JACKSONVILLE, FLA. — CBRE has secured a $27.4 million acquisition loan for The Waterford at Mandarin Apartments, a 232-unit apartment property at 11247 San Jose Blvd. in Jacksonville’s Mandarin submarket. The property, built in 1990, features one- to three-bedroom units averaging 1,065 square feet. The community’s amenity package includes two swimming pools, racquetball and tennis courts, a laundry center, playground, fitness center, dog park and sand volleyball court. Christian Lee, Christopher Apone and Charles Foschini of CBRE’s Debt & Structured Finance group arranged the seven-year Freddie Mac loan on behalf of Norfolk, Va.-based Harbor Group International with two years of interest-only payments.
Southeast
WEST MONROE, LA. — Lexerd Capital Management LLC has purchased Glenwood Townhomes, a 120-unit apartment complex in West Monroe, for an undisclosed amount. Lexerd will rebrand the property as Shadow Glen. First Choice Management Group will manage the property, which Lexerd purchased through its Lexerd Capital Partners High Yield Fund.
CHARLOTTE, N.C. — Lincoln Harris has arranged a 10,207-square-foot lease at Piedmont Town Center, an upscale mixed-use complex at 4725 Piedmont Row Drive in Charlotte’s SouthPark submarket. Piedmont Town Center includes two office buildings totaling 420,000 square feet, 87,500 square feet of retail space and 180 luxury apartment units. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transaction. Brent Royall and Brad Grow of Colliers International represented the tenant, Southeast Series of Lockton Cos. LLC.
The Central Florida industrial market (comprised of Seminole, Orange and Lake counties) is currently undergoing a transformation, one that will make the majority of property owners very happy. After suffering crippling vacancy rates from early 2008 through the end of 2011, Central Florida has rebounded solidly and the good news is that there is still time to capitalize on the opportunities. The current rebound can be attributed to several items, not in any particular order: • Increased employment opportunities: Orlando’s unemployment peaked in September of 2010 at 11.7 percent and it has steadily decreased. In April of 2014, the unemployment was at 5.2 percent, according to the U.S. Bureau of Labor Statistics. • Lack of new product / inventory: Since 2008, there have only been a handful of new, speculative industrial buildings built as demand was not there and rental rates were depressed due to the massive amount of vacancy. This has resulted in there being very few choices for companies desiring new, first generation product and led to the current new building pipeline of over 2.4 million square feet under construction as of July. • Absorption and rental rates: In 2012, we experienced positive market absorption slightly better than …
WEST PALM BEACH, FLA. — KBS Real Estate Investment Trust II has sold City Place Tower, a 295,933-square-foot office building in West Palm Beach, for $150 million. KBS REIT II purchased the 18-story asset for $126.5 million in April 2011. City Place Tower is located in West Palm Beach’s central business district approximately 2.5 miles from Palm Beach Airport.
SMYRNA, GA. — Atlanta-based Halpern Enterprises has begun construction on Belmont, a 48-acre mixed-use development in Smyrna, a northwest suburb of Atlanta. The property will feature restaurants, retail, single-family homes and luxury rental apartments at the site of the former Belmont Hills Shopping Center. David Weekley Homes will build 153 detached single-family homes at the intersection of Windy Hill and Atlanta roads in a neighborhood dubbed the Village of Belmont. Homes will be priced from the high $200,000s to more than $400,000. Wood Partners will build the multifamily portion in a 274-unit property known as Alta Station at Belmont. Pre-leasing is expected to begin in the spring of 2015. Halpern Enterprises will develop the retail portion with the first stores expected to open in the summer of 2015.
FARMVILLE, N.C. — Crayton Commercial has completed the redevelopment of Brightleaf Shopping Center, a 98,150-square-foot shopping center in Farmville, about 14 miles west of Greenville. The property is located at the intersection of East Marlboro Road and Main Street. Brightleaf’s tenant roster includes a 43,200-square-foot Roses Discount Store and an 8,470-square-foot Dollar Tree. Crayton Commercial is also launching Phase II of the project on an adjacent 7.8-acre tract of land that calls for an anchor structure and two outparcels. Mike Morton of Morton Commercial Inc. served as the general contractor on the redevelopment project, and Bank of North Carolina and BB&T provided construction financing for the project.
FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Prospect Park IV, a 68,500-square-foot manufacturing and distribution facility located at 3600 N.W. 54th St. in Fort Lauderdale. KTR Capital Partners purchased the asset for an undisclosed price. Prospect Park IV features 16,171 square feet of corporate offices and a showroom, 26-foot ceiling heights, two dock-high doors, four grade-level doors, two van-high doors, a 110-foot truck court and fire sprinklers. Larry Genet, Harry Tangalakis and Tom O’Loughlin of CBRE represented KTR Capital Partners in the transaction.
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.
ATLANTA — Utilizing two loans totaling $50 million from its capital advisor Patterson Real Estate Advisory Group, Pope & Land Enterprises Inc. has refinanced Cumberland Center I and Barrett Office Park in metro Atlanta. Patterson arranged the financing through BBVA Compass for Cumberland Center I and BB&T for Barrett Office Park. Cumberland Center I is a seven-story office building totaling 188,697 square feet in Atlanta’s Cumberland/Galleria office submarket. Sprint Communications fully occupies the asset. Pope & Land developed Cumberland Center I in 1985. Barrett Office Park consists of seven office buildings totaling 502,752 square feet that are more than 80 percent occupied on an aggregate basis. The office park is located off of Barrett Parkway between I-75 and Highway 41 in the Town Center submarket of Kennesaw, a northern suburb of Atlanta.