Property Type

Blackhawk Properties to Develop Seven-Story Office Building in Downtown Fort Lauderdale

by John Nelson February 13, 2017

FORT LAUDERDALE, FLA. — Blackhawk Properties & Investments LLC plans to begin construction in May on the 550 Building, a seven-story office property located at 550 S. Andrews Ave. in downtown Fort Lauderdale. Demolition has begun on the site, which formerly housed the 30,734-square-foot Justice Building. Blackhawk purchased the site in 2013 for $3.6 million. Situated across from the new Broward County Judicial Complex, the 86,257-square-foot 550 Building will feature 7,500 square feet of ground-level retail and patio space and six floors of offices. The property will also feature an attached 663-space parking garage with 14,000 square feet of retail and restaurant space on the ground floor known as The SOLO Shoppes. The project team includes Kate Murphy of Collins Capital Partners, Thomas McDonald of Craven Thompson & Associates, William Murphy of Douglas Management and architect Falkanger, Snyder, Martineau and Yates. Blackhawk has hired Berger Commercial Realty/CORFAC International to market the 550 Building, which is slated for a spring 2018 delivery.

February 13, 2017

District of Columbia Mixed-Use Southeast

Rock Creek Breaks Ground on Repositioning of Historic Takoma Theatre in D.C.

by John Nelson February 13, 2017

WASHINGTON, D.C. — Rock Creek Property Group has broken ground on the repositioning of the historic Takoma Theatre located at 6833 4th St. N.W. in Washington, D.C.’s Takoma neighborhood. Situated two blocks from the Red Line’s Takoma Metro station, the theater opened in the 1920s and was one of the first theaters in the area to feature talking movies. Since its opening, the venue has hosted several performances and events, including an HBO comedy special by Chris Rock in 1996. Rock Creek plans to convert the asset into 23,000 square feet of office and retail space with 15- to 20-foot ceilings. The design team, including Cunningham | Quill Architects and Eichberg Construction, will open the new project this summer. Washington, D.C.-based Rock Creek has more than $100 million of ongoing projects in all stages of the development cycle.

February 13, 2017

Florida Multifamily Southeast

Colliers Brokers $26.5M Sale of Apartment Community in Jacksonville

by John Nelson February 13, 2017

JACKSONVILLE, FLA. — Colliers International has brokered the $26.5 million sale of Canopy at Belfort Park, a 192-unit, Class A apartment community located at 7750 Belfort Parkway in Jacksonville. Built in 2013, the property was 93 percent occupied at the time of sale. Community amenities include a clubhouse, pool and private lake, and units range in size from 844 square feet to 1,434 square feet. Bradley Coe, Douglas Blair and Morgan Williams of Colliers International’s Jacksonville office brokered the transaction between the private buyer, Mid-Atlantic-based TC Belfort Park LLC, and the seller, Canopy at Belfort Park Apartments LLC.

February 13, 2017

Loans Multifamily Southeast Tennessee

Financial Federal Bank Secures $15.5M Acquisition Loan for Apartment Complex in Nashville

by John Nelson February 13, 2017

NASHVILLE, TENN. — Financial Federal Bank has secured a $15.5 million acquisition loan for Hillwood Pointe Apartments, a 180-unit garden-style multifamily community in Nashville. Steve Curnutte of Financial Federal Bank arranged the 10.5-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule through an unnamed life insurance company on behalf of the buyer, a commercial property owner based in Nashville. The property was 97 percent occupied at the time of closing.

February 13, 2017

Florida Multifamily Southeast

Marcus & Millichap Arranges $14.1M Sale of Apartment Community in Orlando

by John Nelson February 13, 2017

ORLANDO, FLA. — Marcus & Millichap has brokered the $14.1 million sale of Shoreview at Baldwin Park, a 184-unit apartment community located at 1001 Shoreview Drive and 5533 Lehigh Ave. in Orlando. Situated near Rollins College, Florida Hospital Orlando, University of Central Florida and Walt Disney World, the 160-unit Shoreview Drive structure was built in 1976 and the 24-unit Lehigh Avenue portion was constructed in 1973. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, which plans to upgrade the property’s interiors.

February 13, 2017

California Hospitality Top Stories Western

Sunstone Hotel Investors Sells 444-Room Fairmont Newport Beach For $125M

by Jeff Shaw February 13, 2017

NEWPORT BEACH, CALIF. — Sunstone Hotel Investors Inc. (NYSE: SHO) has sold Fairmont Newport Beach, a 444-room hotel in the Southern California city of Newport Beach, for $125 million. Although the buyer was not disclosed, Marriott has added the hotel to its website as The Duke Hotel Newport Beach. Meanwhile, Visit Newport Beach, a nonprofit organization that promotes the city’s tourism, has also begun referring to the hotel as The Duke. The hotel property features 22,000 square feet of indoor function space, a bamboo garden, 10,000 square feet of outdoor function space, water features and an outdoor fire pit. Sunstone cited low revenue per available room (RevPAR) as the reason for the sale. The hotel earned a RevPAR that was 25 percent below the company’s average, according to Robert Springer, Sunstone’s chief investment officer. Per the company’s third-quarter report, the RevPAR for the hotel was $136.42 compared to a company average of $174.44. The sales price equates to a 5.2 percent capitalization rate and results in $44 million of gains for Sunstone. “The sale, which is consistent with our capital allocation strategy, monetizes an asset at an attractive valuation, increases our portfolio quality, RevPAR and near-term growth prospects, and reduces …

February 13, 2017

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

Rent Growth, Leasing Activity to Remain Robust in D.C.’s Apartment Market

by John Nelson February 13, 2017

There are many things to be optimistic about in metropolitan Washington, D.C.’s multifamily market. Here are some facts to consider: — The D.C. metro multifamily vacancy averages 3.4 percent compared to the national average of 4.5 percent. — The D.C. region has seen $3.174 billion in multifamily sales activity year-to-date with an average cap rate of 5.2 percent. — Private investors are leading multifamily sales activity in the D.C. metro region and responsible for 64 percent of the deal flow. — Multifamily investment sales are up by 4.5 percent compared to the first half of 2015. — An influx of new workers to fill the 92,500 new jobs added in the last year has heightened demand for multifamily units despite an abundance of new supply. With a low unemployment rate of just 4.1 percent and job growth far exceeding the national average, and at its highest point since December 2000, the Nation’s Capital is humming with activity. Last year, D.C.’s multifamily market saw staggering amounts of new construction deliver with net absorption levels that surpassed all expectations. Many of the young workers are interested in an urban live-work-play environment ripe with amenities and relish the opportunity to decrease commute times …

February 13, 2017

Florida Multifamily Seniors Housing Southeast

Autumn Senior Living Breaks Ground on $100M Seniors Housing Portfolio Near Tampa

by John Nelson February 10, 2017

SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.

February 10, 2017

Loans Massachusetts Northeast Office

Colliers Arranges $40.4M in Financing for 120,000 SF Office Building in Waltham, Massachusetts

by Amy Works February 10, 2017

WALTHAM, MASS. — Colliers International has secured $40.4 million in permanent leasehold financing for 60 Tower Road, a 120,000-square-foot creative office property located at the 1265 Main project in Waltham. The borrower is a joint venture between 1265 Main Street LLC and a wholly owned subsidiary of Boston Properties LP. Jeff Black and Kevin Phelan of Colliers arranged the 15-year, fixed-rate loan with Sun Life Assurance Company of Canada for the borrower. The LEED Gold-certified building serves as the corporate U.S. headquarters of Clarks Americas, a subsidiary of C&J Clark International.

February 10, 2017

Mixed-Use Multifamily New York Northeast Office Retail

Brooklyn Standard Properties Acquires Four-Building Mixed-Use Portfolio in the Bronx for $16.5M

by Amy Works February 10, 2017

NEW YORK CITY — Brooklyn Standard Properties has purchased a four-building mixed-use portfolio for $16.5 million. Fordham Apartments LLC sold the 56,836-square-foot portfolio that offers a total of 74 apartments, three retail spaces, office space and a 12-car parking lot. The portfolio includes a five-story, 22-unit building at 615 E. 189th St.; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. totaling 38 units; and a five-story, 14-unit mixed-use building at 2470 Belmont Ave. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

February 10, 2017

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