TAMPA, FLA. — Crescent Communities, in conjunction with The Bromley Cos., has unveiled plans for NOVEL Midtown Tampa, a 390-unit multifamily community. The project is the residential component of Midtown Tampa, Bromley’s 1.8 million-square-foot mixed-use development. The master-planned project is located between downtown Tampa and the Westshore Business District. NOVEL Midtown Tampa will feature ground-floor retail and restaurant space and will be situated within walking distance to Midtown Tampa’s amenities, including the recently announced, 48,000-square-foot Whole Foods Market. In addition to the apartment community, at full build-out Midtown Tampa will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; and two boutique hotels. NOVEL Midtown Tampa is expected to open in the second half of 2020.
Property Type
ORLANDO, FLA. — Berkadia has arranged a $41.9 million loan for the acquisition of Alexan Crossroads, a 314-unit apartment community in Orlando. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan with three years of interest-only payments and two one-year extension options on behalf of the borrower, Harbor Group International. A life insurance company provided the fixed-rate loan. Virginia-based Harbor Group acquired the property, constructed in 2016, for $64 million. Alexan Crossroads includes one-, two- and three-bedroom units and features a saltwater pool, grilling stations, yoga and spin room, two-story fitness center and a clubhouse.
TALLAHASSEE, FLA. — Highline Real Estate Capital has acquired Capital West Shopping Center, an 88,000-square-foot retail center in Tallahassee, for $7.3 million. Mark Gilbert, Adam Feinstein, Michell Halpern and Azam Malik of Cushman & Wakefield arranged the transaction on behalf of the seller, DDR Corp. Chris Lentz and Jason Hochman of Cushman & Wakefield arranged acquisition financing through Starwood Mortgage Capital on behalf of Highline. Ross Dress for Less anchors Capital West, and Walmart shadow-anchors the center.
RICHLAND, S.C. — Money360 has provided a $3.2 million bridge loan for a retail center in Richland, located roughly eight miles east of Columbia. The two-year, interest-only loan has a loan-to-value ratio of 52 percent. The name of the borrower was not disclosed. Bi-Lo recently vacated the center, and a fitness concept backfilled the space.
PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.
GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.
SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing community in San Francisco. The non-recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The borrower was not disclosed.
CHICAGO — Belgravia Group has completed the topping-off ceremony for Renelle on the River in Chicago’s River North neighborhood. The 18-story luxury condominium building is located at 403 N. Wabash Ave. The 50-unit property, designed by bKL Architects, features five different floor plans. Listing prices start at $1.3 million. Amenities include a game room, fitness center, outdoor dog run and a 4,500-square-foot terrace. Completion is slated for early 2019.
LYON TOWNSHIP, MICH. — Investment group CORE BKG has purchased a 30-acre site located at 54500 and 54650 Grand River Ave. in southeast Michigan’s Lyon Township. CORE BKG plans to develop Lyon Commerce Center, which will consist of three industrial buildings totaling 450,300 square feet. The buildings will be suited for distribution, high-tech and light manufacturing uses. Construction is scheduled to begin in June. CORE BKG includes principals form both CORE Partners and Burton-Katzman.
MILWAUKEE — HSA Bank, a division of Webster Bank NA and provider of consumer-directed health accounts, has extended the lease on its 57,517-square-foot office space in Milwaukee. The bank is also expanding by 10,725 square feet. HSA Bank is located on the second floor of Schlitz Park’s RiverCenter building at 1515 N. RiverCenter Drive. The office is home to 335 employees. Ned Purtell and Jenna Maguire of Founders 3 Real Estate Services represented Schlitz Park in the lease transaction. Drew Saunders and Dan Jessup of JLL represented the tenant. The expansion is expected to be complete this summer.