Southeast

Marcus & Millichap Brokers $8.5M Sale of Affordable Housing Community in Cape Coral

by John Nelson May 26, 2016

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $8.5 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. The property was constructed and placed into the Low Income Housing Tax Credit program in 2000. The community comprises eight three-story buildings and a freestanding clubhouse. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, an institutional owner based in New York City, and the private, Florida-based buyer in the transaction.

May 26, 2016

Florida Industrial Southeast

Cushman & Wakefield Arranges 150,000 SF Industrial Lease in Metro Miami

by John Nelson May 26, 2016

MEDLEY, FLA. — Cushman & Wakefield has arranged a 149,980-square-foot industrial lease at Airport North Logistics Park, bringing Building One to full occupancy. The 45-acre industrial park is located at 8502 N.W. 80th St. in Medley, part of Miami’s Airport North submarket. The tenant, Eco Window Systems, is a privately owned manufacturer of affordable impact-resistant doors and windows. The company is relocating from Medley International Business Park and is doubling the size of its distribution center. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord, Airport North Industrial Inc., in the lease deal. Americas Commercial Real Estate LLC represented Eco Window Systems. Buildings Two and Three at Airport North Logistics Park are under construction and are expected to be delivered by mid-2017.

May 26, 2016

Retail Southeast Tennessee

Trademark Property Adds Three New Retailers to Saddle Creek in Metro Memphis

by John Nelson May 26, 2016

GERMANTOWN, TENN. — Trademark Property Co. has signed three new retailers to join Saddle Creek, a 173,000-square-foot outdoor lifestyle retail center in Germantown, roughly 22 miles east of Memphis. The new tenants include Atlanta-based American Threads, Sephora and Sur La Table. American Threads will open its 1,995-square-foot store next to Janie and Jack later this year; Sephora will open its 5,701-square-foot store next to Michael Kors later this year; and Sur La Table will open its 5,807-square-foot store next to Brooks Brothers in 2017. Saddle Creek is currently home to 40 retailers, including Apple, Anthropologie, J. Crew and Banana Republic. Other retailers opening this summer include Grimaldi’s Pizzeria, Paper Source and Sleep Number.

May 26, 2016

Georgia Mixed-Use Multifamily Southeast

Mill Creek Residential to Develop Mixed-Use Project in Atlanta’s Vinings Neighborhood

by John Nelson May 25, 2016

SMYRNA, GA. — Mill Creek Residential plans to develop Modera by Mill Creek-Vinings, a mixed-use multifamily project in Smyrna’s Vinings neighborhood. Designed by Lord Aeck Sargent, the property will feature 269 luxury apartment homes, below-grade parking, upscale amenities, retail space and a chef-driven restaurant. Mill Creek Residential purchased the 3.5-acre site at 3205 Cumberland Blvd. from Pope & Land Enterprises. The property will be located along a pond near the start of the Silver Comet Trail, a 61.5-mile walking and biking trail that stretches from Smyrna to central Alabama. Pre-leasing for Modera by Mill Creek-Vinings is slated to begin in summer 2017 with initial move-ins targeted for fall 2017. As of March 31, 2016, Mill Creek Residential’s portfolio comprised 54 communities spanning 15,600 apartment homes that are operating and/or under construction.

May 25, 2016

The Woodlands John Knox Village Pompano Beach

Florida Multifamily Seniors Housing Southeast

John Knox Village CCRC in Broward County Set to Open $34M Expansion

by John Nelson May 25, 2016

POMPANO BEACH, FLA. — John Knox Village, a 70-acre continuing care retirement community (CCRC) in Broward County, will open the doors this week on The Woodlands, a 144-unit expansion of the Pompano Beach community. Development costs for The Woodlands are estimated at $34 million. In addition to the new residential units, the project adds a bistro, rehabilitation services, salon/spa, wellness center and a “life enrichment center” for social gatherings. The CCRC’s board of directors approved the seven-story facility in 2013 and construction began in 2014. RDG Planning & Design, led by architects John Birge, Scott Pfeifer and Kevin Ruff, designed the expansion. The Weitz Co. served as the construction manager, and William Gallo of Gallo Herbert Architects served as the owner’s authorization representative.

May 25, 2016

Executive Plaza North Bethesda Abt Associates

Maryland Office Southeast

Monument Realty Inks 155,000 SF Lease at Executive Plaza in Metro D.C.

by John Nelson May 25, 2016

NORTH BETHESDA, MD. — Monument Realty has inked a full-building lease with Abt Associates at 6130 Executive Blvd. in North Bethesda, roughly 12 miles outside of Washington, D.C. The 155,000-square-foot lease is the first of the two-building, 328,000-square-foot Executive Plaza that Monument Realty recently renovated. The $10 million renovation included common area upgrades, new mechanical systems and exterior and interior repairs, as well as the addition of a new fitness center, café and a 3,500-square-foot conference center. Abt Associates is a global research and development firm that has multiple offices in the U.S. and program offices in more than 40 countries. Cushman & Wakefield and Newmark Grubb Knight Frank represented Abt in the lease transaction. Avison Young represented Monument Realty and its partner, Angelo, Gordon & Co.

May 25, 2016

Florida Retail Southeast

Swire Properties Adds 11 New Retailers to Brickell City Centre in Miami

by John Nelson May 25, 2016

MIAMI — Swire Properties Inc., along with co-developers Whitman Family Development and Simon Property Group, has signed 11 new retailers as tenants of Brickell City Centre’s 500,000-square-foot shopping center in Miami. The new retailers joining the $1.05 billion development are Baldinini, Boglioli, Bruno Magli, Carmen Steffens, Hugo Boss, Lafayette 148, Samsonite, Sephora, SPARIS, Tommy Bahama and Violetas/ Baccarat. Set to open in November, the shopping center will comprise more than 70 retailers and eateries. Swire Properties is incorporating a Miami Metromover stop that exits directly into the shopping center’s third floor. The shopping center will also feature a two-story underground carpark that traverses streets in the lower level. Other components of Brickell City Centre opening this year include Reach, a condominium tower that opened in April; Rise, a condominium tower opening this summer; Three Brickell City Centre, a Class A office tower that opened in February; and Two Brickell City Centre, an office tower set to open this summer.

May 25, 2016

Caribbean Villas Apartment Homes West Palm Beach

Florida Multifamily Southeast

KeyBank Provides $12.1M Fannie Mae Loan for Apartment Complex in West Palm Beach

by John Nelson May 25, 2016

WEST PALM BEACH, FLA. — KeyBank Real Estate Capital has provided a $12.1 million Fannie Mae loan for Caribbean Villas Apartment Homes, a 206-unit garden-style complex located at 5865 Haverhill Road N. in West Palm Beach. Built in 1991, the property features on-site management and maintenance staff, a swimming pool, private patios, tennis court, playground and a clubhouse. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which was used to refinance an existing Freddie Mac loan KeyBank had originated in 2014.

May 25, 2016

Florida Office Southeast Top Stories

Sumitomo Buys Iconic Miami Tower For $220M

by Haisten Willis May 25, 2016

MIAMI — Sumitomo Corp. of Americas, a New York City-based subsidiary of a Japanese trading company, has acquired Miami Tower, a 47-story, 631,672-square-foot office tower in Miami’s central business district, for $220 million. LaSalle Income & Growth Fund V sold the 93 percent-occupied property. HFF arranged the transaction. LaSalle purchased the property in December 2010 for $105.5 million, according to the Miami Herald. The property was built in 1987 and was previously known as the CenTrust Tower. “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” says Robert Obringer, vice president of Sumitomo Corp. of Americas. “As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value.” Renowned architect I.M. Pei designed the building, which consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground-level retail space. The building is well known for its unique exterior lighting system and boasts tenants including Carlton Fields, TotalBank, UBS Financial Services, Genovese Joblove & Battista, Ver Ploeg & Lumpkin and the …

May 25, 2016

Hospitality Mixed-Use South Carolina Southeast

Dual-Branded Hotel Development Opens in Downtown Charleston

by John Nelson May 24, 2016

CHARLESTON, S.C. — A dual-branded Hyatt House-Hyatt Place hotel has opened in downtown Charleston’s historic district on Upper King Street. Atlanta-based Cooper Carry designed the mixed-use development that houses the dual-branded hotel. The project includes a 112-room Hyatt House hotel, 191-room Hyatt Place hotel, rooftop bar, conference center, 20,000 square feet of street-level retail space and a 400-space parking deck. Hyatt House Hyatt Place Charleston features a separate lobby for each brand, but the property shares amenities, including a pool, fitness center, room service, house keeping and operations. Regent/BN Charleston Holdings LLC, an entity including Atlanta-based Regent Partners LLC, Chicago-based GEM Realty and Charleston-based Clement Crawford & Thornhill Inc., is the developer of Hyatt House Hyatt Place Charleston.

May 24, 2016

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