WESTON, FLA. — CBRE has arranged a long-term 230,600-square-foot industrial lease in Weston. The tenant, Gold Coast Freightways, originally occupied half of the Class A distribution center but will now lease the entire facility. Tom O’Loughlin and Larry Genet of CBRE represented the landlord, Clarion Partners, in the lease transaction. Luis Marquez of the Casal Group represented Gold Coast Freightways, a less-than-truck-load carrier based in Miami.
CHARLESTON, S.C. — URS Capital Partners, a private real estate investment firm based in New York, has purchased Palmetto Point, a value-add apartment complex in Charleston. The property is URS Capital’s ninth apartment purchase in the last five years and brings its portfolio to more than 1,100 units. The investor purchased the asset using a combination of bridge financing and equity raised from a network of private investors. URS Capital is planning to invest $2 million to renovate unit interiors and add a new pool with a sundeck and outdoor kitchen. The property will also be renamed Oasis @ West Ashley.
ATLANTA — Parkway Properties Inc. has completed the $78 million sale of Two Ravinia, a 390,000-square-foot office building in Atlanta’s Central Perimeter submarket. Parkway had a 30 percent ownership interest in the property, which was owned by Parkway Properties Office Fund II LP. The 17-story office tower was 80.5 percent leased at the time of sale. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented Parkway in the transaction. The buyer, Franklin Street Properties Corp., a publicly traded REIT, plans to invest $4.8 million over the next three to four years to upgrade the office property.
GREENSBORO, N.C. — Capstone Capital has arranged a $35 million loan to refinance Hayleigh Village Apartments, a 360-unit apartment community in Greensboro. Capstone arranged the 10-year loan with a fixed 4.13 percent interest rate through Fannie Mae on behalf of the borrower, an undisclosed multifamily owner and developer based in the Southeast. The loan features three years of interest-only payments and a 30-year amortization schedule for the remaining seven years of the term. Hayleigh Village Apartments recently appraised for $46.7 million.
ORLANDO, FLA. — KeyBank Real Estate Capital has secured a $17 million acquisition loan for Falcon Trace Apartments, a 252-unit garden-style community in Orlando. The apartment complex was built in 1999. Jane Harrison of KeyBank’s commercial mortgage group secured the financing through Freddie Mac’s CME program.
CHARLOTTE, N.C. — The Fresh Market has signed a lease for a new location in the Dilworth Gardens Shopping Center in Charlotte. The specialty grocer’s new store will be located at East Boulevard and Scott Avenue. Once opened, the new store will be the Greensboro, N.C.-based company’s 21st store in North Carolina and its sixth in the metro Charlotte area. The grocer currently operates 168 stores in 27 states.
DESTIN, FLA. — Atlanta-based Bull Realty has brokered the $3 million sale of a 2.2-acre lot at the corner of Emerald Coast Parkway (Highway 98) and Restaurant Row in Destin, a popular tourist destination located on the Gulf of Mexico in Florida’s panhandle. CM Destin LLC, a hotel group, purchased the site from Spa Destin LLC and is planning a Home2Suites by Hilton concept at the location. The buyer will be demolishing the existing 14,875-square-foot Whitney National Bank to make room for the new hotel. Bull Realty was the only broker involved in the marketing and sale of the land site. The developer will be Cohen Investments, a Memphis-based REIT specializing in hotel and commercial property development and management.
FORT LAUDERDALE, FLA. — NXT Capital has provided a $37.9 million first mortgage loan to refinance Crown Center Offices, a five-building, 350,000-square-foot office campus in Fort Lauderdale. The property is located within a mile of I-95 and three miles from the Florida Turnpike. Paul Ahmed of Walker & Dunlop arranged the loan through NXT Capital on behalf of the undisclosed borrower.
MIAMI — NBA Hall of Fame member Alonzo Mourning, now head of AM Affordable Housing, has teamed up with Housing Trust Group to develop the 84-unit Phase I of Courtside Family Apartments, an affordable housing development in Miami’s Overtown neighborhood. The partnership recently closed on the property’s financing. Courtside’s Phase II will include 120 seniors housing units and Phase III will comprise 80 rental units. The property will include a multi-purpose community room with gaming tables, a theater/media room, computer lab and fitness center, as well as an outdoor basketball court, covered picnic areas and gardens. Located at 1700 N.W. 4th Ave., the property is expected to create roughly 150 jobs during the 14-month construction process. Development costs are estimated at $22.8 million, and the partnership is financing the project through RBC Tax Credit equity estimated at $9 million raised from the purchase of Florida Housing Finance Corporation low-income housing tax credits (LIHTC); construction and permanent debt financed by Citi Community Capital totaling $3.3 million; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; Miami-Dade County Surtax loan for approximately $1.8 million; and developer equity.
TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.