MIDLOTHIAN, TEXAS — Encore Land LLC has completed land development for its first single-family residential project, Jordan Run Estates Phase II, in Midlothian. The company also has developments underway in Coppell, Las Colinas, Fort Worth, Mansfield and Waxahachie. J. Houston Homes is the builder for the Jordan Run Estates community, with new homes available this fall. Completion of the Coppell, Mansfield and Waxahachie developments is slated for early 2015. New projects totaling 3,100 lots across the Dallas-Forth Worth Metroplex are in Encore Land’s pipeline.
Property Type
FORT LAUDERDALE, FLA. — CBRE has arranged the $66.4 million sale of a 225,650-square-foot office tower located at 200 E. Broward Blvd. in Fort Lauderdale’s central business district. Boston-based TA Associates Realty purchased the asset for roughly $294 per square foot. The 21-story asset was 88 percent leased at the time of the sale. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Sandra Andersen of JLL assisted the CBRE team with market leasing.
CHAMBLEE, GA. — Cocke, Finkelstein Inc. (CFI), a multifamily investment firm, has acquired a six-acre tract of land at the intersection of Peachtree Boulevard and Chamblee-Tucker Road in Chamblee. CFI plans to develop a 283-unit apartment community known as Chamblee Gateway at the site. CFI plans to deliver the Class A property in early 2016. The company is also currently developing two other Atlanta-area apartment communities with Enfold Properties: The Ardmore in Buckhead and Collier Lofts in Buckhead West.
ATLANTA — Westbridge Partners has acquired the retail component of a new mixed-use building located at 691 14th St. in Atlanta’s West Midtown neighborhood. Completed in 2014, the property features 197 apartment residences and 10,980 square feet of retail space. Patterson Real Estate Advisory Group arranged acquisition financing through Hamilton State Bank on behalf of Westbridge. Westbridge purchased the retail portion from Greystar and has executed leases with Cooks and Soldiers (4,625 square feet), Kane Boutique (1,192 square feet) and an unnamed national coffee/tea company (1,700 square feet).
FORT MYERS AND ORLANDO, FLA. — Blue Rock Partners LLC and Konover South LLC have purchased two apartment communities in Florida for $27.5 million combined. The partnership purchased the 288-unit Montego Bay Apartment Homes in Fort Myers for $16.1 million and the 200-unit Palm Harbor Apartment Homes in Orlando for $11.4 million. The new owners plan to invest $4.5 million in capital improvements to both properties and rename them as The Park at Positano and The Park at Salerno, respectively.
NEW SMYRNA BEACH AND TALLAHASSEE, FLA. — HFF has arranged the $23 million sale of two Publix-anchored shopping centers in Florida. The properties include the 118,451-square-foot New Smyrna Beach Regional in New Smyrna Beach and the 71,526-square-foot Forest Village in Tallahassee. Publix Super Markets Inc. purchased New Smyrna Beach Regional (90 percent leased) for $16 million and Forest Village (79 percent leased) for $7 million. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Equity One Inc., in the transaction.
ISLIP, N.Y. — Rechler Equity Partners plans to develop three build-to-suit properties totaling 119,000 square feet of industrial/flex space within the Islip Foreign Trade Zone (FTZ). The project will include a 54,000-square-foot property at 100 Trade Zone Dr., a 24,000-square-foot building at 101 Roebling Court, and a 41,000-square-foot structure at Two Roebling Court. The new buildings join a fourth, fully constructed Rechler-owned asset at 200 Trade Zone Dr. within the FTZ. Situated on 52 acres, Islip FTZ currently offers 435,000 square feet of prime warehouse and office space.
PRINCETON TOWNSHIP, BRIDGEWATER AND CLIFTON, N.J. — Cronheim Mortgage has arranged $13.8 million in financing for six office properties in New Jersey. The firm secured a $3 million loan for two medical/professional buildings totaling 27,919 square feet in Princeton Township. The 15-year loan was financed by a New Jersey bank. In Bridgewater, the firm arranged $5.2 million for two sister office buildings totaling 79,688 square feet on Route 22. Cronheim secured the 20-year, self-liquidating mortgage with Southern Farm Bureau Life Insurance Company. The firm also secured a $5.6 million loan for a 64,511-square-foot medical office building in Clifton. The 10-year, non-recourse loan was funded by Members Capital Advisors. Janet Proscia and David Turley of Cronheim Mortgage arranged the financing for all three transactions.
BASKING RIDGE, N.J. — HFF, on behalf of Lincoln Property Company, has secured $10.5 million in refinancing for a two-building office property in Basking Ridge. Situated on 14.4 acres at 180-188 Mt. Airy Road, the office complex features two two-story multi-tenant buildings totaling 104,202 square feet of rentable space. 180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. The properties are currently 95 percent leased to a variety of tenants, including Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates. The five-year, floating-rate loan was placed with OceanFirst Bank. Michael Klein and Andrew Roland of HFF represented the borrower in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 536 East 96th Street, a 31-unit apartment building located in Brooklyn. The asset sold to a private investor for $3.8 million. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer in the transaction.