LEXINGTON, KY. — NAI Isaac has arranged the sale of a 21,384-square-foot office building located at 1080 Export Road in Lexington. Comprising three stories, the property is within walking distance of the University of Kentucky campus. Jamie Adams and J.L. Cannady of NAI Isaac represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …
MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.
HOLLYWOOD, FLA. — Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development. Situated near Hollywood Beach and I-95, the unnamed, seven-story multifamily community is expected to be delivered in first-quarter 2025.
RICHMOND, VA. — Capital Square has broken ground on a 352-unit apartment development in the Scott’s Addition neighborhood of Richmond. The development site is within an opportunity zone at 2929 W. Clay St. and 2922 and 2925 W. Marshall St. The project will include three-seven story buildings developed atop podium parking with more than 5,350 square feet of ground-level retail space. The design-build team includes civil engineer Timmons Group, architect Poole & Poole Architecture, general contractor Hourigan Construction, interior designer ENV and landscape architect Marvel Designs. Construction of the development is expected to be completed by spring 2025. Locally based Capital Square has developed three other apartment communities in Scott’s Addition and has another one nearing completion.
JACKSONVILLE AND DELRAY BEACH, FLA. — Redfearn Capital has purchased an industrial facility in Jacksonville and industrial outdoor storage (IOS) property in Delray Beach for a combined $18.9 million. The Jacksonville property is a 138,200-square-foot warehouse with 32 dock doors and 24-foot clear heights within Imeson Industrial Park. An entity doing business as 201 Busch Partners LLC sold the single-tenant facility, which was fully occupied by Wing Industries, for $14.4 million. The Delray Beach IOS property comprises a 13,790-square-foot facility and two acres of outdoor storage located at 1595 S.W. 4th Ave. APS Real Estate Inc. sold the asset, which is leased to Assurance Power Systems, for $4.5 million.
ELBERTA, ALA. — Argus Self Storage Advisors has brokered the $1.9 million sale of a self-storage facility located on a 16.1-acre site in Elberta. The facility comprises 98 climate-controlled units totaling 11,250 rentable square feet and 37 boat and RV parking spaces spanning 19,800 rentable square feet. Texas-based A-Affordable Boat & RV Storage purchased the property from undisclosed sellers. Stuart LaGroue Sr. and Bill Barnhill of Argus represented the sellers in the transaction.
LEIDEN, NETHERLANDS — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are smaller stores dedicated to kitchen, bedroom and living room planning. Plan and Order is an extension of IKEA’s existing planning studio business and is a relatively new endeavor for the company, with only two locations currently open in England. Ingka Group’s new stores will be primarily located in the Southern United States, a region where IKEA currently has a smaller concentration of locations, according to reports by The Wall Street Journal. These stores will create over 2,000 jobs upon completion. IKEA US, the American subsidiary of the retailer, has also announced new locations in San Francisco and Arlington, Va., that are set to open this summer. The $2.2 billion investment …
The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …
WEST PALM BEACH, FLA. — The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom apartments ranging from 330 to 1,265 square feet in size. Amenities will include a resort-style pool with cabanas; health club with yoga, spin and aerobics rooms and on-demand fitness; social and gaming lounge; cyber lobby with coworking spaces; dog park and pet washing station; and dry cleaning and laundry services. Estate Cos. has numerous projects in various stages of development in South Florida, including two in North Miami Beach, three in Hollywood and one apiece in Dania Beach, Lauderhill, Pompano Beach and Riviera Beach.
