Southeast

JLL Arranges $115M Refinancing for Metro Edgewater Apartments in Miami

by John Nelson December 21, 2023

MIAMI — JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block Realty. MF1’s team working on the deal included Michael Squires, Phil Pesant and Connor Pensabene. The 279-unit property comprises one-, two- and three-bedroom units averaging 955 square feet in size. Amenities include a hotel-style pool with cabanas and day beds, fitness center, live-work club room, sky lounge, private dining room and a coffee bar.

December 21, 2023

Acquisitions Florida Southeast Student Housing

Cushman & Wakefield Brokers $35M Sale of Student Housing Community Near University of Florida

by John Nelson December 21, 2023

GAINESVILLE, FLA. — Cushman & Wakefield has brokered the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 S.W. 62nd Blvd. in Gainesville. A joint venture between Coastline Management Group and an entity doing business as RWW Gainesville LLC purchased the property from an undisclosed Delaware limited liability company. Mike Donaldson, Nick Meoli, Travis Prince and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. Situated about three miles from the University of Florida campus, The Pavilion on 62nd offers a unit mix consisting of mostly large four-bedroom floorplans. The property also includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park and a computer lounge.

December 21, 2023

Acquisitions Industrial Leasing Activity Mississippi Southeast

AIC Industrial Acquires 135,000 SF Manufacturing Facility in Metro Memphis in Sale-Leaseback Deal

by John Nelson December 21, 2023

OLIVE BRANCH, MISS. — AIC Industrial has acquired a 135,000-square-foot light manufacturing facility located at 11085 Airport Road in Olive Branch, a Mississippi suburb of Memphis near the Olive Branch Airport. Natureplex Properties LLC, a pharmaceutical manufacturer, sold the facility to AIC Industrial in a sale-leaseback deal. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the seller in the transaction. As part of the transaction, Austin, Texas-based AIC Industrial signed Natureplex to a long-term lease at the facility. The sales price and lease terms were not disclosed.

December 21, 2023

Development Florida Leasing Activity Mixed-Use Multifamily Retail Southeast

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson December 21, 2023

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

December 21, 2023

Acquisitions Alabama Retail Southeast

SRS Negotiates $6M Portfolio Sale of Two Gas Stations in Alabama Leased to Circle-K

by John Nelson December 21, 2023

MADISON AND HUNTSVILLE, ALA. — SRS Real Estate Partners has negotiated the $6 million portfolio sale of two newly developed gas station/convenience stores in Alabama. The assets are located at 8464 Madison Blvd. in Madison and 11010 Highway 231-431 N in Huntsville. Both properties span 5,200 square feet and have 15-year triple-net ground leases with Circle-K in place. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in the Southeast, in the transaction. The California-based private buyer purchased the assets in a 1031 exchange. The unnamed investor purchased the fee-simple ownership of the land, which span about 2 acres for both locations, in both deals.

December 21, 2023

Development Leasing Activity Mixed-Use North Carolina Office Southeast

Luxury Watchmaker Audemars Piguet Selects Raleigh Iron Works for Regional Service Center

by John Nelson December 20, 2023

RALEIGH, N.C. — Audemars Piguet, a luxury watchmaker based in Switzerland, plans to open a new regional headquarters office in Raleigh. The company plans to invest $22 million to build out its 63,000-square-foot office at Raleigh Iron Works, a $150 million mixed-use development in Raleigh by Jamestown and Grubb Ventures. The development will be the home of Audemars Piguet’s North American Service Center, which will create 105 new jobs. The watch manufacturer is joining other luxury tenants at Raleigh Iron Works that include Peter Millar, Johnnie O, Raleigh Denim Workshop and the Bal Harbour pop-up experience. The 19-acre development will also house 200 apartments and offices for Wasserman and FM Systems, as well as food-and-beverage options from Chef Scott Crawford, Robert Thompson, Ford Fry, Eastcut Sandwiches, Andia’s Ice Cream and Ponysaurus Brewing Co. Civic entities that were involved in bringing Audemars Piguet to the project include Wake County Economic Development, Raleigh Economic Development, the City of Raleigh, Wake County Board of Commissioners, Capital Area Workforce Development Board, North Carolina State University, Wake Technical Community College and the Economic Development Partnership of North Carolina.

December 20, 2023

Acquisitions Florida Georgia Loans Retail Southeast

BWE Secures $16M Financing for Two Shopping Centers in Florida, Georgia

by John Nelson December 20, 2023

WEST PALM BEACH, FLA. AND LAGRANGE, GA. — BWE has secured two loans totaling $16 million for a pair of shopping centers in Florida and Georgia. The deals include a $6 million loan for the refinancing of Palm Beach Commons, a 70,000-square-foot, Family Dollar-anchored retail center in West Palm Beach, and a $10 million acquisition loan for Publix at Merganser Commons, a newly built, Publix-anchored shopping center spanning 46,791 square feet in LaGrange. Both loans are underwritten with full-term, interest-only payments. The borrowers and direct lenders for both loans were not disclosed.

December 20, 2023

Hospitality Loans North Carolina Southeast

Berkadia Arranges $10M CMBS Refinancing for Woodspring Suites Hotel in Charlotte

by John Nelson December 20, 2023

CHARLOTTE, N.C. — Berkadia has arranged a $10 million CMBS loan for the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-room, extended-stay hotel located at 7007 MacFarlane Blvd. in Charlotte. Michael Weinberg and Alec Fox of Berkadia’s Hotels & Hospitality team arranged the five-year, fixed-rate loan through KeyBank on behalf of the borrower, Orlando-based Liberty Investment Properties. The sponsor has developed more than 35 WoodSpring Suites-branded hotels since 2007. Built in 2021, WoodSpring Suites Charlotte – University Research Park is situated adjacent to a Topgolf off I-85 and is within three miles of the University of North Carolina at Charlotte campus.

December 20, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers Sale of 48,110 SF Shopping Center in Jensen Beach, Florida

by John Nelson December 20, 2023

JENSEN BEACH, FLA. — Plaza Advisors has brokered the sale of Palm Breeze Plaza, a 48,110-square-foot shopping center in Jensen Beach, about 45 miles north of West Palm Beach, Fla. The center is situated on a nearly 4-acre site less than one mile from the coast of the Atlantic Ocean. The seller, FrostPoint Capital, acquired the center in 2020 and over the course of its ownership fully renovated the asset and signed anchor tenant Winn-Dixie to a long-term lease extension. Other tenants at Palm Breeze Plaza, which was fully leased at the time of sale, include Winn-Dixie Liquor, Domino’s, Carquest and St. Lucie Medical Specialists, a subsidiary of HCA. The buyer and sales price were not disclosed.

December 20, 2023

Acquisitions Retail South Carolina Southeast

SRS Negotiates $3.2M Sale of Retail Property in Beaufort, South Carolina Leased to Mavis Discount Tire

by John Nelson December 20, 2023

BEAUFORT, S.C. — SRS Real Estate Partners has negotiated the nearly $3.2 million sale of a 6,800-square-foot retail property located at 162 Sea Island Parkway in Beaufort, about 35 miles from Hilton Head Island. Mavis Discount Tire fully occupies the store, which opened this summer, on a 20-year triple-net lease. The Mavis property is part of a larger retail development that includes Publix, AutoZone, Sherwin-Williams and Wendy’s. Patrick Nutt, William Wamble and Sabrina Kortlandt of SRS represented the seller, an unnamed developer based in Florida, in the transaction. The Vermont-based private buyer purchased the asset in a 1031 exchange at a 5.38 percent cap rate, according to SRS.

December 20, 2023

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