STOCKBRIDGE, GA. — Omega Communities has unveiled plans for Lake Vista at Eagle’s Landing, a 150-unit continuing care retirement community (CCRC) in Stockbridge, approximately 20 miles southeast of Atlanta. Construction on the $45 million project is scheduled to begin in the fourth quarter of 2016 on a 10-acre plot. The CCRC will be located adjacent to Eagle’s Landing First Baptist Church. The new development is part of the church’s plan to create a “ministry village” on its property, which will include the Pregnancy Resource Center of Henry County, Eagle’s Landing Christian Counseling Center and Uniting Hope for Children, a foster and adoption ministry. Partners on the project include Greenbrier Development, Greenbrier Senior Living and three: living architecture. The developers expect to open the CCRC in the fourth quarter of 2017. Omega, a faith-based, luxury CCRC developer based in Alabama, currently has three other communities under development, all of which are in Florida.
MIAMI — On behalf of owners TIAA-CREF and Allianz Real Estate of America, The Hogan Group has broken ground on 800 Waterford, a 250,000-square-foot spec office building situated within Waterford at Blue Lagoon in Miami. The 1.4 million-square-foot, Class A office park is adjacent to Miami International Airport and State Road 836. The existing buildings are 97 percent leased to tenants such as Airbus, Caterpillar, FedEx, Sony, Estee Lauder and Baxter Healthcare. Allianz entered a joint venture with TIAA-CREF in 2015 upon purchase of a 49 percent stake in the Waterford complex. The Hogan Group expects to deliver the office building in mid-2017.
BOYNTON BEACH, FLA. — Marcus & Millichap has brokered the $17.9 million sale of U.S. 1 A/C Self Storage, a 74,679-square-foot self storage facility located at 3101 S. Federal Highway in Boynton Beach. The sale price of $240 per square foot is one of the highest prices per square foot ever recorded for a Florida self storage property, according to Marcus & Millichap. U.S. 1 A/C Self Storage was built on less than two acres in 2004 with 957 climate-controlled units. At the time of the sale, there were 838 climate-controlled units and 101 wine storage units. The units range in size from 4 to 400 square feet. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the sellers, local private investors. Mele and Elliott also procured the buyer, Strategic Storage Trust II Inc., a public non-traded REIT.
CHARLOTTE, N.C. — Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments in Charlotte for $12.8 million. Eller Capital sold the asset to a private, out-of-state investor. The property was built in 1985 at 1600 Chasewood Drive off of Monroe Road. The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold recently. In August 2015, the Chapel Hill-based multifamily investor and operator sold Laurel Walk Apartments on Providence Road.
LAKELAND, FLA. — Seefried Industrial Properties has broken ground on a Class A, 275,226-square-foot spec industrial facility at Bridgewater Commerce Center in Lakeland. The property’s owner, USAA Real Estate Co., has tapped Clay Witherspoon of Avison Young’s Tampa office to lease the project, which is situated at the southwest quadrant of I-4 and Highway 33. Upon completion in the fourth quarter of 2016, the facility will feature 36-foot clear heights. Bridgewater Commerce Center’s existing tenants include JC Penney, Havertys, HD Supply, Empire, Southeastern Paper Group and TA Chen International Inc.
NASHVILLE AND HERMITAGE, TENN. — Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, and funds managed by Oaktree Capital Management LP have closed on the purchase of two apartment communities in Nashville totaling 838 units. The portfolio includes the 560-unit Bellevue West at 100 Ridgelake Parkway and the 278-unit Highlands at the Lake at 100 Arbor Lake Blvd. in Hermitage, a suburb of Nashville. Vincent Lefler of JLL represented the seller in the transaction. Brian Eisendrath and Annie Rice of CBRE Capital Markets arranged acquisition financing through San Francisco-based ACORE Capital.
ST. PETERSBURG, FLA. — Colliers International has arranged the $16.1 million sale of Shoppes at the Royale, a 46,020-square-foot shopping center located at 1400-1500 66th St. North in St. Petersburg’s Tyrone neighborhood. Built in 2008, the property is fully leased to tenants such as Pei Wei Asian Diner, Massage Envy, Orangetheory Fitness and Verizon Wireless. In 2012, Atlanta-based Halpern Enterprises purchased the shopping center out of foreclosure at 52 percent occupancy. Halpern Enterprises sold the property to Sarall II LLC, a private investor that owns shopping centers in Sarasota and Fort Myers. Michael Milano, Ronald Schultz and Ben McLeish of Colliers International’s Tampa Bay office represented Halpern in the transaction. McLeish previously leased the property on behalf of Halpern.
ORLANDO, FLA. — NXT Capital has provided a $15.1 million acquisition loan for the Reserve at Maitland, a three-building, Class B office property in Orlando totaling 197,000 square feet. The property is situated on the south side of Maitland Center, just north of Orlando’s central business district, with access to I-4.
MACON, GA. — Equus Capital Partners Ltd. has sold Madison River Place, a 240-unit apartment community in Macon, for $14.5 million. Mullberry Properties LLC purchased the property, which was 95 percent occupied at the time of sale. Built in 1988, the community features a resort-style swimming pool, fitness center, tennis and sand volleyball courts and a playground. Robert Stickel of Multi Housing Advisors represented the seller in the transaction. Greg Curci of Equus oversaw the company’s disposition of Madison River Place.
RALEIGH, N.C. — CBL & Associates Properties Inc. (NYSE: CBL) has closed on a new joint venture with DRA Advisors LLC that significantly reduces the retail real estate investment trust’s ownership stake in Triangle Town Center and Commons mall in Raleigh. The new joint venture acquired the property from an existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174 million, including the assumption of a $171.1 million loan secured by the property. CBL now holds a 10 percent ownership position in the asset and is responsible for leasing and managing the property. DRA Advisors holds a 90 percent ownership position. The center, which was 96 percent occupied at the end of 2015, is anchored by North Carolina’s only Saks Fifth Avenue location, and is located at the intersection of Triangle Town Boulevard and I-540 near Capital Boulevard and Old Wake Forest Road. The $171.1 million loan on the property, which matured in December 2015, has been modified and restructured with an initial term of three years maturing in December 2018. The loan includes two one-year extension options available to the new joint venture for a final maturity date of December 2020. …