MIAMI — Avison Young has arranged two leases totaling 184,718 square feet. within Dolphin Commerce Center in Miami. Roca Tile USA signed a 134,383-square-foot lease renewal and expansion, adding 25,745 square feet to its footprint within the business park. FastKit Corp., a custom packing and printing company, renewed its 50,335-square-foot lease. Dolphin Commerce Center spans 750,000 square feet about 15 miles west of downtown Miami and about 10 miles west of Miami International Airport.
KENNESAW, GA. — CBRE has brokered the sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, about 20 miles northwest of Atlanta. The community is situated about a mile from Kennesaw Marketplace, a 50-acre, Whole Foods-anchored mixed-use development completed in 2017. Amenities at Mountain Park Estates include a clubhouse, fitness center, swimming pool, outdoor lounge, fire pit and three lighted tennis courts. Greensboro, N.C.-based Bell Partners acquired the asset. which is located about 25 miles north of downtown Atlanta. The seller and sales price were not disclosed.
FORT LAUDERDALE, FLA. — Houston-based development firm Morgan and JPMorgan Asset Management have opened Pearl Flagler Village, a 350-unit apartment complex in Fort Lauderdale’s Flagler Village neighborhood. Morgan acted as the developer and JPMorgan the financial advisers. Amenities include a media lounge, presentation kitchen, fitness center with a yoga studio, mailroom with parcel lockers, swimming pool, dog park and an AquaLounge with cabanas and fire pits. The property offers studio, one-, two- and three-bedroom floor plans. Pearl Flagler Village is situated at 400 NE 3rd Ave., less than a mile from downtown Fort Lauderdale. The property also enjoys proximity to FATCity (Flagler Arts and Technology City), a mixed-use project under construction that will include 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces.
NORCROSS, GA. — Arbor Realty Trust Inc. has provided a $38.6 million Fannie Mae loan for the acquisition of Fields at Peachtree Corners, a 490-unit apartment complex in the northern Atlanta suburb of Norcross. The loan carries a 12-year fixed interest rate with six years of interest-only payments and a 30-year amortization schedule. The asset was built in 1973 and offers a fitness center, Olympic-sized swimming pool, tennis and volleyball courts, soccer field, resident clubhouse, a playground and picnic area with barbecue. The borrower was not disclosed.
STOUGHTON, MASS. — Cornerstone Realty Capital has arranged an $8 million loan to refinance a 48-unit multifamily community in Stoughton. Located in Norfolk County, the property is approximately 20 miles south of Boston. The two-building community consists of 36 two-bedroom and 12 one-bedroom units. The buildings will undergo renovations,which will include the conversion of eight one-bedroom units into two-bedroom units. Additional renovations will include updates to the common areas and flooring, as well as adding a patio and grilling area, playground, dog run and bike racks. Cornerstone Realty Capital secured a fixed-rate financing structure with 30 months of interest-only payments for the borrower, True North Capital Partners. The lender was undisclosed.
NEW YORK CITY — RED Mortgage Capital has added a new multifamily affordable lending office in New York. Sean Cullen and Ronnie Gyani will lead the operations of the office. Previously, Cullen and Gyani worked together providing affordable housing services at RBC Capital Markets as well as ACRE Capital. Most recently they served at Barings Multifamily Capital originating affordable housing loan products, including Fannie Mae, Freddie Mac, FHA/HUD and balance sheet executions.
BIRMINGHAM, ALA. — Stage Equity has acquired Inverness Dental & Medical Plaza, a two-story, 21,019-square-foot medical building in Birmingham. The asset, which was delivered in 2001 and sits on 1.5 acres, was fully leased at the time of the sale. The property is located about nine miles from the University of Alabama at Birmingham (UAB). Brian Higdon of Marcus & Millichap represented the buyer in the transaction. Alex Perez and Brett Chetek of Chetek Group represented the seller, Inverness Dental Associates LLC. The sales price was not disclosed.
KILGORE, TEXAS — HFF has brokered the sale of a 550,000-square-foot distribution center leased to Orgill, the world’s largest independent hardware distributor, in the eastern Texas city of Kilgore. Built in 2007 on 65.2 acres, the property is currently being expanded by almost 329,000 square feet with completion expected in mid-2019. Adam Herrin and Stephen Bailey of HFF represented the seller, Elysian Partners LLC, in the transaction.
DALLAS — CBRE Hana, the newly formed coworking subsidiary of the Los Angeles-based full-service real estate firm, will open its first space within PwC Tower at Park District, a 500,000-square-foot office building in Dallas. The space will offer private office suites, conferencing facilities and event space, and the location offers walkability to the Uptown and Arts District areas, as well as Klyde Warren Park. The space is expected to open in mid-2019.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 55,232-square-foot industrial lease at 2080 McDaniel Drive in the northern Dallas metro of Carrollton. Nathan Denton of Lee & Associates represented the tenant, Buzzballz, a provider of alcoholic beverages, in the lease negotiations. Gil Stroube and Michael Peinado of Lincoln Property Co. represented the landlord, Prologis.