NAPLES, FLA. — Miami-based 13th Floor Investments has sold Sierra Grande, a 273-unit luxury apartment community located at 6975 Sierra Club Circle in Naples, for $44.3 million. 13th Floor and The Estate Cos. purchased the asset, which was under construction as a condominium project, out of distress in 2011 for $5.2 million. Construction was completed approximately two years after the purchase and the first tenants moved into the complex in March 2014. The community was approximately 95 percent occupied at the time of sale. Sierra Grande’s amenities include a clubhouse, lakefront pool, fitness center, yoga and pilates wellness center, Wi-Fi lounge, tennis courts, a children’s play room, sand volleyball court, barbecue and picnic areas and a dog park. Hampton Beebe and Avery Klann of ARA’s Boca Raton office represented the seller in the transaction. The buyer was Continental Realty Corp., a REIT based in Maryland.
BRANDON, FLA. — Grandbridge Real Estate Capital has arranged a $17.9 million loan and arranged joint venture equity for Camden Lakeside, a 228-unit, garden-style apartment community in Brandon, part of the Tampa metropolitan area. Taylor Williams and Purvesh Gosalia of Grandbridge arranged the 10-year Fannie Mae DUS loan with a 30-year amortization schedule and two years of interest-only payments. The community comprises one- and two-bedroom apartments with private patios, walk-in closets and breakfast bars. Camden Lakeside’s amenity package includes two natural lakes on the grounds, a lakeside gazebo, fitness center, tennis courts and a racquetball court.
BRADENTON, FLA. — Devonshire REIT Inc., a private real estate investment trust (REIT), has acquired 12 Oaks Shopping Center, a Publix-anchored shopping center in Bradenton, for $10.8 million. 12 Oaks is an 80,499-square-foot neighborhood center located at the intersection of State Road 70 (Oneco-Myakka City Road) and I-75. The center was fully leased at the time of sale. The property was updated in 2013 with a new parking lot, lights and landscaping. Allowance for a new roof was included in the purchase price by the seller. This acquisition increases Devonshire’s total assets under management to $475 million and pushes total GLA past 4.7 million square feet.
OCOEE, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Towne Square shopping center, a 126,163-square-foot Old Time Pottery-anchored retail center at 11029 W. Colonial Drive in Ocoee, a city in Orange County. Old Time Pottery occupies 67 percent of the center, and the property was 100 percent occupied at the time of the sale, according to Marcus & Millichap. A Mobil gas station, McDonald’s, BMO Harris Bank and Arby’s are outparcels at Towne Square, and its major tenants include ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa John’s Pizza and Yoshi Steakhouse & Sushi Bar. Ray Turchi and Chris Travis of Marcus & Millichap’s Orlando office represented the undisclosed seller in the transaction. Turchi and Travis also procured the buyer.
The Amarillo Economic Development Corp. (EDC) is celebrating its 25th anniversary this year and it’s amazing to compare the state of our local economy in 1989 to today. Back then, Amarillo’s unemployment rate was higher than the national average and consumer activity was in a state of decline. What job opportunities did exist in Amarillo in the late 1980s were in a limited number of industry sectors. We were in a state of economic inertia. I joined the Amarillo EDC twenty years ago and thus have been able to witness and participate in the transformation that has followed. Legislation allowing the establishment of a local economic development sales tax, enacted in Texas in 1989, was overwhelmingly adopted by Amarillo voters that fall. Early on, that economic development sales tax revenue stream brought us about $6 million per year. Next year we expect those revenues will approach $18 million. That statistic alone is testament to the extent Amarillo’s economy has grown in 25 years. As Texans, we’ve been fortunate to have the nation’s strongest economy for several years and Amarillo has definitely contributed, having engaged in projects with companies like Tyson, AIG, Blue Cross Blue Shield and Atmos Energy. One of …
LAFAYETTE, IND. — Mid-America Real Estate Corp. has brokered the sale of a 348,531-square-foot shopping center in Lafayette. A real estate investment trust sponsored and managed by Phoenix-based Cole Capital purchased the property for $54 million. Lafayette Pavilions Shopping Center is located at the southwest corner of State Road 26 and Creasy Lane. Gordmans, Hobby Lobby, Gander Mountain and TJ Maxx anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America, in cooperation with Mid-America Real Estate – Indiana LLC, were the exclusive brokers in the transaction on behalf of the seller, Dallas-based Invesco Real Estate.
INVER GROVE HEIGHTS, MINN. — Oak Grove Capital has originated a $42.5 million fixed-rate Fannie Mae loan for joint venture White Oak Partners and a fund managed by Ares Management. The loan will be used to acquire Southview Gables, a 425-unit garden-style apartment complex in Inver Grove Heights, a suburb in the Twin Cities. The fixed-rate loan has a 10-year term with three years of interest-only payments and seven years of yield maintenance.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bellagio at Bent Tree, 500-unit apartment community fronting Trinity Mills Road in Dallas. Will Balthrope and Drew Kile of IPA represented the seller, National Asset Services Inc. Willmax Capital was the buyer. Bellagio at Bent Tree is located within the North Dallas Platinum Corridor, which includes more than 30 million square feet of office space and six million square feet of shopping and retail. Located at 3901 Accent Drive, the community is one mile from the Dallas North Tollway and 1.5 miles from President George Bush Turnpike. Built in two phases between 1996 and 2000, Bellagio at Bent Tree includes 20 floor plans with 481,682 total rentable square feet and an average unit size of 963 square feet. Community amenities include three swimming pools, a game room with billiards, two clubhouses and an indoor basketball court.
FLORISSANT, MO. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Hathaway Village Apartments, a 128-unit multifamily property located in Florissant. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for borrower, Hathaway Village Partners LLC. The property is close to I-270 and other major highways. Units include fully equipped kitchens, ceiling fans, central heat/air and oversized patios and balconies.
DALLAS — Dougherty Mortgage LLC has originated a $19.3 million Fannie Mae loan for the acquisition of Mandalay Apartment Homes, a 281-unit apartment complex located in Dallas. The 10-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Mandalay Apartments LLC. The property is located near the University of Texas at Dallas and four major highways. Amenities include a fitness facility, two pools and a barbeque area. Apartments feature nine-foot vaulted ceilings, garden bathtubs, ceiling fans and walk-in closets.