Southeast

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $52.6M Loan for Luxury Apartment Community in Fort Lauderdale

by John Nelson July 8, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.

July 8, 2015

Florida Industrial Southeast

McCraney Buys 66 Acres in Orlando for 1.1M SF Industrial Development

by John Nelson July 8, 2015

ORLANDO, FLA. — McCraney Property Co. has purchased 66 acres at the intersection of Taft Vineland Road and the Florida Turnpike, which is adjacent to the company’s existing Bent Oak Industrial Park in Orlando. The company plans to develop six buildings totaling 1.1 million square feet on the site. The project is officially Phase II of Bent Oak Industrial Park, which McCraney plans to deliver by the end of the second quarter of 2016. The design team for Phase II includes general contractor Edwards Construction Services Inc. and architect C4 Architecture LLC.

July 8, 2015

700 702 S.E. 5th St. Bentonville Arkansas

Arkansas Office Southeast

Newmark Grubb Arkansas Brokers $6M Sale of Two Office Buildings

by John Nelson July 8, 2015

BENTONVILLE, ARK. — Newmark Grubb Arkansas has brokered the $6 million sale of two office buildings located at 700 and 702 S.E. 5th St. in Bentonville. The properties are situated on a 3.2-acre lot and span roughly 59,000 square feet. Bentonville-based Food Hub NWA LLC purchased the buildings from Dixieland Inc., which is also based in Bentonville. Paul Esterer of Newmark Grubb Arkansas represented Food Hub in the transaction. Steve Fineberg and Amy Mills of Steve Fineberg & Associates represented Dixieland.

July 8, 2015

Florida Hospitality Southeast

Joint Venture Buys Majority Stake in Ritz-Carlton, Fort Lauderdale

by John Nelson July 7, 2015

FORT LAUDERDALE, FLA. — A joint venture between Carey Watermark Investors Inc. and Gencom Group has purchased a majority interest in the Ritz-Carlton, Fort Lauderdale, an upscale hotel in Fort Lauderdale. The property comprises 166 hotel rooms, 34 third-party owned condominium hotel units and 28 third-party owned residential units. The hotel features 25,000 square feet of meeting and function space, an 8,500-square-foot spa, outdoor infinity pool, 29,000-square-foot pool deck, fitness center, business center and four managed food and beverage outlets. The Ritz-Carlton Hotel Co. will continue to operate the hotel. According to the South Florida Business Journal, the hotel sold for $45 million. Hodges Ward Elliott represented the seller, RCFL Investor LLC, an affiliate of Gencom. The new ownership is planning a $9 million renovation to the hotel’s lobby, spa and main restaurant that should wrap up in the fourth quarter of this year. The transaction is the third joint venture purchase between Carey Watermark and Gencom. The other two transactions include Ritz-Carlton, Philadelphia and Ritz-Carlton, Key Biscayne Miami. Together, the three transactions represent a total investment of more than $500 million.

July 7, 2015

Multifamily North Carolina Southeast

Preferred Apartment Communities Buys Charlotte Property for $32.7M

by John Nelson July 7, 2015

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Citypark View, a newly constructed, 284-unit multifamily community in Charlotte, for approximately $32.7 million. The Class A property was roughly 96 percent occupied at the time of sale. PAC purchased the asset through a wholly owned subsidiary and financed the acquisition using a $22.1 million first mortgage loan from JLL, which intends to assign the loan to Freddie Mac within 60 days. The seven-year loan bears a fixed interest rate of 3.27 percent and features a 30-year amortization schedule.

July 7, 2015

Florida Hospitality Loans Southeast

Grandbridge Arranges $25.6M Refinancing for Hotel in Downtown Tallahassee

by John Nelson July 7, 2015

TALLAHASSEE, FLA. — Grandbridge Real Estate Capital has closed a $25.6 million first mortgage refinancing on Doubletree by Hilton, a 243-room hotel in downtown Tallahassee. The property is located within walking distance to the Florida Capitol Building, Florida State University and Florida A&M University. The hotel features a full-service bar and restaurant, banquet and meeting rooms, fitness center, swimming pool and parking garage. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the loan through Goldman Sachs in a CMBS loan structure.

July 7, 2015

Alabama Retail Southeast

Merchants Retail Partners Acquires Shopping Center in Auburn

by John Nelson July 7, 2015

AUBURN, ALA. — Merchants Retail Partners (MRP) has purchased Flint’s Crossing, a 100,000-square-foot shopping center located at 1550 Opelika Road in Auburn. Anchor tenants of the shopping center include Earth Fare and Panera Bread. The retail property is the cornerstone of the Opelika and University roads intersection, the busiest intersection in Auburn. MRP is planning a comprehensive redevelopment of the center that includes exterior renovations, fascia and signage upgrades and hardscape improvements. The acquisition and center improvements coincide with the intersection improvements that are part of the City of Auburn-Opelika Road Improvement District. The new improvements include new bike paths, pedestrian sidewalks, enhanced lighting and curated landscaping.

July 7, 2015

Maryland Retail Southeast

St. John Properties Begins Construction on Retail Space at Office Park in Baltimore County

by John Nelson July 7, 2015

MILFORD MILL, MD. — St. John Properties Inc. has started construction on 9,500 square feet of additional retail space within Windsor Office Park in Milford Mill, a city in Baltimore County. The speculative inline space is located at 2835 N. Rolling Road, adjacent to an existing Wawa gas station. The retail space will address the need for restaurants and shopping that can be accessed during lunch hours by the existing business community in the area. St. John Properties expects to have the space available for occupancy in late 2015.

July 7, 2015

Florida Industrial Southeast

The Carlyle Group Acquires 50-Acre Yacht Repair Facility in Fort Lauderdale

by John Nelson July 6, 2015

FORT LAUDERDALE, FLA. — The Carlyle Group has acquired the Lauderdale Marine Center, the nation’s largest yacht repair facility in terms of volume capability. The project is located at 2001 S.W. 20th St. in Fort Lauderdale. The global asset manager purchased the 50-acre facility via Carlyle Realty Partners VII, a U.S. real estate investment fund. The facility features a boatyard, marina and marine service center with 19 covered sheds, three marine travel lifts and 156 wet slips. The marine center’s offices and work stations are leased to 60 on-site contractors that provide services such as fiberglass repair, electrical, painting, brokerage and insurance. The Carlyle Group plans to add more pavement to allow more yacht repair space, complete renovations to an adjacent boatyard to incorporate into the facility and develop a new management and leasing office on-site. Julie Fisher Berry of Stiles Realty represented the sellers, Selvin Passen and business partner Morio Mito, in the transaction. The sales price was not disclosed, but the Sun-Sentinel reports that the transaction could have totaled $140 million to $150 million.

July 6, 2015

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