RICHLAND, S.C. — Money360 has provided a $3.2 million bridge loan for a retail center in Richland, located roughly eight miles east of Columbia. The two-year, interest-only loan has a loan-to-value ratio of 52 percent. The name of the borrower was not disclosed. Bi-Lo recently vacated the center, and a fitness concept backfilled the space.
MIAMI — Turkish real estate developer Okan Group has announced plans to build a 70-story, mixed-use project in downtown Miami at 555 North Miami Ave. The $300 million development is slated to include a 294-room Hilton hotel, 64,000 square feet of office space, 236 condo-hotel units and 149 condominium residences as well as four penthouses. Condo-hotel units are often sold to individuals as vacation homes, then rented out the rest of the year. Once completed, Okan Tower will become one of the tallest buildings in Miami. Currently, the 85-story Panorama Tower, which rises 868 feet, is the tallest. Construction on the tower is expected to begin this fall with One Sotheby’s International Realty handling sales and marketing for the development. Architectural firm Behar Font & Partners designed the building, which was inspired by the silhouette of a tulip, Turkey’s official flower. “It is with great pleasure that we unveil Okan Tower as we embark on a journey to present a bold real estate product in one of the world’s leading destinations,” says Bekir Okan, chairman of Okan Group. “In selecting our projects throughout the world, we always seek to establish an impact that will make history. Not only in its design, …
FORT MYERS, FLA. — Skanska USA has unveiled renovation and expansion plans for Gulf Coast Medical Center, a hospital in the Southwest Florida city of Fort Myers. The $229 million expansion will add three floors totaling 365,700 square feet. The project includes the expansion of the emergency departments, clinical laboratory, radiology department, dining services and the central energy plant. The planned expansions will increase the hospital’s bed capacity from 356 to 624. Skanska will also renovate an existing 48,500 square feet of space at the hospital. Skanska is leading the project on behalf of the hospital owner, Lee Health. The development team, including general contractor Gates Construction and architect HKS Inc., expects to complete the hospital’s renovation program by September 2021.
HERNDON, VA. — Phillips Realty Capital has arranged $30 million in permanent financing for the 324-room Crowne Plaza Dulles Airport Hotel in Herndon. Mark Remington of Phillips Realty Capital arranged the loan through Bank of America Merrill Lynch on behalf of the hotel owner, Rocks Engineering. The Virginia-based company originally developed the hotel in 1986 as a Days Inn. The company has since rebranded the property to Crowne Plaza, part of InterContinental Hotels Group’s (IHG) brand family. In 2016, Rocks Engineering invested $12 million to renovate the hotel, which now features 10,000 square feet of meeting space, a business center, 24-hour fitness center and an on-site restaurant. The hotel is located roughly two miles from Dulles International Airport.
SARASOTA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.4 million sale of Kane Plaza, a 77,089-square-foot office building located at 1 S. School Ave. in Sarasota. Douglas Mandel and Nicholas Hanson of IPA arranged the transaction on behalf of the seller, TerraCap Management LLC. JLK Global Fund U.S. 2 Inc. acquired the asset. The 10-story Kane Plaza was constructed in 2000 and features a structured parking garage and renovated lobby.
HATTIESBURG, MISS. — Sina Cos. has broken ground on a new medical office building for the Hattiesburg Clinic in Hattiesburg. The 57,221-square-foot Orthopaedic & Sports Medicine facility will be the second property developed for the clinic, following the development of Women’s Center at 28th Place in 2006. The new facility will house clinical practice space for 14 orthopedic providers, a 9,000-square-foot physical therapy suite, community conference center and an imaging suite. In addition, the building will be connected to a 14,310-square-foot indoor sports center with weight systems, a half-court basketball court, batting cage and a partial turf football field that opens to an exterior natural turf field. MSTSD Architects is designing the project, and Freese-Johnson is the general contractor. Sina expects to wrap up construction on the facility in April 2019. Hattiesburg Clinic is a physician-owned, multi-specialty practice with more than 350 providers serving 19 counties across southern Mississippi.
POOLER, GA. — Virginia-based Middleburg has unveiled plans to develop Mosby Lakeside, a 316-unit apartment community located near the intersection of Pooler Parkway and Interstate 16 in Pooler, roughly 10 miles west of Savannah. The community will feature a mix of one-, two- and three-bedroom units ranging from 748 square feet to 1,405 square feet. Units will feature stainless steel appliances, granite countertops, patios and balconies, Nest thermostats, wood plank flooring in living areas and nine-foot ceilings. Community amenities will include a clubhouse, fitness center with yoga studio, outdoor fire pit and kitchen, saltwater pool, dog parks and pet spa, community garden, boat house and a hammock garden. Humphreys & Partners Architects LP is the architect of record for the project, DEI is providing interior design services and Thomas & Hutton is the landscape architect and civil engineer. Middleburg plans to break ground on Mosby Lakeside this fall and begin leasing the community in spring 2019.
SAVANNAH, GA. — A joint venture between ELV Associates, Mariner Group and Regent Partners has unveiled the development plans for a $600 million mixed-use project in Savannah. The joint venture originally acquired the site — formerly known as Savannah River Landing — in September 2017. The project will be renamed Eastern Wharf, a nod to the site’s history. The Savannah Eastern Wharves date back to the early 1800s, when Savannah was on the rise as one of the major ports on the East Coast. “It was important to our team that we were respectful of Savannah’s history,” says Trent Germano, a principal with Mariner Group. “When we started to learn about the site and the significant role it played in the early commerce of Savannah, we knew what direction we wanted to go.” The 57-acre site is located adjacent to downtown Savannah’s Landmark Historic District. The development plan outlines approximately seven acres of public open space including squares and a park along the Savannah River. The group plans to break ground on the first phase of Eastern Wharf this summer. Representing a $225 million investment, the first phase will include more than 300 apartment units; a 1,100-space parking garage; 40,000 square feet …
MIAMI GARDENS, FLA. — Bridge Development Partners has received a $75 million construction loan to develop Bridge Point Commerce Center, a planned 2.1 million-square-foot industrial project in Miami Gardens. Steve Roth of CBRE arranged the loan through CIBC Bank U.S. and Hartford Investment Management Co. The first phase of the project, which will include three Class A buildings totaling 1.1 million square feet, is expected to deliver in the second quarter of 2019. The first two buildings will feature 32-foot clear heights and the third building will feature 36-foot clear heights. Located at 3900 N.W 215th St., Bridge Point Commerce Center is equidistant to Miami International Airport and Fort Lauderdale International Airport. Bridge Development is an active industrial developer in the South Florida region. In April, the Chicago-based firm received a $32.1 million loan to develop Bridge Point Powerline Road, a 467,832-square-foot facility in Pompano Beach.
SAVANNAH, GA. — Griffin Capital Essential Asset REIT Inc., an entity co-sponsored by Griffin Capital Co. LLC, has acquired Shaw Distribution Center – Northport Building C in Savannah for $56.5 million. The more than 1 million-square-foot facility is fully leased to Shaw Industries Inc., one of the largest flooring manufacturers in the country and a wholly owned subsidiary of Berkshire Hathaway Inc. The build-to-suit property was completed in March. Shaw Distribution Center is located less than seven miles from the Port of Savannah.
