Southeast

Continental Realty Corp. Buys Metro Orlando Shopping Center for $10.1M

by John Nelson February 2, 2015

ORLANDO, FLA. — Baltimore-based Continental Realty Corp. has purchased Towne Square Shopping Center, a 126,000-square-foot retail center located at 11029 W. Colonial Drive in Ocoee, a suburb of Orlando. Continental Realty purchased the asset for $10.1 million through CRC Fund III LP, the company’s value-add retail and multifamily investment fund. The center is currently 95 percent occupied and is anchored by an Old Time Pottery. Ray Turchi of Marcus & Millichap’s Orlando office represented the seller, a private investor based in New York, in the transaction. Charlie Boscarino of Retail Solutions Advisors has been selected as the exclusive leasing broker for the center.

February 2, 2015

Multifamily Southeast Virginia

Berkadia Brokers Sale of Two Virginia Apartment Communities Totaling $29.8M

by John Nelson January 30, 2015

NEWPORT NEWS AND VIRGINIA BEACH, VA. — Berkadia has brokered the sale of two apartment communities in Newport News and Virginia Beach totaling $29.8 million. The assets included the 156-unit Windsor Crossing at 23 Cedarwood Way in Newport News and the 288-unit Plaza Apartments at 124 Palm Beach Place in Virginia Beach. CJEHN Alpha LLC of Yorktown, Va., purchased Windsor Crossing from Denver-based NHP Windsor Crossing LP for $14.9 million. Patriot Pointe Apartments LLC of Charlottesville, Va., purchased Plaza Apartments from Newport News-based KVB Realty Co. for $14.9 million. Alan Meetze and David Hudgins of Berkadia represented the sellers in both transactions.

January 30, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $14.7M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson January 30, 2015

JACKSONVILLE, FLA. — NorthMarq Capital has arranged a $14.7 million acquisition loan for Park South at Deerwood Apartments, a 240-unit multifamily property located at 7932 Southside Blvd. in Jacksonville. Ory Schwartz of NorthMarq Capital’s Los Angeles office arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Schwartz arranged the loan through an unnamed CMBS lender on behalf of the borrower, a private investor based on the West Coast.

January 30, 2015

Monarch301 Statesboro Georgia Progress Student Living

Georgia Multifamily Southeast Student Housing

Progress Student Living Sells Two Student Housing Communities in North Carolina, Georgia

by John Nelson January 30, 2015

STATESBORO, GA. AND WILMINGTON, N.C. — Progress Student Living has sold two luxury student housing communities that it developed recently in North Carolina and Georgia. Sold in the portfolio transaction were Progress910, a 168-unit rental community with 528 bedroom/bathroom suites near the University of North Carolina Wilmington (UNCW) in Wilmington, and Monarch301, a 180-unit rental community with 546 bedroom/bathroom suites near Georgia Southern University in Statesboro. Progress 910 was completed in August 2014, while Monarch301 was finished in August 2013. Each property is currently 97 percent occupied. Ryan Reid and Ryan Lang of CBRE’s national student housing group in Dallas brokered the two transactions. According to media reports, Santa Barbara, Calif.-based Phillips Acquisitions was the buyer. The transaction price was not disclosed.

January 30, 2015

Florida Retail Southeast

SRS Brokers $7.7M Sale of Canoe Creek Plaza in St. Cloud

by John Nelson January 30, 2015

ST. CLOUD, FLA. – The SRS Southeast Investment Sales team has brokered the $7.7 million sale of Canoe Creek Plaza, a 61,333-square-foot neighborhood shopping center in St. Cloud. The Winn Dixie-anchored property is located at 3318 Canoe Creek Road, which is situated just north of the intersection of Canoe Creek and Old Canoe Creek roads. The seller, Miller Group Development, sold the property to Canoe Creek SC LLC, an affiliate of Tricon Development. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer did not have brokerage representation.

January 30, 2015

Multifamily Southeast Virginia

LCOR Gains Approval for The Altaire in Arlington

by John Nelson January 30, 2015

ARLINGTON, VA. — LCOR, a real estate company specializing in property development, investment and management, has received final site plan approval from the Arlington County Board for The Altaire, located at 400 Army Navy Drive in Arlington. The multifamily project is slated to break ground by mid-year 2015, with completion planned for the second quarter of 2018. The project will consist of two towers, with the first tower including 150 condominium units and the second tower offering 300 rental units. Located on 1.7 acres of land at the border of Crystal City and Pentagon City, the 20-story building will be LEED Gold-certified. Amenities will be shared by the two towers and will include a landscaped courtyard with an outdoor pool area and fire pits, a fitness center, club room and a sky lounge. Both buildings will also feature rooftop terraces overlooking D.C. Each residential tower will have a separate entrance, but they will share access to the common reception area with 24-hour security, concierge services and staffing.

January 30, 2015

District of Columbia Office Southeast

Fannie Mae Signs 700,000 SF Lease for New D.C. Headquarters

by John Nelson January 29, 2015

WASHINGTON, D.C. — Fried, Frank, Harris, Shriver & Jacobson LLP represented an affiliate of Carr Properties as landlord in a 700,000-square-foot lease of a building to be constructed for Fannie Mae’s new headquarters at 15th and L streets in Washington D.C. The new build-to-suit property will replace The Washington Post’s current headquarters. The lease is the largest ever non-government lease in Washington, D.C. The Fried Frank team was led by real estate partner Franz Rassman and included real estate associates Valerie Kelly, Neil Hood and Matthew Greeson.

January 29, 2015

Multifamily North Carolina Southeast Student Housing

NorthState Buys Three Student Housing Properties Near Appalachian State University

by John Nelson January 29, 2015

BOONE, N.C. — NorthState Capital Partners has led an investment group in the acquisition of a three-property student housing portfolio near Appalachian State University in Boone. The properties include the 204-bed Highland Crossing, the 84-bed Greenway Commons and the 48-bed Greenway Cove. Combined, the apartment properties are 96 percent occupied. The AppalCart, the primary local public transportation system, has bus stops directly in front of the properties.

January 29, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.9M Sale of Multifamily Portfolio in South Beach

by John Nelson January 29, 2015

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $14.9 million sale of Lincoln Palms, a portfolio of five multifamily parcels totaling 66 units located off Lincoln Road in Miami Beach. The community comprises 35 studios, 28 one-bedroom apartments, two two-bedroom apartments and one four-bedroom townhouse. Apartment units feature ceramic tile and solid oak wood flooring, wall air-conditioning units and walk-in closets. Some units feature private patios or balconies. All five buildings have a connected courtyard with sitting areas and bicycle racks for residents. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a private investor from New York. Joseph Thomas and Frank Fausone of the firm’s Fort Lauderdale office secured the buyer, a private investor from Miami.

January 29, 2015

Cornerstone Square Shopping Center Macclenny

Florida Loans Retail Southeast

Integra Arranges $4M Loan for Shopping Center in Florida

by John Nelson January 29, 2015

MACCLENNY, FLA. — Integra Real Estate Capital, a commercial mortgage brokerage and advisory firm based in New York City, has secured a $4 million loan for the refinance of Cornerstone Square Shopping Center, a 111,681-square-foot property located in Macclenny. The center is anchored by Tractor Supply, Peebles, Dollar Tree, CATO and Hibbett Sporting Goods. Russell Kimyagarov of Integra arranged the non-recourse, 10-year loan on behalf of the borrower, a California-based ownership group.

January 29, 2015

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