REBusinessOnline

Stonebridge, Montgomery County Break Ground on 530,000 SF Mixed-Use Tower in Downtown Bethesda

BETHESDA, MD. — A public-private partnership between Stonebridge and Montgomery County in Maryland has broken ground on Avocet Tower, a 530,000-square-foot, 250-foot tall mixed-use building in Bethesda’s Central Business District. The transit-oriented tower will be located at 7373 Wisconsin Ave., directly across the street from the Bethesda Metro Station. Avocet Tower will comprise 370,000 square feet of office space and a 220-room AC Hotel by Marriott. Delivery is expected in summer 2021. …

Metro Storage Acquires 641-Unit Facility in Orlando

ORLANDO, FLA. — Metro Storage LLC has acquired a two-story, 641-unit self-storage facility in Orlando. The building spans 62,607 square feet. It was delivered in February 2018 at 7500 W. Colonial Drive. The property offers interior climate-controlled units, exterior drive-up storage units, outdoor RV and boat/car parking, covered loading and unloading access, wide asphalt driveways, security cameras, and access keypad controls. Metro Storage now owns two facilities in Orlando and 24 in …

Marcus & Millichap Arranges $28M Sale of Multifamily Community in Richmond

RICHMOND, VA. — Marcus & Millichap has arranged the $28 million sale of Vida East Apartments, a 178-unit multifamily community situated within an Opportunity Zone in Richmond. The seller, Seacoast Communities, delivered the community in August 2018. Communal amenities include a rooftop picnic area, saltwater swimming pool and a dog park. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented Seacoast Communities in the transaction. Bryn Merrey of Marcus & …

Uber Capital Provides $33M Acquisition Loan for Mall in Lafayette, Louisiana

LAFAYETTE, LA. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The 15-year loan features a fixed 5.4 percent interest rate, 70 percent loan-to-value and partial recourse for the borrower. Acadiana Mall spans 1.6 million square feet and is situated six miles south of downtown Lafayette. The anchor tenants are Macy's, Dillard's and JC Penney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, …

BAC Florida Bank to Relocate Headquarters to Mixed-Use Tower in South Florida

CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy …

Collaboration is Key for 1031 Buyers to Avoid Missteps, Tax Obligations for Single-Tenant Net-Leased Retail Assets

Single-tenant, net-leased properties (STNL) are among the most sought-after investments in the market, and over 40 percent of all STNL properties acquired are purchased by investors in a 1031 exchange. Finding the right properties can be challenging and competitive, and factoring in the time restrictions of a 1031 exchange further complicates the issue, particularly when deals can be derailed for a myriad of reasons. Many of these pitfalls can be avoided or limited by leveraging a team of …

Suffolk Breaks Ground on Seniors Housing Community in South Florida

ROYAL PALM BEACH, FLA. — Suffolk has broken ground on Inspired Living at Royal Palm Beach, a 106,562-square-foot facility that features 72 assisted living units and 32 memory care beds. The South Florida property will offer 58 studio units, 14 one-bedroom units and a 32-bed memory care center. Home Communities and Reichmann International are the co-developers, and Studio+ designed the freestanding facility. Suffolk expects construction to be complete by summer

Cushman & Wakefield Arranges $22.3M Sale of Multifamily Community in Upstate South Carolina

SPARTANBURG, S.C. — Cushman & Wakefield has arranged the $22.3 million sale of Southern Pines, a 352-unit multifamily community in Spartanburg. Southern Pines was built in 1976 and offers communal amenities such as two swimming pools, a dog park, fitness center and grilling stations. The property is situated four miles north of downtown Spartanburg. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Upstate Property Rentals, in the transaction. …

Ashley Capital Buys 798,786 SF Distribution Center in Richmond from Ace Hardware

RICHMOND, VA. — Ashley Capital has acquired 7000 Hardware Drive, a 798,786-square-foot vacant distribution center in Richmond from Ace Hardware Corp. Ashley Capital plans to immediately begin updating the property to include installing a new roof, replacing all 84 dock doors, replacing the lights with high-efficiency LED fixtures, removing an internal mezzanine and painting the interior and exterior. Ashley Capital will rebrand the property as Virginia Gateway Logistics Center. Evan Magrill …

CBRE Negotiates Sale of Four Office Buildings in Memphis Totaling Nearly 400,000 SF

MEMPHIS, TENN. — CBRE has negotiated the sale of four office buildings within Lenox Park, a seven-building office park in Memphis. The sold office buildings include C, D, E and F, which total 391,297 square feet. Lenox Park is situated in the 385 Corridor submarket, 19 miles southeast of downtown Memphis. The four buildings were 86.7 percent leased at the time of sale to tenants including Varsity Brands, IMC Cos., Unified Health Systems, Trinity Meyer Utility Structures, W.M. Barr & Co., …

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