Southeast

Trez Forman Provides $44.8M Construction Loan for Active Adult Rental Community on Florida’s Gulf Coast

by Camren Skelton February 9, 2018

VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached villas and 48 three-story units served by elevator. The units will feature one- and two-bedroom floor plans ranging in size from 991 to 1,339 square feet. All of the units will be available for long-term leases between two and 10 years. Although the community is designed for active baby boomers, it will not be age-restricted. Community amenities at The Floridian Club will include an infinity-style pool, separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbeque area, pet spa and walking/running trails. Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group.

February 9, 2018

Office South Carolina Southeast

Trinity Capital, Durlach Associates Sell Office Building in Charleston for $36.4M

by Camren Skelton February 9, 2018

CHARLESTON, S.C. — Trinity Capital Advisors and Durlach Associates have sold Faber Plaza, a 125,822-square-foot office building located at 4400 Leeds Ave. in Charleston. Hall Capital purchased the asset for $36.4 million. Durlach Associates, which developed the building in a joint venture with Trinity in 2015, will remain an investor in the property under the new ownership. Patrick Gildea, Matt Smith and Charlie Carmody of CBRE arranged the transaction. Faber Plaza is home to tenants including BlueCross BlueShield of South Carolina, Paychex, Cummins, HDR, Sonepar, TranSystems and TY Lin International. The building features 12-foot ceilings, floor-to-ceiling windows and park views.

February 9, 2018

Hospitality Loans Maryland Southeast

Cronheim, GEM Arrange $20.8M Construction Loan for New Hotel in Coastal Maryland

by Camren Skelton February 9, 2018

OCEAN CITY, MD. — Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) have arranged a $20.8 million construction loan for Cambria Resorts & Conference Center, a 133-room hotel that will be constructed on North First Street in Ocean City. CHC and GEM arranged the two-year loan through a consortium of Maryland-based credit unions on behalf of the developer, a joint venture between Ocean City-based Pinnacle Hospitality Solutions and Philadelphia-based The Wankawala Organization. Choice Hotels International Inc., owner of the Cambria brand, granted a 30-year franchise to the hotel developers.

February 9, 2018

District of Columbia Office Southeast

Meridian Signs Law Firm to 103,300 SF Office Lease at Anthem Row in D.C.’s East End

by Camren Skelton February 9, 2018

WASHINGTON, D.C. — The Meridian Group has signed a 103,300-square-foot office lease with Baker Botts LLP, an international law firm, in Washington D.C.’s East End. The firm’s new office will be located at Anthem Row, a four-building office complex currently under development. The Meridian Group is underway on an extensive renovation of the 12-story building at 800 K St. The original building had a large floor plate with two cores and one main lobby. Upon completion, the property will function as two office buildings with separate main lobbies and separate addresses — 700 K St. and 800 K St. In addition, the buildings will include three levels of retail space totaling 80,000 square feet. Baker Botts, which signed a 17-year lease, will occupy the top four floors of 700 K, beginning March 2020. Evan Behr and Doug Mueller of JLL represented Meridian in the lease transaction, and Randy Harrell and Lara Nealon of CBRE represented Baker Botts. In December, fitness company Equinox announced it will open a 33,817-square-foot full-service health club at Anthem Row. In September, Truluck’s Seafood, Steak & Crab House announced plans to open a 10,313-square-foot restaurant at the project.

February 9, 2018

Multifamily Southeast Virginia

Berkadia Brokers $13.5M Sale of Multifamily Community in Hampton Roads Region

by Camren Skelton February 9, 2018

NEWPORT NEWS, VA. — Berkadia has brokered the $13.5 million sale of Suites at Port Warwick, a 100-unit multifamily community in Newport News. Alan Meetze and David Hudgins of Berkadia arranged the transaction on behalf of the seller, University Suites at Port Warwick LLC. Atlantic Multifamily-Port Warwick LLC acquired the asset. Originally developed as student housing, Suites of Port Warwick now offers a mix of market unit rentals and student “per bed” rentals. The buyer will continue to operate the property as both student housing and market townhouses. The community is located roughly two miles from Christopher Newport University. The property was constructed in 2004 and features three- and four-bedroom townhouse floor plans. Community amenities include a fitness center, pool, volleyball court and a tanning bed.

February 9, 2018

Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Unicorp Announces $1B Mixed-Use Development in Orlando

by Katie Sloan February 9, 2018

ORLANDO, FLA. — Unicorp National Developments Inc. has unveiled plans for O-Town West, a $1 billion mixed-use development located at the corner of Palm Parkway and Daryl Carter Parkway in Orlando. The development will feature retail, restaurants, upscale apartments, a 600-car garage and a water show in the style of The Fountains of Bellagio in Las Vegas. The retail portion of the 82-acre development will be housed in two segments: the Village at O-Town West and the Boardwalk at O-Town West, according to reports by Orlando Weekly. The Village will feature retailers offering everyday necessities, including a national grocery store. The Boardwalk will offer new-to-market restaurants and retail. A 15,000-unit multifamily community is also planned for the development, alongside 300 to 400 homes, all of which will overlook a recreational lagoon by Miami-based Crystal Lagoons. Groundbreaking is slated for early 2019, with a grand opening projected for summer 2020, Orlando Weekly reports. Unicorp has developed over $2.5 billion worth of commercial and residential real estate, with a focus on retail, mixed-use centers, multifamily and master-planned communities. The company recently developed I-Drive 360 in Orlando, a mixed-use development featuring an observation wheel known as the Coca-Cola Orlando Eye. A $100 million Phase II is currently …

February 9, 2018

Florida Multifamily Southeast

ARA Newmark Brokers $97.3M Sale of Multifamily Community in South Florida

by Camren Skelton February 8, 2018

PALM BEACH GARDENS, FLA. — ARA Newmark has brokered the $97.3 million sale of The Fountains at Palm Beach Gardens, a 542-unit apartment community located at 4120 Union Square Blvd. in Palm Beach Gardens. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, Landmark at Garden Square. Advenir at PGA LLC acquired the asset. Charles Foschini, Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez of Berkadia arranged a three-year, $80 million loan through Freddie Mac on behalf of the buyer. Proceeds of the loan will be used to renovate individual apartment units. Constructed in 1974, The Fountains includes one- to three-bedroom apartment units averaging 999 square feet. Community amenities include three resort-style pools, dog parks, a fitness center and outdoor green space. At the time of sale, the property was 95 percent occupied.

February 8, 2018

Multifamily South Carolina Southeast Student Housing

SmartStop Acquires Student Housing Asset Near University of South Carolina for $64.5M

by Camren Skelton February 8, 2018

COLUMBIA, S.C. — SmartStop Asset Management LLC has acquired Aspyre at Assembly Station, a 760-bed student housing community located near the University of South Carolina in Columbia, for $64.5 million. The property offers one-, two- and three-bedroom units. Community amenities include a 24-hour fitness center, business center, computer lab, resort and lap pools, a sauna and various outdoor recreational areas. The seller in the transaction was not disclosed.

February 8, 2018

Industrial Mississippi Southeast

Mohr Capital, Panattoni to Deliver 1 MSF Warehouse for Cooper Tire in Mississippi

by Camren Skelton February 8, 2018

MARSHALL COUNTY, MISS. — Mohr Capital, in conjunction with Panattoni Development Co., is underway on a 1 million-square-foot industrial warehouse for Cooper Tire & Rubber Co. in Marshall County, a Mississippi county within the Memphis MSA. The Findlay, Ohio-based company specializes in the design, manufacturing, marketing and sale of passenger car, truck, motorcycle and racing tires. Alston Construction is the general contractor for the project, and Pickering Firm Inc. is the architect. The new building, located within Panattoni’s Gateway Global Logistics Center, will be used to distribute Cooper Tire’s products directly to customers and supply its regional distribution centers. Gary Horn of Mohr Capital and Preston Thomas of Colliers International represented Cooper Tire in the lease negotiations, and Jim Mercer of CBRE represented Panattoni. The project represents a $50.5 million investment, according to local media reports. An affiliate of Gramercy Property Trust has acquired the land, is funding the development and will own the asset upon completion. The facility is slated for completion this fall and will become Cooper Tire’s largest distribution center in the United States.

February 8, 2018

North Carolina Office Southeast

Childress Klein, Partners to Break Ground on 154,000 SF Creative Office Building in South Charlotte

by Camren Skelton February 8, 2018

CHARLOTTE, N.C. — Childress Klein, in partnership with Crosland Southeast and the B. Frank Matthews II Family, will break ground next month on The Nexus, a 154,000-square-foot, creative office building in south Charlotte. The six-story building will be the second creative office building at Waverly, the joint venture’s master-planned mixed-use development. The Remi Group, an equipment maintenance management provider, has preleased 31,000 square feet at The Nexus for its new corporate headquarters. Ben Speir of Cherry & Associates represented The Remi Group in the lease negotiations, while Travis Hart and Jenny Fowler represented Childress Klein internally. The Nexus will feature exposed ceilings, collaborative office space, a covered parking deck, bike storage, outdoor Wi-Fi-enabled meeting space and a connection to The Yard, Waverly’s master-planned park. In addition, the developers are seeking LEED certification. Wells Fargo will provide construction financing for the project. The design team includes general contractor Shelco and architect Rule Joy Trammell Rubio. The first creative office building at Waverly, The Hub, was delivered in August 2017. NN Inc., an industrial company, plans to relocate its global corporate headquarters to The Hub. Childress Klein has also signed leases with tenants including Esri, Horizon Investments, Axene and Tokai Carbon GE LLC. …

February 8, 2018

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