Southeast

Akridge Sells Westfields Development Sites to Elm Street, Northwood Ravin

by John Nelson July 21, 2016

CHANTILLY, VA. — Akridge has sold The Preserve at Westfields in Chantilly to Elm Street Development and Northwood Ravin. Prior to the sale, Akridge had the site rezoned from 1.2 million square feet of office to mixed-use within Westfields. Westfields is located just south of Dulles International Airport off of Route 28 in Fairfax County. The development includes 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail space. Situated next to the planned Wegmans retail development, the project will also include an amphitheater, pavilion, nature trail and lake. Elm Street will develop the townhome component, and Northwood Ravin will develop the multifamily and retail components. John Sheridan and Nathan Barth of CBRE represented Akridge in the sale of The Preserve’s multifamily and retail components to Northwood Ravin. Construction is slated to begin this month, with the first townhome scheduled to deliver in the summer of 2017. The multifamily project will include luxury finishes and amenities such as a resort-style spa, a health club featuring workout options such as yoga and crossfit, resident co-working space, a pet run and spa and retail shops. Construction on the first phase of the multifamily development is expected to …

July 21, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $42.8M Sale of Apartment Community in Central Florida

by John Nelson July 21, 2016

OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.

July 21, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $9.8M Acquisition Loan for Student Housing Community in North Carolina

by John Nelson July 21, 2016

PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.

July 21, 2016

Florida Retail Southeast

NAI Miami Negotiates NightLife Brewing’s Lease at Shops of Marlins Park in Miami

by John Nelson July 21, 2016

MIAMI — NAI Miami has arranged a 10-year, 11,300-square-foot retail lease at Shops of Marlins Park in Miami for a new brewery. NightLife Brewing Co. will open its new microbrewery facing the main pavilion of Marlins Park in the Home Plate parking garage known as P1 at Marlin’s Park, located at 1588 N.W. 7th St. The Shops of Marlins Park spans 57,501 square feet of office and retail space situated in three of the four parking garages of Marlins Park, home of the Miami Marlins baseball team. With the NightLife Brewing lease, occupancy at the Shops of Marlins Park is at 61 percent. Jeremy Larkin and Joseph Gallaher of NAI Miami represented the landlord, the city of Miami, in the lease transaction, which was valued at $2.6 million. The lease marks the first brewery approved in a retail zoning for the city of Miami.

July 21, 2016

Florida Mixed-Use Southeast

Miami-Dade County Approves $464M Mixed-Use Project at Douglas Road Metrorail Site

by John Nelson July 20, 2016

MIAMI — The Miami-Dade Board of County Commissioners has officially approved Link at Douglas Station, a $464 million mixed-use, transit-oriented project at the Douglas Road Metrorail Station in south Miami. Link at Douglas Station will encompass approximately 970 residential units, including a workforce housing component; 70,000 square feet of retail space; a new hotel; and a public plaza. Miami-Dade executed a ground lease with Adler 13th Floor Douglas Station LP, a joint venture between 13th Floor Investments and Adler Group, setting the stage for the construction of the project, which will be constructed in four phases on a seven-acre site bordered by US 1, S.W. 27th Avenue, Peacock Avenue and S.W. 38th Avenue. Phase I will focus on the development of a residential tower, a 150-key hotel in partnership with Driftwood Hospitality Management LLC and a portion of the retail footprint, which includes a supermarket. Link at Douglas will maintain the Douglas Metrorail Station as its central element, providing access to Miami’s downtown financial, arts and entertainment districts. According to the joint venture, the project will be designed to increase public transit ridership.

July 20, 2016

Affordable Housing Florida Multifamily Southeast

Housing Trust Group Breaks Ground on Affordable Housing Community in Metro Tampa

by John Nelson July 20, 2016

HOLIDAY, FLA. — Housing Trust Group (HTG) has broken ground on Phase I of Park at Wellington, a $37.9 million affordable housing community located at 4369 Sunray Drive in Holiday, roughly 30 miles north of Tampa. Phase I of the 220-unit property will span 110 units, and HTG plans to open the complex in late 2017. The units will be reserved for renters earning at or below 40 percent to 60 percent of area median income (AMI). Rents will range from $367 to $783 per month. Construction of Phase II is expected to start in November 2016. Phase I development funding sources include $16 million in 9 percent Low Income Housing Tax Credit Equity provided by Indianapolis-based City Real Estate Advisors and a $15.5 million construction loan provided by KeyBank, which converts to a $3.5 million permanent loan after completion. HTG has five affordable housing communities currently under construction in Florida. The project team for Park at Wellington includes architect Fugleberg Koch PLLC; civil engineer High Point Engineering Inc.; and general contractor HTG Hennessy LLC.

July 20, 2016

Multifamily North Carolina Southeast

Davis Property Group Sells Apartment Community in Asheville for $41.5M

by John Nelson July 20, 2016

ASHEVILLE, N.C. — Greenville, S.C.-based Davis Property Group has sold Verde Vista, a 257-unit apartment community located in Asheville’s East submarket. Raleigh-based Chaucer Creek Capital LLC purchased the asset for $41.5 million. Built in 2012, Verde Vista’s units feature nine-foot ceilings, plank faux-wood flooring, washer and dryer units and black EnergyStar appliances. Phil Brosseau and Kevin Kempf of CBRE represented Davis Property Group in the transaction. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged a 10-year, fixed-rate, $33.2 million acquisition loan through Fannie Mae on behalf of the borrower.

July 20, 2016

District of Columbia Multifamily Southeast

Tishman Speyer Purchases Two Acres in D.C. for New Apartment Development

by John Nelson July 20, 2016

WASHINGTON, D.C. — Tishman Speyer has purchased a two-acre site near Nationals Ballpark in Washington, D.C., with plans to develop a multifamily community. The property will feature 800 residential units, 44,000 square feet of retail space and below-grade parking. The site occupies a full city block bounded by Eye, K, First and Half streets in Washington, D.C.’s Capitol Riverfront submarket. Tishman Speyer will develop the project to LEED certification.

July 20, 2016

Florida Industrial Southeast

McCraney Buys 70 Acres in Florida for 1.3M SF Spec Industrial Development

by John Nelson July 20, 2016

PLANT CITY, FLA. — McCraney Property Co. has purchased 70 acres of a strawberry farm located at the intersection of County Line and Rice roads in Plant City. The West Palm Beach, Fla.-based industrial developer will build a 1.3 million-square-foot spec industrial development at the site known as County Line Logistics Center at Fancy Farms. The development will include Building 100 (131,200 square feet); Building 200 (168,480 square feet); Building 300 (173,600 square feet); and Building 400 (876,240 square feet), all being developed with 36-foot clear heights. Lisa Parks Abberger of Hauger-Bunch Inc. represented the seller in the land transaction, and Bruce Erhardt of Cushman & Wakefield represented McCraney Property.

July 20, 2016

Georgia Hospitality Loans Southeast

U.S. Bank Provides $58.5M Construction Loan for Omni Hotel at The Battery Atlanta

by John Nelson July 19, 2016

ATLANTA — Through HFF’s debt placement division, U.S. Bank has provided a $58.5 million construction loan for the development of the Omni Hotel at The Battery Atlanta. The 16-story, 264-room hotel will anchor the $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark set to open in April 2017 in Cobb County. The hotel will feature 12,000 square feet of meeting space, a restaurant with rooftop seating, outdoor pool with a deck and bar, fitness center, wine and coffee bar, retail outlets on the third floor and concierge services. Whitaker Johnson and Jim Curtin led the HFF team in arranging the 42-month loan through U.S. Bank on behalf of the borrowers, TRT Holdings Inc. and Braves Development Co. LLC. The loan features two one-year extension options. Dallas-based TRT Holdings is the parent company of Omni Hotels & Resorts, and Braves Development Co. is owned by Liberty Media Corp.

July 19, 2016

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