Southeast

PointOne Holdings Buys Apartment Community in Metro Atlanta for $18.7M

by John Nelson October 31, 2014

LITHIA SPRINGS, GA. — PointOne Holdings has acquired Madison at Waterford Apartments, a 344-unit, Class B apartment community in Lithia Springs, for $18.7 million. PointOne Holdings will rebrand the community as Waterford Point. The apartment complex was 93 percent leased at the time of sale. The property’s amenity offerings include two swimming pools, two tennis courts, a fitness center, indoor racquetball court, car care center, detached garages, picnic areas and a walking trail. The apartment residences average 905 square feet. Walker & Dunlop arranged a $14.7 million acquisition loan through Freddie Mac on behalf of PointOne Holdings, which also plans to invest $2.4 million in capital improvements.

October 31, 2014

Florida Office Southeast

FA Commercial Brokers $10M Sale of Miami Office Building

by John Nelson October 31, 2014

MIAMI — FA Commercial has brokered the $10 million sale of a 52,499-square-foot office building located at 3415 N.E. 2nd Ave. near Miami’s Midtown and Design District neighborhoods. The asset was 60 percent leased at the time of sale. Fabio Faerman of FA Commercial represented both the buyer and the seller in the transaction. The undisclosed buyer plans to reposition the office building’s first two floors into retail space.

October 31, 2014

Florida Industrial Southeast

McCraney Property to Develop 400,000 SF Spec Industrial Project in West Palm Beach

by John Nelson October 30, 2014

WEST PALM BEACH, FLA. — McCraney Property Co. plans to develop Turnpike Business Park, a five-building, 400,000-square-foot warehouse/distribution project in West Palm Beach. Situated on 33.8 acres, the development will have one mile of direct Florida Turnpike footage. Final approval plans from the Palm Beach County Building and Zoning Department are expected before the end of the year, and McCraney Property expects to break ground in January 2015. The industrial park will have clear heights of 24 to 30 feet with dock-high loading. McCraney Property has hired Peter Corrales of Corrales Group Architects to design the project and Christopher Thomson of Cushman & Wakefield to lease the park. In addition to Turnpike Business Park, McCraney Property has two other industrial parks under construction and one was recently completed.

October 30, 2014

Florida Loans Southeast

KeyBank Provides $48.2M for Florida Skilled Nursing Facilities

by John Nelson October 30, 2014

CLEVELAND — KeyBank Real Estate Capital has provided $48.2 million in long-term financing for a portfolio of four skilled nursing facilities totaling 493 beds in Florida. The four properties include Lehigh Acres Health & Rehabilitation Center in Lehigh Acres, Village Place Health & Rehabilitation Center in Port Charlotte, Lexington Health & Rehabilitation Center in St. Petersburg and Sunset Lake Health & Rehabilitation Center in Venice. Greystone Healthcare Management Corp. manages all four assets. Craig Gulley and Wayne Horvath of KeyBank arranged three 35-year FHA loans for three of the properties and a 33-year FHA loan for the fourth property. The loan proceeds were used to pay off term loans held with other lenders.

October 30, 2014

Maryland Office Southeast

CSG Partners Acquires Office/Flex Portfolio in Owings Mills for $13M

by John Nelson October 30, 2014

OWINGS MILLS, MD. — Baltimore-based CSG Partners LLC has purchased Owings Mills Business Center and Owings Mills Corporate Center, a four-building office/flex portfolio spanning 180,000 square feet in Owings Mills. CSG Partners purchased the single-story properties from First Potomac Realty Trust for $13 million. The buildings are 50 percent leased on average. Jonathan Carpenter, Nicole Keelty and Graham Savage of Cassidy Turley represented the seller. CSG Partners was self-represented in the transaction. CSG Partners will rebrand Owings Mills Business Center as Cronhill Corporate Centers I and II, and Owings Mills Corporate Center will become Cronridge Corporate Centers I and II. CSG Partners has selected Colliers International to market and lease Cronridge Business Center and Cronhill Corporate Center.

October 30, 2014

Florida Loans Southeast

Dockerty Romer Arranges $4.6M Loan for Trader Joe’s in Boca Raton

by John Nelson October 30, 2014

BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $4.6 million permanent mortgage loan for the newly constructed Trader Joe’s in Boca Raton. Bob Dockerty of Dockerty Romer & Co. arranged the five-year, fixed-rate loan through Americo Life & Annuity Insurance Co. on behalf of the borrower, I.S. Three Austin/Hunter’s Ridge LP. The Trader Joe’s is one of four new Trader Joe’s to open in Palm Beach County.

October 30, 2014

Georgia Multifamily Southeast

Middle Street Partners Acquires Apartment Community in Metro Atlanta

by John Nelson October 30, 2014

LAWRENCEVILLE, GA. — Middle Street Partners LLC, along with an undisclosed joint venture partner, has purchased The Overlook at Gwinnett Stadium, a 410-unit apartment community in Lawrenceville, a suburb east of Atlanta. Middle Street’s joint venture partner was a private family office. The property was built in 2012.

October 30, 2014

Florida Multifamily Southeast

HFF Arranges $95.5M Sale, Financing for Luxury Multifamily Community in South Florida

by John Nelson October 29, 2014

PEMBROKE PINES, FLA. — HFF has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multifamily community located at 10170 S.W. 7th St. in Pembroke Pines. Phase I was completed earlier this year and totals 422 units, which are currently 95 percent occupied. The 278-unit Phase II is scheduled for a second quarter 2015 completion. Modera Pembroke Pines is the first component of a mixed-use, master-planned community known as Pembroke Pines City Center. The apartment community features two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and private garages and storage units. Manny de Zarraga, Matthew Lawton, Jaret Turkell, Matt Mitchell and Maurice Habif of HFF represented the seller, a joint venture between affiliates of Mill Creek Residential Trust LLC and Clarion Partners. AVR Realty Co. was the buyer. Elliott Throne on HFF arranged acquisition financing through New York Life Real Estate Investors on behalf of AVR Realty. New York Life Real Estate Investors will also provide acquisition financing for Phase II of Modera Pembroke Pines.

October 29, 2014

Florida Multifamily Southeast

CBRE Arranges Land Sale for Planned $100M Waterfront Multifamily Project in Orlando

by John Nelson October 29, 2014

ORLANDO, FLA. — CBRE has arranged the $16 million sale of a 10-acre, lakefront site located at 1711 and 1887 Jake St. in Orlando’s Baldwin Park neighborhood. The buyer, a joint venture partnership between ZOM Development Inc. and AIG Global Real Estate, is planning a $100 million, 483-unit apartment community at the site known as Baldwin Harbor. Construction is expected to commence in November. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Baldwin Newco.

October 29, 2014

Multifamily Southeast Virginia

Thalhimer Realty Partners Buys Cornish Brewery, Kinney Street Apartments for $4.6M

by John Nelson October 29, 2014

RICHMOND, VA. —Thalhimer Realty Partners Inc. has purchased Cornish Brewery and the Kinney Street Apartments in Richmond for a combined $4.6 million. The two apartment communities total 49 units and are located on Virginia Commonwealth University’s Monroe Park Campus. Mac Wilson of Cushman & Wakefield | Thalhimer represented Thalhimer Realty in the transaction. Thalhimer Realty has tapped Cushman & Wakefield | Thalhimer’s student housing management group to manage the two properties. Thalhimer Realty Partners is the investment and development subsidiary of Cushman & Wakefield | Thalhimer.

October 29, 2014

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