PALM BEACH GARDENS, FLA. — Hamptons PBG, a joint venture between ZOM Florida and Northwestern Mutual, has broken ground on the 224-unit The Hamptons at Palm Beach Gardens, a luxury multifamily community located in Palm Beach Gardens. Amenities will include a clubhouse, resort-style pool, fitness center, internet lounge and pet salon. Current Builders is the general contractor for the project and ZRS Management is the property management. Completion is slated for December 2013.
Southeast
CHARLOTTE, N.C. — Capital Advisors has arranged $3.95 million in refinacing for the 158,231-square-foot Conbraco Industrial Building, located at 701 Matthews-Mint Road in Charlotte. Ridge Stafford of Capital Advisors arranged the 25-year, fully amortizing loan through Standard Insurance Co.
While the Savannah retail market has felt the impact of the recent economic downturn, the overall market has maintained its equilibrium, driven by key economic engines such as the Georgia Ports Authority/Port of Savannah, Fort Stewart, Hunter Army Airfield, the tourism industry and The Savannah College of Art and Design (SCAD). The Savannah Area Chamber and Visitors Center announced that June 2012 was a record-breaking month with 87 businesses joining the Chamber. Savannah also consistently makes top ten lists for best travel destinations. These constants have served as a steadying influence as various segments of the retail market have reacted and adapted to the evolving marketplace. Though downtown Savannah and the Historic District have seen property values decline during the last 36 months, the retail market has taken steps forward and backwards, and the general arc seems to be positive. Levy Jewelers, an upscale local jewelry store, has acquired a prime location at Broughton and Bull streets, the nexus of the main shopping district. Marc Jacobs Boutique and Urban Outfitters lead a list of national retailers that have set up shop in the downtown area. Whole Foods will mark its entry into the Savannah market with a 35,000-square-foot store at …
CARTERSVILLE, GA. — voestalpine Metal Forming plans to build a $62 million manufacturing facility at the 707-acre Highland 75 development, a master-planned industrial/corporate park located in Cartersville. The facility will be the first in the United States for the Australia-based company, and will create approximately 220 jobs. Highland 75 is a collaboration between Bartow County, the city of Cartersville and the Bartow-Cartersville Joint Development Authority.
ROCKVILLE, MD. — Weingarten Realty Investors has acquired the 81,300-square-foot Pike Center, located at the intersection of Rockville Pike and Bou Avenue in Rockville, from JBG Cos. and JBG Rosenfeld Retail for $54 million. Tenants include Office Depot, Cici's Pizza, T.G.I. Friday's and a proposed Walmart.
CORAL GABLES, FLA. — The 10,701-square-foot Minorca Executive Center, an office building located at 370 Minorca Ave. in Coral Gables, has sold for $2.2 million. Kirk Olson, Benjamin Silver and Drew Kristol of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction.
DECATUR, GA. — Grandbridge Real Estate Capital has arranged $7.5 million in first mortgage financing for the 250-unit Valley Place Apartments, a garden-style multifamily property located in Decatur. Alan Tapie of Grandbridge secured the two-year, non-recourse loan with interest-only payments through NorthStar Realty Finance.
ORANGEBURG, S.C. — Capital Advisors has secured $4.35 million in refinancing for the 240-bed Campus Corner Apartments, a student housing community located at 1100-1200 Campus Drive in Orangeburg. The property serves South Carolina State University and Calflin University. Cooper Willis of Capital Advisors arranged the 10-year loan with a 25-year amortization schedule through Cantor Fitzgerald on behalf of Orangeburg Student Housing LLC.
NEWPORT BEACH, CALIF. — Newport Beach-based Sabal Financial Group has acquired a $121.5 million loan portfolio including 44 loans in Texas, Florida, North Carolina, South Carolina, Georgia, Virginia and Missouri, from a Southeast-based regional bank. Sabal will provide loan servicing and asset management for the portfolio.
SALISBURY, MD. — Tryko Partners has acquired the 151-unit Pine Bluff Village, an affordable housing community located at 1514 Riverside Drive in Salisbury, from AIMCO for $7.2 million. The property includes a commercial kitchen that serves lunch and dinner, an on-site beauty/barber shop, laundry facilities, an exercise room and a picnic and patio area.