Southeast

JCR Buys Shopping Center in Northern Virginia from EDENS for $31M

by Camren Skelton January 24, 2018

MANASSAS, VA. — The JCR Cos. has acquired the Center at Innovation, a 101,990-square-foot shopping center in Manassas, a city in northern Virginia, for $31 million. The center is located on Nokesville Road, just west of the interchange with Prince William Parkway. HFF arranged the transaction on behalf of the seller, EDENS. Super Target shadow-anchors the center, which was more than 90 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Chick-fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless and Red Robin. JCR plans to sell the three pad sites that are currently leased to Chick-fil-A, SunTrust Bank and Red Robin, and to fully lease the inline space. Constructed in 2008, Center at Innovation includes five buildings and 482 parking spaces. The property marks JCR’s second shopping center acquisition in Manassas.

January 24, 2018

Florida Loans Office Southeast

Ready Capital Closes $6.4M Acquisition Loan for Office Building in Palm Beach County

by Camren Skelton January 24, 2018

BOYNTON BEACH, FLA. — Ready Capital Structured Finance has arranged a $6.4 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot office building located at 3301 Quantum Blvd. in Boynton Beach, a city in Palm Beach County. Ready Capital arranged the three-year, floating-rate loan with two extension options and flexible prepayment on behalf of the undisclosed borrower. Planned renovations include landscaping upgrades, HVAC replacement, parking lot repairs, common area modernization and roof replacement, followed by a re-tenanting of the property at market rental rates.

January 24, 2018

North Carolina Office Southeast

HFF Brokers $55.6M Sale of Two-Building Office Park in Triangle

by Camren Skelton January 23, 2018

DURHAM, N.C. — HFF has arranged the $55.6 million sale of Palladian Corporate Center, a two-building, 201,008-square-foot office complex in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, an institutional owner advised by Clarion Partners LLC. An affiliate of Innovatus acquired the asset. In addition, Brent Bowman of HFF arranged acquisition financing for the asset through Citizens Bank on behalf of the new owner. Palladian Corporate Center is located at 200 and 240 Leigh Farm Road, adjacent to Interstate 40, along the Highway 54 corridor. Constructed in 2005 and 2007, the four-story buildings feature landscaped exteriors, brick and glass façades, weekly scheduled food trucks and adjacent walking trails. Palladian Corporate Center is home to tenants including Northwestern Mutual, Eco-Site LLC and AICPA’s corporate headquarters. At the time of sale, the property was 98.4 percent leased.

January 23, 2018

District of Columbia Hospitality Loans Southeast

PCCP Provides $44.9M Acquisition Loan for Embassy Suites Hotel in D.C.

by Camren Skelton January 23, 2018

WASHINGTON, D.C. — PCCP LLC has provided a $44.9 million loan for the acquisition of Embassy Suites at Chevy Chase Pavilion, a 198-room hotel in Washington D.C.’s Friendship Heights neighborhood. Arden Group acquired the asset from Clarion Partners. The hotel is located at 4300 Military Road N.W., on the border of northwest Washington, D.C. and Chevy Chase, Md., and within Chevy Chase Pavilion, a mixed-use complex. In addition to the hotel, the development includes a 205,000-square-foot office building and 155,000 square feet of retail. The hotel features an indoor swimming pool, health club and four meeting rooms. In addition, the hotel has access to Chevy Chase Pavilion’s 675-space underground parking garage and direct underground access to the Red Line Metro Station.

January 23, 2018

Florida Industrial Southeast

Cushman & Wakefield Arranges $22.8M Sale of Flex Industrial Park in Miami-Dade County

by Camren Skelton January 23, 2018

DORAL, FLA. — Cushman & Wakefield has arranged the $22.8 million sale of Transal Park, a six-building flex industrial campus located at 8200-8290 N.W. 27th St. in Doral. Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Michael Lerner and Rick Brugge of Cushman & Wakefield, in conjunction with Cushman & Wakefield leasing partners Wayne Ramoski and Gian Rodriguez, arranged the transaction on behalf of the undisclosed seller. SVF Acquisitions LLC acquired the property. Transal Park comprises six one-story buildings totaling 134,175 square feet. The buildings feature flexible bays with a combination of direct-access front office space and rear warehouse with grade-level entries to truck courts. Other features include tenant signage, on-site security, a restaurant and a parking ratio of 3.6 spaces per 1,000 rentable square feet. At the time of sale, Transal Park was 88 percent leased to tenants including United States Medical, South Florida Health Management, Office Bargain Center, Encore Optical, Miami Vet Center and Doral Digital Reprographics.

January 23, 2018

Florida Retail Southeast

The Shopping Center Group Secures $8.4M Sale of Retail Center in Tampa Via Auction

by Camren Skelton January 23, 2018

TAMPA, FLA. — The Shopping Center Group has arranged the $8.4 million sale of Shoppes of Amberly, an 88,000-square-foot shopping center in Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a special servicer, in the transaction that was finalized through the RealINSIGHT Marketplace auction platform. Shoppes of Amberly LLC acquired the center. At the time of sale, Shoppes of Amberly was 86 percent leased to tenants including Crunch Fitness and Peabody’s Billiards. In addition, the center is home to local restaurants and medical, health and beauty services.

January 23, 2018

Data Centers Florida Industrial Southeast

Lincoln Rackhouse to Develop 35,000 SF Data Center in South Florida for Mobile Network Provider

by Camren Skelton January 23, 2018

SUNRISE, FLA. — Dallas-based Lincoln Rackhouse will break ground this month on a 35,000-square-foot build-to-suit data center in Sunrise. In a sales-leaseback agreement, Bo Bond and Ali Greenwood of JLL’s Data Center Solutions secured a 20-year prelease with an undisclosed U.S. mobile network provider. The telecom switch center will expand the network’s delivery platform in the region. Burr Computer Environments Inc. is the project’s engineer, Gensler is the architect and Smith Commercial Contracting Inc. is the general contractor. Lincoln Property Co.’s South Florida office will oversee development and management for the project, which is slated for a fourth-quarter completion.

January 23, 2018

Retail Southeast Virginia

Wheeler REIT Acquires 888,917 SF Shopping Center in Norfolk for $85.7M

by Camren Skelton January 22, 2018

NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.

January 22, 2018

District of Columbia Multifamily Southeast

Gateway, Rise to Deliver 319-Unit Apartment Community in D.C.

by Camren Skelton January 22, 2018

WASHINGTON, D.C. — Gateway Investment Partners and RISE: A Real Estate Co., will soon deliver Trellis House, a 319-unit apartment community located in Washington D.C.’s North Shaw neighborhood. The joint venture broke ground on the property in 2016. The community is designed to meet LEED Platinum-certification, and will feature electric car charging stations, a rooftop hydroponic garden and close proximity to public transportation — three blocks from the U Street/Cardoza Metro Station. Trellis House will offer a mix of studio, one- and two-bedroom units and two-level townhome-style units, ranging from 425 to 1,218 square feet. Community amenities will include a 12,000-square-foot outdoor courtyard, two-level fitness center, pool, subzero test kitchen with video broadcast cooking demonstrations, outdoor fireplaces with grilling stations and an observation deck with downtown and Capitol views. In addition, the community will include 11,500 square feet of ground-floor retail. Preleasing for Trellis House will begin in April, with residents expected to move in by summer.

January 22, 2018

Florida Multifamily Southeast

CBRE Negotiates Sale of Three-Property Multifamily Portfolio in Florida

by Camren Skelton January 22, 2018

INDIAN HARBOUR BEACH AND PALM BAY, FLA. — CBRE has arranged the sale of a three-property multifamily portfolio located in Indian Harbor Beach and Palm Bay. Abacus Capital Group acquired the properties from CFH Group for an undisclosed price. Still Hunter, Chris Smiles, Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented both the buyer and seller in the transaction. The 594-unit portfolio includes two communities in Indian Harbour Beach: The Dunes, located at 201 Harbour City Parkway, and Harbour Pointe Apartments, located at 675 Rosewood Court. In Palm Bay, Abacus acquired The Vinings at Palm Bay, located at 1000 Palm Place Drive. The communities feature 24-hour fitness centers, resort-style pools, poolside kitchens, carports and business centers.

January 22, 2018

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