DAVENPORT, FLA. — McCraney Property Co. has signed Atlanta-based UPS to a full-building lease at 27 Logistics Park, a 207,676-square-foot, Class A industrial warehouse in Davenport, about 35 miles south of Orlando. The property is adjacent to McCraney’s Park 27, a 602,971-square-foot, Class A development. CBRE Orlando’s David Murphy and Monica Wonus represented McCraney Property, which has offices in West Palm Beach, Fla., and Charlotte.
CHAPEL HILL, N.C. — PGIM Real Estate Finance has provided a $34.2 million 221 (d)(4) construction-to-permanent loan for Link Apartments Linden, a new apartment development underway in Chapel Hill. The borrower, Grubb Properties, is developing the 215-unit, market-rate apartment community, which will share a parking deck with a to-be-developed, 106,000-square-foot, Class A office park. Link Apartments Linden is Phase I of the Glen Lennox redevelopment, a public-private partnership between the Town of Chapel Hill and Grubb Properties that will include 3 million square feet of office, residential, retail and hotel space across 70 acres over the next 20 years. The site is about one mile from the University of North Carolina at Chapel Hill. Grubb Properties has Link-branded apartment communities in Richmond, Va.; Winston-Salem and Raleigh, N.C.; Greenville and Charleston, S.C., and more under development in Atlanta, Winston-Salem and Charlotte.
CULPEPER, VA. — Heidenberg Properties Group (HPG) has acquired Culpeper Colonnade in Culpeper, located midway between Charlottesville and Washington, D.C. HPG bought the property from Regency Centers for $32.7 million. The 307,000-square-foot shopping center is anchored by Martin’s Food Market, Dick’s Sporting Goods and PetSmart. HPG plans to replace the center’s existing Staples location with a Michael’s store. The center, which is 100 percent occupied, also has Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle Mexican Grill and IHOP as tenants. The property is shadow-anchored by a 127,000-square-foot Target. Since January 2017, Heidenberg Properties and its partners have acquired more than 900,000 square feet of retail.
ALEXANDRIA, VA. — Zeke Capital, based in Berwyn, Pa., has sold Hermitage Hill in Alexandria for $23 million to Columbus, Ohio-based Klingbeil Capital Management. The 122-unit apartment community is situated five miles southwest of the Pentagon and six miles southwest of Arlington National Cemetery. Hermitage Hill’s amenities include a fitness center and pet-friendly units. CBRE’s Bill Roohan, Robert Dean, Jonathan Greenberg, John McFadden, Yalda Ghamarian and Tom Leachman represented Zeke Capital in the transaction.
SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …
WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story underground parking structure. Law firm Morgan, Lewis & Bockius occupies the entire building on a long-term lease through 2032. SKB redesigned the building’s interior space in 2017 as part of Morgan Lewis’ lease renewal. Since 2010, $35 million has been spent on base building and tenant space improvements.
FORT MYERS, FLA. — St. Petersburg, Fla.-based Mosaic Development has completed the disposition of Mosaic at the Forum, an apartment community located at 3100 Champion Ring Road in Fort Myers. An entity led by InvestRes acquired the property for $49.7 million, or $197,321 per unit. Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield represented the seller in the deal. Developed in 2017 and situated on 13 acres, the property comprises 10 three-story buildings featuring a total of 252 units, with an average unit size of 908 square feet. Community amenities include a resident clubhouse, leasing center, pool deck with fire pit, grills and gazebos, fitness center, two dog parks, Wi-Fi, a resident package delivery system, detached garages and storage closets. At the time of sale, the property was 95 percent occupied.
ATLANTA — Atlanta-based Songy Highroads LLC, in partnership with Hyatt Hotels Corp., is developing Hyatt Place Centennial Park, located at 300 Luckie St. in downtown Atlanta. Construction has reached the fifth floor of the 11-story hotel, which is slated to open in August 2019. Situated one block north of Centennial Olympic Park and adjacent to the Georgia Aquarium, the hotel will feature 175 guestrooms, a pool, fitness center, on-site food service, parking deck, 2,100 square feet of meeting space and retail space fronting Luckie and Marietta streets. Reeves Young is serving as general contractor, and Wakefield Beasley is providing architectural services for the project.
ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.
ELIZABETHTOWN, KY. — The Kirkland Co. has arranged the sale of Crossfield Townhomes, a multifamily property located at 2201 Crossfield Drive in Elizabethtown. Mark Harris Construction sold the property to Bob and Deborah Hart for an undisclosed price. Built in 2017, the property features 28 two-bedroom apartments. Brandon Wilson and Brian Devlin of The Kirkland Co. handled the transaction.
