GREENVILLE, S.C. — Covington Group has purchased five warehouse buildings, totaling 682,000 square feet, in South Carolina as part of the company's expansion into new markets. The deal included two buildings off Augusta Road in Greenville and three buildings off Highway 14 in Greer, S.C. Covington plans to upgrade the facilities and rebrand them as Logistics Pointe, Greenville and Logistics Pointe, Greer. The buildings included approximately 270,000 square feet of vacant space. The company also recently entered the Illinois market, acquiring a 502,500-square-foot industrial building in Sauget, Ill.
MIAMI — Plaza Construction has broken ground on The Related Group's new $105 million condominium development, Millecento Residences by Pininfarina, in Miami's Brickell neighborhood. The 691,610-square-foot property is located at 1100 S. Miami Ave. The 42-story tower will feature 382 units, a 16,000-square-foot recreation deck, club rooms, a theater, pool, spa and fitness center. The building will also include 15,750 square feet of street-level retail space and roof top deck with cabanas, a party room, bar and infinity pool. Carlos Ott is the design architect and Cohen Freedman Encinosa & Associates is the architect of record.
WASHINGTON, D.C. — Mesa West Capital has provided Brookfield Real Estate Opportunity Fund I with a $95.5 million first mortgage loan on 64 New York Ave. NE, a 355,000-square-foot office building in Washington, D.C. Built in 1924 as a warehouse, the building was converted into a Class A office building in 2000. The building is 45 percent occupied by the District of Columbia, which recently signed a new long-term lease. The loan proceeds were used to refinance the existing debt as well as provide for capital costs associated with recent upgrades to the property. Raphael Fishbach of Mesa West originated the financing.
HERNDON, VA. — Federal Capital Partners has acquired Berkdale Apartments, a 184-unit apartment community in the Dulles Park area of Herndon for $24.2 million. The eight-building property is located near Elden Street and Sterling Road, within walking distance of several schools. Amenities include a playground and an adjacent park with playing field and a bike trail. All of the units have recently been upgraded. Andy Boyer and Jonathan Greenberg of CBRE Group represented the seller in the transaction.
SPARKS, MD. — An affiliate of Greenfield Partners has acquired Tower Point at the Highlands, a 162,646-square-foot portfolio of two office buildings in Sparks, for $23.7 million. The Class A, campus-style buildings are located at 920 and 930 Ridgebrook Road within a planned business park along the I-83 corridor. The property is 96 percent occupied by tenants such as Fundamental Long Term Care Holdings and MobilexUSA. Christopher Abramson, Brian Kruger and Nicholas Signor of Cushman & Wakefield represented the seller, Equus Capital Partners, in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has closed Fannie Mae loans totaling $32.5 million that will be used to acquire a four-property portfolio totaling 770 units in Birmingham. The four properties — Ascot Place, Forest Ridge, Woodbrook and Meadow Wood — are each Class B, garden-style apartments. The buildings were originally developed by the seller in the 1980s. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group arranged the 10-year, fixed-rate loans.
ERLANGER, KY. — Newly Wed Foods plans to develop a regional food production facility in Northern Kentucky, with plans to create 115 jobs and invest $57 million in Boone County. Newly Wed Foods, an international manufacturer and distributor of food ingredients, purchased an existing 326,000-square-foot facility at 4455 Olympic Blvd. in the Circleport Business Park in Erlanger. The park is also home to Toyota Motor Engineering and Manufacturing North America. The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6 million through the Kentucky Business Investment program.
ATLANTA — Hibernian Pacific Holdings and its Atlanta-based partner have acquired an 846-unit, Class A multifamily portfolio in Georgia for $78.5 million. The properties are located in Cobb and Gwinnett counties. Wilwat Properties Inc. was the seller. The deal marks Hibernian's 10th transaction since announcing its new affiliation with Evolution Capital Management, an investment advisor. Over the past 90 days, Hibernian closed on a series of deals comprising a diversified portfolio of assets from major community banks in Chicago and Atlanta.
MINT HILL, N.C. — Marcus & Millichap has arranged the $14.1 million sale of Mint Hill Medical Commons, a 42,300-square-foot medical care facility in Mint Hill. The property, located at 11304 Hawthorne Drive, is 92 percent leased to the Charlotte Mecklenburg Hospital Authority, operating as Mint Hill Primary Care. Glen Kunofsky, Judson Kauffman and Allen Smith of Marcus & Millichap represented the seller, a Charlotte-based developer, in the transaction. Kunofsky and Russell Wachtler of Marcus & Millichap represented the buyer.
DORAL, FLA. — SMT Duty Free Inc., a duty-free retailer, has signed a lease for 50,000 square feet at 8935 NW 27th St. in Doral. The company is doubling its square footage from 25,000 square feet and relocating from Beacon Centre. Steven Medwin and Nick Wigoda of Jones Lang LaSalle represented the landlord, IndCor Properties, in the transaction. Scott Hardie of Miami Industrial Real Estate represented the tenant.