BRADENTON, FLA. — A joint venture between Northbrook, Ill.-based Middleton Partners LLC and Chicago-based Stage Equity Partners LLC, a healthcare real estate investment company, has acquired two medical office buildings totaling approximately 70,000 square feet in Bradenton. The buildings are more than 95 percent occupied, with approximately 60 percent of the space leased by a subsidiary of HCA Healthcare, one of Bradenton’s largest healthcare providers. A publicly traded healthcare REIT sold the properties.
Southeast
NORTH CHARLESTON, S.C. — Silvana Oaks, a Class A multifamily apartment community in North Charleston, has traded for approximately $21.5 million. Palmetto Park Apartment Associates LLC sold the property, which was built in 2010 and located adjacent to the Publix Palmetto Pavilion Shopping Center on Dorchester Road in North Charleston, to Silvana Oaks LLC. Rivers Evans and Donald Evans of Evans, Rivers and Co. represented the seller, and Dexter Rumsey of NAI Avant represented the buyer.
BATON ROUGE, LA. — Boston Capital, a real estate investment and advisory firm specializing in tax-advantaged investments, is investing in The Gardens Senior Apartments, a 55-unit multifamily development for seniors in Baton Rouge. The community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The Humanities Foundation Inc., a Charleston, S.C.-based non-profit organization dedicated to affordable housing development, is the general partner. The Gardens Senior Apartments will include 49 one-bedroom and six two-bedroom units in a two-story building.
ORLANDO, FLA. — A one-story, 19,344-square-foot office building at 1001 N. Orange Ave. in downtown Orlando recently traded for $2 million. Donald F. Evans Trust sold the property, which was built by The Evans Group in 1998 and expanded in 2003, to Orlando-based 1001 North Orange Avenue LLC. Thomas Hankins and Eric Parrs of NAI Realvest represented the seller.
The Charlotte multifamily market continues its strong recovery and shows no signs of slowing down. All facets of the multifamily market are improving with tightening apartment fundamentals, increased transactional volume and the announcement of several high-profile development projects. According to RealPage MPF Research, the Charlotte market has experienced 6.8 percent rent growth during the past 12 months, which ranks third in the country behind only San Francisco and San José, California. The market has also absorbed more than 3,300 units in the same time period, lowering the overall market’s vacancy to approximately 6.5 percent — the lowest vacancy figure seen in Charlotte in more than a decade. Transaction volume in the Charlotte metro, while only half of the activity level in the Triangle market, has been relatively strong with approximately $800 million in sales during the past 12 months. Capital sources continue to flock to the highest-grade assets, particularly infill locations, where historically low interest rates boost investor returns. A recent illustration of this trend was Atlanta-based Post Properties’ purchase of the 360-unit Circle at South End from Crescent Resources for $74 million or $205,556 per unit, a record per-unit price for a garden-style community in the Carolinas. On the …
WASHINGTON, D.C. — Skanska USA Commercial Development Inc. and Grosvenor Americas are planning to develop a 650,000-square-foot mixed-use complex in Washington, D.C.’s Capitol Riverfront district. It will be located between M and N streets, fronted by First Street, and close to the new Washington Nationals baseball park and the Navy Yard station on Metrorail’s Green Line. Skanska USA will develop an 11-story, 224,000-square-foot office building with 11,000 square feet of ground-floor retail space, and Grosvenor Americas will develop the remainder with a mix of residential and retail space. Gensler Architects will design the office building, which is aiming for LEED Platinum certification, and Skanska USA Building will be the construction manager. McCaffery Interests will oversee construction of Grosvenor Americas’ portion of the mixed-use development.
ROSWELL, GA. — The three-story, 52,000-square-foot North Fulton Medical Plaza recently opened at 4500 Hospital Blvd. in Roswell across from the main entrance to North Fulton Hospital. Indianapolis-based Duke Realty developed, financed, owns and manages the Class A medical office building that houses North Fulton Hospital’s Pain and Spine Center and Roswell Imaging Center. The facility is set to receive LEED certification by the U.S. Green Building Council. ASD of Atlanta and Lyman Davidson Dooley of Atlanta served as the project architects and Brasfield & Gorrie’s Atlanta office was the general contractor.
FAYETTEVILLE, N.C. — The 232-unit Abbotts Park and the 124-unit Abbotts Landing, two multifamily apartment communities in Fayetteville, received $20.25 million in refinancing. Capital Advisors’ Cooper Willis arranged the 10-year loan with a 30-year amortization schedule on behalf of Abbotts Fayetteville LLC through Jefferies LoanCore LLC. The two communities include one-, two- and three-bedroom garden-style apartments built in 2006. Abbotts Park is located at 6320 Abbotts Park Rd. and Abbotts Landing at 581 Abbotts Landing Cir. in Fayetteville.
LUMBERTON, N.C. — Lumberton Lodging Associates LLC sold a 104-room Fairfield Inn, located at 3361 Lackey St. in Lumberton, to CHD Investments LLC. The hotel was built in 1994 and renovated in 2007, and it features an outdoor pool, fitness center and business center. Doug Henkel, Lewis Miller, Andy Wimsatt and Kym Halsted of the CBRE?Hotels group represented Lumberton Lodging Associates LLC in the transaction.
CHARLOTTE, N.C. — Forward Air Solutions Inc. (FAS), a national distribution network and logistics services provider, leased the entire 150,000-square-foot industrial building at 2301 Nevada Blvd. in Charlotte. FAS, which specializes in customized store delivery for retailers, healthcare distributors, publishers, the hospitality industry and other companies, is relocating its Charlotte operations from Ridge Creek Distribution Center. Boston-based TA Associates Realty owns the industrial building on Nevada Boulevard. Bill Wood of Trinity Partners, which handles leasing and property management for the property, represented TA Associates Realty in the lease transaction and Mike Bauer of Dallas-based Fischer & Co. represented FAS.