ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.
ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.
CHARLOTTE, N.C. — Trinity Partners has brokered the $8.5 million sale of Three South Executive Park, a 54,000-square-foot office building located at 6115 Park South Drive in Charlotte’s SouthPark submarket. Chicago-based Origin Capital Partners purchased the property from an unnamed private partnership. The office building was 86 percent leased at the time of sale to tenants such as Signature Healthcare, Carolinas ACG and Wyndham Capital Mortgage. This is Origin Capital’s second acquisition in Charlotte — the company purchased Cambridge Corporate Center in August 2014. Dunn Mileham of Trinity Partners represented the seller in the transaction.
COCONUT CREEK, FLA. — Boca Raton-based Southern Management and Development (SMD) has brokered the $5.8 million sale of Lyons Plaza, an 80,027-square-foot shopping center located at 1301-1509 Lyons Road in Coconut Creek. Built in 1986, the shopping center’s tenant roster includes Goodyear Tire, Humana Medical and Gold Coast Ballroom. Lyons Plaza Coconut Creek I LLC purchased the shopping center from Lyons Plaza Partners Ltd. SMD represented the seller in the transaction.
ATLANTA AND BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the sale of two apartment communities in the metro Atlanta area. The buyer, an affiliate of Ardent Acquisitions and an Atlanta-based real estate investment company, purchased Lenox Townhomes in Brookhaven for $4.8 million and Toco Hills Apartments in Atlanta for $2 million. Jake Reid and Ricky Jones of Franklin Street represented the buyer. Both sellers are private investors based in Atlanta. The two communities total 88 units and are both roughly 50 years old.
By all measures, 2014 was the strongest year in recent memory for the Boston office market. With an approximate 1.8 million square feet of positive net absorption, nearly 5 million square feet of tenant demand, and continued development around the city, Boston remained one the country’s strongest markets. It’s not news that proximity to parking, public transportation, restaurants, bars and other amenities keeps employees happy. But Boston’s escalating prices mean cost-conscious companies must evaluate their downtown options — which means they have begun trading other items of importance, such as locational cachet, space configuration, look, feel and ultimately building type, for access to amenities. As a result, if 2013 was the year of the Seaport, then 2014 was the year of Downtown Crossing (DTX). With the renovation of 10 Summer Street and Havas’ 120,000-square-foot move to the Millennium redevelopment complete, other companies have followed suit. The third and fourth quarters brought more than 250,000 square feet of deals to 500 Washington Street. Carbonite and Sonos took 52,000 square feet and 170,000 square feet, respectively, in the third quarter, while Safari Books Online took 30,000 square feet in the fourth. Prominent national non-profit Year Up also consolidated its headquarters near DTX …
FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Mustang Crossing, a 26,273-square-foot retail property located in Forney. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Wayne Bares also of the firm’s Dallas office, procured the buyer, a local partnership. Mustang Crossing is located at 724 E. Hwy 80. Built in 2011, the asset is 20 miles east of downtown Dallas and is surrounded by tenants including Walmart, Lowe’s, Chick-fil-A, Chili’s, GameStop, Starbucks and Wendy’s. At the time of listing, Mustang Crossing was 100 percent occupied.
HOUSTON — ICO Commercial has arranged the sale of the former AquaDyne facility located at W. 11th Street in Houston. The 70,000-square-foot industrial property is situated on nearly four acres. Payton Indermuehle and Gloria Casimir of ICO Commercial represented the undisclosed seller. Brent Friedman and Adrienne Schwartz of Park Land Development represented the undisclosed buyer.
SAN ANTONIO — Newk’s Eatery’s franchise partner Stephen Kuehler will open three new restaurants in the San Antonio area. A Newk’s restaurant will open in New Braunfels at the corner of Town Center Drive and Creekside Way in the Town Center at Creekside. In addition, two more locations will open in north San Antonio and the surrounding area. The San Antonio and New Braunfels locations are part of Newk’s growth plans, which includes opening nearly 30 company-owned and franchised locations this year. The chain currently operates 77 units in 13 states, predominantly in the southeast.
HOUSTON — LMI Capital has arranged two loans for several Houston apartment complexes. In the first transaction, Brandon Brown and Jamie Mullin of LMI Capital arranged $11.7 million in debt for the refinancing of two multifamily properties. Both assets had permanent loans maturing this year. Brown and Mullin worked on behalf of the borrower to obtain 10-year, fixed-rate CMBS loans that provided cash out proceeds to the client. Both loans featured a three-year interest-only period followed by 30-year amortization schedules. In the second transaction, Brown arranged $11.1 million in financing for a garden-style apartment complex in the Bear Creek/Copperfield submarket. Working on behalf of the borrower, Brown secured the 10-year loan with a CMBS lender at the fixed rate of 4.2 percent. The first mortgage represented 80 percent of the purchase price and included five years of interest-only payments.