Southeast

Hernandez Construction Breaks Ground on 235,000 SF Phase III of Flagler Station

by John Nelson March 12, 2015

FORT LAUDERDALE, FLA. — Hernandez Construction has broken ground on Phase III of Flagler Station, Flagler Global Logistics’ industrial logistics park in Fort Lauderdale that at completion will span 14 million square feet. Buildings 1 and 2 in Phase III will span 235,000 square feet, and Phase III will ultimately expand the park by 1.7 million square feet. Hernandez will begin construction on Buildings 3, 4 and 5 in the next few months. Buildings 1 and 2 are slated to wrap up construction this summer. The construction firm is also nearing completion of five buildings spanning 820,000 square feet at Phase II of Flagler Station.

March 12, 2015

The Executive Building 607 William St. Fredericksburg

Office Southeast Virginia

Wack Cos. Buys Office Building in Fredericksburg for $35M Redevelopment Project

by John Nelson March 12, 2015

FREDERICKSBURG, VA. — Wack Cos. has purchased The Executive Building, a 10,000-square-foot office building located at 607 William St. in downtown Fredericksburg, for $2.8 million. Wack Cos. plans to convert the site into a mixed-use development featuring single-level condos, retail space and restaurants. The company plans to break ground on the $35 million project in the fall. Heather Hagerman of Coldwell Banker Commercial represented Thomas Wack of Wack Cos. in the transaction. Mike Degen and Jamie Scully of Cushman & Wakefield | Thalhimer represented the seller, Sandton Capital, formerly known as the Free Lance-Star Cos. Hagerman, Ben Keddie and Joe Pfahler of Coldwell Banker Commercial and Coldwell Banker Elite will manage the sales and leasing of the commercial and retail portions. Hagerman, Kevin Breen Jr. and Conor Breen of Coldwell Banker will manage the sales and marketing of the residences.

March 12, 2015

5900 Lake Ellenor Drive in Orlando Central Park

Florida Office Southeast

CBRE Brokers $5.8M Sale of Office Property in Orlando

by John Nelson March 12, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.

March 12, 2015

Florida Southeast

Marcus & Millichap Brokers Sale of Self Storage Facility in Florida

by John Nelson March 12, 2015

SEBASTIAN, FLA. — Marcus & Millichap has brokered the sale of US 1 Self Storage, a 55,168-square-foot self storage facility located at 9893 N. US Highway in Sebastian. The property features 29 climate-controlled units, 483 non climate-controlled units, two retail spaces and 16 parking spaces. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the undisclosed buyer and seller in the transaction.

March 12, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $20.4M Acquisition Loan for Apartment Community in St. Petersburg

by John Nelson March 11, 2015

ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.

March 11, 2015

Loans Multifamily South Carolina Southeast

Walker & Dunlop Arranges $17M Refinance of Apartment Community in Metro Charlotte

by John Nelson March 11, 2015

ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.

March 11, 2015

North Carolina Office Southeast

Trinity Partners Brokers $8.5M Sale of Office Building in Charlotte

by John Nelson March 11, 2015

CHARLOTTE, N.C. — Trinity Partners has brokered the $8.5 million sale of Three South Executive Park, a 54,000-square-foot office building located at 6115 Park South Drive in Charlotte’s SouthPark submarket. Chicago-based Origin Capital Partners purchased the property from an unnamed private partnership. The office building was 86 percent leased at the time of sale to tenants such as Signature Healthcare, Carolinas ACG and Wyndham Capital Mortgage. This is Origin Capital’s second acquisition in Charlotte — the company purchased Cambridge Corporate Center in August 2014. Dunn Mileham of Trinity Partners represented the seller in the transaction.

March 11, 2015

Florida Multifamily Southeast

SMD Brokers $5.8M Sale of Retail Center in Coconut Creek

by John Nelson March 11, 2015

COCONUT CREEK, FLA. — Boca Raton-based Southern Management and Development (SMD) has brokered the $5.8 million sale of Lyons Plaza, an 80,027-square-foot shopping center located at 1301-1509 Lyons Road in Coconut Creek. Built in 1986, the shopping center’s tenant roster includes Goodyear Tire, Humana Medical and Gold Coast Ballroom. Lyons Plaza Coconut Creek I LLC purchased the shopping center from Lyons Plaza Partners Ltd. SMD represented the seller in the transaction.

March 11, 2015

Georgia Multifamily Southeast

Franklin Street Brokers Sale of Two Apartment Communities in Metro Atlanta

by John Nelson March 11, 2015

ATLANTA AND BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the sale of two apartment communities in the metro Atlanta area. The buyer, an affiliate of Ardent Acquisitions and an Atlanta-based real estate investment company, purchased Lenox Townhomes in Brookhaven for $4.8 million and Toco Hills Apartments in Atlanta for $2 million. Jake Reid and Ricky Jones of Franklin Street represented the buyer. Both sellers are private investors based in Atlanta. The two communities total 88 units and are both roughly 50 years old.

March 11, 2015

Florida Loans Office Southeast

CBRE Arranges $95M Acquisition Loan for 1.6M SF Office Portfolio

by John Nelson March 10, 2015

MIAMI — CBRE’s capital markets debt and structured finance team has arranged a $95 million acquisition loan for a portfolio of five single-tenant office properties totaling 1.6 million square feet in the Southeast. The properties, which are all leased by Wells Fargo, include 3579-3585 Atlanta Ave. in Atlanta; 401 Linden St. in Winston-Salem, N.C.; 809 W. 4½ St. and 801 W. 4 St. in Winston-Salem; 101 Greystone Blvd. in Columbia, S.C.; and 7711 Plantation Road in Roanoke, Va. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office secured the financing on behalf of the borrower, a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with a 30-year amortization schedule at 65 percent loan-to-value.

March 10, 2015

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