RALEIGH, N.C. — Norvell Real Estate Group has brokered the $7 million sale of Shannon Oaks Office Building, a 57,000-square-foot property located at 201 Shannon Oaks Circle in Raleigh. Frank Norvell of Norvell Real Estate Group, along with Paul Hartley of NAI Avant, represented the buyer, REVA Kay Shannon Oaks LLC. Avison Young represented the seller, Shannon Oaks Holdings LLC.
In recent years, the fundamentals in Charlotte’s industrial real estate market have continued to improve. Overall, the market can be characterized by an increase in tenant activity and the emergence of new submarkets more active on the development front than in the past. Tenant growth can be attributed to organic growth from users expanding, velocity of new deals, as well as emerging submarkets within the market. Charlotte’s central location near the transportation arteries of I-77 and I-85 continues to make the city’s industrial space very attractive to logistics and distribution companies. Charlotte is growing by approximately 20,000 residents per year, according to U.S. Census Bureau data. The population growth, coupled with the trend of brick-and-mortar retailers transitioning portions of their business to e-commerce, makes for a positive outlook on Charlotte’s industrial fundamentals. The strongest tenant activity is in the 25,000- to 75,000-square-foot range, with tenants looking to upgrade the quality and functionality of their space. Beginning in fourth-quarter 2015 and continuing into first-quarter 2016, there was noticeable activity among tenants relocating from owner-occupied facilities to leased spaces. This trend has been driven by a limited supply of options for purchase, historically high construction prices and a steady economy. Furthermore, the …
ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.
CLEARWATER AND LONGWOOD, FLA. — Alexander Investments International has begun construction on The Alexander at Countryside in Clearwater and The Alexander at Sabal Point in Longwood. The $102 million investment will total 616 apartment units featuring one-, two- and three-bedroom layouts with nine-foot ceilings, 42-inch cabinets, quartz or granite countertops, wood-style plank flooring and screened verandas. Both projects will feature clubhouses with fitness centers, game rooms, bar areas, resort-style pools with gazebos, fire pits and grilling stations. The 330-unit Alexander at Countryside will rent from $1,100 to $2,000 per month, and the 286-unit Alexander at Sabal Point will rent from $980 to $1,800 per month. Alexander Investments plans to deliver both assets by the end of 2017.
HARVEY AND ALGIERS, LA. — G.S. Wilcox & Co. has arranged two loans totaling $44.2 million for apartment communities in Harvey and Algiers. David Fryer of G.S. Wilcox arranged the two loans through Legacy Texas Bank on behalf of an unnamed, repeat client of G.S. Wilcox. The financing includes a $24.2 million loan for the refinancing of a 408-unit garden-style community in Harvey and a $20 million acquisition loan for a 442-unit garden-style community in Algiers.
FORT LAUDERDALE, FLA. — Gladstone Commercial Corp. has purchased Park Center, a five-story, 119,224-square-foot office building located at 6363 N.W. 6th Way in Fort Lauderdale’s Cypress Creek submarket. Gladstone Commercial purchased the office building from RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners and Realty Financial Partners, for $23.9 million free and clear of debt. The asset is fully leased to Citrix Systems, a digital app and data systems solutions provider with annual revenue exceeding $3 billion. Hermen Rodriguez, Jorge Portela and Ike Ojala of HFF represented the seller and procured the buyer in the transaction.
OWINGS MILLS, MD. — Wegmans, a supermarket chain, plans to open a 109,000-square-foot store at Foundry Row in Owings Mills on Sunday. Greenberg Gibbons and Vanguard are co-developing Foundry Row, a $140 million, 50-acre redevelopment of the site of the former Solo Cup factory on Reisterstown Road. The store will be Wegmans’ eighth location in Maryland and the second in Baltimore County. One of the first stores to open at Foundry Row, the new Wegmans will feature a Market Café with a seating area and The Burger Bar restaurant. A La-Z-Boy Home Furnishings and Décor store is also opening at Foundry Row this weekend.
HANOVER, MD. — The Cordish Cos. of Baltimore has begun construction on a $200 million, 17-story hotel and event center at the Maryland Live! Casino in Hanover, roughly 11 miles south of Baltimore. Set to open in the fourth quarter of 2017, the 350,000-square-foot property will feature 310 guest rooms, a 1,500-seat event center, meeting spaces, restaurants, a store, 1,000 parking spaces and a day spa/salon. The project is expected to create approximately 400 jobs and 550 construction jobs. The design team includes Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Association and EDSA. Tutor Perini Building Corp. will serve as the hotel’s general contractor.
ATLANTA — Mill Creek Residential plans to develop Modera by Mill Creek – Buckhead, a 21-story multifamily high-rise located at 3005 Peachtree Road N.E. in Atlanta’s Buckhead district. Situated at the corner of Peachtree and Pharr roads adjacent to Buckhead Atlanta, the community will feature 400 luxury apartment homes and more than 21,000 square feet of high-end retail space. Mill Creek is developing the property in a joint venture with Elite International Investment Fund, a real estate investment platform backed by Asian capital. Community amenities will include two outdoor terraces with swimming pools, a rooftop terrace, rooftop dog park, destination sky bar, demonstration kitchen, indoor spa, steam room, yoga studio, juice bar, fitness center and an open-air social lounge. Mill Creek expects pre-leasing and initial move-ins at the high-rise for summer 2018.
SMYRNA, TENN. — Carolina Holdings Inc. has closed on a 10-acre site along Sam Ridley Parkway in Smyrna between Academy Sports + Outdoors and Lowe’s Home Improvement. Three retailers — Hobby Lobby, TJ Maxx and Five Below — will occupy the site. The development team for the retail development includes Nashville-based civil engineer Ragan Smith, Nashville-based general contractor Crain Construction and Greenville, S.C.-based architect COR3 Design. United Community Bank provided construction financing for the project. Hobby Lobby is expected to open in the spring, and TJ Maxx and Five Below to open shortly thereafter.
