BRADENTON, FLA. — NXT Capital has provided a $25.6 million acquisition loan for Riversong Apartments, a newly constructed, 179-unit apartment complex in Bradenton. The property is located along the Manatee River and is adjacent to the Bradenton Riverwalk. Riversong’s amenities include a resort-style swimming pool and resident lounge with Wi-Fi, as well as a fitness center and a business center. According to the Bradenton Herald, a subsidiary of New York-based Beachwold Residential purchased the property from Atlanta-based Hatfield Development for $31.5 million.
COCKEYSVILLE, MD. — Marcus & Millichap has brokered the $19 million sale of Church Lane Shopping Center and GJK Plaza, two shopping centers in Baltimore County’s Cockeysville suburb totaling 97,308 square feet. Built in 1981, the shopping centers are located at the corner of Church Lane and Cranbrook and York roads. The tenants include Party City, JoAnn Fabrics, Tuesday Morning, Sleepy’s and Meineke. Chris Burnham and Nathan Pealer of Marcus & Millichap represented the seller, a family partnership that had owned the centers for more than 35 years. Burnham and Pealer also procured the buyer, a private local investor.
PORT ROYAL, S.C. — NorthMarq Capital has arranged and closed a $9.1 million equity investment on behalf of Prominent Realty Group (PRG) for the purchase of a $38 million apartment property, the 400-unit Preserve at Port Royal located in Port Royal, S.C. The $9.1 million equity infusion came from an institutional investor that specializes in value-add properties. “The main challenge about this transaction was its location being perceived as tertiary,” says Will James, vice president of NorthMarq Capital’s Atlanta office who represented PRG. “The property was built in 2006 and in a great location within the city of Port Royal. Just 20 minutes away and closer to Hilton Head, a similar vintage project traded for a 20 percent premium just because it was on the way to Hilton Head Island.” PRG’s basis in the property is at or just below replacement cost, adds James. “Once the state sells the 50-acre Port of Port Royal, the waterfront will become a vibrant retail and tourist destination, further improving the rental market on the Port Royal island.” Economic generators locally include the University of South Carolina Beaufort campus, Parris Island’s Marine Corps, and the Beaufort Air Naval station, which is completing a $300 million runway and hangar facility …
MIAMI — Avison Young has arranged a $46.7 million construction loan for INTown, a two-tower, 14-story mixed-use project that will be located in Miami’s Little Havana neighborhood. The $81 million property will feature two split condominium and rental towers with retail space on the ground level. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan on behalf of the developer, Astor Cos. According to Avison Young, INTown will be the first high-rise developed in Little Havana in more than 10 years.
TAMPA, FLA. — A public-private partnership that includes Port Logistics Tampa Bay I Inc. and Port Tampa Bay will start construction on a 130,000-square-foot cold storage food products facility at Port Tampa Bay early next year. Set to open in November 2016, the $19.1 million intermodal facility will employ 50 full-time workers and up to 200 part-time workers. The Tampa Port Authority Board recently approved a 27-year lease to Port Logistics Tampa Bay I for the 13.7 acres where the facility will be developed on Hookers Point in downtown Tampa. The Tampa Port Authority has engaged Atlanta-based Batson-Cook Co. as contract manager for the project. The facility will accommodate 8,000 pallet positions in several different rooms with independent temperature controls for produce and perishables. The building will include office space for truckers and regulators such as USDA and Customs officials, and 15 temperature controlled doors for truck shipments. The project team includes George Livingston, principal of Port Logistics; Huie, an investment banker in Hong Kong; Seatrade; Time Definite Services; and Canton Port Services.
CHARLOTTE, N.C. — HFF has brokered the $23 million sale of Carmel Park I and II, two office assets in Charlotte’s Ballantyne/South Charlotte office submarket totaling 170,128 square feet. Carmel Park I and II are situated on 11.5 acres at 11111-11121 Carmel Commons Blvd. The properties are roughly 80 percent leased to tenants such as Pulte Group, Gentiva Health Services, M3 Engineering and Commercial Defeasance LLC. Ryan Clutter led HFF’s investment sales team in representing the seller, Carmel Park II LP, an entity managed by PICOA Inc. CapRidge Partners LLC purchased the office assets. Travis Anderson, Jim Curtin and Cory Fowler of HFF arranged floating rate acquisition financing through JP Morgan Chase & Co. on behalf of CapRidge Partners.
ATLANTA — The Urbana Varro group of companies has purchased the Artmore Hotel, an independent boutique hotel located at 1302 W. Peachtree St. in Midtown Atlanta. The buyer, which includes a national commercial real estate investment fund and a development and property management firm, purchased the asset from Jamestown for an undisclosed price. Originally built as a luxury apartment building in 1924, the Artmore Hotel is located within walking distance of Center Stage, Woodruff Arts Center, Savannah College of Art and Design and the Fox Theatre.
FORT LAUDERDALE, FLA. — JLL has secured a 52,683-square-foot lease transaction at Tower 101, a newly renovated, 21-story office tower located at 101 N.E. 3rd Ave. in downtown Fort Lauderdale. The tenant, Uniforms Direct, is relocating its corporate headquarters from Plantation, Fla., to Tower 101. Uniforms Direct will be the building’s largest tenant and will bring roughly 200 employees to occupy Tower 101’s penthouse level, the 20th floor and half of the 16th and 19th floors. Existing tenants at Tower 101 include Kemet Corp., Greater Fort Lauderdale Convention & Visitors Bureau, the city of Fort Lauderdale and Advantage Opco LLC. Alice Lucia Jackson and Brady Titcomb of JLL represented the landlord, Banyan Street Capital, in the lease transaction. Matthew Cheezem and Zach Wendelin of Cresa represented Uniforms Direct. The transaction is the largest office lease completed in downtown Fort Lauderdale year-to-date.
ATLANTA — Hunter Hotel Advisors has arranged the $42.1 million sale of the DoubleTree by Hilton Atlanta Downtown. The 312-room hotel is located at 160 Ted Turner Drive N.W., within walking distance of the Peachtree Center MARTA station, the Georgia World Congress Center, Philips Arena and the Georgia Aquarium. Hunter Hotel Advisors represented an unnamed global private equity firm in the sale. The buyer, Legacy Property Group, plans to invest $12 million to renovate the hotel and its restaurant while retaining the DoubleTree brand.
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged $15.2 million in acquisition financing for Heron Bay Corporate Center I & II in Coral Springs, a city in Broward County. The 89,000-square-foot office campus houses 19 tenants, including Regus. Avi Weinstock and Josh Rhine of Meridian’s New York City office arranged the seven-year loan through a regional balance sheet lender on behalf of the borrower, The Benedict Realty Group. The loan features a fixed 4 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.