JACKSONVILLE, FLA. — Equicap, a real estate investment advisory firm based in New York, has arranged an $18 million acquisition loan for a 155,899-square-foot shopping center in Jacksonville. The center’s tenant roster includes Publix, H&R Block and Planet Fitness. Daniel Hilpert of Equicap arranged the seven-year, non-recourse loan with a fixed 3.54 percent interest rate through an unnamed regional lender.
ORLANDO, FLA. — Cite Partners has brokered the $14 million sale of a 199,100-square-foot industrial facility located at 4473 Shader Road in northwest Orlando. First Industrial Realty Trust Inc., a Chicago-based REIT, purchased the asset from Panattoni Development Corp. LLC. Wilson McDowell, Matt Sullivan and Bobby Isola of Cite Partners LLC represented Panattoni in the transaction, and Rich Cavano of Cavano Realty LLC represented First Industrial. The deal is the largest industrial sale in Orlando by square footage and dollar amount so far this year.
LAKE CITY, FLA. — Marcus & Millichap has arranged the $11.6 million sale of The Grove Apartments, a 200-unit apartment community located at 384 S.W. Dexter Circle in Lake City. The multifamily property was roughly 75 percent occupied at the time of sale. The community features all two-bedroom, 750-square-foot units with full-size washer and dryer connections, tankless water heaters and garbage disposals. Community amenities include gated access, a swimming pool with a paved sundeck and a children’s playground. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction.
NASHVILLE, TENN. — Security Properties, a Seattle-based multifamily investment and development firm, has purchased two apartment communities in Nashville for a combined $53.7 million. The assets include the 139-unit Opus 29 in Nashville’s West End neighborhood and the 86-unit Note 16 in the Music Row area. Security Properties has purchased the assets off-market in a 50/50 joint venture with Loma Linda University. This represents the fourth and fifth acquisitions between the two groups. Security Properties used a 10-year, fixed-rate loan for the two transactions.
ANNAPOLIS, MD. — Armada Hoffler Properties Inc., a Virginia Beach, Va.-based REIT, has invested $42 million for the development of the $102 million residential component of Annapolis Junction Town Center, a planned 18-acre mixed-use development in Annapolis. Upon completion, Annapolis Junction Town Center will feature 17,000 square feet of retail space, a 150-room hotel, 416 upscale apartment residences and 100,000 square feet of Class A office space. Scheduled to break ground in the second quarter of 2016 with estimated completion in the first quarter of 2018, the Residences will pursue LEED Silver certification and feature structured parking adjacent to the Savage MARC Commuter Rail Station. The investment agreement includes a purchase option for Armada Hoffler to acquire an 88 percent interest in the project at the developer’s cost basis, upon completion of construction. The agreement also includes a $68 million maximum price construction contract for Armada Hoffler to build the asset.
NORCROSS, GA. — PointOne Holdings has sold Grove Point Apartments, a 312-unit multifamily community in the Atlanta suburb of Norcross for $27 million. The South Florida-based multifamily investor purchased the asset in January 2014 via Auction.com from special servicer CW Capital for approximately $12.8 million. PointOne Holdings invested more than $3 million in capital improvements to the property, including upgrades to unit interiors, overall repairs to building exteriors, replacement of mechanical, electrical and plumbing and improved curb appeal. The company also upgraded the amenities by adding a business center, dog park, fitness center, outdoor kitchens, playground and a Zen garden. During PointOne’s ownership of Grove Point, occupancy rose from 85 percent to more than 97 percent at the time of the sale. Average rents also increased an average of $200 per unit and the property’s net operating income per month increased by 77 percent.
COCOA BEACH, FLA. — Hilton Worldwide has opened Homewood Suites by Hilton Cape Canaveral-Cocoa Beach, a 153-room hotel in Cocoa Beach. The new property is the brand’s first hotel in the market. Located at 9000 Astronaut Blvd., Homewood Suites Cape Canaveral-Cocoa Beach is near the Kennedy Space Center, Ron Jon Surf Shop, Port Canaveral shops and restaurants and the Cocoa Beach Pier. Sunbelt Hospitality is the hotel’s developer and owner. The hotel features an outdoor pool, fitness center, complimentary breakfast, an evening social Monday-Thursday, Wi-Fi and grocery shopping services.
ATLANTA — Regency Centers has inked a lease with Huff Harrington, a fine art gallery and home furnishings retailer, to lease 5,000 square feet of space at Buckhead Court, a 48,000-square-foot shopping center in Atlanta’s Buckhead district. The new store will offer art, design services, tableware, home décor and furnishings, accessories and jewelry. The retailer is expected to open for business at Buckhead Court in September. Other tenants at Buckhead Court include Superica, Range Boutique, DTOX and Buckhead Lash. Leslie Mintz of Regency Centers handles leasing responsibilities for Buckhead Court.
TAMPA, FLA. — Coca-Cola Beverages Florida, an independent Coca-Cola bottler based in Tampa, has signed a letter of intent with The Coca-Cola Co. to acquire four production facilities in Hollywood, Jacksonville, Orlando and Tampa for an undisclosed price. The proposed acquisitions will give Coca-Cola Florida the ability to fully manage the production of Coca-Cola products that it currently distributes for Florida customers and consumers. In December 2015, Coca-Cola Florida signed letters of intent to acquire The Coca-Cola Co.’s sales and distribution operations in North and South Florida. The proposed acquisitions are subject to the parties reaching a definitive agreement, with closing for the North Florida operations expected in 2016 and closing for the South Florida operations expected in 2017. Coca-Cola Florida currently operates in Central Florida with seven sales and distribution locations in Tampa, Lakeland, Sarasota, Fort Myers, Fort Pierce, Sebring and Spring Hill. Following the completion of the North and South Florida territory expansions, Coca-Cola Florida’s operations will encompass 16 sales and distribution centers throughout Florida.
NORTH BETHESDA, MD. — The General Services Administration (GSA), on behalf of the U.S. Nuclear Regulatory Commission, has renewed a 347,922-square-foot lease at Two White Flint North, a 10-story office building in North Bethesda. The GSA occupies the entire property as well as its sister property, the 18-story One White Flint North. The GSA inked the lease renewal with Two White Flint North’s ownership group, Lerner Enterprises and The Tower Cos.
