GAINESVILLE, VA. — Calkain Cos. has brokered the $16.5 million sale of a triple-net leased gym in Gainesville, about 35 miles west of Washington, D.C. The asset is leased to Sport&Health, a fitness chain that operates 22 locations in the metro Washington, D.C. area. Jeff Bogart of Calkain represented the seller in the transaction. Hasan Ibrahim of HMI Properties LLC represented the private buyer.
BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $48.8 million Fannie Mae loan for ParkCrest Landings, a 400-unit property located at 5725 1st Ave. in Bradenton. Built in 2015, ParkCrest’s amenities include a theater, catering kitchen, cyber café, fitness center, game room, heated whirlpool spa, two lakefront swimming pools, two playgrounds, tennis courts, fenced dog parks, volleyball court, lakeside gazebo and four lakes with multiple fountains. Chris Black and Caleb Marten of KeyBanks’s commercial mortgage group arranged the financing, which facilitated the acquisition of the property.
VIRGINIA BEACH, VA. — The Franklin Johnston Group has opened Southern Pine, a 240-unit apartment community located at 2520 Allie Nicole Circle in Virginia Beach. The property is situated along the Virginia Beach National Golf Club and behind the Courthouse Market Place Shopping Center. The one-, two- and three-bedroom apartments feature stainless steel appliances and balconies. The gated community’s amenities include an outdoor infinity-style swimming pool, two-story clubhouse, fitness center and a two-lane bowling alley.
HIGH POINT, N.C. — BC Wood Properties, owner of Southwood Square Shopping Center in High Point, plans to remerchandise the center’s former Kmart store with retailers including Planet Fitness, Roses and dd’s Discounts. The new tenants will open their stores by spring 2017. BC Wood purchased Southwood Square in 2013 with the intent to renovate the center when Kmart vacated its 104,000-square-foot space. Southwood Square is located on the corner of South Main Street and West Fairfield Road and is leased to tenants including Dollar Tree, Save-A-Lot, Jackson Hewitt, Nationwide Insurance and Shoe Show.
BILOXI, MISS. — Berkadia has brokered the $13.9 million sale of Oceanaire Apartments, a 196-unit multifamily complex located at 16016 Lemoyne Blvd. in Biloxi. Built in 2009, the property includes one-, two- and three-bedroom floor plans with walk-in closets, island kitchens with breakfast bars and private balconies. Community amenities include a resort-style swimming pool with fountains, picnic and grilling area, clubhouse and secured on-site parking. David Oakley and Gregg Cordaro of Berkadia brokered the sale. Dallas-based Pillar Income Asset Management Inc. purchased Oceanaire Apartments from Dallas-based Encore MF Oceanaire Apartments LLC. The property was 97 percent occupied at the time of sale.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $2.8 million loan for Richlawn Centre, a 16,680-square-foot retail property located at 4133-4149 Shelbyville Road in Louisville. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year loan with one year of interest-only payments through an undisclosed regional bank.
RALEIGH, N.C. — Dominion Realty Partners and Prudential Global Investment Management plan to develop Wade IV, a new 103,000-square-foot office building within Wade Office Park in Raleigh. The new four-story asset will be Dominion’s 27th project in the Triangle region. Designed to achieve LEED Gold certification, Wade IV will feature a glass, brick, pre‐cast and metal skin exterior, as well as green features and amenities. Dominion Realty will serve as both the developer and on-site property management team for Wade IV, and Regions Bank will provide construction financing for the project. Other key team members include architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Choate will break ground on the asset this week for an expected delivery in late summer 2017.
KNIGHTDALE, N.C. — Scannell Development Co. has purchased 78.8 acres of land located at 2309 Hodge Road in Knightdale for Eastgate540, a 1 million-square-foot industrial park. Phase I of Eastgate540 will be a 150,000-square-foot building with an adjacent pad-ready site for an additional 150,000-square-foot building. Scannell plans to deliver Phase I by second-quarter 2017. Upon completion, Eastgate540 will include six Class A industrial buildings featuring 32-foot clear heights, an ESFR sprinkler system, T-5 lighting and a shared 190-foot concrete truck court. Chester Allen, Barry Bowling and Carlton Midyette III of CBRE | Raleigh represented the seller, Hicks, Murphy and Myrick Families, in the land sale. Butch Miller, Ann-Stewart Patterson and Bryan Everett of CBRE | Raleigh will handle Eastgate540’s leasing responsibilities.
FLORIDA, N.Y. — Big V Capital LLC, the investment management affiliate of New York-based Big V Properties, has closed on the purchase of three shopping centers in the Southeast for a combined $24 million. The properties include the 74,370-square-foot Village at Myrtle Grove in Wilmington, N.C.; the 180,194-square-foot Lancer Center in Lancaster, S.C.; and the 203,876-square-foot Lanier Plaza Shopping Center in Brunswick, Ga. Village at Myrtle Grove was 87 percent leased at the time of sale to tenants such as Staples; Lancer Center was 89 percent leased to Big Lots, Citi Trends, Pet Sense and Bi-Lo; and Lanier Plaza was 81 percent leased to Winn-Dixie, Dollar Tree, Rent-A-Center and Habitat for Humanity. With the purchase of these three assets, Big V Properties owns and/or operates 31 Class A and B shopping centers totaling roughly 3 million square feet.
MIAMI — Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Public officials, community members and guests gathered at the new $22.8 million development at 1699 N.W. 4th Ave. for an official ribbon-cutting ceremony. Courtside’s one-, two- and three-bedroom apartments are reserved for residents making an annual income of no more than 60 percent of area media income (AMI). Monthly rents range from $760 to $990. The property is fully occupied. HTG secured financing in 2014 through a variety of public-private sources including $9 million in Florida Housing Finance Corp. low-income housing tax credits; $3.3 million in construction debt from City Community Capital; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; $1.8 million from Miami-Dade County in the form of a surtax loan along with developer equity. Courtside Apartments broke ground in 2015, with 40 percent of the construction labor provided by residents of the surrounding neighborhood. Amenities include a basketball court, fitness center, business center with computers, laundry facilities, picnic area with outdoor grill, media center, …
