ORLANDO, FLA. — Consolidated-Tomoka Land Co. has acquired a two-building, 133,000-square-foot office complex leased to Hilton Resorts Corp. in Orlando for $14.6 million. Both buildings are under a long-term lease, with more than eight years remaining on the term. The purchase marks the company's sixth acquisition in 2013, and brings its single-tenant portfolio to a total of 38 properties across seven states.
ATLANTA — Novare Group and Baston-Cook Development Co. have broken ground on a 23-story apartment high-rise in Midtown Atlanta called 100 6th Street. The $63 million development will include 320 units with floor-to-ceiling glass, wood floors and granite countertops. An investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI and Baston-Cook are providing equity. The project team also includes project architect Smallwood, Reynolds, Stewart, Stewart and general contractor Baston-Cook Construction.
ATLANTA — Wyatt Family Partnership has purchased Venture Center, a 39,185-square-foot office building at 1605 Chantilly Drive in Atlanta, for $3.1 million. Children's Healthcare of Atlanta is the anchor tenant in the three-story property, which is fully leased. The building, visible from I-85, is just north of the Lenox Road/Cheshire Bridge intersection. Hunter Henritze, Michael Howell and Chip Sipple of Lincoln Property Co. Southeast represented the seller, CRM Properties LLC. Wyatt Realty Co. represented the buyer.
NORTH CHARLESTON, S.C. — Hudson Realty Capital has arranged a $7.5 million acquisition loan for a 77,777-square-foot office building in North Charleston. The Class A building was constructed in 1990. The borrower plans to use the funds to purchase the property and initiate lease-up of the remaining space.
The Tampa Bay multifamily market is a tale of “have” and “have not.” The market has plenty of buyers and tremendous amounts of capital, and it has seen huge moves in valuation over the last 24 months. However, the market does not a large supply of available inventory or a steady supply of REO assets from lenders or special servicers. Let’s look at the amount of increased deal volume in the last 24 months, according to several sources such as LoopNet, CoStar and Real Capital Analytics. According to compiled sales comps, more than 250 multifamily properties ranging from 20 to more than 600 units have sold in the last 24 months. Compared to the prior two years, this number demonstrates an increase in sales volume of more than 200 percent. Sales prices range from $9,000 per unit on the low end of the scale for Class D fully vacant, REO, boarded-up properties to more than $150,000 per unit for several Class A fractured condo complexes that were 100 percent occupied at the time of sale. Lenders and REO special servicers have taken notice of this trend and have started pricing assets accordingly when they are brought to market through REO …
MIAMI — Heitman has purchased Miracle Marketplace, a seven-story, 243,047-square-foot Class A vertical retail building located along the Miracle Mile/Coral Way in Miami, for an undisclosed price. It is anchored by Nordstrom Rack, Bed Bath & Beyond, Marshalls, LA Fitness, PetSmart, DSW Shoe Warehouse and Ulta. Carson Good, Margaret Caldwell, Kris Cooper and Denny St. Romain of Jones Lang LaSalle represented the seller, AWE Talisman, which specializes in imaginative repositioning of shopping centers. AWE Talisman converted five floors of retail space into three floors of big box retail space. Bally’s Total Fitness, another Miracle Marketplace tenant, remained in operation during the renovation.
BALTIMORE — MAC Realty Advisors, on behalf of Jefferson Apartment Group, has raised $23 million in equity in the pre-development stage from a U.S.-based insurance company for the acquisition and development of Jefferson Square at Washington Hill, a residential development site next to the Johns Hopkins Medical and Research Campus in Baltimore. Additionally, MAC Realty Advisors secured a $44 million senior construction loan for the transaction. Jefferson Apartment Group will develop a five-story building wrapping a parking garage that will include 304 apartment units and 21,000 square feet of ground-floor retail space including a CVS/pharmacy.
ALEXANDRIA, VA. — Federal Capital Partners has closed a $10 million mezzanine loan for the development of a $52 million, 240-unit apartment community in Alexandria. Insight Property Group is developing the multifamily property that is less than one mile from the Huntington Metro Station. Amenities at the four-story apartment building will include fitness and yoga rooms, indoor fireplaces, a billiards room, an outdoor pool and outdoor grills and green spaces. Units will begin delivering in mid-2014.
GARNER, N.C. — Capital Advisors has arranged a $7.25 million loan for the recapitalization of 100 and 300 Health Park Dr. in Garner. The property consists of two medical office buildings and a combined 42,591 square feet. It is 35 percent leased to an affiliate of Rex Healthcare. Clark Jenkins of Capital Advisors’ Raleigh, N.C., office secured the seven-year, fixed-rate loan with a 30-year amortization schedule on behalf of CPG PIA Health Park LLC. The loan was secured through a correspondent lender and will be serviced by Capital Advisors.
FLORIDA AND GEORGIA — IBM Southeast Employees’ Federal Credit Union (IBM) has selected CBRE as the exclusive agency provider for IBM’s 16-property real estate portfolio of owned and leased office and branch facilities in Florida and Georgia. Rick Miller and Tyler Harrison of CBRE comprise the team providing tenant advisory services to IBM. Miller and Harrison specialize in office brokerage services in the South Florida region. Matt Kiziah of CBRE will lead the project management side of the agreement.