ORLANDO, FLA. — Colliers International Central Florida has announced that Glickman Retail Group, a retail investment advisory firm in Orlando, has joined the company’s retail services team. Glickman Retail Group completed more than $40 million in real estate sales transactions year-to-date and has numerous more transactions set to close this year. Joining Colliers from the Glickman Retail team are Sean Glickman, Tom Hall, Chris Smith and Brandon Rapone. The team will join Cynthia Shelton and Kane Morris-Webster as part of Colliers International Central Florida’s retail investment team, focusing on the sale of retail investment properties in Central Florida.
WASHINGTON, D.C. — John Hancock Real Estate has acquired 1750 Pennsylvania Avenue NW, a 13-story, Class A office building located in Washington, D.C.’s central business district, for $182 million. The 278,916-square-foot office building was 97 percent leased at the time of sale. The LEED Gold-certified property underwent renovations in 2001 and 2014. The property is located between the White House one block to the east and the World Bank headquarters one block to the west. John Hancock is the U.S. division of Manulife Financial Corp., one of the largest life insurance companies in the world.
SAVANNAH, GA. — Co-developers Mariner Group and Brand Properties have begun construction on Mariner Grove, a new luxury apartment community that will be situated less than two miles from Savannah’s Historic District. The $41 million project is expected to be complete by October 2016. The property’s layout options include studios and one- and two-bedroom units, and initial rents are expected to range from $1,000 to $1,600. The project’s unit interiors will feature walk-in closets, stainless steel appliances, washer and dryers, hardwood floors and nine-foot ceilings. Mariner Grove’s amenities will include a fitness center, resort-style pool, business center, conference room, bicycle service station and a dog park. The new community will be situated on a site that features Savannah’s famed live oak trees. Mariner Group and Brand Properties have tapped Thomas and Hutton as the project’s engineer and Choate Construction as the general contractor.
TAMPA, FLA. — NorthMarq Capital has arranged a $30 million refinancing of Lakeshore Club Apartments, a 638-unit apartment community located at 6900 Concord Drive in Tampa. The property’s amenity package includes a media and entertainment center, business center, reserved covered parking, two swimming pools, four tennis courts, fitness center and an electronic entry system. Jeff Robertson of NorthMarq’s Miami office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
CUMMING, GA. — Senior Living Investment Brokerage (SLIB) has arranged a sale-leaseback deal for The Oaks at Hampton, an 84-unit assisted living facility in Cumming about 40 miles north of Atlanta, for $18.3 million. Senior Housing Properties Trust, a publicly traded seniors housing REIT, purchased the property and will keep Oaks Senior Living, the seller, as the operator. Bradley Clousing and Jeff Binder of SLIB handled the transaction.
KNOXVILLE, TENN. — Rockport Mortgage Corp. has provided $17 million for the acquisition and rehabilitation of Pinnacle Park Apartments, a 200-unit low- and moderate-income multifamily property in Knoxville. The community was originally developed under the Section 236 Program in the early 1970s. In 1994, the property was preserved as affordable housing under The Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) for a term of 50 years, and was recapitalized in 2004 using Low Income Housing Tax Credits (LIHTCs). Dan Lyons of Rockport Mortgage utilized the HUD 221(d)(4) program for the loan, which was structured using 4 percent LIHTCs, short-term tax-exempt bonds and multiple tranche financing. Working with Rockport and HUD, the borrower was able to obtain a Section 8 rent increase and approval of the creative financing structure under the Section 221(d)(4) Substantial Rehabilitation Program.
HATTIESBURG, MISS. — Colliers International has brokered the $66.5 million sale of The Orthopedic Institute, a medical office complex located at 27 Veterans Memorial Drive in Hattiesburg. The complex comprises a two-story, 73,750-square-foot orthopedic hospital and a three-story, 63,944-square-foot medical office building. Forrest Health occupies the hospital, and Southern Bone & Joint Specialists PA occupies the medical office building. The hospital was sold for $39.3 million to an undisclosed institutional investor, and the medical office building was sold to a separate undisclosed institutional investor for $27.2 million. Josh Randolph of Colliers International’s Birmingham office represented the sellers, Pointe Properties LLC and Southern Development Resources, in the transactions.
VENICE, FLA. — Capital One has provided a $52 million loan for the recapitalization of a joint venture that owns Jacaranda Trace, a 433-unit seniors housing property in Venice. The property comprises 215 independent living units, 20 assisted living units, 36 memory care units, a clubhouse and 33 acres of land. Private parties hold the remaining units. Community amenities include dining, concierge services and scheduled transportation. The joint venture is between ROC Seniors Housing Fund Manager LLC (the majority investor) and Freedom Senior Management. The joint venture intends to expand the property by adding independent living and assisted living units on the property’s vacant land. Capital One also provided a revolving line of credit to fund future growth initiatives associated with the property.
GAINESVILLE, FLA. — Brasfield & Gorrie has completed the construction of Infinity Hall, a new residence hall located at the University of Florida’s Innovation Square in Gainesville. The new live-learn community has opened to students for the fall semester. With a capacity to accommodate more than 300 residents, the facility’s four floors of residence suites include eight single rooms, 16 single-suite rooms, 48 double-suite rooms and 20 four-person-suite rooms. The facility also includes team meeting rooms, an entertainment room, flexible spaces to support the university’s entrepreneurship programs, a resident apartment and a maintenance shop. Infinity Hall was privately developed by Signet Development in partnership with the university’s Department of Housing and Residence Education. Specifically designed for students interested in entrepreneurship, the community aims to expose students to the startup community, local entrepreneurs and CEOs. Serving as construction manager-at-risk, Brasfield & Gorrie partnered with developer and owner Signet Development and architect Perkins+Will on the $15.9 million construction project. The team broke ground in 2014 and completed the project on schedule.
MIAMI — Rockpoint Group LLC has partnered with Ivanhoé Cambridge to recapitalize Mary Brickell Village, a retail and lifestyle center located at 901 S. Miami Ave. near Miami’s financial district. Ivanhoé Cambridge will continue to hold a minority interest, and Rockpoint will become the majority owner. Terms of the transaction were not disclosed. Originally developed in 2008, the 195,988-square-foot property is occupied by more than 50 stores and restaurants, including Publix, LA Fitness, P.F. Changs China Bistro, Fado Irish Pub, Oceanaire Seafood Room, Rosa Mexicana, Blue Martini and Brother Jimmys. Mary Brickell Village has immediate access to the Miami Metrorail at Brickell Station and the Metromover.