Southeast

Stiles Realty Brokers $18.2M Sale of Retail Space in Boynton Beach, Fla.

by Haisten Willis November 5, 2015

BOYNTON BEACH, FLA. — Stiles Realty has sold the 62,573-square-foot retail component of Renaissance Commons, a mixed-use commercial complex in Boynton Beach, Fla. The property was sold for $18.2 million. Dan Coyle of Stiles Realty represented both parties in the transaction. Cohen Commercial Properties was the buyer, and Wells Fargo Bank affiliate Redus One LLC was the seller. Located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd., the retail component of Renaissance Commons includes 17 ground floor units across two buildings. The retail space is 80 percent leased to tenants including Bonefish Grill, Starbucks, Village Tavern Restaurant and AT&T. Renaissance Commons includes 293,000 square feet of office condos, office rentals and a self-storage facility. Stiles Realty and Stiles Property Management, both of which had been leasing and managing the property since Wells Fargo foreclosed on it in early 2014, were retained under the new ownership.

November 5, 2015

Alabama Multifamily Southeast

Berkadia Arranges Sale of 172 Units in Alabama for $3.8M

by Haisten Willis November 5, 2015

ALEXANDER CITY AND RAINBOW CITY, ALA. — Berkadia has arranged the sale of a multifamily portfolio encompassing a total of 172 units for $3.8 million. The properties include Azalea Court I & II, Sherwood Forest and Wildhaven. The properties are located in Alexander City and Rainbow City, Ala. David Oakley and Josh Jacobs of Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller. Suit Properties of Gadsden, Ala. was the buyer.

November 5, 2015

Multifamily North Carolina Southeast

LEM Capital Secures $6.5M Joint Venture Transaction in Durham, N.C.

by Haisten Willis November 5, 2015

DURHAM, N.C. — LEM Capital has funded a $6.5 million joint venture investment for the acquisition and renovation of Emerald Forest, a 320-unit multifamily property located in Durham, N.C. The property is set to undergo value-add renovations. Emerald Forest is a garden-style asset that was built in 1985 and features a mix of studios, one-, two- and three-bedroom units.

November 5, 2015

Retail South Carolina Southeast

BJ’s Wholesale Club to Open New Location in South Carolina

by Haisten Willis November 5, 2015

SUMMERVILLE, S.C. — GBT Realty Corp. will develop a new BJ’s Wholesale Club in Summerville, S.C. The $12 million development is situated on a 10.5-acre site at the southeastern corner of Interstate 26 and North Main Street. The 87,800-square-foot membership warehouse club will feature a BJ’s gas station and is expected to open in late 2016. Construction is set to commence immediately following the acquisition of the site in December. Summerville is located 20 miles northwest of Charleston. BJ’s Wholesale Club Inc. currently has more than 200 locations in 15 states with, the closest store located in Charlotte, N.C.

November 5, 2015

Loans Mississippi Multifamily Southeast

NorthMarq Arranges Financing for Apartment Complex in Mississippi

by Haisten Willis November 4, 2015

RIDGELAND, MISS. — Greg Duvall of NorthMarq Capital’s Kansas City regional office has arranged acquisition financing of $24.5 million for Arbors at Natchez Trace, a 328-unit multifamily property located at 715 Rice Road in Ridgeland, Miss. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Property amenities include a fitness center, pool, tennis court, walking/biking trails, picnic area, laundry facilities and wheelchair accessible rooms.

November 4, 2015

District of Columbia Hospitality Southeast

Marcus & Millichap Arranges Sale of Hotel in Washington D.C. Area

by Haisten Willis November 4, 2015

HARPERS FERRY, W.VA. — Marcus & Millichap has arranged the sale of the Quality Hotel and Conference Center, a 100-room hotel located in Harpers Ferry, W.Va. The asset sold for $2.95 million or $29,500 per room. Karianne J. Cibello and Gordon Allred of Marcus & Millichap marketed the hotel along with two retail buildings on nearly 14 acres. Cibello and Allred also secured the buyer, a local business owner who plans to upgrade the property. Ralph Nash served as the broker of record for the transaction. Located at 4328 William L. Wilson Freeway, the Quality Hotel & Conference Center is next to River Riders family adventure resort and one mile from the Hollywood Casino at Charles Town.

November 4, 2015

Industrial Loans Maryland Office Southeast

Berkadia Originates $12M Loan for Flex Property in Maryland

by Haisten Willis November 4, 2015

FREDERICK, MD. — Berkadia recently arranged a $12 million loan for Highland Technology Center, an office and industrial property located in Frederick, Md. Ben Van Horn of Berkadia’s Scottsdale, Ariz. office secured the fixed-rate financing through Bank of America Merrill Lynch. The borrower, Envision Highland LLC, will use the financing to acquire the property for $16 million. Loan terms include a 4.9 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. David Monassebian, Martinn Winters and Luke Reetz represented Envision Highland in the transaction. Highland Technology Center consists of 150,700 square feet of office and industrial warehouse space. Tenants include Fairchild Controls and Engage. The property is over 98 percent occupied. Located at 550 Highland St., the property offers access to I-70 and I-270. It is also located near the Frederick Municipal Airport and Frederick Fairgrounds.

November 4, 2015

Loans North Carolina Southeast

Capstone Capital Secures $25M Loan for Apartment Property in Fayetteville, N.C.

by Haisten Willis November 4, 2015

FAYETTEVILLE, N.C. — Capstone Capital has secured a $25 million financing loan for Phase I of Addison Ridge Apartments. The 211-unit community is located in Fayetteville, N.C. and was financed with a non-recourse, CMBS loan. The $25 million loan was secured for 10 years at a 75 percent loan-to-value ratio, with five years of interest-only payments. Jackson Howard represented the borrower through the completion of the financing.

November 4, 2015

Loans Multifamily Southeast Virginia

Pearlmark Closes $14.8M Mezzanine Loan on Apartment Complex in Virginia

by Haisten Willis November 4, 2015

WOODBRIDGE, VA. — Pearlmark has closed a $14.8 million mezzanine loan that provided financing for Penzance in the acquisition of Elan Potomac Heights, a recently constructed 288-unit, Class A apartment complex located in Woodbridge, Va. At the time of acquisition, the property was 93 percent leased. The investment was made on behalf of Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a fully discretionary investment fund. A major life insurance company provided fixed-rate senior financing. Mark Witt of Pearlmark arranged the transaction. Mezz Fund IV announced its initial closing in June. Mezz Fund IV serves as the firm’s exclusive mezzanine investment vehicle.

November 4, 2015

Florida Loans Southeast

KeyBank Secures $33.6M in CMBS Financing for Florida Office Building

by Haisten Willis November 3, 2015

TAMPA, FLA. — KeyBank Real Estate Capital has secured a $33.6 million non-recourse, CMBS first mortgage loan for CIO Intellicenter. The class A, multitenant office building spans four stories and totals 203,509 square feet of rentable space. The property is located in Tampa and is 100 percent occupied. Randy Martin of Key’s commercial mortgage group secured the financing.

November 3, 2015

Newer Posts

Older Posts