CHARLESTON, S.C. — Coldwell Banker Commercial Atlantic International Inc. (CBC Atlantic) has brokered the $50 million sale of a five-property multifamily portfolio in metro Charleston totaling 1,039 units. The buyer, Framingham, Mass.-based VTT Management, plans to complete interior and exterior renovations at the portfolio, including upgrades to the portfolio’s common area amenities. The properties include the 184-unit Brentwood Townhomes, the 170-unit Brandywine Townhomes and the 412-unit Pine Harbour Apartments in Goose Creek; the 76-unit Colony Square Apartments in Hanahan; and the 207-unit Moss Creek Apartments in West Ashley. Brent Case and John True of CBC Atlantic brokered the transaction.
LOUISVILLE, KY. — The Shopping Center Group has brokered the $23.8 million sale of Westport Village, a 169,000-square-foot retail center in Louisville. The property is situated between Herr and Lyndon lanes about a half-mile east of I-264. The shopping center was 73 percent leased at the time of sale to tenants such as Apricot Lane, Collections, Chartreuse, Tunies, Napa River Grill, The Comfy Cow, Hik-A-Mon Sushi Bar and Fish Market, Wild Eggs, Artesano, Boombozz Tap House, Pure Barre, Bend and Zen Hot Yoga and Elements Therapeutic Massage. Anthony Blanco, Lynn De Marco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the seller, Chicago-based InvenTrust Properties Corp., in the transaction. Kevin Schreiber and Kevin Mayhugh of The Shopping Center Group’s Louisville office assisted in the transaction. The buyer is a joint venture affiliated with Atlanta-based Hendon Properties and Birmingham, Ala.-based Harbert Management.
DAVIE, FLA. — Pets Supermarket has signed a 97,200-square-foot industrial lease at Bridge Point Davie, a new Class A distribution facility in Davie, a town in south Broward County. The 145,800-square-foot property is located on a 9.8-acre site at 3501 Burris Road and features 32-foot clear heights, an ESFR sprinkler system and leasing bay sizes of approximately 12,150 square feet. David Wigoda and Steven Wasserman of JLL represented the landlord, Bridge Development Partners LLC, in the lease transaction. Wit Truitt of JLL’s Atlanta office represented Pets Supermarket.
DURHAM, N.C. — CBRE | Raleigh has arranged a 95,353-square-foot lease at Whilden Industrial Centre, a two-building, 453,785-square-foot industrial park in Durham. Guardian Logistics Solutions, a freight delivery and storage management firm, will occupy the last available suite in the park at the 2534 Whilden Drive facility. J.D. Butch and Ann-Stewart Patterson of CBRE | Raleigh represented the landlord, CBRE Global Investors, in the lease transaction. Bryan Everett of CBRE | Raleigh represented Guardian Logistics.
MIAMI — Suffolk Construction has completed construction on Monarc, a 462-unit residential tower in downtown Miami developed by MDM Development and ZOM USA. The tower is the residential portion of Met 3, which includes an 11-story retail and parking podium featuring a Whole Foods Market and 1,442 parking spaces. The retail and parking podium has been open since January 2015 and remained fully operational throughout Monarc’s construction. In addition to Met 3, Suffolk is managing several other construction projects in South Florida including the Brightline’s MiamiCentral Station, Jade Signature and Met Square.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $77 million sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community located at 9817 Arbor Oaks Lane in Boca Raton. Built in 1995 by Altman Development Corp., the gated complex features a clubhouse and 18 residential buildings surrounding a lake. The property features a mix of one-, two- and three-bedroom apartments, including flats and townhomes. The average unit size is 1,105 square feet. Still Hunter III, Steve Witten and Victor Nolletti of IPA represented the seller and procured the buyer in the transaction.
MIAMI — The Urban Design Review Board (UDRB) has approved Borges + Associates Architects’ design for Megacenter, a two-tower, mixed-use development in Miami’s Brickell district. The project will include a 12-story tower that features six levels of mini-storage, 111 basement parking spots and four levels of boutique office space, as well as an eight-story residential tower with rooftop amenities and ground-level retail space. The exterior of the project will feature a rotating gallery of artwork that will be replaced periodically. Megacenter’s developer, Chilean-based Red Megacentro, is the leading self storage developer in Chile and also develops office and warehouse space in Peru and Miami. Miami-based Borges + Associates expects Megacenter to achieve LEED Gold certification.
ATLANTA AND NORCROSS, GA. — Berkadia has arranged the sales of two apartment communities in metro Atlanta totaling $28.8 million. The transactions included the $14 million sale of The Retreat located at 3475 Pleasantbrook Village Lane in Atlanta and the $14.8 million sale of Huntington Ridge located at 2400 Windsor Woods Lane N.W. in Norcross. Atlanta-based Marquis Investments purchased The Retreat from Atlanta-based Rosdev Group, and Atlanta-based Sabra Associates bought Huntington Ridge from Atlanta-based Greentree Real Estate Services. Paul Vetter, Andrew Mays and Judy MacManus of Berkadia’s Atlanta office brokered both deals.
WASHINGTON, D.C. — MakeOffices, a shared workplace platform, has signed a long-term, 45,000-square-foot office lease at The Wharf, a $2 billion waterfront development underway in southwest Washington, D.C. MakeOffices will lease the entire second and third floors of 800 Maine, a 220,000-square-foot, Class A office building. Situated at the corner of 9th Street and Maine Avenue S.W., the 11-story property is set to deliver in the third quarter of 2017. MakeOffices joins the American Psychiatric Association and bipartisan lobbying firm Van Scoyoc Associates as tenants of 800 Maine. MakeOffices typically offer flexible month-to-month leases and space options for member companies, as well as shared amenities including Wi-Fi, 24/7 access and onsite refreshments such as coffee, tea, fruit, beer and filtered water. The Wharf’s master developer, Hoffman-Madison Waterfront, signed MakeOffices to the lease at 800 Maine. Hoffman-Madison Waterfront’s members include PN Hoffman, Madison Marquette, ER Bacon Development, City Partners, Paramount Development and Triden Development.
TAMPA, FLA. – The Wilson Co., a Tampa-based affordable housing developer and manager, has sold a 31-property portfolio of affordable housing communities in Florida for $563.5 million. Totaling 8,498 units, the portfolio is heavily concentrated in Orlando and Tampa. Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital Group, purchased the assets, which were developed between 1995 and 2004 using Low Income Housing Tax Credits (LIHTC). On average, maximum allowable rents across the portfolio are approximately $350 below average rents at nearby market-rate communities. The portfolio was more than 97 percent occupied at the time of sale. “This transaction represents the beginning of a new era for LIHTC investment sales,” says Doug Childers, managing director of HFF’s investment sales team, which represented The Wilson Co. in the transaction. “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers. HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. As a result, we were able to create a competitive bidding process that included large, institutional investors,” added Childers. Childers led HFF’s investment sales team in the transaction, along with HFF’s senior managing director …