NORTH MIAMI, FLA. — ARA has arranged the sale of Berkshires at Walden Lake, a 400-unit apartment community located in North Miami. The asset sold for approximately $44.5 million. The apartment community, which was constructed in 1986, was 95 percent occupied at the time of the sale. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton, Fla., office represented Boston-based Berkshire Property Advisors in the sale. Advenir, a multifamily investor and operator based in Aventura, Fla., purchased Berkshires at Walden Lake.
Southeast
LOS ANGELES — A fund advised by CBRE Global Investors has purchased a six-asset portfolio that includes office, industrial and retail properties across the United States. The properties include 2532 Whilden and 2525 Whilden, two Class A industrial assets in Durham, N.C., totaling 425,815 square feet. The other four properties are located in Dallas; Denver; Orange County, Calif.; and Portland, Ore.
HARRISONBURG, VA. – Vesper Holdings has acquired University Fields, a 1,152-bed student housing community approximately one-quarter of a mile from the James Madison University campus in Harrisonburg. The community is located across the street from the university’s newer athletic facility, University Park, which opened in 2012. Vesper, a private real estate investment firm based in New York City, purchased the non-performing note on University Fields on Oct. 28 for $19 million. The firm also says it will invest $5 million in capital expenditures to fully renovate University Fields. The community consists entirely of four-bedroom units that range in size from 1,100 to 1,200 square feet, which are housed in 22 three-story residential buildings spread across a 23.6-acre site.
WASHINGTON, D.C. — A group that includes Urban Investment Partners (UIP), PRP LLC and Perseus Realty has acquired Capitol Park Towers, a 289-unit apartment complex in southwest Washington, D.C., for $34 million. The apartment community is located at 301 G St. S.W. The new owners plan to invest in renovations for the apartment complex. UIP General Contracting Inc., a subsidiary of UIP, will perform the renovation work and UIP Property Management Inc. will manage Capitol Park Towers.
ATLANTA — Jones Lang LaSalle's Hotels & Hospitality Group has secured a $125 million CMBS loan for a portfolio of 22 select-service, extended stay hotels on behalf of The Generation Cos. LLC. Bill Grice and Nick Baer of Jones Lang LaSalle arranged the non-recourse, floating-rate financing through a national bank. The Generation Cos. will continue to manage the 2,528-room portfolio, which is comprised of nine Candlewood Suites, seven Suburban Extended Stay Hotels, three Staybridge Suites, two Mainstay Suites and one Homewood Suites. The hotels are located in Virginia, North Carolina, Florida, Tennessee and Texas.
NORTH MIAMI BEACH, FLA. — Marina Palms Yacht Club & Residences, located in North Miami Beach, has closed a $98 million loan to fund the construction of its first residential condominium tower. The 25-story, 234-unit South Tower will sit on the north side of the waterfront property. The residences will sell starting at $550 per square foot. HSBC Bank USA NA provided the construction loan on behalf of the development team, affiliates of The Plaza Group and The DevStar Group. The Marina Palms, located at 172nd Street and Biscayne Boulevard, features a full-service yacht club, a 112-slip marina, butler service, an infinity-edge swimming pool, hot tub, gym, spa, steam room, news café, teen lounge, secure gated access, children’s playroom and a club room with a bar, billiards and a 100-inch TV. Coastal Construction is the general contractor for the tower.
GREENVILLE, S.C. — Reading, Pa.-based Sweet Street Desserts Inc. has purchased a 120,000-square-foot property at 1916 Piedmont Highway in Greenville. The building, a former Sara Lee facility, will be Sweet Street’s new manufacturing facility. The gourmet dessert maker expects to begin operations from its new facility beginning in summer 2014. The new property is expected to generate 80 new jobs in the next several years.
TAMPA, FLA. — The Sembler Co. and Forge Capital Partners have purchased Dale Mabry Shopping Center, a 56,097-square-foot shopping center located at 2525 N. Dale Mabry Highway in Tampa. Sembler and Forge purchased the center through their Forge Real Estate Partners III investment fund. The shopping center is anchored by a 46,147-square-foot Sweetbay grocery store. The Sembler Co. will provide property management and leasing services for the center, which is fully leased.
MYRTLE BEACH, S.C. — A joint venture between MedSouth Healthcare Properties LLC and Sterling Fox Group LLC has acquired Market Commons Medical, a 20,000-square-foot, two-story medical office building in Myrtle Beach. The Class A office building houses multiple tenants, including DaVita Dialysis.
With the third quarter results in, all signs point to continued incremental improvement of the Charlotte office market. Vacancy rates have fallen to a four-year low and investment sales activity continues to strengthen as new capital sources enter the market. On the economic front, unemployment in Charlotte continues to lag behind some other North Carolina cities at 9.5 percent, but the city is experiencing positive economic movement in other measures, particularly single-family housing and retail sales. For some long-term perspective, the labor force in Charlotte has grown 22 percent during the past 10 years, nearly three times the national rate. Additionally, in August, the population of Mecklenburg County reached 1 million people. With a population of approximately 2.3 million, Charlotte maintains its position as the largest MSA in the Carolinas. Office Market Conditions With a reported 460,000 square feet of positive net absorption in the third quarter, the overall office vacancy rate has fallen to approximately 15.7 percent, the lowest rate since 2008. Correspondingly, rental rates have continued to increase, with overall average rates reaching $22.55 per square foot ($23.59 for Class A space), the highest rates in the past four years. While much of this tightening has occurred in …