ORANGE, CALIF. — A local dentist practice has purchased a single-tenant retail property located at 1936 E. Katella Ave. in Orange. A local private investor sold the property for $2.3 million. The buyer plans to convert the 3,600-square-foot space, which is currently a Japanese restaurant, into a dental office. Jones Real Estate represented the buyer, while Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller in the deal.
DELRAY BEACH, FLA. — Edwards Cos. has broken ground on Atlantic Crossing, a $300 million mixed-use development in downtown Delray Beach. At full build-out, the project will feature six buildings and include 73,000 square feet of retail space, 83,000 square feet of office space, 261 apartment units and 82 condominium units. The first phase is expected to come on line in the fourth quarter of 2019, and the first apartment units are expected to open in 2020. Additional residential units will be added to the development in 2022, and full-build out is scheduled to take five years to complete. The project is expected to generate $2.6 million in annual tax revenues and create 600 jobs. Matthew Williams of Newmark Knight Frank arranged a senior construction loan through Fifth Third Bank for the development. CBRE will handle the project’s office leasing assignment, and Strategic Retail Advisors will handle the retail leasing component.
MIAMI — Mast Capital, in a joint venture with AEW Capital Management LP, has acquired a 6.3-acre parcel of land at 1001 N.W. 7th St. in Miami for $26 million. Gerard Yetming and Mike Mattingly of Colliers International arranged the sale on behalf of the seller, RAD Miami, and procured Mast Capital as the buyer. The site, located at the south bank of the Miami River, will be the future home of Miami River Walk, a 688-unit apartment community. In addition to residential units, the project will include 1,100 linear feet of riverfront improvements, including an extension of the public Riverwalk and more than an acre of green space. Designed by Corwill Architects, the community will include a mix of one- and two-bedroom units, as well as 2,900 square feet of ground floor retail. The project site has sat vacant for more than 14 years, but was once home to The Miami News headquarters from 1957 to 1973, and later the Southeast Bank building. Miami River Walk will be developed in two phases, and the joint venture expects to start construction in the fourth quarter.
AUGUSTA, GA. — The RADCO Cos., in partnership with Columbia Ventures, has broken ground on The Foundry, a 221-unit apartment community in Augusta. The community is located within walking distance to Augusta University and roughly four miles from Augusta National Golf Club, home of The Masters. RADCO Capital, the equity fundraising arm of RADCO, will contribute $5.3 million of private equity for the project, which is scheduled to open in summer 2019. The Foundry will feature a mix of one-, two- and three-bedroom floor plans averaging 996 square feet. Community amenities will include a resort-style pool, outdoor kitchen area, dog park, clubhouse, fitness center, study lounge, automated package management, valet trash service and electric vehicle charging stations. In addition, the community will house Augusta’s only onsite Zipcar car-sharing service. Members can reserve vehicles through Zipcar’s mobile app, and have on-demand access to drive cars by the hour or day. Pegasus Residential will manage The Foundry upon completion.
TAMPA, FLA. — Ashford Hospitality Trust Inc. has sold the 109-room Residence Inn Tampa Downtown in Tampa for $24 million. The name of the buyer was not disclosed. The hotel achieved RevPAR of $122 over the 12-month period ending on March 31, and had an average occupancy of 76 percent. The hotel features a fitness center, outdoor pool and a sports court.
TAMPA, FLA. — FourPoint Student Housing Investments has arranged the sale of Campus Club North and Campus Club South, two student housing properties located roughly one mile from University of South Florida’s campus in Tampa. Campus Club North offers 256 beds in fully furnished units, and Campus Club South offers 356 beds with shared amenities including a resort-style swimming pool, fitness center and movie theater. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint represented the seller, Realco Capital Partners, in the transaction. CF Real Estate Services acquired both properties for an undisclosed price. Walker & Dunlop assisted in securing an acquisition loan for the buyer.
TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …
Birmingham’s multifamily market closed out 2017 with an average 7 percent vacancy rate and effective rents that flirted with the $900 per unit ceiling. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2017. The market outperformed the region and the nation in terms of value appreciation on a per unit basis. The average price per unit in Birmingham increased by more than 20 percent from fourth-quarter 2016 to fourth-quarter 2017. And, among these assets, garden-style properties stood out with a 36 percent increase in average price per unit. One explanation for this trend is the combination of value-add upgrades to garden-style properties in the market, as well as new construction that is lifting values in the market. To that end, Birmingham’s Highway 280 Corridor makes for a great case study. Stabilization of 280 Corridor What was a soft submarket in 2017, the Highway 280 Corridor in Birmingham has now rapidly tightened up in the first quarter of 2018. This one corridor spans various Birmingham submarkets ranging from urban Central City and Southside to Birmingham’s southeastern suburbs of Meadowbrook and Lake Purdy. According to Alabama Traffic Data (ATD), the average annual daily traffic …
PHILADELPHIA — CBRE has brokered the $130.5M sale of Five Crescent Drive, a 207,779-square-foot office building in Philadelphia’s Navy Yard. An affiliate of Korea Investment Management Co. purchased the property. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Built in 2013, the four-story property is one of only a few office buildings in the United States to achieve LEED Double Platinum status. GlaxoSmithKline, a global leader in the life sciences industry, fully occupies the building on a long-term lease. The property is located in Philadelphia’s Navy Yard complex, a master-planned, 1,200-acre urban waterfront development on the Delaware River. The development currently serves as home to more than 13,000 employees and 152 companies in the life sciences, financial services, engineering, manufacturing and research and development sectors.
BANGOR, MAINE — Out of the Box Ventures LLC, a subsidiary of global real estate development firm Lionheart Capital, has signed Furniture Mattress & Moreto a 150,000-square-foot lease at a former Macy’s location in Bangor. The transaction includes an option to purchase the property. Furniture Mattress & More will backfill the anchor space that previously housed Macy’s at the 650,000-square-foot Bangor Mall. The longtime Bangor-based retailer offers a wide selection of furniture, home furnishings, mattresses and home décor. Out of the Box acquired the former Macy’s in an online auction conducted by Ten-X in December 2017 for $750,000, according to the Bangor Daily News. Other anchor tenants at the Bangor Mall include Dick’s Sporting Goods and JCPenney.
