RICHMOND, VA. — Capstone Apartment Partners has brokered the $18.5 million sale of the Beaufont Oaks Apartments, a 312-unit multifamily community in Richmond. The asset was 96.2 percent occupied at the time of sale. The apartment community was built in 1982 and features a fitness center, swimming pool, playground and tennis court. The buyer, Charlotte, N.C.-based Grubb Properties, plans to continue the property’s renovations. Beau McIntosh, Todd Conner, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the unnamed seller in the transaction, which is the largest deal thus far this year in Richmond’s apartment market.
Southeast
CORAL SPRINGS, FLA. — CBRE has brokered the sale of North Hills Square, a 63,829-square-foot shopping center at 4650 University Drive in Coral Springs. A 52,024-square-foot Walmart Neighborhood Market anchors the asset, which sold for approximately $11.1 million. The property was 98 percent leased at the time of sale to tenants including Manhattan Bagel, Little Caesars and Wendy’s. Inland Income Real Estate Trust purchased the property from an affiliate of the Dizengoff Group. Casey Rosen and Dennis Carson of CBRE co-represented the seller with Avison Young.
MIAMI — FA Commercial has arranged the $8.7 million sale of Biscayne 88 Terrace, a mixed-use property featuring multifamily and retail components in northeast Miami. The property features three apartment buildings comprised of 36 residential units that are fully occupied and 15,624 square feet of retail space that is 95.4 percent leased. The property also includes undeveloped land that is zoned for multifamily. Biscayne 88 Terrace’s tenant roster includes Papa John’s Pizza and USA Nail Salon. Fabio Faerman of FA Commercial represented the buyer, a private investment group from Argentina, in the transaction.
ORLANDO, FLA. — HFF has brokered the sale of Rialto, a 105,275-square-foot retail and office center in Orlando. The mixed-use property is located at 7335 Sand Lake Road along Orlando’s Restaurant Row, a one-mile stretch of retail and restaurants. The property has 58,519 square feet of fully leased retail space and 46,756 square feet of office space that is 83 percent leased. Rialto’s tenant roster includes Newlin Law, Ocean Prime and Bar Louie. Brad Peterson, Coleman Benedict and Whitaker Leonhardt of HFF represented the seller, The Wilder Cos., in the transaction. Orion Venture IX Rialto LLC, an affiliate of Orion Investment, purchased the asset for an undisclosed price.
BOSSIER CITY, LA. — UCR Investment Sales has arranged the sale of a 15,000-square-foot Nike Factory Story in the Louisiana Boardwalk, a mixed-use development in Bossier City, part of the Shreveport MSA. A 26,881-square-foot land parcel adjacent to Regal Cinemas was also included in the transaction. Adam Howells, Kevin Catalani and Jessica Donnelli represented the seller, O&S Holdings, in the transaction. The buyer, Garrison Investment Group, purchased the Nike Factory Store for an undisclosed amount.
CORAL GABLES, FLA. — CBRE has arranged the sale of Douglas Entrance, a Class A 467,325-square-foot landmark office campus in Coral Gables. Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management partnered to acquire the five-building project from Chicago-based Pearlmark Real Estate Partners for approximately $100.8 million. The property was 82 percent leased at the time of sale. Douglas Entrance, located at the intersection of S.W. 37th Avenue and S.W. 8th Street, includes modern high-rise towers, street-level retail, boutique office suites and meeting spaces. The building, which is LEED Silver-certified and an Energy Star-rated project, is also listed on the National Register of Historic Places. The CBRE team representing the seller included Christian Lee, JoséLobón, Charles Foschini and Chris Apone. Eric Groffman, Josh Gibbons and Andrea Lopez of Transwestern assisted the CBRE team in the transaction.
WASHINGTON, D.C. — Valor Development and DBT Development Group have begun construction of The Maryland, an 84–unit condominium located at 1350 Maryland Ave. N.E. at the eastern edge of Capitol Hill and the H Street corridor. Developers started the project more than three years ago with the acquisition of the vacant Faith Bible Church and an adjacent lot occupied by a car repair shop. The one- and two- bedroom condos will be priced from the $300,000s to the $500,000s. Urban Pace, a sales and marketing firm, will begin pre-sales of the condos in May.
MIAMI — A partnership between ECI Group, Adler Group and Canyon Capital Realty Advisors has topped off a 467-unit waterfront luxury apartment complex. The ShoreCrest Club Apartments on the Bay will offer a variety of one- and two-bedroom floor plans, ranging in size from 685 to 2,011 square feet. The 20-story tower apartments, located at 7950 North East Bayshore Court, will feature nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets and balconies with bay and skyline views. The apartments will also include a pool deck overlooking the Intracoastal Waterway, a fully-equipped fitness center, social room, sauna, theater, a covered parking garage, valet, cybercafé and 24/7 security. A 6,000-square-foot waterfront restaurant, as well as water access at its private marina will also be part of the property. Capital One Bank and SunTrust Bank provided senior financing for the project in the amount of $60 million to facilitate the property’s construction. Rental rates for units at ShoreCrest Club will range from approximately $1,500 to $3,600 per month. First occupancies are set for late 2014.
WASHINGTON, D.C. — Akridge, a real estate services company, has signed law firm Brown Rudnick LLP to a 35,000-square-foot lease renewal at The Homer Building for seven years. The Homer Building, located atop Metro Center station a few blocks away from the White House, includes a rooftop terrace with views of the D.C. skyline, a full-service fitness facility and a 12-story atrium. The Homer Building is LEED Gold-certified, Energy Star-rated and has received a BOMA 360 Performance Building designation. The building also received BOMA's International Office Building of the Year award. Mitsui Fudosan America, a majority shareholder of Akridge, owns the Homer Building. Susan Thomas and Brittany Kalkstein of Cushman & Wakefield represented Brown Rudnick in the lease transaction. Wil Pace and Greg Tomasso of Akridge provided landlord representation. Akridge provides property management services at the building.
FORT LAUDERDALE, FLA. — 110 Tower, a LEED Gold-certified, Class A office building in downtown Fort Lauderdale’s Central Business District, has leased more than 40,000 square feet to a variety of commercial tenants. 110 Tower recently completed a comprehensive $15 million interior and exterior renovation, which included the addition of ground-floor retail, upgrades to the lobby and interior common areas, enhancement of primary mechanical systems and installation of a unique exterior lighting system. The building now hosts more than 800 full-time employees. Law firms Lewis Brisbois Bisgaard & Smith; Fort Lauderdale Executive Office Suites; the Broward Safety Council; and Cole, Scott & Kissane, P.A. are among the established businesses at the tower. Subway is now open in 110 Tower’s ground floor and Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics and heavy litigation copy services, sits in 110 Tower’s lobby level. Laurel Oswald of Cushman & Wakefield handles office-leasing responsibilities for 110 Tower.