TAMPA, FLA. — Marcus & Millichap has arranged the $12.4 million sale of Garden Isles Apartments, a 300-unit apartment community located at 6919 Bonair Drive in Tampa. The property, built in 1971, features gated access, laundry facilities, car wash station, playground, two swimming pools and a dog walking area. The property is located 10 minutes from the University of South Florida. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the unnamed buyer and seller in the transaction.
Southeast
RALEIGH, N.C. — JLL has brokered the $6.8 million sale of a 98,780-square-foot office building located at 3600 Wake Forest Road in Raleigh. The buyer, Local Government Federal Credit Union (LGFCU), a not-for-profit financial cooperative, will make capital improvements in order to bring the property to Class A status, according to JLL. LGFCU was considering a build-to-suit opportunity in downtown Raleigh before deciding to purchase 3600 Wake Forest. Michael Morgan of JLL represented LGFCU in the transaction. Justin Dauncey of JLL will manage the building renovations and site improvements for LGFCU.
Rail, river, runway and road offer a robust quadra-modal transportation solution in Memphis, which creates an environment for on-going real estate development, investment and job growth in the region. Five Class 1 railroads operate major facilities in the Memphis metro. In recent years those railroads have collectively invested more than $1 billion in infrastructure to serve a growing customer base. Likewise, Memphis International Airport, the largest cargo airport in the U.S. and second-largest in the world, has been the center of much investment and activity. FedEx is currently adding an 88,000-square-foot, $20 million “cold-chain” facility at the airport to handle highly specialized bio-medical shipments, and UPS has recently leased an additional 26 acres on the airport property for a reported $80 million expansion of its existing Memphis airport sort facilities. Manufacturing Growth According to the Federal Reserve Bank of St. Louis, manufacturing job growth continues to outpace the U.S. with a 1 percent increase compared to 2012, while the nation only saw 0.1 percent growth in jobs overall. Manufacturers have been increasingly vigorous in the last several years, taking advantage of the go-to-market transportation infrastructure and a low-cost business environment with investments in new or expanded facilities by Nucor Steel, …
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.
CHAPEL HILL, N.C. — NorthMarq Capital has secured $18.6 million in acquisition financing for CVS Plaza, a 100,634-square-foot mixed-use property in Chapel Hill. The property, located adjacent to the University of North Carolina at Chapel Hill campus, includes a new ground-floor CVS/pharmacy, restaurants, retail, more than 60,000 square feet of office space and a parking structure. Todd Crouse of NorthMarq’s Raleigh, N.C., office arranged the five-year loan through a life insurance company. The loan features two years of interest-only payments and a 30-year amortization schedule.
DUNEDIN, FLA. — Franklin Street Real Estate Services has arranged the $10 million sale of Windemere Apartments, a 180-unit complex located at 1763 Main St. in downtown Dunedin. The buyer, Chicago-based Dunedin LLC, purchased the asset from Windemere Ltd., a Florida-based limited liability partnership that had owned the property since 1977. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street represented both the buyer and seller in the transaction. The complex, which was 93 percent leased at the time of the sale, was built in 1974 and will undergo capital improvements upon closing of the transaction.
CORAL GABLES, FLA. — Marcus & Millichap has arranged the $9 million sale of 1575 San Ignacio, a 30,668-square-foot office property located in Coral Gables. Baptist Health South Florida leases 60 percent of the property. The office building includes a 110-space parking garage and a 5,000-square-foot Gibraltar Private Bank & Trust. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private investor based in Coral Gables, in the transaction.
CARROLLTON, GA. — The SRS Investment Sales team in Atlanta has brokered the sale of First Tuesday Mall, a 180,145-square-foot shopping center located at 1004 Veterans Memorial Highway in Carrollton. The property’s tenant roster includes Food Depot, Citi Trends, Farmers Home Furniture and Fred’s Super Dollar. The asset sold for approximately $4.4 million. Kyle Stonis and Pierce Mayson of SRS represented the seller, Mimms Enterprises, in the transaction. The buyer, RCG Ventures, was represented in-house by Scott Tarbet.
NASHVILLE, TENN. — The Connor Group has acquired the 331-unit Elliston 23, a mixed-use development in Nashville comprised of apartment and retail components. The Connor Group purchased the asset from 2300 Ellison Place LLC. The sales price wasn’t disclosed, but The Connor Group confirmed it was the highest-priced acquisition in the company’s history. Elliston 23, located in Nashville’s West End submarket, was completed in 2013.
MIAMI — Colliers International South Florida has arranged the sale of two sites totaling nearly three acres in Miami’s central business district (CBD) for $33.1 million, or $256 per square foot. Larry Stockton, Alex Morcate and Jeff Resnick of Colliers International represented the sellers, Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Intergra Investments. The buyers, MRP Parcel 5 LLC and MRP Parcel 6 LLC, are both controlled by KAR Properties. The land parcels are part of Miami River Village, Miami CBD’s only gated waterfront community. KAR is approved to develop 1,426 units in three high-rise towers, the first of which is an 800-foot tall condominium property. Colliers International has another multifamily site in Miami’s Brickell neighborhood that is under agreement, according to Stockton.