JACKSONVILLE, FLA. — Atlanta-based Prominent Realty Group of Georgia Inc. has acquired The Registry at Windsor Parke, a 260-unit apartment community in Jacksonville. The community is situated on Hodges Boulevard west of Ponte Verde Beach. This is Prominent Realty's first multifamily acquisition in Florida.
NORTH MIAMI BEACH, FLA. — ZOM, a luxury multifamily real estate developer, will break ground this month on North Bay Village, a $73 million, 285-unit luxury apartment community in North Miami Beach. The community sits on a 4.5-acre peninsula with more than 1,400 linear feet of waterfront space overlooking Biscayne Bay. ZOM is developing the eight-story community through a joint venture with Clarion Partners. KAST Construction will serve as the general contractor for the project, and ZRS Management LLC will serve as the property manager.
LEXINGTON, KY. — Skanska, a construction and development firm based in Stockholm, Sweden, has signed a contract with the University of Kentucky for the expansion and renovation of its Gatton College of Business and Economic building on its Lexington campus. The contract is valued at $53 million. The project will consist of nearly 59,201 square feet of additions and about 139,931 square feet of renovations. Skanska is expected to begin work on the project in November and wrap up construction in March 2016.
NORFOLK, VA. — Cushman & Wakefield | Thalhimer has brokered the $1 million sale of a 21,300-square-foot industrial facility, located at 3700 Progress Road in Norfolk. Bill Throne and Eric Throne of Cushman & Wakefield's Virginia Beach office represented both the buyer, 3700 LLC, and the seller, Thirty Seven Hundred Progress Rd LLC, in the transaction. The buyer purchased the property as an investment for Bimbo USA Distribution Facility.
RALEIGH, N.C. — SoTHERLY Hotels, a lodging REIT focused on hotels in the southern U.S., has executed a $15.6 million loan, collaterized by a first mortgage on the DoubleTree by Hilton Raleigh Brownstone-University Hotel in Raleigh. CIBC Inc. provided the loan. The five-year loan is fixed at 4.78 percent and amortizes on a 30-year schedule. The proceeds from the loan were used to repay the existing first mortgage.
WANDO, S.C. — Avison Young has arranged a 49,600-square-foot lease for office/warehouse space, located at 2509 Clements Ferry Road in Wando, 22 miles north of Charleston. Todd Garrett and Ben Poblano represented the landlord, Yeros Investments LLC, in the lease deal. David Seay of Seay Development represented the tenant, The Tides Commodity Trading Group Inc.
While out national and local news outlets inundate us with what is going on in Washington, D.C., these days, word may not be on the street yet that the industrial real estate market just north of D.C. has begun to see significant improvement, something that has been slow in the making. This market has always been on the radar of the top real estate investors and remains a sought-after destination for industrial investment. The Baltimore-Washington (BW) Corridor industrial real estate market, historically one of the strongest in the country, received a gut punch in 2008 much like the rest of the real estate markets throughout the country. Defined as mostly Howard and Anne Arundel counties, this 46 million-square-foot market is essentially the area between the Baltimore Beltway and the Washington Beltway, a distance of 25 miles along Interstate 95. This market acts as the “last mile” of distribution to the affluent suburbs of the Capital Region. Prior to the fourth quarter of 2012, most leasing activity in this market consisted of tenants downsizing or shopping their renewals to anxious owners looking to fill recent holes in their portfolios. The results were lower rental rates, more concessions and generally lower investment …
BATON ROUGE, LA. — FelCor Lodging Trust Inc. has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million. The buyer has already paid a $2 million non-refundable deposit toward the purchase price. FelCor Lodging will use all of the proceeds from the sale to pay down outstanding debt.
WASHINGTON, D.C. — Paramount Group, a real estate investment and management firm based in New York, has purchased the Commercial National Bank Building, located at 700 14th St. N.W. in Washington, D.C.'s East End. The acquisition bring's Paramount's total Washington, D.C., portfolio to more than 1.8 million square feet in six trophy assets. The property is located within one block of the White House. The building was built in 1917 and is listed on the National Register of Historic Places. Eastdil Secured represented the seller, Tishman Speyer, in the transaction. Dan Lauer represented Paramount Group in-house.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors (AKREA), a joint venture between Adler Group and Kawa Capital Management, has purchased Carmel Executive Park, a 225,000-square-foot business complex in Charlotte. The six-building property is located at the intersection of Carmel and Pineville-Matthews roads and houses more than 100 tenants, including Liberty Mutual Insurance, JP Morgan Chase Bank, Crump Life Insurance Services, Bank of North Carolina and Hanson Brick East. The property is currently 95 percent leased. The transaction is the first purchase for Adler Kawa Real Estate Fund II. AKREA purchased the property from Pizzagalli Properties, which originally developed the property in 1990. Patrick Gildea and Ryan Clutter of CBRE represented the seller in the transaction. Charles Foschini, Christopher Apone and Compie Newman of CBRE's Debt & Equity Finance Group arranged acquisition financing.