Driven by the delivery of new product, the Miami multifamily market is experiencing a period of increased transaction activity. Always in high demand, but generally a thinly traded market, Miami has seen a significantly higher volume of market-rate multifamily sales in the last two years. While Miami-Dade County has maintained strong fundamentals overall, its sales volume has historically trailed nearby markets in Broward and Palm Beach counties. In 2014 and 2015, Miami saw an average total sales volume of $150 million, compared to $935 million in Broward County and $675 million in Palm Beach County. Although Miami-Dade County is home to half of South Florida’s population, it has historically accounted for just 20 percent of South Florida’s multifamily sales volume. Part of the reason is that Miami is in high demand because institutional, foreign and private investors are enamored with Miami-Dade County and want these multifamily assets in their portfolio. Likewise, each of these groups tend to hold Miami-Dade properties for extended periods of time. Further, in the early 2000s, the condo conversion trend eliminated much of Miami’s Class A rental inventory, increasing the scarcity of this type of multifamily product. In 2017, however, Miami saw over $820 million in …
CHARLOTTE, N.C. — CBRE Global Investors has acquired 615 South College, a newly constructed office building located in Charlotte’s Uptown district. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $222 million, or roughly $590 per square foot. The seller, Atlanta-based Portman Holdings, delivered the 375,865-square-foot property in 2017. The 18-story building is connected to The Westin hotel and features 10-foot ceiling heights, floor-to-ceiling glass windows, multiple two-story balconies and a parking garage with 1,456 spaces. CBRE will manage 615 South College, and Anne Vulcano and Joe Franco of CBRE will handle the building’s leasing assignment. At the time of sale, the property was 84 percent leased to tenants including Regions Bank, WeWork and BDO USA.
FORT LAUDERDALE, FLA. — Bridge Development Partners has acquired a 10.2-acre site located at 1300 S.W. 32nd Court in Fort Lauderdale. The developer plans to build a 174,129-square-foot industrial park at the site dubbed Bridge Point FLL Logistics Center. The two-building development will be located less than five miles from the Fort Lauderdale-Hollywood International Airport (FLL). The site formerly housed a school that closed more than 20 years ago. Building 1 at the development will span 92,165 square feet, while Building 2 will total 81,964 square feet. The shallow-bay buildings will feature 32-foot clear heights, rear-dock loading and ESFR sprinkler systems. Bridge expects to wrap up construction on the project in the second quarter of 2019.
DURHAM, N.C. — OA Development has acquired four buildings located within Durham’s Imperial Center office park for $31.4 million. The Atlanta-based company acquired the Canterbury, Cambridge, Chelsea and Oxford buildings from two different sellers — ROC III Fairlead Imperial Center LLC and Crown Realty — and combined the assets to assemble one 211,308-square-foot portfolio. The Class B buildings were constructed in the late 1980s and are situated on 15 acres at the entrance of the 456-acre park. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the sellers. Patterson Real Estate Advisory Group arranged acquisition financing for OA Development through SunTrust Bank.
ROCKVILLE, MD. — CIT Group Inc. has provided a $26.6 million loan for the acquisition of Shady Grove Professional Center, a two-building medical office complex in Rockville, roughly 16 miles north of Washington, D.C. The two-building center is situated on 5.6 acres and totals more than 100,000 square feet. CIT Group arranged the loan on behalf of the borrower, a joint venture between Anchor Health Properties, MedProperties and CDC Realty.
KNOXVILLE, TENN. — Cronheim Hotel Capital (CHC) has arranged a $20 million loan for the renovation and conversion of the 378-room Knoxville Marriott into a Delta by Marriott. CHC arranged the non-recourse, three-year loan with two one-year extension options through a national bridge lender. The name of the borrower was not disclosed. Delta Hotels by Marriott feature free Wi-Fi, fitness centers with yoga and Crossfit stations and onsite bars/restaurants. A construction timeline for the Knoxville renovation was not released.
NASHVILLE, TENN. — Endeavor Real Estate Group, in a joint venture with Granite Properties, will break ground in early August on Gulch Union, a three-phase mixed-use development in Nashville. Located in The Gulch neighborhood, the first phase is 1222 Demonbreun, a 20-story, 329,000-square-foot office building. Designed by Dallas-based architect HKS Inc. to achieve LEED Silver certification, the office building will feature 6,000 square feet of ground-floor retail space, a fitness center with lockers and showers, a 48-seat training room, indoor/outdoor sky lounge, catering kitchen, micro-market serving snacks and meals and onsite property management. Turner Construction Co. is the general contractor for the building, and International Bank of Commerce is providing construction financing. Austin-based Endeavor and Dallas-based Granite Properties expect to wrap up construction on 1222 Demonbreun in May 2020. Located between 12th and 13th avenues and McGavock and Demonbreun streets, Gulch Union will serve as the gateway into The Gulch, uniting South Gulch with Broadway and Music Row. Future phases of the project will include retail, residential and a boutique hotel.
TALLAHASSEE, FLA. — Lloyd Jones has acquired The Westcott Apartments, a 444-unit multifamily community located at 3909 Reserve Drive in Tallahassee, for $57.8 million. The name of the seller was not disclosed. Constructed in 2000 and 2005, the community offers a mix of one-, two- and three-bedroom floor plans and features two swimming pools, two fitness center, playgrounds and tennis courts. Lloyd Jones plans to renovate The Westcott, which is the Miami-based private equity investor’s second acquisition in the Tallahassee area.
CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $39 million sale of 1420 Magnolia, a 204-unit apartment community in Charlotte. Jordan McCarley, Watson Bryant and Marc Robinson of Cushman & Wakefield arranged the transaction on behalf of the seller, Estates & Cos. Hudson Capital Properties acquired the asset. Constructed in 1999, 1420 Magnolia features a car care center, controlled access gates, dog park, fitness center, grilling and picnic areas, business center, yoga/Pilates room and a swimming pool.
GREENSBORO, N.C. — HFF has brokered the $32.2 million sale of Airport Distribution Center, a five-building industrial campus located roughly seven miles from Piedmont Triad International Airport. Situated on 41 acres at 202, 204, 206, 311-F and 311-G N. Chimney Rock Road in Greensboro, the center is minutes from the FedEx Mid-Atlantic Hub, the carrier’s fifth largest U.S. hub. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a joint venture between Somerset Properties and Thackeray Partners. The name of the buyer was not disclosed. Airport Distribution Center features front-load facilities, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.