BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.
ORLANDO, FLA. — Preferred Apartment Communities (PAC) has acquired Conway Plaza, a 117,705-square-foot shopping center in Orlando. PAC purchased the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. CBRE arranged the transaction on behalf of the seller, a joint venture between DDR Corp. and Madison International Realty. A 37,888-square-foot Publix anchors the center, which was 90 percent leased at the time of sale. PAC financed the acquisition using a 10-year, $9.8 million loan from PGIM Real Estate Finance.
HIALEAH, FLA. — ASB Real Estate Investments has acquired a 302,000-square-foot industrial property in Hialeah for $24.3 million. The warehouse is located at 215 S.E. 10th Ave., roughly 12 miles northwest of Miami and roughly two miles from Miami International Airport. The facility includes 23,000 square feet of office space and is fully leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturer. ASB acquired the property from Terreno Realty Corp. on behalf of its core vehicle, the Allegiance Real Estate Fund. Lincoln Property Co. (LPC) brokered the transaction on behalf of ASB, which has retained LPC to manage the property. The building features 200 parking spaces and 22 dock doors.
ORLANDO, FLA. — HFF has secured the $19.8 million sale of Alafaya Commons, a 130,811-square-foot retail center located at 11792-11970 E. Colonial Drive in Orlando. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the seller, Regency Centers. Rebecca Van Reken and Gregg Shapiro of HFF secured a $13.7 million acquisition loan through First Florida Integrity Bank on behalf of the buyer, LBX Investments. The five-year loan features a fixed interest rate. Alafaya Commons was constructed in 1987 and renovated in 2015. The center was 89.7 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Youfit Health Clubs, H&R Block, GNC, Goodfellas Pizza, Orange County Health & Family, Sunset Christian Preparatory and Junior Colombian Burger. The center also includes outparcels that house Taco Bell, Amscot and Chuan Lu Garden.
ORMOND BEACH, FLA. — ShopOne Centers REIT Inc. has acquired The Trails Shopping Center, a 135,286-square-foot shopping center located at 282 N. Nova Road in Ormond Beach, a city on Florida’s east coast near Daytona Beach. Sabal Financial Group LP – Slate Trails Holdings LLC sold the asset for $21.9 million. Richard Chichester, Donald MacLellan and Shaun Riley of Faris Lee Investments arranged the transaction on behalf of ShopOne. Originally constructed in 1978, The Trails Shopping Center underwent a major renovation in 2017. A 36,866-square-foot Publix anchors the property, which was 77 percent leased at the time of sale. Additional tenants include Talbot’s, Chico’s, LOFT, Dairy Queen, Anytime Fitness, Jos. A. Bank, White House-Black Market, BurgerIM and Supercuts.
LAKE CITY, FLA. — NKF Capital Markets has arranged the $18.3 million sale of Gleason Place, a 129,000-square-foot shopping center located at 275 Hutton Place N.W. in Lake City, a city in North Florida. The sale included the shopping center and a 1.3-acre land outparcel. Drew Fleming and Mark Joines of NKF Capital Markets represented the seller, Hutton, in the transaction. North Lauderdale Associates acquired the property. Constructed in 2017, Gleason Place was fully leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less and Dick’s Sporting Goods. The center is located adjacent to a Publix-anchored center and the recently renovated Lake City Mall.
MIAMI AND DAVIE, FLA. — NorthMarq Capital has arranged $93.7 million in acquisition financing for Sundance Village and The Gardens at Nova, two apartment communities located in Miami and the nearby suburb of Davie, respectively. The financing package included fixed- and floating-rate debt, as well as joint venture equity. Stephen Whitehead of NorthMarq secured the Fannie Mae financing on behalf of the undisclosed borrower, and a correspondent life company provided the joint venture equity. Both loans feature 10-year terms, five years of interest-only payments and 30-year amortization schedules. Sundance Village totals 304 units and features a resident clubhouse, pool and private balconies. The 140-unit Gardens at Nova features a business center, clubhouse, coffee bar, fitness center and a pool.
BOYNTON BEACH, FLA. — ARA Newmark has arranged the $43.9 million sale of Aventine at Boynton Beach, a 216-unit apartment community in Boynton Beach, a city in Palm Beach County. Avery Klann, Hampton Beebe and Jonathan Senn of ARA Newmark arranged the transaction on behalf of the seller, Massachusetts-based Claremont Cos. Tampa-based Robbins Property Associates acquired the asset. Constructed in 2002, Aventine at Boynton Beach includes a mix of one-, two- and three-bedroom units and features a fitness center, resort-style pool, car care center and barbecue and picnic areas. The new ownership plans to upgrade unit interiors and enhance the community’s amenity package.
ORLANDO, FLA. — HFF has brokered the sale of Dellagio Town Center, a 109,890-square-foot retail center located along Orlando’s Restaurant Row. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF arranged the transaction on behalf of the undisclosed seller. Concorde Group Holdings LLC acquired the property for an undisclosed price. Constructed in 2009, Dellagio Town Center was 95.8 percent leased at the time of sale to tenants including Fleming’s Prime Steakhouse, BRAVO! Cucina Italiana, Dragonfly Sushi, Big Fin Seafood Kitchen and Urbain40.
POMPANO BEACH, FLA. — Jefferson Apartment Group, in a joint venture with Starwood Asset Management, has sold Jefferson Lighthouse Place, a 243-unit apartment community located in Broward County’s Pompano Beach. Norfolk, Va.-based Harbor Group International purchased the property for $55 million. Built in 2015, Jefferson Lighthouse Place features nine-foot ceilings, granite countertops and full-sized washer and dryers in each unit. Community amenities include a resort-style pool, fitness center, outdoor living room, kitchen and grill area with a TV, billiards and lounge seating.