TAMPA, FLA. — A joint venture between Lubert-Adler and The Laramar Group has acquired The Cove, a 689-unit apartment community in Tampa, for $50.5 million at auction. LNR Property LLC sold the community following a 2011 foreclosure. Built in 1980, The Cove is situated on Tampa Bay’s waterfront with access to historic Bayshore Boulevard. The Laramar Group will continue to manage the apartment community, which will undergo a $3 million renovation that includes a revamped clubhouse and the addition of an outdoor recreation area with a dog park.
Southeast
PLANT CITY, FLA. — Hendricks-Berkadia has arranged the $23 million sale of Hunter’s Ridge at Walden Lake Apartments, located at 1400 Plantation Blvd. in Plant City. The 352-unit apartment community features a resort-style swimming pool and spa, as well as racquetball, tennis and basketball courts. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, CFLP LLC, in the transaction. MIC HR LLC was the buyer.
MIAMI BEACH, FLA. — HFF has brokered the sale of the Raleigh Hotel, a 105-room historic art-deco hotel located at 1775 Collins Ave. in Miami Beach. The Raleigh Group purchased the landmark hotel from affiliates of New York City-based Tristar Capital for an undisclosed price. Hospitality management firm sbe Hotel Group will continue to manage the property. The Raleigh Group, a luxury hospitality group founded by Tommy Hilfiger, plans to renovate the hotel. Manuel de Zarraga, Max Comess, Cyrus Vazifdar, Claudia Steeb and Dan Peek of HFF represented the seller in the transaction.
HOLLYWOOD, FLA. — NorthMarq Capital has arranged a $15.8 million loan to refinance a 191,280-square-foot industrial facility leased to FedEx. The property is located at 2600 S.W. 39th St. in Hollywood. Jeff Robertson of NorthMarq arranged the 12-year loan with a 25-year amortization schedule through a life insurance company.
MYRTLE BEACH, S.C. — A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater. The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.
RICHMOND, VA. — Reynolds Development has begun construction on a new 19,000-square-foot retail building at The Shoppes at Reynolds Crossing, located at the corner of Glenside and Forest avenues in Richmond. The property is 70 percent pre-leased to retailers such as Starbucks Coffee, Chipotle Mexican Grill, Jersey Mike’s, Hair Cuttery, Ntelos Wireless, Lee Nails and Salad Works. Freeman & Morgan Architects designed the retail center, and Park Sterling Bank provided construction financing. David Crawford of CBRE | Richmond is representing the landlord in all leasing transactions. The retail center is scheduled to open in the first quarter of 2015.
CELEBRATION, FLA. — Marcus & Millichap has brokered the $25.7 million sale of 200 Celebration Place, a nine-story, 166,131-square-foot office building in Celebration, about 20 miles southwest of Orlando. The asset is fully leased to Walt Disney Parks and Resorts U.S. Inc. The property is within five minutes of the entrance to Walt Disney World Resort. Douglas Mandel and Ray Turchi of Marcus & Millichap represented both the buyer and seller, which are both institutional investors, in the transaction. Disney’s triple-net lease runs through June 2017.
LOUISVILLE, KY. — PRG Investments has arranged the sale of Kingston Park Apartments, a Class C, 622-unit apartment community located at 100 E. Southland Blvd. in Louisville. The property, built in 1948, was formerly known as the Americana Apartments. The buyer, a Louisville-based investment partnership, is planning significant capital improvements to the multifamily community. Red Weinberg and Fred Sutterlin of PRG Investments represented the seller, an unnamed bank, in the transaction.
ATLANTA — Elan Westside, a 197-unit multifamily development at the corner of Howell Mill Road and 14th Street in Atlanta’s West Midtown neighborhood, has welcomed its first tenants. Elan Westside’s developer Greystar Real Estate Partners developed the property within walking distance of the Westside Provision’s District, which features retailers and restaurants such as Ann Mashburn, Anthropologie, Billy Reid, Calypso St. Barth, Everything But Water, Free People, G. Gilbert, J. Crew, Jack Spade, Kayce Hughes, lululemon athletica, Seed Factory, Sid Mashburn, Steve Allan, Abattoir, Bacchanalia, JCT. Kitchen & Bar, Jeni’s Splendid Ice Cream, Ormsby’s, Osteria del FIGO, Preserving Place, Quinones at Bacchanalia, Star Provisions, Taqueria del Sol, West Egg Café, Yeah! Burger and Yoforia. Elan Westside features a saltwater pool, fitness center, clubhouse, entertainment lounge, cyber cafe and courtyard. Units range from 611 to 1,600 square feet, with rents starting at $1,100 per month.
Although the Tampa Bay economy may not have improved as much as everyone would like, the retail market is experiencing incredible activity. Many positive trends — redevelopment, new retailers, expansions, higher rents and, soon, new development — are driving the market upward: • The retail vacancy rate was back down to 7 percent for the first time in almost five years, according to CoStar Group. • Retail rents, which plunged between mid-2006 and mid-2012, finished the year at $13.69 per square foot and show signs of strength. • The number of square feet of retail space delivered to the market hit its lowest level in the past five years, according to CoStar Group. • Land is becoming scarce, especially in growing communities south of Tampa. Considering these conditions, it looks as though it’s a landlord’s market again. We can chalk this phenomenon up to the enthusiasm of restaurants, retailers and professional service firms demanding space due to a slight but steady rise in consumer confidence. Hillsborough County collected $14.7 million on its local option sales tax in November, the latest month for which state figures are available as of this writing. That figure changed very little in 10 of the …