MIAMI — Related Development LLC has begun construction on four multifamily projects in Florida totaling 1,129 units. The four developments include SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive. Related Development has more than 4,700 units in the development pipeline for completion and/or groundbreaking in the next 12 months.
MIRAMAR, FLA. — Riviera Point Development Group plans to develop the $18 million Riviera Point Corporate Center, a 72,000-square-foot office building located at Southwest 145th Avenue and Southwest 27th Street in Miramar. This is the third office building funded through the U.S. Immigrant Investor program, also known as EB-5. Riviera Point Development has retained Stiles Realty to lease the project, which was designed by Corrales Group Architects. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Corporate Center is $500,000.
ORLANDO, FLA. — McCraney Property Co. has signed a lease with FedEx Ground to occupy 60 percent of the 142,638-square-foot Building 3 in the John Young Business Park in Orlando. The 25-acre John Young Business Park consists of a three-building portfolio totaling 393,000 square feet. Construction was recently completed on Buildings 2 and 3, which were built speculatively. JLL represented FedEx Ground in the lease transaction, and David Murphy of CBRE represented McCraney.
Accessibility, amenities and coworking spaces are driving the suburban and urban real estate markets in Philadelphia. While suburban office tenants prefer to have access to transit and amenities, Center City office tenants seek experiences and collaboration with new coworkers. Suburban Perspective The Philadelphia suburban market consists of 59.4 million square feet comprising 13 distinct submarkets. The majority of this inventory consists of dated commodity office space, mostly built prior to 1990. With an overall vacancy rate of 20.8 percent and average asking rents of $24.90 per square foot, the Philadelphia suburban market has been less dynamic than its Center City counterpart. Although many older properties suffer from functional obsolescence, well-maintained assets with access to major roadways/public transit and amenities outperform the market average. For example, the Radnor, Conshohocken and Bala Cynwyd submarkets remain the three strongest submarkets in the region. Vacancy rates in these markets range from 2 to 14 percent, with average asking rents ranging from $30.75 to $37.00 per square foot. All three of these submarkets have immediate access to major roadways, public transit and amenities. Suburban office developers have taken note of the strong fundamentals in these areas as well as Center City Philadelphia. They have created …
BOYNTON BEACH AND DELRAY BEACH, FLA. — Berger Commercial Realty has brokered the $24 million purchase of a portfolio of office buildings in Palm Beach County. Kendall Properties purchased the 280,000-square-foot portfolio from LouJA Realty. The portfolio consists of the Delray Office Park in Delray Beach; Woolbright Corporate Park in Boynton Beach; Gulfstream Professional Building in Delray Beach; and Woolbright Professional Building in Boynton Beach.
COLUMBIA, S.C. — CBRE Group Inc. has arranged $30.1 million in non-recourse construction and permanent financing for The Atlantic at Parkridge, a 298-unit apartment complex that will be built in Columbia’s Irmo submarket. CBRE arranged the financing through HUD’s 221(d)(4) new construction mortgage insurance program, which provides an interest-only construction period of 22 months with a 40-year, fully amortizing permanent loan. Steve Heffner of CBRE’s capital markets group in Charlotte co-originated the loan with Monica Newman of CBRE’s capital markets group in Denver on behalf of the sponsors, New York-based AVR Realty Co. LLC and Charleston-based Middle Street Partners LLC. The project team includes Orlando-based architect Humphreys & Partners and Jacksonville-based general contractor Summit Contracting Group Inc.
HIRAM, GA. — The Shopping Center Group has arranged Planet Fitness’ 20,000-square-foot lease at Paulding Commons, a 210,000-square-foot shopping center in Hiram, about 27 miles northwest of Atlanta. The Planet Fitness is expected to open in late 2014, while new tenants Aspen Dental and Vision Works are slated to open in the fall. The new trio of tenants will be joining established retailers Academy Sports + Outdoors and Hobby Lobby at Paulding Commons. Brett Fuller of The Shopping Center Group represented the landlord, NewQuest Epic Investments, in the lease transactions. The shopping center is currently undergoing a $2 million renovation, which is slated to wrap up in the fall.
HOSCHTON AND CUMMING, GA. — Senior Living Investment Brokerage Inc. has facilitated the sale-leaseback of two assisted living communities in metro Atlanta totaling $33.6 million. The two properties are The Oaks at Braselton in Hoschton and The Oaks at Post Road in Cumming. Built in 2011, The Oaks at Braselton features 46 assisted living units and 34 memory care units. Built in 2007, The Oaks at Post Road features 64 assisted living units and 36 memory care units. The current operator, Oaks Senior Living, will continue to operate both communities under a long-term lease agreement. Bradley Clousing of Senior Living Investment Brokerage brokered the transaction.
SAINT CHARLES, ILL. — NAI Hiffman has arranged the sale of two office condominiums totaling 8,238 square feet in St. Charles. The properties are located at 3310 W. Main St. The buyer, Trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment. The property features a brick and stone veneer exterior, an atrium, signage along Route 64 and Peck Road and is less than three miles from Delnor Community Hospital. Adam Johnson of NAI Hiffman’s office services group represented PB II OREO LLC in the transaction. Jake Finley of Conlon Commercial represented the buyer.
DENVER — The 120-unit Remington Place apartment complex in Denver has sold to Virtú Investments for $15.1 million. The community is located at 8000 E. Girard Ave. It was built in 1970. The property is near the DTC Business Corridor, the largest employment center in metro Denver. It was 95 percent leased at the time of sale. The seller, Busboom Group, was represented by Terrance Hunt, Shane Ozment, Andy Hellman and Kevin Jewett of ARA Colorado.