MIAMI BEACH, FLA. — NoBe Bay Holdings, a joint venture between Miami-based 13th Floor Investments and Miami-based Key International, has closed on an $18 million construction loan for the 98-unit NoBe Bay, a condominium project located at 6700 Indian Creek Dr. in Miami Beach. U.S. Bank provided the 5-year, interest only loan. Included in the project is a 463-space parking garage and 12,000 square feet of retail space. The parking and retail structure is slated for completion in the first quarter of 2012 and construction on the condominiums will be finished by the summer of 2012.
SILVER SPRING, MD. — Home Properties has broken ground on the 379-unit Eleven55 Ripley, an apartment complex located in downtown Silver Spring. The project is estimated to cost between $111 million and $200 million. Shalom Baranes Associates designed the property, which will include a roof-top outdoor pool, a deck and dining area, a theatre, a two-story fitness center with a yoga room, a 3,000-square-foot clubroom with a demonstration kitchen, business center and conference room, and a private, landscaped courtyard. Home Properties anticipates that Eleven55 will attain LEED Silver certification upon completion, which is slated for the third quarter of 2013.
WASHINGTON, D.C. — Vornado Realty Trust has closed on the $104 million acquisition of the 130,000-square-foot 1339 New York Avenue, a Class A trophy office building located in Washington, D.C.'s CBD. The company acquired the 97.5 percent interest it did not previously own in the building. The seller was undisclosed.
LOUISVILLE, KY. — Denver-based Continental Realty Advisors has purchased a 1,200 unit multifamily portfolio, located in the St. Matthews and Oxmoor submarkets of Louisville, from Camden for $97 million. The properties include Brookside Apartment Homes, Meadows Apartment Homes, Prospect Park Apartment Homes and Oxmoor Apartment homes. HFF's Chicago office represented the seller in the transaction.
WINTER HAVEN AND TAMPA, FLA. — Marcus & Millichap has arranged the $8.82 million sale of a four-property multifamily portfolio in Winter Haven and Tampa. The properties include the 81-unit Brandywyne, the 60-unit Landings, the 160-unit Hickory Pointe and the 18-unit Country Place. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Florida-based private investor, in the transaction and procured the buyer, a Tampa-based private investor.
BALTIMORE CITY, MD. — Timonium, Md.-based Trout Daniel & Associates has arranged a sale-leaseback of the 74,289-square-foot Baltimore Behavioral Health (BBH) campus, located at 1001, 1021 & 1101 West Pratt St. in Baltimore City. Steven Cornblatt and Matthew Melnick of Trout Daniel represented BBH, the seller, in the sale and leaseback. BBH leased 36,000 square feet of space. The buyer was West Pratt Street Holdings, which leased 38,289 square feet to the University of Maryland.
With low rental rates and available square footage, Atlanta’s industrial market remains a favorable environment for tenants and buyers interested in discounted real estate. Many are taking the opportunity to renegotiate leases on existing space or upgrade in terms of size, quality and location. With its close proximity to Hartsfield-Jackson Atlanta International Airport, CoStar Property reports South Atlanta’s Industrial Submarket is leading the metro area, with net absorption year-to-date in the third quarter of 2011 of 4.64 million square feet at an average quoted rental rate of $3.05 per square foot. The Northeast Atlanta submarket followed by posting year-to-date net absorption of 1.12 million square feet in the third quarter of 2011 at a higher quoted rental rates averaging $4.60 per square foot. Total year-to-date net absorption in the third quarter of 2011 for the metro area was 5.52 million square feet, with average quoted rental rates of $3.83 per square foot. This is in spite of the fact that flex space experienced negative net absorption, which accounts for approximately 10 percent of industrial inventory. The third quarter 2011 average vacancy rate of 13.3 percent has dropped relative to previous periods due in part to positive absorption and anemic new …
GEORGIA AND FLORIDA — Strategic Storage Trust, Inc. (SSTI) has purchased a portfolio of 12 self-storage properties in Georgia and Florida for approximately $80 million. The properties total 8,000 units and nearly 1 million square feet. The facilities will be rebranded under the SmartStop Self Storage name. The Georgia properties are located in Kennesaw, Sharpsburg, Duluth (three properties), Marietta, Austell, Sandy Springs, Smyrna and Lawrenceville. The remaining two properties are in Jacksonville, Fla.
RALEIGH, N.C. — The 112,000-square-foot Trinity Place, an office building located at 1201 Edwards Mill Rd. in Raleigh, has been sold for $15.4 million. Tenants include AT&T, AeroTek, RSM McGladrey and CapStrat. Denver-based Fairfield Asset Advisors represented both parties in the transaction.
MOUNT PLEASANT, S.C. — A 14,500-square-foot, single tenant net-leased Walgreens, located at 2903 N. Hwy. 17 in Mount Pleasant, has been sold for $7.37 million. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a Chicago-based 1031 exchange investor, in the transaction. The seller was a Southeast-based developer.