BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has arranged the sales of two Birmingham apartment complexes for a total of $21.1 million. The communities include the 256-unit High Pointe and the 250-unit Brookstone. Jimmy Adams of MHA represented the seller, Ruffner Mountain, in both transactions. A limited liability company based in Michigan purchased the two communities.
Southeast
JACKSONVILLE, FLA. — Namdar Realty Group has purchased the Jacksonville Regional Shopping Center, a 220,000-square-foot retail property located at 3000 Dunn Ave. in Jacksonville. The shopping center is 85 percent leased to tenants such as Winn Dixie, JC Penney, Payless Shoe Source, Cato, Hibbett Sporting Goods and GNC. CBRE represented the seller, DDR Corp., in the transaction. Namdar Realty Group was self-represented by Joel Gorjian.
KEY LARGO, FLA. — Meridian Capital Group LLC has arranged $10.1 million in acquisition financing for the Ocean Reef office property, located at 31 Ocean Reef Drive in Key Largo. Tenants at the office property include Bank of America, Northern Trust, The UPS Store and the local government. Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the seven-year loan through a local portfolio lender on behalf of the borrower, a foreign sponsor. The loan includes a fixed interest rate of 3.95 percent and a 25-year amortization schedule.
CONCORD, N.C. — The Silverman Group, a New Jersey-based real estate investor and developer, is constructing a 400,000-square-foot speculative industrial building within Concord Airport Business Park in Concord. The cross-dock building will be located on 56 acres and feature 36-foot ceiling heights, 40 docks, 100 trailer parking spaces, an ESFR sprinkler system, T5 lighting and office space. Construction is slated to begin in the first quarter of 2014 with completion slated for late summer. The site will also feature a pad-ready, 125,000-square-foot industrial building adjacent to the main building. Christopher Skibinski of Avison Young’s Charlotte office has been retained as the leasing agent for the project.
LARGO, FLA. — Pollack Shores Real Estate Group has broken ground on Gateway North, a new luxury apartment community at 2681 Roosevelt Blvd. in Largo. The 342-unit community is within walking distance to retail, dining and transportation. The community will feature a lake, walking trail, resort-style clubhouse, pool, cabanas, fitness center, business center and an outdoor grilling/entertainment area. Occupancy will begin in spring 2014 with final completion slated for fall 2014. Matrix Residential will lease and manage the community.
ORLANDO AND COCOA BEACH, FLA. — The Shopping Center Group has finalized the sale of two central Florida shopping centers totaling $10.8 million. The properties include a Starbucks Coffee-anchored retail center near Walt Disney World Resort that sold for $3.3 million. The property is fully leased to tenants such as Subway, Tennis Plaza and three local businesses. The Shopping Center Group represented the seller, an affiliate of Tiforp Development, in the sale to a foreign investor. The Cocoa Beach property is a Publix-anchored neighborhood center that sold for $7.5 million. The property, known as Banana River Square, is 89 percent leased and is located in Cocoa Beach’s Space Coast neighborhood. The Shopping Center Group represented the seller, an affiliate of Columbus, Ga.-based Victory Real Estate Investments, in the transaction. An affiliate of Publix Supermarkets Inc. purchased the property. The two transactions bring The Shopping Center Groups’s Florida investment division’s total aggregate volume for 2013 to $130 million.
TAMPA, FLA. — HFF has arranged a $16.4 million refinancing for Wildwood Acres, a 340-unit multifamily community located at 13418 Dottie Drive in Tampa. The community is 99 percent occupied and includes one-, two-, three- and four-bedroom layouts. The complex’s amenity package includes two swimming pools, a laundry facility, picnic areas and a dog park. Elliott Throne, Todd Adams and Matt Mitchell of HFF arranged the seven-year loan through Freddie Mac’s CME program.
ROCKVILLE, MD. — Federal Realty Investment Trust has received approval from the Montgomerty County Planning Board for additional development at Pike & Rose, a 3.4 million-square-foot mixed-use, transit-oriented development under construction. Pike & Rose is located in the White Flint District of Montgomery County in Maryland. The approval will allow Federal Realty Investment Trust to add about 1.6 million square feet of commercial space to the 170,000 square feet of retail, 80,000 square feet of office space and 493 residential units currently underway, set to open in mid-2014. The approval includes six new city blocks, Rose Park, a boutique hotel with 200-300 rooms, about 200,000 square feet of additional retail space, more than 460 residential units and 1.4 million square feet of Class A office space. Federal Realty expects to break ground on some of the additional approved buildings in 2014.
DURHAM, N.C. — Skanska USA has been awarded a $65 million contract to renovate and construct Duke University’s West Campus Union. The 115,000-square-foot project will feature student dining, casual common spaces, faculty common areas, meeting rooms, food preparation facilities, storage and mechanical rooms. During construction, Penn Pavilion will temporarily house dining facilities for students. New York-based Grimshaw is designing the new West Campus Union to LEED certification standards. Skanska will break ground on the facility in November. The project is slated for a December 2015 completion.
WILMINGTON, N.C. — Marcus & Millichap has arranged the sale of The Forum, a 105,000-square-foot boutique retail center located at 1125 Military Cutoff Road in Wilmington, for $24.7 million. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, Swain & Associates, the developer of The Forum. Schneider also represented the buyer, L&B Realty Advisors LLP, a Texas-based pension fund advisor.