WEST PALM BEACH, FLA. — BankUnited has provided a $65 million loan to McCraney Property Co. to refinance its 1 million-square-foot industrial portfolio in Florida. The assets include Vista Business Center and Belvedere Business Park in West Palm Beach, Orlando Central Park and Discovery Lakes in Orlando and Treasure Coast Commerce Center in Stuart. Robert Hummel led BankUnited’s Miami office in providing the long-term loan.
JACKSON, GA. – Construction is underway on Dollar General’s 15th distribution center in the United States in Jackson, which straddles both Butts and Spalding counties. The 1 million-square-foot industrial facility is expected to create more than 500 new jobs at full capacity and to be operational by fall 2017. Dollar General has more than 13,000 retail locations and 119,000 employees, with more than 700 stores and over 5,000 employees in Georgia. The new distribution center is expected to serve more than 1,000 stores in the Southeast. Dollar General’s 14 other distribution centers are located in Alabama, California, Florida, Indiana, Kentucky, Mississippi, Missouri, Ohio, Oklahoma, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.
CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Berewick, a 275-unit apartment community in Berewick, a mixed-use development in southwest Charlotte’s Steele Creek area. The new multifamily community will be built adjacent to the Berewick Town Center’s village green close to the Harris Teeter slated to open in October. Amenities will include a clubhouse, poolside pavilion with a firepit, fitness center and a pet park. Each of Solis Berewick’s four buildings will include elevators. Terwilliger Pappas is partnering with Cigna Realty Investors on the development, and Citizens Bank is providing construction financing. The development team includes architect Cline Design Associates, interior designer Rule Joy Trammell Rubio, landscape architect and civil engineer LandDesign and general contractor Fortune Johnson. Solis Berewick will deliver its first homes and amenities for occupancy by mid-2017 with the entire community slated for completion by early 2018.
LADY LAKE, FLA. — CBRE has brokered the $37.8 million sale of Rolling Acres, a 189,390-square-foot shopping center located along U.S. Highway 441 in Lady Lake. The property is anchored by TJ Maxx, Ross Dress for Less, Petco, Staples, Beall’s Outlet and Michaels. Outparcel tenants include Chick-fil-A, Outback Steakhouse and Carrabba’s Italian Grill. Cole Credit Property Trust IV Inc. purchased Rolling Acres from an affiliate of Sterling Global Financial Ltd. Dennis Carson and Casey Rosen of CBRE’s national retail investment group’s Florida team represented the seller in the transaction.
ASHEVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has closed a $19.9 million loan for the refinancing of Retreat at Hunt Hill, a multifamily complex located in downtown Asheville. The newly completed, Class A apartment complex contains 180 units. Vic Agusta and Jim Barber of Bellwether Enterprise arranged the loan through Aegon on behalf of the borrower, Hunt Hill Apartments LLC. Retreat at Hunt Hill is the borrower’s third apartment community in the metro Asheville area. Bellwether Enterprise closed 34 deals totaling $267 million in loans during August alone.
LEXINGTON, KY. — National developer Miller-Valentine Group has begun construction on WaterStone at Hamburg, a 264-unit apartment community in Lexington. Located near the intersection of Man O’ War and Polo Club boulevards, the upscale apartment community will be situated adjacent to Hamburg Place, the largest shopping and dining area in central Kentucky spanning more than 2 million square feet of retail space. The first units are expected to deliver during the first quarter of 2017. Rents start at $990 per month for a one-bedroom apartment, $1,175 for a two-bedroom apartment and $1,365 for a three-bedroom apartment. Units at WaterStone at Hamburg will feature wood-plank flooring, private balconies and patios, laundry rooms, under mount sinks, dark wood cabinets, stainless steel appliances, quartz countertops and freestanding kitchen islands. Community amenities will include a heated saltwater pool, colonnade and porch lounge areas and an entertainment area including a bar, TV, grills, fire pit and two courtyards with additional grilling stations. A 5,500-square-foot clubhouse will feature a large reception room with a fireplace, coffee bar, TV lounge/media room, billiards room, kitchen area with two large islands for entertaining and a fitness center including a private yoga room. The community will also feature a private …
RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.
WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.
FORT LAUDERDALE, FLA. — Meridian Capital Group has arranged $56.1 million in construction financing for the development of a new dual-branded hotel located at 299 N. Federal Highway in downtown Fort Lauderdale. The property is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide Inc. The 23-story property will feature a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, coffee bar, restaurant, roughly 4,000 square feet of retail space on Northeast 3rd Street, as well as a 212-space parking garage. Ronnie Levine and Aggelos Sklavenitis of Meridian Capital’s New York City headquarters arranged the four-year construction loan with full-term interest-only payments through Bank of the Ozarks on behalf of the borrowers, Wurzak Hotel Group and DoveHill.
SAVANNAH, GA. — SRS Real Estate Partners’ Southeast investment sales team has brokered the sale of Savannah Mall, a 940,408-square-foot enclosed mall in Savannah. The property is located on a 75.5-acre site at 14045 Abercorn St., which is situated at the northwest corner of Abercorn Street and Apache Avenue. Bass Pro Shops, Target, Dillard’s, Burlington Coat Factory and Virginia College anchor Savannah Mall. The seller, SSF Savannah Properties LLC, sold the mall for an undisclosed price to Savannah Mall Realty Holding LLC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.
