Southeast

CBRE Global Investors Fund Buys 11-Building Office Park in Miami

by John Nelson October 17, 2014

MIAMI — A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park located adjacent to Miami International Airport. The campus is located at 7200-7665 Corporate Center Drive and includes more than 1 million square feet of space, which was 78.6 percent leased at the time of sale. CBRE Global Investors plans to upgrade the campus with the firm’s 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center. The buyer is also planning to renovate building interiors and exteriors and upgrade the property’s landscaping.

October 17, 2014

Maryland Retail Southeast

Finmarc Management Acquires Maryland Shopping Center for $28.4M

by John Nelson October 17, 2014

CALIFORNIA, MD. — Finmarc Management has purchased Wildewood Shopping Center, a 292,000-square-foot regional shopping center located in California in St. Mary’s County, for $28.4 million. The shopping center was 95 percent leased at the time of sale to tenants such as Bed Bath & Beyond, DSW Shoe Warehouse, Outback Steakhouse, JC Penney and Belk. Sandra Hunt of Scheer Partners represented the seller, SJS Wildewood LP based in New Jersey, in the transaction.

October 17, 2014

Loans South Carolina Southeast

Capital One Bank Provides $36.3M Refinancing of Seniors Community Near Charleston

by John Nelson October 17, 2014

MOUNT PLEASANT, S.C. — Capital One Bank has provided a $36.3 million loan to refinance a construction loan on Somerby of Mt. Pleasant, a 248-unit seniors housing facility in Mount Pleasant, roughly 10 miles northeast of Charleston. The seniors community includes 159 independent living apartments and villas and 89 assisted living units. Developed in 2008, Somerby of Mt. Pleasant’s amenity package includes a fitness facility, restaurant-style fine dining, an on-duty nurse, indoor heated pool and a separate guest suite for visiting family and friends. Capital One Bank arranged the loan on behalf of affiliates of Dominion Partners LLC, a Birmingham, Ala.-based owner of seniors housing properties in the Southeast. Dominion’s management company is Somerby Senior Living Services LLC.

October 17, 2014

Florida Loans Southeast

PCCP LLC Provides $34M Acquisition Loan for Boca Raton Office Complex

by John Nelson October 17, 2014

BOCA RATON, FLA. — PCCP LLC has provided a $34 million acquisition loan for Fountain Square, a three-building, Class A office complex in Boca Raton totaling 241,000 square feet. CBRE and MHCapital Funding LLC arranged the loan on behalf of the buyer, Fountain Square Owner LLC. The buyer plans to lease up the office complex, which was 61 percent leased at the time of sale. Fountain Square Owner has retained NAI Merin Hunter Codman Inc. to handle the property’s leasing and management responsibilities.

October 17, 2014

Georgia Multifamily Southeast

The Griffin Fund Buys Lakefront Apartment Community for $8.4M

by John Nelson October 17, 2014

GAINESVILLE, GA. — The Griffin Fund, a private real estate investment firm, has acquired Edgewater on Lanier, a 180-unit multifamily community in Gainesville, for $8.4 million. The apartment property is located on Old Thompson Bridge Road on the shores of Lake Lanier. The Griffin Fund is planning a $2 million renovation plan for the property, including adding new gazebos, a barbecue area, lookout terrace, lakefront park, playground, fitness center, business center and dog park. The company also plans to refurbish the exterior of the property and upgrade the interiors with new flooring and new appliances for the kitchen area. The Griffin Fund has selected Stonemark Management to manage the apartment property.

October 17, 2014

Florida Multifamily Southeast

CBRE Brokers $57.7M Sale of Luxury Apartment Community in Metro Orlando

by John Nelson October 16, 2014

WINTER PARK, FLA. — CBRE has brokered the $57.7 million sale of Sun Key Apartment Homes, a 596-unit luxury apartment community in Winter Park, roughly 7.5 miles northeast of Orlando. The multifamily property is located at 7502 Sun Key Blvd. BC Property Investments purchased the asset from an affiliate of Starwood Capital Group, which bought Sun Key back in September 2010. The property has recently undergone $12 million worth of renovations and was 94 percent occupied at the time of sale. The community’s amenity package includes a Wi-Fi business center, two swimming pools, an 1,800-square-foot fitness center, renovated clubhouse, firepit, spa and a game room with flat-screen TVs, video game consoles, air hockey, foosball and billiards. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

October 16, 2014

Multifamily North Carolina Southeast

$54M Adaptive Reuse Apartment Community Opens in Winston-Salem

by John Nelson October 16, 2014

WINSTON-SALEM, N.C. — Co-developers Pennrose Properties LLC and C.A. Harrison Cos. LLC have opened Plant 64 Apartment Homes, a $54 million adaptive reuse project in downtown Winston-Salem. Originally built in 1916 as one of the oldest R.J. Reynolds tobacco buildings, the 423,000-square-foot project has been renovated to feature 242 one-, two- and three-bedroom apartments. Plant 64’s amenity package includes controlled access entry, a roof terrace with grills, outdoor theater, fitness center, swimming pool and a sports court. Bonaventure Property Management is managing Plant 64. Financing was provided by Bank of America N.A., Nationwide Insurance and Stonehenge Capital.

October 16, 2014

Florida Multifamily Southeast

ZOM, AIG Global to Build Lakefront Multifamily Community in Orlando

by John Nelson October 16, 2014

ORLANDO, FLA. — ZOM and its joint venture partner AIG Global Real Estate have completed the land purchase for the site of a new luxury lakefront multifamily community. The 483-unit property, known as Baldwin Harbor, will be located in the master-planned Baldwin Park community in Orlando. Baldwin Harbor’s amenity offerings will include a clubhouse with a resident’s lounge, an entertainment kitchen, pool with cabanas, summer kitchen and a golf simulator. J.P. Morgan Chase Bank provided construction financing for the project, and ZRS Management LLC will provide property management services upon completion. Pre-leasing for Baldwin Harbor will begin in the fall of 2015. CBRE’s Orlando office represented the seller in the land transaction.

October 16, 2014

North Carolina Retail Southeast

Lincoln Property, Lincoln Harris Arrange $31.5M Sale of Northlake Commons in Charlotte

by John Nelson October 16, 2014

CHARLOTTE, N.C. — Lincoln Property Co., along with its affiliate Lincoln Harris, has brokered the $31.5 million sale of Northlake Commons Shopping Center, a 78,839-square-foot retail property located at 9335 Center Lake Drive in Charlotte. The property was 92 percent leased at the time of sale to tenants such as Party City, Panera Bread, Chili’s, Olive Garden, On the Border, Red Robin, AT&T, Sprint, Moe’s Southwestern Grill, Shane’s Rib Shack, Men’s Wearhouse and Chick-fil-A. Chris Cotton of Lincoln Property and Chris Vasbinder and Johno Harris of Lincoln Harris represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Northlake Commons LLC, a partnership between Ferncroft Capital and Crow Holdings. Lincoln Harris will handle the leasing and management duties at Northlake Commons.

October 16, 2014

Loans North Carolina Southeast

Grandbridge Real Estate Capital Closes $30M Refinance for Seniors Facility in Metro Raleigh

by John Nelson October 16, 2014

CARY, N.C. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team based in Atlanta has arranged a $30 million refinance loan for Woodland Terrace of Cary. The 176-unit, 184-bed seniors housing community is located in Cary, about 12 miles west of Raleigh. The property features a four-story independent living building, a one-story Alzheimer’s/memory care building and 11 independent living duplex cottages. Woodland Terrace’s common areas include a lobby, main dining room, private dining room, craft/exercise room, library, small guest apartment, card room, billiards area, chapel, TV room, beauty/barber shop and six laundry rooms. The property was 98 percent occupied at the time of sale. Richard Thomas of Grandbridge originated the five-year, interest-only loan with a 30-year amortization schedule through Freddie Mac.

October 16, 2014

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