DANIA BEACH, FLA. — Northmarq has arranged $88 million for the refinancing of Avery Dania East, a 336-unit apartment community located at 120 N. Compass Way in Dania Beach, about five miles south of Fort Lauderdale. Built in 2023, the property is a multifamily component within Dania Pointe, a mixed-use development by Kimco that features six hotels, 1 million square feet of retail and restaurants and more than 500,000 square feet of office space, including the new headquarters for Spirit Airlines. David Gahagan, Chris Hammel and Chandler Kaye of Northmarq arranged the financing through BlackRock and SteepRock on behalf of the borrower, Meyers Accesso, a new partnership between The Meyers Group and Accesso. The refinancing was underwritten with a three-year term with interest-only payments for the full term. The developer received a certificate of occupancy in December 2023 for Avery Dania East, which was 45 percent occupied at the time of financing.
VALDOSTA, GA. — Marcus & Millichap has brokered the $18.5 million sale of Staten Crossing Apartments, a 196-unit community located at 3925 N. Oak St. Extension in Valdosta, a city in South Georgia near the Florida border. John Brigel of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, THC Management LLC, in the transaction. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing the transaction. Built in 1998, Staten Crossing features one- and two-bedroom apartments, as well as a swimming pool, sundeck, fitness center and tennis courts.
OCALA, FLA. — SRS Real Estate Partners has negotiated the $6.1 million sale of a nearly 15,000-square-foot retail strip center located at 3701 S.W. College Road in Ocala, a city in Central Florida. Built in 1991 and renovated earlier this year, the multi-tenant property was fully leased at the time of sale to Lumber Liquidators, IVXpress, Dan’s Fan City and MUV Dispensary. The center is situated on a 1.2-acre site near I-75 and serves as an outparcel to The Home Depot. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was also a private investment firm based in South Florida.
NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton
FISHER ISLAND, FLA. — Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the loan through Madison Realty Capital. The borrowers — Related Group, Teddy Sagi, BH Group and Wanxiang America RE Group — launched sales for The Residences at Six Fisher Island in late 2022, generating more than $500 million in sales to date. Two of the property’s penthouses sold earlier this year for a combined total of $150 million, with remaining inventory targeting prices north of $4,000 per square foot. The project is set to begin construction this summer, with completion slated for 2026.
PICKENS COUNTY, S.C. — RealtyLink has purchased 115 acres behind the former Greenville-Pickens Speedway in Pickens County, directly west of Greenville, S.C. The locally based developer plans to initially invest $100 million in Phase I, which will comprise 1 million square feet of industrial space. At full build-out, Speedway Business & Technology Park will span 600 acres and comprise up to 4 million square feet of industrial space. The park will also include sidewalks, walking trails and other amenities. Phil Wilson and Stan Tzouvelekas of RealtyLink, along with CBRE, are seeking tenants for the development. Inaugural tenants of Speedway Business & Technology Park will be announced in the weeks and months to come.
BOYNTON BEACH, FLA. — JLL has secured $52.3 million in construction financing from First Citizens Bank for Egret Point Logistics Center, a 457,110-square-foot industrial development underway at 3800 S. Congress Ave. in Boynton Beach. Steven Klein, Melissa Rose and Mateo Bolivar of JLL arranged the financing on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital. Once the site for a Baptist Health System clinic, Egret Point is situated on a 30.8-acre site about 22 miles south of West Palm Beach with frontage along I-95. The development will feature two Class A logistics buildings of varying sizes. The construction timeline was not disclosed.
MORROW, GA. — ShopOne Centers REIT and Pantheon, along with an unnamed global institutional investor, have acquired Publix at Mt. Zion, a 79,031-square-foot retail center located in Morrow, roughly 15 miles south of Atlanta. Publix anchors the property, which was 98.9 percent leased at the time of sale. The grocer has operated at the property for more than 30 years. The joint venture owns three additional retail properties in the metro Atlanta area, including Sharon Greens in Cumming, Bethesda Walk in Lawrenceville and Kennesaw Walk in Kennesaw.
OWINGS MILLS, MD. — Marcus & Millichap has negotiated the $10.2 million sale of an 86-room Holiday Inn Express & Suites hotel in Owings Mills, a northwest suburb of Baltimore. Jack Davis, Gordon Allred, Joce Messinger, Karianne Cibello, Zachary Walsh and Andy Patel of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Brian Hosey served as Marcus & Millichaps’ broker of record in Maryland for the deal. Built in 2018, the Holiday Inn Express is situated on a 5.7-acre site at 11509 Red Run Blvd. off I-795. The hotel features a fitness center, business center and meeting and banquet facilities.
Last fall’s ebullience over the Federal Reserve’s likelihood of cutting the federal funds rate early and frequently in 2024 quickly faded as inflation remained too high for the Fed’s liking. Wall Street traders who make wagers on the Fed’s actions keep pushing their rate cut bets further into the year, according to CME Group, a derivatives marketplace. In early March, for example, nearly 75 percent of traders wagered on a rate cut in June. As of early June, less than 2 percent expected one. The most recent Fed meeting, on June 13, has confirmed this assumption that a rate cut is at least months away, if not longer. If and when the central bank cuts rates this year, the cost of capital is unlikely to approach the historically low levels of the last few years. As a result, the growing interest rate mantra of “higher for longer” may be finally convincing commercial property buyers and sellers to meet on pricing. New York-based research organization MSCI Real Assets recently noted that commercial property sales continued to slow in the first quarter of 2024 — a year-over-year decline of 16 percent to $78.9 billion. But it suggested that investors might be encouraged …