ERLANGER, KY. — NorthMarq Capital has arranged a $10.3 million loan for the refinancing of Donaldson Road Center II, a 258,947-square-foot industrial property located at 1325 and 1335 Donaldson Road in Erlanger. Alstom Power is the anchor tenant at the facility. Susan Branscome of NorthMarq’s Cincinnati office arranged the 10-year loan with a 20-year amortization schedule through an unnamed life insurance company.
RALEIGH, N.C. — Dominion Realty Partners has opened Charter Square, a Class A, 242,969-square-foot office tower in downtown Raleigh. Situated on the south end of Fayetteville Street, the 11-story building is located in the city’s growing technology hub immediately adjacent to the Duke Energy Performing Arts Center, Raleigh Convention Center and Raleigh Marriott City Center. The property opened at 56 percent occupancy with tenants such as Womble Carlyle Sandridge & Rice LLP, HDR Engineers, Industrious, CBRE Raleigh, JDavis Architects, Intelligent Office, Dominion Realty Partners, Yadkin Bank and a restaurant by Eschelon Hospitality. When construction began in spring 2014, the property was 100 percent speculative. Charter Square features a blue glass exterior, outdoor plaza, card access control systems, direct underground parking and on-site security. Dominion Realty Partners teamed up with Prudential Real Estate Investors to develop the office building.
PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.
GREENVILLE, S.C. — Yeargin Potter Smith (YPS) has been selected by developer Croft Co. to construct the 121 Rhett Street Condominium development in downtown Greenville. The property marks the third multifamily residential project for YPS in Greenville; the other two are Stone + Main and LINK Apartments. Construction is underway on the seven-story, 35-unit project, which is located on the corner of Rhett Street and Falls Park Drive. The units will feature 10- to 12-foot ceilings, large windows, balconies and landscaped common areas, and will range in size from 1,300 square feet to more than 3,000 square feet. Atlanta-based Summerour Architects designed the condo project.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $12.3 million sale of Match Point, a 258-unit apartment community located at 5846 Westower Drive in Richmond. Built in 1975, the apartment complex features a swimming pool, tennis courts, picnic areas and grilling stations. Match Point was 92 percent occupied at the time of sale. The buyers, West End Capital and Atlas Real Estate Partners, purchased the asset from Ben White of Commonwealth Realty & Development for roughly $47,674 per unit. Beau McIntosh, Todd Conner and Jared Alcorn of Capstone represented the seller in the transaction.
WESLEY CHAPEL, FLA. — Compark 75, a Class A business park in the Tampa Bay metro area, has announced its Phase III expansion, which will add 58,000 square feet of spec industrial space. Located at 4610 Pet Lane in Wesley Chapel, Compark 75 currently spans 237,053 square feet. Larry Morgan, owner of Compark 75, plans to deliver Phase III in early 2016. Phase III was announced on the heels of Streetside Classic Cars and a national dental products distribution company leasing a combined 78,000 square feet at Compark 75. Commercial Asset Partners Realty is the exclusive listing agent for Compark 75.
WEST PALM BEACH, FLA. — HFF has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center located at 1751 Palm Beach Lakes Blvd. in West Palm Beach. The loan proceeds were used to acquire the property. Opened in February 2014, the outlet mall is 95.8 percent leased to 121 tenants, including Saks Off 5th Avenue, Gap, Nike Factory Store, J. Crew, Ann Taylor Factory Store and Under Armour. The mall share access with the 300,000-square-foot, Whole Foods-anchored Marketplace at the Outlets, which wasn’t included in the loan. Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. Riaz Cassum, Chris Drew and Robyn King of HFF arranged the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, which was acting on behalf of an institutional client. HFF arranged the loan on behalf of the borrowers, New England Development and a commingled fund managed by Clarion Partners. The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.
MARATHON, FLA. — Index Living, a brand of Index Investment Group, has begun construction on Tarpon Harbour, a 104-unit, $30 million rental apartment community in Marathon, part of the Florida Keys. The Class A multifamily property is situated on an 8.9-acre lot off US Highway 1. Tarpon Harbour will feature 52 townhouse duplex buildings with two- and three-bedroom options ranging from 1,080 square feet to 1,560 square feet. According to Index Living, all units will have a large porch with panoramic water views and boat slips will be available to community residents. The development will also include a clubhouse and two swimming pools. Index Living has developed four luxury rental communities throughout the state of Florida and has four additional communities on the horizon.
ALPHARETTA, GA. — Institutional Property Advisors, a division of Marcus & Millichap representing institutional and major private real estate investors, has brokered the $24.3 million sale of Old Alabama Square, a 103,268-square-foot shopping center located at 3005 Old Alabama Road in Alpharetta, a northern suburb of Atlanta. Fresh Market and Walgreens have anchored the shopping center since it opened in 2000. Lori Schneider of IPA represented the seller, a private investor, in the transaction. The buyer was Philips Edison Grocery Center REIT II Inc. Michael Fasano of Marcus & Millichap’s Atlanta office assisted in the transaction.
BRANDON, FLA. — ARA Newmark has brokered the $23.7 million sale of Tuscany Villas, a 248-unit garden apartment property in Brandon, within the Tampa Bay metro area. Built in 1997, the community comprises one- to four-bedroom units averaging 932 square feet. Amenities include a swimming pool, dog park, tennis courts, playground, sand volleyball court, 24-hour fitness center, internet lounge/business center and a barbecue/picnic area. The property was 97 percent occupied at the time of sale. Rockville, Md.-based CAPREIT purchased Tuscany Villas from Jackson Square Properties, a real estate investment and management joint venture based in San Francisco. Patrick Dufour, Marc deBaptiste and Scott Ramey of ARA Newmark represented the seller in the transaction.
