VIRGINIA BEACH, VA. — Bcause LLC, a privately held company that is building the world’s first full-stack cryptocurrency ecosystem, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The company will invest $64.8 million and will occupy 84,000 square feet of the former Hoffman Beverage building. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets. This type of currency, including bitcoin, is available only in digital form. The U.S. Treasury classified bitcoin as a legal, convertible, decentralized virtual currency in 2013. Bcause plans to create 100 new full-time jobs with the expansion. The new building has an additional 21,000 square feet of space available for future expansion.
LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center, resort-style pool, sand volleyball courts, attached garages and an on-site restaurant.
PRATTVILLE, ALA. — Passco Cos. has acquired ARIUM HomePlace, a 240-unit apartment community located at 790 Old Quarters Road in Prattville, roughly 15 miles northwest of Montgomery. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Jimmy Adams of Cushman & Wakefield arranged the sale on behalf of the seller, a private investor. Other terms of the deal were not disclosed. The property, constructed in 2014, will be renamed The Meadows at HomePlace. Individual units feature direct access garages, hardwood flooring, stainless steel appliances, tile backsplashes and built-in desks. Community amenities include a pool with a sundeck, outdoor grilling cabana, clubhouse, game room, dog park, car care center and a playground.
NAPLES, FLA. — Investment Properties Corp. has arranged the $14 million sale of a retail building located at 990 1st Ave. N. in Naples. Hoffman Commercial Real Estate acquired the 11,560-square-foot building from NRE Design Park LLC. David Stevens of Investment Properties Corp. arranged the transaction.
DORAL, FLA. — Terra has sold Doral Commons, a 140,000-square-foot shopping center in South Florida, for $72 million. Jamestown LP acquired the asset, located at the intersection of N.W. 74th Street and 107th Avenue in Doral. Publix anchors the center, which was 95 percent leased at the time of sale to tenants including T.J. Maxx, Citibank, GNC, AT&T and McDonald’s. Doral Commons was initially part of a 100-acre tract acquired by Terra in 2012. The company subdivided the land into commercial and residential uses, completing construction of Doral Commons in 2015. Terra’s 319-home housing development Modern Doral is located adjacent to the retail center.
KNIGHTDALE, N.C. — NorthMarq Capital has arranged the $23 million refinancing of Palisades at Legacy Oakes, a 240-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Bill Matone of NorthMarq arranged the 20-year loan with one year of interest-only payments and a 19-year amortization schedule through a correspondent life company on behalf of the borrower. Other terms of the deal were not disclosed. The newly constructed community features a fitness center, pool, playground, walking and biking trails and a picnic area.
FORT LAUDERDALE, FLA. — Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was then transitioned into Tiffany House, an assisted living facility, until it was closed in 2005. The redeveloped Gale Hotel is expected to open in the first quarter of 2019. Menin Hospitality will manage the new hotel. The site, located one block west of A1A and Fort Lauderdale Beach, sits adjacent to Gale Residences, a 129-unit condominium tower that Newgard and Merrimac Ventures are also co-developing. HSF provided a $35.6 million construction loan for the tower in 2016.
ORLANDO, FLA. — Stan Johnson Co. has arranged the $15.1 million sale-leaseback of a 16,152-square-foot property in Orlando operating as Del Frisco’s Double Eagle Steakhouse. David Annett, Daniel Herrold, Campbell Black, Jennifer Cameron and Austin Duff of Stan Johnson Co. arranged the transaction on behalf of the seller, Del Frisco’s Restaurant Group. Boca Raton-based Amzak Capital Management acquired the property, and Del Frisco’s is retaining long-term operational control of the asset.
SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio, marking the fitness boutique’s second metro Atlanta location. In addition to group fitness classes, SculptHouse will feature a private studio for one-on-one training, keyless lockers, fully stocked bathrooms, a private shower, blow dry bar and a retail boutique. The fitness retailers are the first tenant announcements for City Springs. The residential portion of the project, Aston City Springs, will include 294 units and 29,0000 square feet of ground-floor retail space. At full build-out, City Springs will feature a performing arts center, conference center, four-acre green space, retail and city offices. The project is slated for completion this summer.
WASHINGTON, D.C. — A joint venture between Paris-based AXA Investment Managers – Real Assets and Stewart Investment Partners has acquired 1401 New York Avenue NW, a 210,000-square-foot office property located in Washington, D.C.’s East End, for $165 million. AXA holds the majority interest in the partnership. The sellers, Heitman and Minshall Stewart Properties, originally acquired the property in December 2013 from Lone Star Funds for $95 million. Stewart Investment Partners is a successor firm spun out from Minshall Stewart Properties. The 12-story building is LEED Gold certified and features ground-level retail and a below-grade parking garage. The property was originally built in 1983, and recently underwent renovations that included a redesigned lobby, retail frontage, the addition of new tenant amenities and the replacement of the building’s original masonry façade with a glass curtain wall system. This property is AXA’s second investment in the Washington, D.C., metro over the past few months. The company acquired Montgomery Tower, a 366,800-square-foot office tower located in Bethesda, Md., in October of last year for $132.8 million. Paris, France-based AXA Investment Managers – Real Assets operates offices in 20 countries throughout Europe, Asia-Pacific and North America. The company has 74 billion euros in assets under …