Southeast

East West Partners to Develop Mixed-Use Crabtree Terrace Project in Raleigh

by John Nelson December 2, 2016

RALEIGH, N.C. — East West Partners plans to develop Crabtree Terrace, a proposed mixed-use development located at 4509 Creedmoor Road in Raleigh. The developer has tapped CBRE | Raleigh to lease both the office and retail components of the project. Situated adjacent to Crabtree Valley Mall and a future hotel and conference center, Crabtree Terrace will be a six-story building with 38,000 square feet of ground-floor retail space, 140,000 square feet of Class A office space, a six-story parking deck and surface parking. Charlie Coyne and Reagan Crabtree of CBRE | Raleigh’s retail services group will be handling the retail leasing efforts for the project, and Brian Carr and John Brewer of CBRE | Raleigh’s investor leasing group will be handling the office leasing efforts. East West plans to deliver Crabtree Terrace in the fourth quarter of 2018.

December 2, 2016

Florida Hospitality Loans Southeast

HKS Capital Partners Arranges $45M Refinancing of Sagamore Hotel in South Beach

by John Nelson December 2, 2016

MIAMI BEACH, FLA. — New York-based HKS Capital Partners has arranged the $45 million refinancing of the Sagamore Hotel, a 94-suite upscale hotel situated at the crossroads of the Lincoln Road Mall and Collins Avenue in South Beach’s historic Art Deco District. The borrower, The Ben Josef Group, will use the loan to partially recapture $35 million of equity and put $10 million toward renovations. John Harrington of HKS Capital arranged the five-year loan with 30 months of interest-only payments during the renovation period through Bank Hapoalim B.M., one of Israel’s largest banks. The Ben Josef Group and the Insite Group, a South Florida-based development firm, paid $63 million in cash for the five-story hotel in March 2016. The new owners plan to renovate and reposition a portion of the floor plan to yield an additional 48 guest rooms, which will result in 142 guest suites, including oceanfront penthouses and two-story oceanfront bungalows.

December 2, 2016

Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $37.9M Sale of Apartment Community in Wilmington

by John Nelson December 2, 2016

WILMINGTON, N.C. — Cushman & Wakefield has brokered the $37.9 million sale of One Midtown, a 223-unit apartment community located at 2945 Midtown Way in Wilmington. Built in 2015 by Wilmington-based Cape Fear Commercial Real Estate, the asset is situated between downtown Wilmington and the coast. The Wilkinson Group of Atlanta purchased the apartment community, which was 92 percent occupied at the time of sale. Jordan McCarley, Marc Robinson, Watson Bryant and Paul Marley of Cushman & Wakefield’s Charlotte office represented Cape Fear in the transaction.

December 2, 2016

Florida Retail Southeast

Morgan Wiseman Arranges $9.5M Sale of 268,000 SF Shopping Center in Orlando

by John Nelson December 2, 2016

ORLANDO, FLA. — Morgan Wiseman CRE, an Orlando-based retail broker, has arranged the $9.5 million sale of Pine Hills Marketplace, a 268,000-square-foot shopping center located on West Colonial Drive in Orlando. Built in 1965, the property was 70 percent leased at the time of sale and includes three outparcels, which are ground leased. The buyer, a private investment group based in Asia, purchased the property from AIG Investments in an off-market transaction. Florida Bank of Commerce provided acquisition financing in the deal. Morgan Wiseman represented the buyer, and AIG Investments was self-represented in the transaction.

December 2, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $75.2M Refinancing of Multifamily Property in Palm Beach Gardens

by John Nelson December 1, 2016

PALM BEACH GARDENS, FLA. — NorthMarq Capital has arranged a $75.2 million loan for the refinancing of The Quaye at Palm Beach Gardens, a new 340-unit apartment community in Palm Beach Gardens. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through Fannie Mae’s Pre-Stabilization program on behalf of the borrower, The Housing Group, a development firm led by Charles Funk, Jeff Meehan and Rick Lococo.

December 1, 2016

Florida Hospitality Southeast

Helm Equities to Bring 21c Museum Hotel to HELM Miami Development

by John Nelson December 1, 2016

MIAMI — New York-based developer Helm Equities plans to bring a 21c Museum Hotel to HELM Miami, a mixed-use development in Miami’s Design District. The boutique hotel will feature 135 rooms, an art museum free of charge to the public, restaurant, rooftop pool terrace, bar and lounge and meeting spaces. Deborah Berke Partners will lead the design team for the new hotel. In addition to the hotel, HELM Miami will feature a sculpture garden, green space and 325,000 square feet of retail, dining and workspace for artists, as well as on-site parking. Thomas Citron and Mitchell Friedel of NGKF will lease HELM Miami’s retail component. Paul Faver of JB Real Estate Investment Group LLC advised Helm Equities on the transaction with Louisville, Ky.-based 21c Museum Hotels.

December 1, 2016

Florida Seniors Housing Southeast

Rookis, Gulf Coastal Development to Build Independent Living Community in Tampa

by John Nelson December 1, 2016

TAMPA, FLA. — Rookis Investment Partners and Gulf Coastal Development have broken ground on Arbor Terrace Senior Living, a 139-unit independent living community in Tampa. Atlanta-based The Arbor Co. will manage the community, which is slated for completion in spring 2018. Tampa-based Chancey Design Architects and Interiors designed the project. The company will also handle interior design. Gulf Coastal Development is a Tampa-based developer of residential properties. Rookis Investment Partners brings together architects, builders and real estate professionals to create residential and commercial developments, mainly in Florida.

December 1, 2016

Florida Mixed-Use Southeast

Cushman & Wakefield Arranges $11.4M Sale of Mixed-Use Center in Miami

by John Nelson December 1, 2016

MIAMI — Cushman & Wakefield has arranged the $11.4 million sale of Plaza 8, a 53,428-square-foot mixed-use center located in Miami. The two-story property consists of ground-floor retail with a mix of office and retail space on the second floor. Miguel Alcivar, Dominic Montazemi and Michael Mandel of Cushman & Wakefield and Bill Strauss of WCL Properties represented the seller, AD4 Group, in the transaction. The buyer was undisclosed.

December 1, 2016

Affordable Housing District of Columbia Multifamily Southeast

Greysteel Brokers $6.6M Sale of Affordable Housing Community in D.C.

by John Nelson December 1, 2016

WASHINGTON, D.C. — Greysteel has arranged the $6.6 million sale of Brookland Place, an affordable multifamily community located at 617 Hamlin St. N.E. in Washington, D.C. Built in 1950, the 80-unit property is situated near Catholic University and within walking distance of two Metrorail stations in Washington, D.C.’s Brookland neighborhood. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel represented the seller, Jair Lynch Development Partners. The buyer, Wesley Housing Development Corp., will preserve the community’s affordability using financing from the DHCD and Enterprise Community Partners Inc.

December 1, 2016

University Hospital, Charlottesville, Va.

Healthcare Southeast Top Stories Virginia

Skanska USA to Renovate, Expand University Hospital in Virginia for $142M

by Jeff Shaw December 1, 2016

CHARLOTTESVILLE, VA. — Skanska USA, a division of the Sweden-based construction company, has been chosen for a $142 million renovation and expansion of University Hospital, located on the University of Virginia campus in Charlottesville. The main part of the expansion will be a 425,000-square-foot, 15-story tower on a plot adjacent to the current hospital, a helipad that is no longer in use. The expansion includes a new emergency department, surgical suites, a six-story inpatient section and expanded ancillary services. The project also includes 95,000 square feet of renovations to the existing buildings, including new drop-off and entry points for the ambulances. The project will be completed in phases. The tower is scheduled to open in the fourth quarter of 2019, and the renovations are scheduled for completion in the fourth quarter of 2020. The hospital is part of the University of Virginia Health System. International architecture firm Perkins+Will designed the project. — Jeff Shaw

December 1, 2016

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