ST. AUGUSTINE, FLA. — A joint venture between Montgomery Land Co. and Zerga Development has selected general contractor Adolfson & Peterson to build an assisted living and memory care facility in St. Augustine. The 120-unit, multi-story property will be located near the intersection of Lightsey Road and State Road 207. Adolfson & Peterson expects to deliver the facility in the third quarter of 2015.
Southeast
MEMPHIS, TENN. — PCCP LLC has provided a $25.1 million senior loan for the recapitalization of Memphis Oaks 3, a 1 million-square-foot distribution center located at 3860 E. Holmes Road in Memphis. The property is part of the Memphis Oaks Distribution Center, a 3.8 million-square-foot industrial park. The property is 81.7 percent leased to tenants such as Sharp Electronics, Franklin Sports and GECAS Asset Management, a division of GE. PCCP provided the loan to PDC Memphis Oaks 3 Holdings LLC, which is managed and sponsored by affiliates of Panattoni Development Co., the developer of the Memphis Oaks park. Panattoni will use the loan to recapitalize the existing financing and focus on the lease-up of the property. Cushman & Wakefield advised Panattoni on the financing and is the developer’s leasing agent for Memphis Oaks 3.
ORLANDO, FLA. — Newmark Grubb Knight Frank (NGKF) has arranged the $18.8 million sale of the SunTrust Bank office building located at 200 S. Orange Ave. in downtown Orlando. The 10-story, 128,296-square-foot property is connected to the 35-story SunTrust Tower. Atlanta-based SunTrust Bank has leased the office building since it was first built in 1958. Mark Hillis and Whitney Knoll of NGKF represented the seller, Atlanta-based Columbia Property Trust, in the transaction. The buyer, 200 Orange Realty LP, is comprised of local real estate investors, including Jim Gissy and Ed Wideman. Michael LaPointe, Peter Everett and Daniel Yi of NGKF assisted with the transaction.
WINSTON-SALEM, N.C. — CBRE has brokered the $14.5 million sale of The Gallery Lofts, a Class A, 82-unit apartment property in downtown Winston-Salem. The property is an adaptive reuse of a former textile manufacturing facility and is listed on the National Register of Historic Places. The asset features exposed brick, hardwood flooring, high ceilings and upgraded amenities. Jeff Glenn, Richard Montana and Hal Kern of CBRE represented the seller, Landex Corp., in the transaction.
ORLANDO, FLA. — McCraney Property Co. has begun construction on its Bent Oak Industrial Park project, a 700,000-square-foot, Class A warehouse and distribution center property in south Orlando. McCraney Property formed a joint venture partnership with Clarion Partners LLC for the project. The development will include a 480,000-square-foot distribution center known as Building 100, and Building 200 will be a 220,000-square-foot distribution center. Bodek and Rhodes, a national apparel distributor, signed a 10-year, 200,000-square-foot lease for Building 100. McCraney and Clarion expect the development to be delivered in the first quarter of 2015. Matthew Sullivan, Wilson McDowell and Bobby Isola of Cite Partners are marketing the Bent Oak project.
HALETHORPE, MD. — AEW Capital Management LP and Redgate Capital Partners have teamed up to develop Hollins Ferry Logistics Center at 4803 Hollins Ferry Road in Halethorpe, about seven miles south of Baltimore. Hollins Ferry is a 285,000-square-foot distribution center that is scheduled to break ground by the fourth quarter of 2014 and be delivered in 2015. Jarred Testa and Tilghman Herring of Cassidy Turley have been named exclusive leasing agents for the project. The project will feature 32-foot clear heights, an ESFR sprinkler system and trailer storage.
ORMOND BEACH, FLA. — Institutional Property Advisors (IPA) has arranged the $25.3 million sale of Crowne at Ormond Beach, a 272-unit apartment community at 600 Crowne Commerce Court in Ormond Beach, roughly six miles north of Daytona Beach. The property was built in 2003 and features amenities such as a resort-style swimming pool and sundeck; clubhouse with a business center and fitness center; nature trails; laundry facilities; and private garages. Still Hunter III of IPA and Michael Donaldson of Marcus & Millichap represented the seller, Crowne Ormond Beach Associates, in the transaction. The buyer is Waypoint Residential. IPA is a division of Marcus & Millichap serving institutional and major private real estate investors in multifamily transactions.
LEXINGTON PARK, MD. — Federal Capital Partners (FCP) and Westmoreland Partners have sold Lexington Village, a 160,000-square-foot shopping center, for $24.1 million. The 96 percent leased center is located at the intersection of Maryland Route 235 and Buck Hewitt Road in Lexington Park. After acquiring the property in 2010, FCP and Westmoreland completed the development of the property.
FLOWOOD, MISS. — Inland Real Estate Income Trust Inc. has acquired Dogwood Festival Shopping Center, a 187,610-square-foot retail center located in Flowood, roughly 10 miles northeast of Jackson. Lou Quilici of IREIT Business Manager & Advisor Inc. brokered the transaction. The property is 97.8 percent leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse and Hibbett Sports.
WHITE MARSH, MD. — Baltimore-based Continental Realty Corp. has purchased two apartment communities in the White Marsh section of Baltimore County for a combined $58.3 million. On behalf of CRC Fund III LP, Continental Realty purchased Lincoln Woods and Quail Ridge from Henderson Global/TIAA-CREF for $29.15 million each. Lincoln Woods was constructed in 1986 and features an outdoor pool, resident clubhouse/leasing office and a dog park. Quail Ridge was built in 1987 and includes an outdoor pool, clubhouse/leasing office and a children’s playground.