CHARLESTON, S.C. — Pollack Shores Real Estate Group has unveiled plans to develop a 231-unit apartment community at 107 Brigade St. in Charleston’s North Morrison (NoMo) neighborhood. The property, which sits on a former steel yard, will include a mix of studio, one- and two-bedroom floor plans. Units will feature nine-foot ceilings, granite countertops, stainless steel appliances, vinyl plank wood flooring and patio French doors that open to private balconies. Community amenities will include a pool with outdoor grilling stations, fitness center, yoga studio and electric vehicle charging stations. Matrix Residential, a subsidiary of Pollack Shores, will manage the property upon completion in July 2019.
FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.
KNOXVILLE, TENN. — Cincinnati-based Viking Partners III LLC has acquired Parkside Plaza, a 100,340-square-foot office building in Knoxville. The name of the seller and sales price were not disclosed. The building is located within Turkey Creek, a mixed-use development featuring retail, office and entertainment space. Constructed in 2007, the five-story Parkside Plaza features a three-story entry atrium and ample surface parking. Deborah Petrolina of IMS and Matt Fentress of NAI Koella | RM Moore are handling the building’s leasing assignment.
NASHVILLE, TENN. — Virginia Beach, Va.-based CCP Commercial Real Estate has acquired a five-building office-flex portfolio in Nashville for $41.2 million. The properties are located within the city’s Airport North and Metro Center submarkets. The portfolio, which was 97 percent leased at the time of sale, totals 413,000 square feet and includes a mix of office and warehouse space. The name of the seller was not disclosed. The acquisition brings CCP’s portfolio in the Nashville market to approximately 1 million square feet.
BETHESDA, MD. — HFF has brokered the sale of Flats at Bethesda Avenue, a 162-unit apartment community in Bethesda. Stephen Conley, Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged the transaction on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual. The HFF team also procured the buyer, a fund managed by BlackRock Real Assets. Flats at Bethesda Avenue, constructed in 2015, includes more than 40,000 square feet of ground-floor retail space that is fully leased to Pottery Barn, Pottery Barn Kids, PassionFish, Silver, Paul, Chop’t and Long & Foster Real Estate. Community amenities include a rooftop deck with a kitchen, lounge, fire pit and bar; fitness center; two-level clubhouse with fireplace; billiards and kitchen; coffee lounge; and a terraced outdoor patio that connects to the Capital Crescent Trail, an off-road rail-trail that stretches 11 miles from Washington, D.C.’s Georgetown district to Silver Spring, Md.
GONZALES, LA. — Bearing Point Properties has broken ground on Sawgrass Point, a 272-unit apartment community in Gonzales, located roughly 25 miles south of Baton Rouge. The community will include four apartment buildings and two townhome-style buildings. Amenities will include a clubhouse, resort-style pool, outdoor kitchen, dog park and a fitness center. Doster Construction Co. is the general contractor for the project, and Humphreys & Partners Architects is the architect of record. The development team expects to wrap up construction on Sawgrass Point in spring 2019.
WASHINGTON, D.C. — Calkain Cos. has arranged the $14.9 million sale of MacArthur Retail & Professional Center, a 45,543-square-foot mixed-use building located at 5185 MacArthur Blvd. N.W. in Washington D.C.’s Palisades neighborhood. Rick Fernandez and Andrew Fallon of Calkain Cos. arranged the transaction on behalf of the undisclosed seller. A group of New York-based private investors acquired the asset, which was 90 percent leased at the time of sale to tenants such as Starbucks Coffee and The UPS Store on the ground floor. The upper two floors of the building house office space.
WILLIAMSBURG, VA. — HREC Investment Advisors has brokered the sale of the 295-room DoubleTree by Hilton Hotel in Williamsburg. Ketan Patel and Monty Levy of HREC arranged the transaction on behalf of the seller, an affiliate of Waramaug Hospitality. An affiliate of Shamin Hotels, a Virginia-based hotel owner and operator, acquired the asset. The sales price was not disclosed. The DoubleTree by Hilton Hotel is located adjacent to the Busch Gardens theme park, a half-mile from Anheuser Busch’s Williamsburg Budweiser brewery and five miles from the Yorktown Naval Weapons Station.
REMINGTON, VA. —Canada-based PointOne Development Corp. is underway on Remington Technology Park (RTP), a 234-acre data center campus in Remington, a city in northern Virginia. PointOne is investing $1.6 billion to develop the project, which will be supported by 300 megawatts of utility power and will have connectivity to terrestrial and undersea fiber-optic cables. Diode Ventures, in conjunction with Enfinite Capital, secured initial funding for RTP and will continue to provide financial modeling support and capital assembly for the balance of the project. Black & Veatch is providing design-build services. The Diode/Enfinite partnership will operate and maintain the campus upon completion. The project marks PointOne’s first investment in the U.S. data center market. A construction timeline was not disclosed.
FAIRFAX, VA. — Charlotte-based Grubb Properties has acquired Argon Plaza, a 275,000-square-foot office building in Fairfax, for $38.8 million. The property is located within the Fair Lakes master-planned community, roughly 19 miles west of Washington, D.C. The mixed-use development is home to a Hyatt Regency hotel and more than 1 million square feet of retail and restaurant space. C-III Asset Management sold Argon Plaza, and HFF and NAI Global arranged the transaction. Grubb Properties plans to make capital improvements to the building that will upgrade its tenant amenities. The property’s anchor tenant, a defense contractor specializing in military technology and intelligence, occupies more than half of the building and recently signed a five-year lease renewal.