JACKSONVILLE, FLA. — Plymouth Industrial REIT Inc. has signed a definitive agreement to acquire a 20-building, 1.1 million-square-foot light industrial and flex portfolio in south Jacksonville for $97.1 million. Plymouth Industrial will fund the acquisition using approximately $63 million in short-term borrowings from KeyBank Real Estate Capital and about $34 million in equity from an affiliate of Madison International Realty Holdings LLC. The acquisition is expected to close in December. The portfolio is currently 96 percent leased to 40 tenants such as Comcast, Veritiv, Cintas, Alstom, Staples, Cardinal Health, The Home Depot, Johnson Controls, Safelite AutoGlass and Shaw. The portfolio has a weighted average lease term of over three years remaining. The seller was undisclosed.
JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners plan to develop Vista Brooklyn, a mixed-use project in Jacksonville that will include 308 apartments and 13,000 square feet of retail space. Located in Jacksonville’s Brooklyn neighborhood, the project will feature a dog park and rooftop pool for residents. Construction is expected to begin in January and wrap up in February 2021. Nashville-based Bristol and Jacksonville-based Hallmark originally partnered in 2012 to build the 220 Riverside apartments in Jacksonville.
ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.
MONROE, N.C. — Big V Property Group has acquired Poplin Place, a 227,669-square-foot shopping center located in the southern Charlotte suburb of Monroe, for $28.3 million. Poplin Place was 94 percent leased at the time of the sale to tenants including T.J. Maxx, Ross Dress for Less, Big Lots and PetSmart, and is shadow-anchored by Target. Charlotte-based Berkeley Capital Advisors represented the seller, InvenTrust Properties, in the transaction.
NEW YORK CITY — The Carlton Group has arranged a $47.5 million construction loan for Sea Breeze Tower, a 20-story multifamily tower in the Coney Island neighborhood of Brooklyn. Located at 271 Sea Breeze Ave., the property will feature a limestone and glass façade and will offer a mix of studio, one-, two- and three-bedroom apartments. Ruth Barone of the Carlton Group secured financing on behalf of the borrower, Rybak Development, through a private lender. The terms of the financing were not disclosed.
ROSELAND, N.J. — NKF has negotiated the $17.2 million sale of a 115,422-square-foot office building in Roseland. Located at 3 Becker Farm Road, the property is currently 97-percent leased to a tenant roster that includes Mandelbaum Salsburg and Tompkins McGuire. Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Tri-State Capital Markets represented the seller, Normandy Real Estate Partners, in the transaction. The buyer was international real estate fund Westwood Properties. The property was recently renovated with $2 million in capital improvements
BETHLEHEM, PA. — Larken Associates has acquired Pinnacle @ 65, a 10-story, 102,000-square-foot, mixed-use building in Bethlehem. The sales price was undisclosed. Located at 65 E. Elizabeth Ave., the property includes 48 residential units as well as 38,000 square feet of office and retail space. The building underwent a full renovation in 2017, including upgrades to the exterior façade, windows and common area corridors. Amenities include laundry and dry cleaning pick-up and drop-off, private storage units, and a package concierge system. Larken Associates acquired the property from Post Road Management.
WILMINGTON, DEL. —Real estate investment firm Excel Group has acquired the 96-room Residence Inn Wilmington Downtown in Wilmington. The sales price was undisclosed. Located at 1300 N. Market St., the property opened this year and is the first new hotel in downtown Wilmington in more than 20 years. The purchase is the fourth major transaction for Excel Group in 2018, representing a total transaction volume of more than $100 million. The property is an all-suite hotel that offers studio and one-bedroom suites.
NEW YORK CITY — Cushman & Wakefield has brokered the $3.8 million sale of a 24,155-square-foot office building in the Bronx. Located at 1314 Blondell Ave., the split-level property features a 24-car private garage and 16-foot ceilings on the ground floor. Jonathan Squires, Ian Brooks, and Robert Shapiro of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
LAS VEGAS — San Diego-based Matter Real Estate Group has broken ground on Matter Business Park @ Warm Springs, a light industrial office/warehouse project in Las Vegas’ southwest submarket. Situated on 10 acres at 7952 W. Warm Springs Road, the two-building project will feature a total of 132,450 square feet space across condominium-style units with flexible floorplans divisible to 6,000 square feet. Each unit will feature two dock doors and at-grade-level access. Additionally, second-story mezzanine, two dock-level doors and one at-grade door are available in select units. Completion is slated for July 2019. Project partners include Tectonics Design Group, Burke Construction Group, Slate Hanifan, Nuvis and Doherty Industrial Group/Colliers International as broker.