Joint Venture Sells Apartment Community in Tarpon Springs, Florida for $65.7M

TARPON SPRINGS, FLA. — DDA Development, in partnership with Backstreets Capital and Atlantic American Partners, has sold Icaria on Pinellas, a 236-unit, Class A apartment complex in Tarpon Springs. The sales price was $65.7 million, or $278,179 per unit. Washington, D.C.-based RSE Capital Partners was the buyer. Walker & Dunlop represented the sellers.Located on 6.5 acres at 1185 South Pinellas Ave., Icaria on Pinellas offers a mix of one-, two- and three-bedroom units. The apartments …

October 18, 2021Acquisitions, Florida, Multifamily, Southeast

CBRE Arranges $57.5M Sale of Offices at Plantation Walk in South Florida

PLANTATION, FLA. — CBRE has arranged the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot office building in Plantation, to Vision Properties. Christian Lee, José Lobón and Marcos Minaya of CBRE, along with Jay Adams of Newmark, represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.Offices at Plantation Walk is a seven-story office building located within the Plantation Walk, a $350 million, 27-acre …

October 18, 2021Acquisitions, Florida, Office, Southeast

Berkadia Secures $49.7M Refinancing for Apartment Community in Metro Atlanta

NORCROSS, GA. — Berkadia has secured approximately $49.7 million in debt and equity for the refinancing of The Carter @ 4250, a 300-unit apartment community in Norcross. The financing includes a $33.1 million Freddie Mac loan that Mitch Sinberg and Brad Williamson of Berkadia arranged on behalf of the borrower, Miami-based One Real Estate Investment (OREI). The 10-year, floating-rate loan includes five years of interest-only payments.Addtionally, Chinmay Bhatt, Noam Franklin and Cody …

October 18, 2021Georgia, Loans, Multifamily, Southeast

Concord Capital Acquires Majority Stake in 75,000 SF Office Building in Ridgeland, Mississippi

RIDGELAND, MISS. — Concord Capital LLC has acquired a 58 percent controlling interest in 300 Concourse, a 75,000-square-foot, three-story office building in Ridgeland. First National Bankers Bank, Glacier Holdings LLC and FEI Building LLC sold their stakes to Concord Capital for an undisclosed price. Concord Capital purchased three of the office building’s five condominiums.Located at 300 Concourse Blvd., 300 Concourse is situated within Colony Park, a 430-acre, mixed-use property with …

October 18, 2021Acquisitions, Mississippi, Office, Southeast

Aline Capital Brokers $21.5M Sale of Apartment Complex in Charleston

CHARLESTON, S.C. — Aline Capital's Multifamily Advisory Group has brokered the sale of Forest Cove Apartments, a 184-unit apartment community in Charleston. Greenville, S.C.-based Aline Capital represented the seller, Edac Enterprises, in the transaction. Eskay Management purchased the property for $21.5 million.Forest Cove offers one- and two-bedroom floorplans with a rental range of $950 to $1,075. The units range in size from 650 to 900 square feet with features including walk-in …

October 18, 2021Acquisitions, Multifamily, South Carolina, Southeast

Orlando Retail Market Experiencing Record Investor Demand and Pricing

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows.According to data from CoStar Group, the metro’s average rental rate of …

October 18, 2021Florida, Market Reports, Retail, Southeast, Southeast Market Reports

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space.Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the …

October 15, 2021Florida, Hospitality, Loans, Mixed-Use, Multifamily, Retail, Southeast, Top Stories

Housing Trust Group Opens $25M Affordable Housing Community in Miami

MIAMI — Housing Trust Group (HTG) has opened Max’s Landing Apartments, a 76-unit affordable housing community located in the West Kendall neighborhood of Miami. The development cost was $25 million.Located at 8905 SW 169th Court, Max’s Landing Apartments is a three-story building with 56 one-bedroom, one-bath units and 20 two-bedroom, two-bath units. The property has 11,388 square feet of retail space on the ground floor, and residential units on the second and third floors.Units …

October 15, 2021Affordable Housing, Development, Florida, Multifamily, Southeast

Marcus & Millichap Brokers $12.6M Sale of Village Shoppes at Creekside in Metro Atlanta

LAWRENCEVILLE, GA. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The shopping center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta.The tenant roster at Village Shoppes at Creekside includes Badcock Furniture and Harbor Freight …

October 15, 2021Acquisitions, Georgia, Retail, Southeast

JLL Arranges 22,495 SF Office Lease with Global Law Firm in Downtown Miami

MIAMI — JLL has arranged an office lease for Reed Smith, an international law firm, for 22,495 square feet within Southeast Financial Center in downtown Miami. Barbara Liberatore Black and Jeff Gordon of JLL represented Reed Smith in the lease negotiations. Eric Groffman and Cameron Tallon, also with JLL, represented the landlord, Ponte Gadea Biscayne.Reed Smith, which is moving from Miami’s Brickell district, will be located on the 26th floor of Southeast Financial Center. The law firm …

October 15, 2021Florida, Leasing Activity, Office, Southeast