedroom floor plans averaging 933 square feet. Matt Stefanski, Zac Pierce, Alan Krawitz and Christopher Farmer of Berkadia represented the seller, local developer Ashley Development Corp., in the transaction, and procured the buyer, Philadelphia-based Halfpenny Management Co. Stephen Comly of Berkadia secured acquisition financing through Investors Bank.