MIAMI — CBRE has brokered the $27.2 million sale of Vizcayne Retail in downtown Miami. The property consists of 55,000 square feet of ground-floor retail space plus 126 parking spaces, located at the base of two 49-story condominium towers at the intersection of Biscayne Boulevard and N.E. 2nd Street. Built in 2008, the property was 68 percent leased at the time of sale to tenants such as CVS and The Learning Experience. An affiliate of Stoltz Real Estate Partners purchased the asset from an affiliate of Rockwood Capital. Casey Rosen and Dennis Carson of CBRE led the team in representing the seller.
BRADENTON, FLA. — Marcus & Millichap has brokered the $25 million sale of 30 West Apartments, a 264-unit apartment community located at 2835 50th Ave. W. in Bradenton. All units at 30 West feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. Community amenities include two lighted tennis courts, an on-site laundry facility, fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller, Insula Cos., and procured the buyer, Timberland Properties.
CHARLOTTE, N.C. — CBRE Capital Markets has arranged $58 million in financing for an eight-property, 1.6 million-square-foot industrial portfolio located in Charlotte. The portfolio is 100 percent leased and comprises warehouse and distribution facilities. Hal Kempson and Compton Newman of CBRE’s Charlotte office arranged the loan on behalf of Beacon Partners, which is using the loan to refinance the portfolio. TIAA-CREF provided the 15-year loan at a fixed interest rate.
JESSUP, MD. — A joint venture between Columbia, Md.-based Manekin LLC and Boston-based AEW Capital Management has purchased the 60-acre Baltimore Washington Logistics Center. The 730,000-square-foot property is located at 7600 Assateague Drive in Jessup, roughly halfway between Baltimore and Washington, D.C. The Baltimore Business Journal reports that the joint venture, named MCA Assateague JV LLC, purchased the facility for $45.3 million from Madison-SP Assateague LLC, a joint venture between New York Life Real Estate Investors and Mosaic Realty Partners. The facility was formerly occupied by Giant Food and was used as the grocer’s main dry-goods warehouse until 2013. In addition to expanding the existing building by 120,000 square feet, the new ownership plans to speculatively develop an additional 160,000-square-foot industrial building on the site. Once the expansion is complete, the site will still be able to accommodate at least 400 trailer parking spaces, which is one of the largest counts in the region. Manekin LLC’s Owen Rouse and John Graham put the deal together as investment advisors and also represented the ownership group in the acquisition, while Cris Abramson and Brian Kruger with Cushman & Wakefield represented the seller. The new ownership has selected Michael Elardo, Jared Ross and …
PURCELLVILLE, VA. — ECHO Realty has purchased Purcellville Gateway, a 90,000-square-foot grocery-anchored shopping center located at the intersection of Berlin Turnpike and Main Street in Purcellville, a town in Virginia’s Loudoun County. Jordan Lex and John Owndoff of HFF brokered the transaction. The developers, a partnership between Roadside Development and Harris Teeter, built the shopping center on the original Cole Farm site and preserved three of the original structures. One of the original barns is occupied by The Wine Kitchen and IJ Canns American Grille, and the silo that once held grain for the farm now houses equipment to support the public water feature and fountain. Originally opened in 2012, a second phase of the development opened in 2015, featuring The UPS Store and a new Starbucks drive-thru location, as well as an expanded Pet Valu. Chick-fil-A will also open later this year on the northeastern corner of the property, and ECHO is exploring plans to build additional, light density retail and residential use on a three-acre parcel at the northwest corner of the property. Purcellville Gateway is ECHO Realty’s first center acquired in Virginia and the new ownership has chosen to retain the management and leasing services of Roadside …
CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $12.8 million sale of Hunter’s Pointe, a 394-unit apartment community located in Charlotte. The property is located roughly five miles from Uptown Charlotte. ACRE purchased the asset from Hunter’s Apartments LLC for roughly $32,616 per unit. The apartment community has received approximately $3 million in upgrades over the past 10 years and was 85 percent occupied at the time of sale. Brian Ford, Beau McIntosh and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.
HYATTSVILLE, MD. — ECHO Realty and Bernstein Cos. have signed two new tenants to their Gateway at UTC mixed-use development in Hyattsville, a Maryland suburb seven miles northeast of Washington, D.C. The Gateway at UTC development is currently under construction and will be located along East-West Highway, between America Boulevard and Democracy Avenue. The two new tenants joining the development are MedStar Health and Town Center Wine & Spirits. MedStar will operate a primary care office and a MedStar PromptCare urgent care facility comprising 10,000 square feet on the second level of the commercial development. With the majority of parking situated on the second story, patrons will have drive-up access to both MedStar and Phenix Salon Suites, the other tenant to occupy the project’s upper level. On the first floor, Town Center Wine & Spirits will occupy 3,600 square feet at the north end of the street-level retail lining America Boulevard. The mixed-use development is currently 95 percent pre-leased to tenants such as Safeway, Unleashed by Petco and Le’s Nails. Safeway is on schedule to open this fall with other retailers opening soon thereafter.
NAPLES, FLA. — Pebblebrook Hotel Trust, a publicly traded hotel REIT, has purchased LaPlaya Beach Resort and LaPlaya Beach Club in Naples for a combined purchase price of $185.5 million. LaPlaya Beach Resort is a 189-room waterfront resort located on a six-acre tract of beach along the Gulf of Mexico and Vanderbilt Bay. The resort features 11,620 square feet of meeting space, a bar/restaurant, upscale spa, three outdoor swimming pools, 2,200-square-foot fitness center, seven-story parking garage, children’s aquatic and beach camp, watersport rentals and in-room dining. The private club has more than 800 active members and features a private dining room, private pool cabanas and a partnership with the LaPlaya Golf Course, which was not included in the acquisition. In addition to the resort and private club, the transaction includes the leasehold interest in a 23-slip marina on the Vanderbilt Bay side of the property. Daniel Peek, Max Comess, Chris Drew, Alexandra Lalos and Maxx Carney of HFF represented the seller, a partnership between affiliates of Noble House Hotels & Resorts Ltd. and Halstatt, in the transaction. Pebblebrook has retained Noble House Hotels & Resorts under a new operating agreement for the management of the hotel and private club.
SAVANNAH, GA. — HOS Management has begun construction on the new Fairfield Inn & Suites-Historic Savannah at 135 Martin Luther King Jr. Blvd. in downtown Savannah. The Savannah-based developer has also begun building a public parking garage located adjacent to the hotel. The hotel will feature 140 guest rooms and meeting space that can accommodate up to 385 people. HOS Management expects to deliver the hotel and parking garage in July 2016. The company is also in the design/development stage for a new Aloft hotel in Savannah’s Historic District and has a future hotel in the pipeline at 321 Montgomery St. in Savannah.
CUMMING, GA. — Atlanta-based contractor Juneau Construction Co. has entered the final phase of construction for The Villas at Canterfield in Cumming, which includes a 146,000-square-foot independent living apartment facility. The structure under construction is a four-story building housing 76 residential units, plus a pool, exercise facilities, multi-purpose activity rooms, a club area, country store, fully equipped communal kitchen, restaurant-style dining area and an outdoor courtyard. Juneau expects to complete construction of The Villas at Canterfield by November. The developer is Medical Development Corp., and the architect and engineer is The Corcoran Ota Group.