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Cabot
AcquisitionsCaliforniaFloridaIndustrialNew YorkPennsylvaniaTop Stories

Cabot Properties Sells Logistics Portfolio Across U.S. and Europe for $2.8B

by Julia Sanders

BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …

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Canyon Park
AcquisitionsFloridaMultifamilySoutheast

Cushman & Wakefield Arranges $32.3M Sale of Apartment Community in Tallahassee

by Julia Sanders

TALLAHASSEE, FLA. — Cushman & Wakefield has arranged the $32.3 million sale of Canyon Park, a 252-unit apartment community in Tallahassee. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Stratford Management, in the transaction. Nashville-based Inman Equities acquired the property. Canyon Park offers one-, two- and three-bedroom floorplans. Units feature washers and dryers in every unit, granite countertops, wood-style flooring, spacious closets and a private patio in select units. Community amenities include a fitness center with a yoga room, swimming pool, sand volleyball court, playground, nine-hole disc golf course, dog parks and a nature workout trail. The property was 56 percent leased at the time of the sale. Located at 1326 W. Tharpe St., Canyon Park originally was built as a student housing community as the property is situated 1.5 miles from Florida State University and 3.7 miles from Florida A&M University. However, in 2020, the property was converted to a multifamily property by previous ownership, according to Cushman & Wakefield. Stratford Management renovated 142 of the units, as well as all the common area spaces.

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DevelopmentFloridaHealthcareSoutheast

Cullinan Properties to Develop 144,000 SF Veteran’s Mental Health Clinic in Metro Tampa

by Julia Sanders

TEMPLE TERRACE, FLA. — Cullinan Properties Ltd. plans to develop the new VA Mental Health Clinic and Domiciliary in Temple Terrace, about 10.4 miles north of Tampa. The Department of Veterans Affairs (VA) with the General Services Administration (GSA) awarded Cullinan Properties the lease for the clinic. The project team includes architecture and design firm Leo A. Daly, general contractor Hoar Construction, civil engineer Prosser and property management firm Lincoln Harris. The VA Mental Health Clinic and Domiciliary will be a 144,000-square-foot project situated on approximately 20 acres. The clinic will serve veterans and provide outpatient mental health care. The project is slated for completion by the second half of 2023. Located in Hillsborough County at the southwest quadrant of Temple Terrace Highway and Davis Road, the new two-story facility will be situated near Interstate 75 and Highway 301. The property will offer outdoor elements including gardens, courtyards and walking paths. Cullinan Properties is a Peoria, Ill.-based commercial mixed-use, governmental, multifamily and medical office developer. The company has experience working with the VA previously as it developed the 275,000-square-foot Austin VA Outpatient Clinic located in Austin, which opened in 2013. The company also developed the 21,000-square-foot McLean County VA Outpatient …

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Place on Millenia
AcquisitionsFloridaMultifamilySoutheast

TerraCap Management Acquires 371-Unit Apartment Complex in Orlando

by Julia Sanders

ORLANDO, FLA. — TerraCap Management LLC has acquired The Place on Millenia, a 371-unit apartment community in Orlando. Scott Ramey of Newmark represented the undisclosed seller in the disposition. The sales price was also not disclosed. Built in 2007, The Place on Millenia features one-, two- and three-bedroom units. In certain units, features include quartz kitchen and bathroom countertops, new cabinetry and hardware and vinyl plank flooring. TerraCap plans to execute a renovation program to add the features to more of the units. Community amenities include a pool, outdoor kitchen and gas grills, fitness center, clubhouse with a media room and a billiards room. The property also has three interior lakes that provide tenants with water views. Naples, Fla.-based TerraCap is in the process of adding debt financing to the property post-close, and the financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt of Newmark were retained to help originate the debt. ZRS Management will be the property manager.

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Ready Cap
FloridaLoansMultifamilySoutheast

Ready Capital Closes $8.1M Loan for Multifamily Community in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Ready Capital has closed an $8.1 million loan for the acquisition, renovation and stabilization of a 113-unit multifamily property in Jacksonville. Upon acquisition, the sponsor will renovate units and property exteriors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The borrower and property name were not disclosed.

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Crystal Cove Commons
AcquisitionsFloridaMixed-UseOfficeRetailSoutheast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

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Ready Cap
AcquisitionsFloridaMultifamilySoutheast

Ready Capital Closes $35.3M Loan for Multifamily Portfolio in Tampa

by Julia Sanders

TAMPA, FLA. — Ready Capital has closed on a $35.3 million loan for the acquisition, renovation and stabilization of two Class B, garden-style multifamily properties in the Northwest Tampa submarket of Tampa totaling 293 units. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common areas of both properties. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Neither of the properties’ names were disclosed.

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Days Inn
AcquisitionsFloridaHospitalitySoutheast

DSH Hotel Advisors Arranges Sale of 90-Room Days Inn By Wyndham in Clearwater, Florida

by Julia Sanders

CLEARWATER, FLA. — DSH Hotel Advisors, a Tampa-based hotel brokerage and advisory firm, has arranged the sale of Days Inn By Wyndham, a 90-room hotel in Clearwater. Dennis Hopper and Randy Taylor of DSH represented the seller, an entity known as Mega C Hospitality LLC, and the buyer, an entity known as Prism Development LLC. The sales price was not disclosed. Located at 2940 Gulf to Bay Blvd., the Days Inn is about 13.6 miles from Tampa International Airport and six miles from Clearwater Beach.

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Heartland
AcquisitionsFloridaHealthcareOfficeSoutheast

SRS Brokers $2.9M Sale of Single-Tenant Medical Office Property in West Palm Beach

by Julia Sanders

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has brokered the $2.9 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental in West Palm Beach. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the deal. Richard Dorfman of SRS represented the buyer, a Massachusetts-based private investor. Located at 8961 Okeechobee Blvd., the 3,533-square-foot medical office property is located near a Publix, Mobil gas station and T-Eka Photo electronics store. Built in 2000, the property previously was a Truist Bank property and now is currently being renovated by Heartland Dental, which recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.

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Aqua Villa
AcquisitionsFloridaMultifamilySoutheast

Lynd Living Sells Apartment Community in Margate, Florida for $66.5M

by Julia Sanders

MARGATE, FLA. — Lynd Living has sold the Lakes at Margate, a 280-unit, garden-style apartment complex in Margate, for $66.5 million. The firm purchased the property just eight months prior for $51 million. The buyer was not disclosed. Hampton Beebe of Newmark represented Lynd Living in the sale. The firm is rebranding Lakes at Margate as Aqua Villa. Built in 1987, the property features one-, two- and three-bedroom units with wood-plank floors, custom white cabinetry and energy-efficient appliances. Community amenities include two pools, a clubhouse, modern fitness studio and a cyber café. Aqua Villa was 91 percent occupied at the time of sale. Lynd Living spent $4 million in renovations and upgrades during its ownership, including the addition of chef’s kitchens to the property’s three-bedroom units, which the company says has allowed it to raise rents by as much as $800 per unit. The chef’s kitchens improvements include the expansion of counters for one long solid surface for cooking, tile backsplashes and a top shelf installed for pots and pans. Located at 5750 Lakeside Drive, Aqua Villa is situated close to Florida’s Turnpike. The property is 15 miles from Fort Lauderdale, 19.6 miles from Fort Lauderdale International Airport and 12.6 …

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