BLADENSBURG, MD. — Federal Capital Partners, along with its partners Angelo, Gordon & Co. and The Donaldson Group, have sold The Phoenix, a three-tower high-rise apartment community in Bladensburg, for $48.6 million. The 447-unit complex is located near the intersection of the Baltimore-Washington Parkway and Annapolis Road. The partnership stabilized the property with capital improvements including a new façade, new windows, landscaping improvements, pool and playground renovations, elevator modernizations, new mechanical and plumbing systems and fencing and security upgrades. The main lobbies and apartment interiors were also renovated as tenants vacated their units. The property was 95 percent leased at the time of sale.
Southeast
SAVANNAH, GA. — Ben Carter Enterprises, a full-service commercial real estate firm based in Atlanta, has acquired several buildings and has contracts on more than 20 more across five blocks on Broughton Street, a main thoroughfare in downtown Savannah’s historic district. The company will launch the Broughton Street Project, which will feature national retailers and restaurants alongside local boutiques, galleries and neighborhood eateries, according to Ben Carter, founder of Ben Carter Enterprises. The portfolio of buildings spans 150,000 square feet. The company plans to convert the upper level spaces to 100 urban lofts. Carter credits Lori Judge of Judge Commercial for the project.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $19 million sale of HSBC Plaza, a 46,000-square-foot retail shopping center at 19120 S. State Road 7 in Boca Raton. The property features a freestanding CVS/pharmacy and an HSBC Bank branch outparcel. Douglas Mandel and C. Todd Everett of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, the property’s developer, in the transaction. Mandel and Everett also advised the buyer. The retail center was 95 percent leased at the time of sale to tenants including Dunkin’ Donuts and Med Express.
BLUFFTON, S.C. — Rendina Cos. has completed the $16 million Bluffton Medical Campus, a 60,000-square-foot, two-story outpatient center in Bluffton, S.C. The center is located 12 miles from its parent hospital, Hilton Head Hospital. The facility consolidates many of the services Hilton Head Regional Healthcare offers in Bluffton, including an imaging center, nuclear medicine camera, ultrasound, radiography, orthopedics, a breast health center and various physician offices.
ST. PETERSBURG, FLA. — Bessolo Design Group, an architectural firm based in St. Petersburg, has been awarded design contracts for four seniors housing facilities in Florida. The projects include the 84-unit, 60,000-square-foot Watercrest of Sebastian in Sebastian; the 60-unit, 40,000-square-foot Watercrest East Lake ALF and Memory Care in Tarpon Springs; the 160-unit Bright Oaks in Fort Myers; and an unnamed 180-bed, 97,748-square-foot skilled nursing facility in Gainesville.
ATLANTA — Origin Capital, a Chicago-based real estate investment manager, has acquired its fourth asset in Atlanta: Centrum at Glenridge. The 186,360 square foot office building is located at 780 Johnson Ferry Road and is LEED Gold certified. Centrum at Glenridge will be part of Origin Capital's second value-add fund — Origin Capital Fund II LLC. Michael McDonald and Kennedy Hicks of Eastdil Secured brokered the transaction. The seller was Atlanta-based Ackerman & Co. and Northwestern Mutual. Located in Atlanta's Central Perimeter submarket, Centrum at Glenridge is currently 84 percent occupied, with the bulk of occupancy leased on a long term basis to Haverty Furniture Cos. Inc. and Cumulus Media. Origin plans to undertake several capital improvement projects, including the modernization of the building’s elevators, parking garage repairs, the creation of a tenant lounge and upgrades to the multi-tenant floor bathrooms. Origin has selected the Atlanta office of Stream Realty Partners to provide property management and leasing services for the asset. Amenities at Centrum at Glenridge include a tenant conference room, an on-site café and an exercise facility.
PORT ST. LUCIE, FLA. — HFF has arranged the sale of Publix at St. Andrews, a 65,271-square-foot neighborhood shopping center in Port St. Lucie. HFF represented the seller, a client portfolio managed by American Realty Advisors, in the transaction. Publix Super Markets Inc. purchased the unencumbered property for an undisclosed amount. The shopping center is located at 5455-5489 N.W. St. James Drive and is the only grocery-anchored center within a two-mile radius. The 11-year-old property is 87.1 percent leased to tenants including Hair Cutlery, Subway, H&R Block and the UPS Store. Danny Finkle and Luis Castillo of HFF led the sales team in the transaction.
ATLANTA — UC Funding LLC has structured and funded a $16.8 million acquisition bridge loan for a 262,000-square-foot office building located in Atlanta's Central Perimeter office submarket. The property is situated with more than 1,000 feet of direct frontage on Interstate 285. Dan Palmier, president and CEO of UC Funding says, “We provided our new sponsor with what they needed to win the deal, a quick commitment and closing in less than 21 days.”
FAYETTEVILLE, ARK. — Bridge Partners, a real estate investment company headquartered near San Francisco, has acquired The Crowne at Razorback apartments, a student housing community near the University of Arkansas (UA) in Fayetteville. The 480-bed property offers amenities including a resort-style pool and sundeck, fitness center, business center, dog park and sand volleyball court. The community is located less than one mile from the UA campus and is located along UA's bus route. The financing of The Crowne at Razorback was executed through a Freddie Mac loan assumption.
MIAMI — Construction has begun on Wynwood Central, the first major ground-up, mixed-use real estate development in the Miami neighborhood of Wynwood. The approximately 385,000-square-foot development will include 69 residences integrated with 40,000 square feet of retail space specifically curated to fit the needs of the community, which is known as an arts hub. It will also provide approximately 50,000 square feet of mixed-use, showroom, office and commercial space for Miami's arts, technology and design sectors. The eight-story atrium building will consist of three floors of retail and commercial space, a parking garage with 420 covered spaces, and a rooftop pool and bar. Marc Kovens and Shawn Chemtov are developing the project. Other parties to the development are Amicon Construction Management and Chariff Realty Group. The project is expected to be completed by mid-2015.