Southeast

The Addison at Tampa Oaks Temple Terrace

ContraVest Breaks Ground on Luxury Apartment Community in Metro Tampa

by John Nelson April 1, 2015

TEMPLE TERRACE, FLA. — ContraVest has broken ground on The Addison at Tampa Oaks, a 262-unit luxury apartment community in Temple Terrace, roughly 10 miles northeast of Tampa. Located on the southwest corner of Fletcher Avenue and I-75, the property’s floor plans will span from studio units to three-bedroom apartments. The community’s amenities will include a clubhouse, fitness center, cyber café, yoga room and resort-style pool. ContraVest will be providing general contracting and property management services for the project. Leasing is scheduled to begin in March 2016 and move-ins will begin in May 2016.

April 1, 2015

Loans North Carolina Office Southeast

HFF Arranges $7.6M Acquisition Loan for Office Building in Charlotte

by John Nelson April 1, 2015

CHARLOTTE, N.C. — HFF has arranged $7.6 million in acquisition financing for Quail Plaza, an 86,979-square-foot office building located at 7621 Little Ave. in south Charlotte. Travis Anderson, Jim Curtin, Cory Fowler and Ryan O’Dwyer of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, TriGate Capital. The five-story office building was 84 percent leased at the time of financing to tenants such as The Steritech Group, FedEx, American Realty Capital, Landworks Design Group PA, Union Security and Mutual of Omaha.

April 1, 2015

District of Columbia Loans Office Southeast

CBRE Arranges $63.6M Acquisition Loan for D.C. Office Building

by John Nelson March 31, 2015

WASHINGTON, D.C. — CBRE Capital Markets’ debt and structured finance team has arranged $63.6 million in acquisition financing for a 195,624-square-foot office building located at 2025 M St. in Washington, D.C.’s central business district. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 10-year loan through Philadelphia-based RAIT Financial Trust on behalf of the borrower, a private family interest in Brazil. The loan features three years of interest-only payments.

March 31, 2015

Florida Loans Multifamily Southeast

NGKF Arranges $33.5M in Financing for Two South Florida Multifamily Assets

by John Nelson March 31, 2015

WEST PALM BEACH AND MIAMI GARDENS, FLA. — NGKF Capital Markets has arranged $33.5 million in financing for two multifamily properties in South Florida: the 192-unit Serrano in West Palm Beach and the 234-unit Park Plaza in Miami Gardens. Maury Zanoff, Joe Donato, Matthew Williams and Jamie Leachman of NGKF’s Washington, D.C., office arranged the financing on behalf of the borrower, AION Partners. The two loans have floating interest rates and interest-only periods. AION will repay existing debt and use the funds to make capital improvements on the two multifamily properties.

March 31, 2015

Hospitality Loans Southeast Virginia

Mesa West Capital Originates $27M Refinance of Westin Reston Heights

by John Nelson March 31, 2015

RESTON, VA. — Mesa West Capital has provided a $27 million loan for the refinancing of the Westin Reston Heights, a 191-room hotel in the Washington, D.C., suburb of Reston. Daniel Tanner of Mesa West’s New York office originated the floating-rate loan on behalf of the hotel’s owner, The JBG Cos., which also developed the hotel. Matthew Williams and Joe Donato of Newmark Grubb Knight Frank arranged the financing. Westin Reston Heights, along with a 194-unit residential tower and a 140,000-square-foot office building, anchors the first phase of JBG’s 35-acre Reston Heights mixed-use development. Phase II, which is slated for a 2017 delivery, will feature 400 new apartment units and 88,000 square feet of retail and restaurant space.

March 31, 2015

Embassy Towers Washington, D.C. Adams Morgan

District of Columbia Multifamily Southeast

UIP, Lubert-Adler Acquire Apartment Building in D.C. for $13.3M

by John Nelson March 31, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) and Lubert-Adler Partners have teamed up to acquire Embassy Towers, a 72-unit apartment building located in Washington, D.C.’s Adams Morgan neighborhood, for $13.3 million. The property is located at 1620 Fuller St. N.W. The Embassy Towers Tenant Association has not decided whether the property will remain an apartment building or convert into a condominium project. Alan Davis and Brendan Flood of HFF represented the seller, a family consortium, in the transaction. UIP subsidiaries UIP Property Management Inc. and UIP General Contracting Inc. will handle property management duties and renovations to Embassy Towers, respectively.

March 31, 2015

Florida Retail Southeast

Reichel Realty Signs Presidente Supermarket to 45,500 SF Lease in Palm Springs

by John Nelson March 31, 2015

PALM SPRINGS, FLA. — Reichel Realty has arranged the lease for Presidente Supermarket, a large Hispanic supermarket chain, to anchor Forest Hill Center, a 150,000-square-foot shopping center located at Forest Hill Boulevard and Congress Avenue in Palm Springs. Beginning in the spring, Presidente will occupy the 45,500-square-foot space that was recently vacated by Winn-Dixie. Presidente’s new 20-year lease is valued at $10 million. Reichel Realty represented the landlord, Four Florida Properties, a family trust, in the lease transaction. Final negotiations are also underway for a national fast food restaurant to develop an outparcel at Forest Hill Center. Presidente Supermarkets has nearly 40 locations from Miami-Dade to Palm Beach counties.

March 31, 2015

Multifamily South Carolina Southeast

East West Partners Breaks Ground on Luxury Condo Project in Charleston MSA

by John Nelson March 30, 2015

MOUNT PLEASANT, S.C. — East West Partners has begun construction on Tides IV, a 54-unit luxury condominium community in Mount Pleasant, a suburb of Charleston. All 13 residences listed in a pre-sale in December 2014 sold for an average $930,000, the most expensive of which was a $2.2 million penthouse sale. East West Partners will release 10 more units for pre-sale in early April. Upon completion in summer 2016, the property will feature a lobby, fitness center and marsh-front swimming pool. Tides IV will be situated near Mount Pleasant Waterfront Park, Ravenel Bridge (connecting to historic downtown Charleston), Sullivan’s Island and Isle of Palms.

March 30, 2015

Washington Square Piggly Wiggly North Carolina

North Carolina Retail Southeast

Wheeler REIT to Acquire North Carolina Shopping Center for $20M

by John Nelson March 30, 2015

WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.

March 30, 2015

Boardwalk at Morris Bridge Temple Terrace

Florida Multifamily Southeast Student Housing

Marcus & Millichap Brokers $17.2M Sale of Student Housing Property in Florida

by John Nelson March 30, 2015

TEMPLE TERRACE, FLA. — Marcus & Millichap has brokered the $17.2 million sale of Boardwalk at Morris Bridge, a 146-unit, 580-bed student housing community located at 8800 Boardwalk Trail Drive in Temple Terrace. The apartment building is less than a four-minute drive from the University of South Florida’s main campus. Built in 2001, the property’s amenity package includes a resort-style swimming pool and spa, tanning beds, a clubhouse, study center, 24-hour courtesy officer and shuttle service to the campus. Frank Carriera, Michael Regan and Alex Blagojevich of Marcus & Millichap’s Tampa office, along with David Gaines and Greg Gonzalez of the firm’s Chicago office, represented both the buyer and seller in the transaction.

March 30, 2015

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