LEXINGTON, S.C. — Drever Capital Management has refinanced The Village at Southlake, a 122-unit independent living community in Lexington, with a $12.5 million bridge loan. CBRE’s senior housing debt and structured finance team in Houston arranged the five-year loan with two years of interest-only payments through an unnamed regional bank. Amenities of The Village at Southake include a nature and wildlife habitat preserve, large pond, walking trails, raised gardens, swimming pool, clubhouse, movie theater, wine bar and a salon.
Southeast
The economic recovery has flipped Louisville’s office market. Historically, the central business district (CBD) has lower vacancy and higher leasing rates than the suburban office market, while new development and low barriers to entry generally kept vacancy higher in the suburbs. Now, suburban vacancy rates rest below the CBD’s, especially for Class A product. Even as speculative development returns to the suburbs, the submarket’s hot streak shows no signs of abating, and the downtown submarket has plenty of positive momentum as well. Suburban Class A vacancy was 8.4 percent at mid-year, with average asking rates in the $20 to $22 per square foot range, or higher in top-tier new office developments. The suburban office market has been quite active, but Class A and B vacancies haven’t materially changed this year due to a spate of renewals and net moves from one building to another. Still, we expect a noteworthy fourth quarter as demand is perhaps as strong as it’s ever been, and owners remain aggressive, in many cases offering three months free rent and turnkey tenant improvements with long-term deals. Lack of available large blocks of space could lead to build-to-suit activity, too. There are virtually no available blocks of …
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $3.1 million sale of Sandanay and Stonehenge Apartments, two adjacent multifamily communities located at 13132 N. 19th St. and 13136 N. 20th St. in north Tampa. The sales price equates to approximately $30,500 per unit. The buyer is a South Florida-based investor that plans to implement capital improvements to both apartment communities, which were built between 1967 and 1970. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. Danny York of Franklin Street Capital Advisors structured acquisition debt for the buyer, and Franklin Street’s insurance division provided the insurance policy.
DORAL, FLA. — Miller Construction Co. is building a $10.9 million, 218,000-square-foot complex at 8301-8303 N.W. 27th St. in Doral, a suburb of Miami. The industrial property, known as the Transal Logistic Center, will feature 30-foot clear heights, T5 lighting and a central 180-foot truck court. The property will be comprised of a 110,600-square-foot building A and a 107,400-square-foot building B, which will both wrap around the central truck court. The developer, KVRG Developers, is expected to deliver the property in the fourth quarter of this year. The project team includes architect RLC Architects and leasing agent Fairchild Partners.
BOCA RATON, FLA. — Marcus & Millichap has brokered the $11.1 million sale of Addison Court Shoppes, a 16,860-square-foot shopping center with a Bank of America outparcel in Boca Raton. The property’s address is 17940 N. Military Trail. Douglas Mandel and Brian Rosen of Marcus & Millichap represented the seller, a limited liability company based in Boca Raton. The shopping center’s tenant roster also includes Starbucks Coffee, Offerdahl’s, a salon, a drycleaner and Kee Grill.
ATLANTA — Two Atlantic Station office towers owned by CBRE Global Investors — 201 17th St. and 271 17th St. — have been designated as BOMA 360 Performance Buildings by the Building Owners and Managers Association (BOMA) International. The BOMA 360 Performance Program recognizes commercial properties that demonstrate best practices in building operations and management, according to BOMA. In addition to the BOMA 360 designation, 201 17th St. also received the 2013-2014 Regional TOBY Award in the 250,000- to 499,999-square-foot category, and 271 17th St. received the 2013-2014 Regional TOBY Award in the 500,000- to 1 million-square-foot category. This year both towers were also awarded LEED-EB Gold certification, as well as ENERGY STAR certification.
GREENSBORO, N.C. — Hammes Co. has delivered the latest phase of the Moses H. Cone Memorial Hospital campus in Greensboro. The 230,000-square-foot expansion is comprised of a surgical suite, 16 operating rooms, a loading dock and a six-story patient tower with 96 private beds. The emergency department capacity was also extended to 79 treatment stations, including 17 designated for pediatric emergency care. The next phase for Cone Health’s campus is the opening of an expanded central energy plant. In addition to Hammes Co., the development team includes architect Perkins + Will, engineer Affiliated Engineers Inc., general contractor Brasfield & Gorrie and civil engineer/landscape architect Stimmel Associates PA.
ATLANTA — Hilton Worldwide’s Homewood Suites by Hilton has opened Homewood Suites by Hilton Atlanta Airport North, its eighth Homewood property in the Atlanta market. The six-story, 122-suite hotel is owned by Rajesh Patel and located at 3405 Bobby Brown Parkway, less than one mile from Hartsfield Jackson International Airport. The hotel offers daily breakfast, complementary Wi-Fi and an airport shuttle service.
ATLANTA — Hilton Worldwide’s Homewood Suites by Hilton has opened Homewood Suites by Hilton Atlanta Airport North, its eighth Homewood property in the Atlanta market. The six-story, 122-suite hotel is owned by Rajesh Patel and located at 3405 Bobby Brown Parkway, less than one mile from Hartsfield Jackson International Airport. The hotel offers daily breakfast, complementary Wi-Fi and an airport shuttle service.
ATLANTA — HFF has arranged $14 million in financing for DoubleTree Suites by Hilton Hotel Atlanta-Galleria, a 154-room hotel in Atlanta’s Galleria/Cumberland submarket. The hotel’s address is 2780 Windy Ridge Parkway, approximately eight miles from downtown Atlanta. The hotel’s amenity package includes a sun-lit atrium lobby, the Edge Bar and Cliff Restaurant, fitness center, outdoor swimming pool, 5,000 square feet of meeting space and a business center. The borrower, Encore Hospitality LLC, a division of Encore Enterprises Inc., will use the loan to acquire the hotel and implement a capital improvement program. Cullen Aderhold of HFF led the debt placement team to arrange the loan through Latitude Management Real Estate Investors.