JACKSONVILLE, FLA. — Meridian Capital Group LLC has secured a $9.9 million acquisition loan for San Pablo Apartments, a 200-unit multifamily community located at 14401 Jose Vedra Blvd. in Jacksonville. Michael Brown and Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the 10-year Fannie Mae loan with a fixed interest rate of 4.69 percent on behalf of the unnamed borrower.
Southeast
TAMPA, FLA. — Avison Young has brokered the $3.5 million sale of Stadium Executive Center, a 27,503-square-foot, Class B office building in Tampa. The two-story property is located at 4107 Himes Ave. Trey Carswell and Lauren Coup of Avison Young represented the seller, RMS Assets LLC, in the transaction. The buyer, Roche Surety & Casualty Co. Inc., will occupy the second floor of the property and maintain three leases on the first floor.
STUART, FLA. — Marcus & Millichap has brokered the sale of Hemingway at Stuart, a 32-unit apartment community located at 1600 S. Kanner Highway in Stuart, about 10 miles southeast of Port St. Lucie. Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Fort Lauderdale, in the transaction. Adam Duncan and Joseph Thomas of Marcus & Millichap represented the buyer, a private investor from California.
RICHMOND, VA. — The Boulder Group has arranged the $1.6 million sale of a single-tenant Chipotle Mexican Grill in Richmond. The recently developed 2,215-square-foot property is located at 8955 Staples Mill Road. The restaurant is an outparcel to a Target-anchored shopping center and is located across the street from a Kroger-anchored shopping center that’s currently under construction. Chipotle has approximately nine years remaining on its lease term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a real estate partnership based in North Carolina, in the transaction. The buyer was an investor based in Germany.
ALPHARETTA, GA. — KBS Real Estate Investment Trust (KBS REIT I), a non-traded REIT based in Newport Beach, Calif., has signed a new tenant to a 14,701-square-foot lease at its Great Oaks Center office park in Alpharetta. Ben Parker of Avison Young represented the tenant, Star & Shield Services LLC, in the lease transaction. Elliott Grand and Jeff Keppen of CBRE represented KBS REIT I. Great Oaks Center is located at 11560 Great Oaks Way.
As the first quarter of 2014 comes to a close, the biggest question mark facing the Charlotte market is whether or not it can handle the historically high supply levels. Despite nearly 3,500 units delivered over the past 12 months, vacancy has held steady, and rents have continued to grow by 2 to 3 percent. But with another 10,000 units under construction, Charlotte is at a critical juncture. With the pipeline at an all-time high and new projects being announced seemingly every week, will there be enough continued demand to absorb the next wave of deliveries? The ability to absorb the pending supply is largely based on the area’s favorable demographic trends and potential job growth. Between 2000 and 2010, Mecklenburg County’s population grew by 32 percent, over three times the national average, and that trend has continued with more than 7 percent growth since 2010, including the second-highest growth rate in the state from 2012 to 2013. Moreover, since 2010, Mecklenburg and Wake (Raleigh/Durham) counties have accounted for nearly half of the state’s overall population increase. That pattern mirrors a national trend of a growing desire to live in an urban environment. That paradigm shift is largely based on …
MIAMI — Fundrise, a real estate crowdfunding platform, plans to raise capital for a 13,000-square-foot, mixed-use development in Miami’s Wynwood Arts District in conjunction with Atlas Real Estate Partners. The project, located at 2301 N. Miami Ave., is a recently renovated property that is 50 percent leased, with the remaining two leases out for signature, which will bring the building to full occupancy. On why Atlas Real Estate Partners decided to crowdfund a portion of the project’s funding, Arvind Chary, managing principal of Atlas Real Estate Partners, said, “We’re excited to allow retail investors to play a role in and benefit from the growth of Wynwood. Atlas prides itself on creating projects that spur community growth and the Fundrise model of crowdfunding investment, particularly for innovative projects, fits well with our mission.” Fundrise’s platform makes real estate investments available to both high net worth and small-scale investors.
JACKSON, MISS. — Holder Properties has begun constructing One Eastover Center, a 120,000-square-foot, Class A office building in Jackson. The property is located in the District at Eastover, a 21-acre mixed-use community. The law firm Baker Donelson will occupy the third, fourth and fifth floors of the five-story property. Holder expects to complete the project’s shell by summer 2015. The project team includes architect Nelson Partners, general contractor Roy Anderson Corp. and leasing brokerage firm Duckworth Realty.
CHARLOTTE, N.C. — J.McLaughlin, a sportswear and accessories retailer, is relocating its Charlotte store to Phillips Place, a mixed-use development in Charlotte featuring 133,059 square feet of retail space. Tenants at Phillips Place include Brooks Brothers and Dean & Deluca. The new J.McLaughlin store will open in the fall. Charlotte-based Lincoln Harris, owner of Phillips Place, inked the lease with J.McLaughlin.
WASHINGTON, D.C. — HFF has arranged the sale of The Woodley, a 212-unit multifamily high-rise building recently constructed in Washington, D.C.’s Woodley Park neighborhood. TIAA-CREF purchased the asset from The JBG Cos. and CIM Group for an undisclosed amount free and clear of existing debt. The property, located at 2700 Woodley Road N.W., has studio through three-bedroom units averaging 1,119 square feet each. The property’s amenity package includes a courtyard with reflecting pool, infinity edge swimming pool, rooftop lounge and clubroom with catering kitchen, library and fitness center. Dave Nachison, Alan Davis, Brenden Flood and Bret Thompson of HFF represented the sellers in the transaction.