GREENVILLE, S.C. — Ziff Properties has acquired Garlington Park in Greenville for $5.2 million. The four-building business park comprises office, flex and warehouse space and totals 119,734 square feet. Land Development Inc. sold the property, and The Whitmire Co. and SVN BlackStream arranged the transaction. The buildings were constructed between 2001 and 2008. Garlington Park is home to tenants such as Grey Eagle Traders, Pompeii Motorsports and Fabrico Inc.
Memphis ended 2017 with an overall vacancy rate of 14.8 percent, which is up slightly from where the year started at 14.5 percent — the highest level in three years. As the saying goes, “don’t judge a book by its cover,” and this especially applies to the Memphis office market. In 2017, 600,000 square feet of office space was absorbed. Developers also started 2017 with more than 1.2 million square feet of new office space in the pipeline, with 800,000 square feet delivered last year and the other 400,000 square feet expected to be delivered by the end of the first quarter this year. So within just six months, nearly 6 percent of Memphis’ total office market size was added to the overall available space. That is more new product being delivered than the city has seen in over a decade. Of this 1.2 million square feet, nearly 80 percent will come from adaptive reuse projects, where previously non-functioning properties located in non-core submarkets have undergone significant repurposing. The Sears Crosstown building was erected in 1927 as a 1.5 million-square-foot, mail-order processing warehouse and Sears retail store. The project was the largest building in Memphis at the time of its …
CHARLOTTE, N.C. — Berkeley Point Capital has provided a $59.4 million Fannie Mae loan for the refinancing of Autumn Park Apartments, a 586-unit multifamily community in Charlotte. Mitch Clarfield and Joshua Braceros of Berkeley Point originated the 15-year loan with 10 years of interest-only payments through Fannie Mae’s Green Rewards program. The borrower, Rambleside Real Estate Capital, originally acquired the property in 2012 for $56.3 million. During its ownership, the firm has invested $3.3 million in exterior and common area improvements, as well as unit interior upgrades. Autumn Park Apartments features two swimming pools with a fire pit and poolside cinema, a tennis court, dog park, grilling areas, playground and a fitness center with a yoga studio, spin room and a rowing room.
MIAMI — Miami-based Estate Investment Group (EIG) has received a $57.8 million construction loan to fund the development of Soleste Twenty2, a 338-unit apartment community located at 2201 Ludlam Road in Miami’s Coral Way Manor neighborhood. Florida Community Bank provided the loan. The community will feature a mix of studio to three-bedroom units with rents starting in the mid-$1,300s. In addition, the project will offer several units with floor plans designed to provide residents with work-from-home options. Community amenities will include a pool with sundeck and private cabanas, gaming room, theater room, fitness center, jogging trail, dog park and a children’s playground. EIG expects to wrap up construction on the community in mid-2019. Soleste Twenty2 comes on the heels of other recent EIG developments, including the $59 million Soleste West Gables II and the 330-unit Soleste Blue Lagoon, which broke ground in November.
DAYTONA BEACH, FLA. — Sutton Properties has signed Publix to anchor Latitude Landings, the 200,000-square-foot retail portion of Latitude Margaritaville Daytona Beach, an active adult community. Margaritaville Holdings and Minto Properties are developing the community, and Sutton Properties is developing and leasing the project’s retail portion, dubbed Latitude Landings. Publix will occupy 48,000 square feet at the shopping center, which will be located on LPGA Boulevard, adjacent to the development’s residential community and accessible by golf cart. Slated to open in the second quarter of 2019, the new grocery store will include grab-and-go prepared meals, an in-store café and a Publix Liquors store. The first phase of Latitude Margaritaville includes 378 home sites. Current plans call for 3,000 homes, with the possibility to expand to a total of 6,000 homes at full build-out. The community is designed for adults ages 55 and older.
BOWIE, MD. — MRP Industrial has signed La-Z-Boy to a 220,800-square-foot, full-building lease at 16101 Queen’s Court, located within Bowie’s Collington Park industrial development. Delivered in 2016, the facility is located roughly 18 miles northeast of Washington, D.C. The national furniture manufacturer will transfer its distribution and logistics operation, currently located in Odenton, Md., to the new facility this fall. Lisa Goodwin of MRP Industrial and Lance Schwarz of NAI Michael arranged the lease on behalf of the building owner, a partnership between MRP Industrial and AEW Capital Management LP. Rob Tamillo, Zak Mirkowski, Todd Hughes and Greg Ferraro of JLL represented La-Z-Boy. Situated on 13 acres, 16101 Queen’s Court features 32-foot clear heights, 40 dock doors, two overhead drive-in doors, a 185-foot truck court and seven-inch, unreinforced concrete flooring. La-Z-Boy currently operates five manufacturing plants and six regional distribution centers throughout the country. The Bowie location will contain manufacturing, delivery and repair services, and will also offer customers the option to pick up furniture purchases instead of having their orders delivered.
FORT MILL, S.C. — Crescent Communities has sold Lakemont East, a 201,758-square-foot industrial building in Fort Mill, a South Carolina suburb of Charlotte. Hartz Mountain Industries Inc. acquired the newly constructed building for $12.7 million, according to the Charlotte Business Journal. Patrick Gildea of CBRE arranged the transaction on behalf of Crescent. Lakemont East was developed in collaboration with architectural firms Merriman Schmitt and Gensler. The building is located within Crescent’s Lakemont Business Park, an 864-acre, planned industrial development. In December, Crescent unveiled plans to develop a 345,000-square-foot, build-to-suit manufacturing and distribution facility for toolmaker Stanley Black & Decker at the park. The firm expects to wrap up construction on the building in the third quarter.
TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …
BOCA RATON, FLA. — LCS Development, an LCS Company, has been selected to develop and market the $125 million expansion of the Toby & Leon Cooperman Sinai Residences of Boca Raton. The not-for-profit continuing care retirement community (CCRC) opened in 2016 and includes 234 independent living homes, 48 assisted living units, 24 memory care units and 60 skilled nursing beds. The expansion will add an estimated 100 independent living residences, at least two additional themed dining venues, a ballroom and enhanced common areas. LCS Development will coordinate planning, development and initial marketing, as well as provide oversight of the design and construction services. LCS will also assist with financing and other support services. Sinai Residences is sponsored by the Jewish Federation of South Palm Beach County Inc. Life Care Services, an LCS Company, manages the community.
RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake views, a deck, gazebo and a clubhouse.
