JUPITER, FLA. — CBRE has arranged the sale and financing of the Jupiter Medical and Technology Park, located at 1701 Military Trail in Jupiter. The buyer, Hollywood, Fla.-based POH Jupiter Ownership LLC, purchased the 185,000-square-foot campus for $30.7 million. CBRE arranged $26 million in acquisition financing for the buyer through RAIT Financial Trust, a Philadelphia-based REIT and bridge lender. The seller, Jupiter RE Investments LLC, is the real estate holding company affiliated with Florida Turbine Technologies, which occupies 34 percent of the medical/office campus. Nearly half of the property is occupied by GE Medical Systems, a subsidiary of GE Healthcare. The CBRE professionals involved in the transaction include Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Christian Lee, Robert Smith, Charles Foschini and Jason Hochman.
Southeast
ATLANTA — Carter-Haston Holdings has purchased Glenwood East, a 236-unit multifamily community located at 390 Stovall St. in Atlanta's Glenwood Park neighborhood. Property amenities include a penthouse-level clubroom, outdoor courtyard, dog park and fitness centers. The mid-rise complex is also located in close proximity to the city's BeltLine. David Gutting and Derrick Bloom with Jones Lang LaSalle's capital markets team represented the sellers, Alliance Residential and Prudential Real Estate Investors, in the transaction.
GAITHERSBURG, MD. — NorthMarq Capital has arranged $22.4 million in acquisition financing for Oakwood Corporate Apartments, a 136-unit multifamily property located at 9890 Washingtonian Blvd. in Gaithersburg. The high-rise apartment community is located in Washingtonian Center and Rio Entertainment Center, a mixed-use development. Gary McGlynn, Jason Smith and Frank Relihan of NorthMarq’s Washington, D.C., office arranged the financing on behalf of the borrower through an insurance company.
MIAMI — GrayRobinson, a law firm with 280 attorneys and 11 offices in Florida, is relocating its Miami office to Wells Fargo Center in downtown Miami. Wells Fargo Center is a 750,000-square-foot, Class A office tower located near Interstate 95 and Brickell Bridge. Taylor & Mathis signed the law firm to a 35,358-square-foot office lease on the 31st and 32nd floors. GrayRobinson is expected to move into its new office space in January 2015. Brian Gale and Ryan Holtzman of Taylor & Mathis represented the landlord, MetLife, in the lease transaction. Barbara Liberatore Black of Cresa South Florida represented GrayRobinson.
ATLANTA — CBRE Group Inc. has hired Bernard Haddigan to join the company’s capital markets group as its senior managing director. Haddigan, who is based in Atlanta, will work with Kevin Aussef to lead CBRE’s private capital group. Haddigan has more than three decades of experience in the commercial real estate industry. He spent 28 years with Marcus & Millichap Real Estate Services, launching its national retail group in 1998. Haddigan is a member of the International Council of Shopping Centers and co-chairs its Open Air Committee webinar series.
NEW ORLEANS — Lowe Enterprise Investors has acquired the Royal St. Charles, a 143-room hotel in New Orleans, on behalf of an investment client. The hotel is located at 135. St. Charles Ave., between the city’s French Quarter and the New Orleans Convention Center. Destination Hotels & Resorts, an affiliate of Lowe Enterprise Investors, will manage the property as an independent, boutique hotel. The 10-story hotel features 2,610 square feet of meeting space, a fitness center and a PJ’s Coffee and Café eatery. The hotel also features balconies overlooking St. Charles Avenue, which is on the primary Mardi Gras parade route. Russell Munn of Lowe Enterprise Investors and Rick Rush of Lowe Hospitality Group led the acquisition team in the transaction. Larry Wolfe and Adam Etra of Eastdil Secured represented the seller, a joint venture between Clearview Hotel Capital and WHI Real Estate Partners.
RALEIGH, N.C. — ARA has arranged the $46.8 million sale of Woodlands at Wakefield Plantation, a Class A, 360-unit multifamily community located in Raleigh. The property was 95 percent occupied at the time of sale. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Boca Raton, Fla.-based Altman Development, in the transaction. Investors sponsored by Greensboro, N.C.-based Bell Partners purchased the asset.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has acquired a 50 percent interest in a luxury multifamily project under construction at 701 2nd St. in Washington, D.C., for $46.5 million. The 377-unit project will feature 25,000 square feet of retail space, a fitness center, clubroom, demonstration kitchen, swimming pool, hot tub, grilling stations, rooftop garden, dog run, landscaped gardens, outdoor projection screening area and a 309-space underground parking garage. The joint venture has a 20-year debt in-place totaling $100.7 million. The apartment building is expected to be completed in mid-2015, with leasing beginning in the first quarter of 2015. Mack-Cali’s Roseland subsidiary will operate the new luxury apartment community. The project team developing and designing the community includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
OLIVE BRANCH, MISS. — Inland Real Estate Income Trust Inc. has acquired Wedgewood Commons Shopping Center, a 159,258-square-foot shopping center in Olive Branch, a suburb of Memphis, Tenn. Inland purchased the asset for $33.9 million. The property is fully leased to TJ Maxx, HomeGoods, Michaels, Rack Room Shoes, AT&T, TCBY, GNC and Sports Clips. Lou Quilici of IREIT Business Manager & Advisors Inc. assisted Matthew Tice of Inland in the acquisition. David Disney of The Disney Group represented the seller in the transaction.
ORLANDO, FLA. — KBS Strategic Opportunity REIT, a public non-traded REIT based in Newport Beach, Calif., has purchased Maitland Promenade II, a 230,366-square-foot, Class A office building in Orlando’s Maitland submarket. The REIT acquired the five-story property, located at 495 N. Keller Road, for $31.2 million. The building is 77.2 percent leased to tenants including Star Networks, United Healthcare, Zurich Insurance, Akerman, Senterfitt and Edison and New York Life.