NORTH MIAMI BEACH, FLA. — Continental Real Estate Cos. (CREC) has arranged the sale of the 314-unit Star Creek Apartments, located at 361 NE 191st St. in North Miami Beach. The property is 94 percent leased. Amenities include two resort-style pools and a Jacuzzi. Peter Mekras of CREC represented the seller, a Miami-based private owner and operator, in the transaction. The property was purchased in a 1031 exchange with a first mortgage loan from City National Bank.
Southeast
RALEIGH, N.C. — Atlanta-based First Fidelity Mortgage Corp. has arranged $240 million in senior secured financing for the 1.35 million-square-foot Crabtree Valley Mall, located in Raleigh. The loan proceeds were used to repay existing maturing debt and fund ongoing capital spending programs. Kell Martin and Richard Booth of First Fidelity secured the 10-year loan through a major life insurance company on behalf of the borrowers, a separate-account client of Clarion Partners and an affiliate of Plaza Associates.
MIAMI — Canyon-Johnson Urban Funds has plans to build the 235,000-square-foot Fontainebleau Park Plaza, a Walmart-anchor neighborhood shopping center located at the intersection of West Flagler Street and SW 92nd Avenue in Miami's Flagler Corridor. Rod Castan of Courtelis Co. is the leasing agent for the project. Construction is slated to begin in the second half of 2012.
CHARLOTTE, N.C. — UPHIC Associates has plans to invest $5 million for a renovation of the 174-room Holiday Inn Charlotte University, located at 8520 University Exec Park Drive in Charlotte. Amenities include 5,000 square feet of flex meeting space, a business center, free wireless internet, fitness center, outdoor pool and The University Patio & Grill. The company, an affiliate of GF Management, recently acquired the property. Beacon Hospitality Partners represented the seller in the transaction.
JACKSONVILLE, FLA. — A 58,600-square-foot industrial building, located at 205 Commercial Drive in Jacksonville, has sold for $2.37 million. Bryan Bartlett of Grubb & Ellis/Phoenix Realty Group represented American Builders and Contractors Supply Co., the seller, in the transaction. The buyer was 2G Energy AG.
WAKE FOREST, N.C. — A 6,468-square-foot retail property, located at 11735 Retail Drive in Wake Forest, has sold for $1.35 million. Sam DiFranco of Cresa represented the buyer, Buffalo Brothers Properties, in the transaction. Marlene Spritzer of Spritzer Commercial Properties represented the seller, Texas Steak Ltd. The property will be the third Buffalo Brothers restaurant located in the Triangle.
POMPANO BEACH, FLA. — T.M.D. Holdings has sold a 21,523-square-foot warehouse, located at 2301 NW 33rd Court in Pompano Beach, to Murr 2301 for $1.33 million. Randy Rauch of Pompano Beach-based Rauch Realty Group represented the buyer in the transaction. Bank of America, NA, provided a first mortgage loan to the buyer.
Trends in multifamily development and demand mirror both changing mentalities in a post-recession era and dynamic population shifts. There are an estimated 80 million echo boomers (Americans born between 1980 and 1995) that are beginning to move out of their family homes or college dorm rooms and into a very challenging job market. Most rent because they are either unable to buy or they consider owning a home low on the list of their financial goals at this stage in their lives. Even those older than the echo boomers have changed their ideology as it relates to homeownership after suffering through a collapsed housing market. The result of these shifts has kept the demand for multifamily housing high on both local and national levels. Current apartment developments are also responding to the demand for affordable luxuries. They now offer green efficiencies that will reduce utility bills and access to transit nodes that cut down on gas costs. Amenities such as fitness centers, coffee shops and pools with outdoor areas that allow residents to socialize on-site have become commonplace. In the Greenville market, the downtown apartment activity is bustling. Hughes Investments recently delivered the Riverwalk at Riverplace, a mixed-use development that …
ATLANTA — Prudential Real Estate Investors has purchased the 259,500-square-foot Ten Peachtree Place, a Class A office tower located in Atlanta, from a venture managed by Cousins Properties for $61.4 million. The 20-story building, which is fully leased, serves as the corporate headquarters of AGL Resources. The property is currently undergoing a $1.2 million renovation to achieve LEED Silver status.
HYATTSVILLE, MD. — Federal Capital Partners has purchased the 234-unit Ager Road Station, an apartment complex located at 5720 29th Ave. in Hyattsville, in an off-market transaction for $14.75 million. Amenities include a playground, horse shoe pit, volleyball and barbecue and sheltered picnic areas. The buyer plans to invest $2.5 million in renovations for common areas and interior apartment upgrades. The property will be rebranded as North Pointe.