CLEARWATER, FLA. — Delray Beach, Fla.-based Atlantic Commercial Group Inc. has brokered the $14.2 million sale of Bayview Pavilion, a 94,144-square-foot, three-story office building in Clearwater. The Class A office building is located on Lightwave Drive immediately west of the St. Pete-Clearwater International Airport. YMP Real Estate Management purchased the property from an undisclosed seller. Cliff Weisner of Atlantic Commercial Group brokered the transaction.
ATLANTA — Franklin Street Real Estate Services has brokered the $4.7 million sale of the vacant 13-story Forty One Marietta office building in downtown Atlanta. The property offers a repositioning opportunity within walking distance to Georgia State University, the Atlanta Streetcar and the Five Points MARTA station. 41 Marietta Investments LLC purchased the property from a private owner for a little over $36 per square foot. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller in the transaction.
MIAMI — The city of Miami has given its approval to the development team of Miami Worldcenter, a $2 billion, 27-acre mixed-use development in downtown Miami. The green light allows the development team to apply for building permits. Miami Worldcenter is a collaboration between master developer Miami Worldcenter Associates and a team of development firms following a master plan created by Elkus Manfredi Architects. The Forbes Co. and Taubman will deliver a 765,000-square-foot shopping mall, which will be anchored by Bloomingdale’s and Macy’s alongside high-end dining and entertainment options. The team behind the PARAMOUNT Miami Worldcenter condo, the project’s signature residential tower, includes Miami-based developer Daniel Kodsi in partnership with Art Falcone and Nitin Motwani. Nearby, a 429-unit luxury apartment building developed by ZOM will rise adjacent to Bloomingdale’s. Two blocks west, Miami-based MDM Group will develop a new Marriott Marquis hotel, which will feature 1,800 hotel rooms and 600,000 square feet of meeting and event space. The groundbreaking for these components of Miami Worldcenter is scheduled to take place in the third quarter of 2015.
ARLINGTON, VA. — Mesa West Capital has originated a $55 million mortgage loan to refinance the Hilton Crystal City, a 393-room hotel located in Arlington, a Virginia suburb of Washington, D.C. Nicholas Seidenberg and Michael Zelin of Eastdil Secured arranged the loan through Mesa West on behalf of the borrower, The JBG Cos. The non-recourse, floating-rate loan features interest-only payments for the full term, which is initially three years but features extension options. JBG renovated the hotel in September 2013, which helped boost the hotel’s occupancy and Average Daily Rate, according to Mesa West.
FORT LAUDERDALE, FLA. — Continuing its buying spree of Publix grocery stores in Florida, Publix Super Markets Inc. has purchased the Publix at Sunrise, a 44,840-square-foot, single-tenant Publix grocery store located at 1415 E. Sunrise Blvd. in Fort Lauderdale. Publix Super Markets purchased the net-leased asset from Stiles Corp. for $22.5 million free and clear of existing debt. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Stiles in the transaction.
CHARLESTON, S.C. — Berkadia has brokered the $12.4 million sale of East Central Lofts, a 72-unit, Class A apartment community located at 274 Huger St. in Charleston. Built in 2013, East Central Lofts comprises studio, one- and two-bedroom units with granite countertops, stainless steel appliances, hardwood floors and floor-to-ceiling windows. The property’s amenities include laundry facilities on each floor, a bocce ball court, barbecue area and covered and gated parking. The property offers views of the Ravenel Bridge and is located within walking distance of historic downtown Charleston. East Central Lofts LLC sold the asset to a group of buyers, including Federal Capital Partners, Kane Realty Corp., Randolph Development and Canongate Capital. Mark Boyce of Berkadia’s Charleston office brokered the transaction.
FORT LAUDERDALE, FLA. — ARA, A Newmark Company (ARA Newmark) has brokered the $10 million sale of a 0.6-acre waterfront development site at 321 N. Birch Road in Fort Lauderdale. The site has more than 200 feet of frontage on the Intracoastal Waterway and is steps away from the beach and the Atlantic Ocean. The site is approved for an 11-story, 22-unit condominium project, as well as a marina with four 70-foot boat slips. Troy Ballard, Avery Klann and Marc deBaptiste of ARA Newmark represented the sellers, Jeremy Bedzow and Grand Birch LLC. An affiliate of Sobel Co. known as 321 Birch LLC purchased the development site. According to ARA Newmark, the sales price of $454,000 per unit is the new record for land pricing per unit for a non-oceanfront site in South Florida.
PALM BEACH GARDENS, FLA. — CIT Group Inc.’s subsidiary CIT Real Estate Finance has provided a $41 million secured credit facility to refinance PGA Plaza Shopping Center in Palm Beach Gardens. The shopping center is anchored by Trader Joe’s and Ulta Beauty. CIT provided the loan through CIT Bank on behalf of the borrower, Menin Development. In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development to support PGA Plaza’s renovation, which included adding 5,646 square feet of retail space, a redesigned façade, upgraded parking lot, landscaping, site lighting and updated signage.
RALEIGH, N.C. — CBRE has secured $29.3 million in construction and mezzanine financing for the development of The Dartmouth, a 171-unit, mid-rise apartment community located at 104 Dartmouth Road in Raleigh. Located in Raleigh’s Park District at North Hills, the community will feature five levels of apartment residences atop a two-level parking garage. The first units are slated for a third quarter 2016 delivery. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office arranged the loans on behalf of Kane Realty Corp., the project’s developer. CBRE arranged the $24.5 million construction loan through SunTrust Bank and the $4.8 million mezzanine loan through Federal Capital Partners.
SUNRISE, FLA. — The Canadian Imperial Bank of Commerce (CIBC) has provided a $20.9 million CMBS loan to refinance Sawgrass Landings, a 64,500-square-foot shopping center in the Broward County city of Sunrise. The retail center’s tenant roster includes LA Fitness, Starbucks Coffee and FedEx Office. The mall is shadow anchored by Sawgrass Mills Mall. Steven Weiss, Romano Tio and Marc Sznajderman of RM Capital arranged the 10-year, fixed-rate loan on behalf of the borrower, Trikon Sunrise LLC, which is managed by Jon Samuel. The loan features four years of interest-only payments.
