SARASOTA, FLA. — Belpointe OZ has secured a $130 million construction loan for the development of Aster & Links, a multifamily project in Sarasota. Bank OZK provided the financing. Upon completion, Aster & Links will comprise 424 apartments across two 10-story buildings, with units in one-, two-, three- and four-bedroom layouts. Amenities at the community will include more than 900 parking spaces, a clubroom, fitness center, courtyard, heated saltwater pool and outdoor grills. A construction timeline was not disclosed.
DULUTH, GA. — Cushman & Wakefield has brokered the $91 million sale of The Reserve at Sugarloaf, a multifamily community located at 2605 Meadow Church Road in Duluth, roughly 27 miles northeast of Atlanta. Built in 2002, the property comprises 333 units averaging 1,225 square feet in size. Amenities at the community include an indoor-outdoor fitness center, pool, pet park, internet café and car care center. Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield of Cushman & Wakefield arranged the transaction on behalf of the seller, an institutional client of New York Life Real Estate Investors. Olen Properties acquired the asset.
REX, GA. — EverWest Real Estate Investors has purchased an industrial property located at 9485 Highway 42 North in Rex, roughly 20 miles outside Atlanta. InLight was the developer and seller. Situated on 21.1 acres, the development features two recently completed speculative distribution buildings totaling 268,400 square feet. The buildings span 130,000 and 138,400 square feet, respectively, and feature 32-foot clear heights, LED lighting, ESFR sprinklers, wide columns and 72 dock and four drive-in doors. Britton Burdette, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL arranged the sale.
ASHEVILLE, N.C. — Newmark has arranged a $48 million construction loan for the development of Creekside Asheville, an apartment and townhome community in Asheville. Creekside Asheville will total 308,000 square feet and house 319 apartments and carriage homes. Amenities at the property will include a saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. Danny Matz, Nick Scribani, Jordan Roeschlaub and Dustin Stolly of Newmark secured the financing through Wintrust on behalf of the borrowers, URS Capital Partners and Advantis Development.
CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.
LOUDON, TENN. — The Hollingsworth Cos. has broken ground on three industrial buildings within Huntington Industrial Park in Loudon, approximately 35 miles southwest of Knoxville. Two of the facilities were started as speculative projects and the third as a build-to-suit property for an undisclosed tenant. The assets span 130,424 square feet, 195,360 square feet and 194,400 square feet. Situated along I-40 and I-75, Huntington Industrial Park includes two additional sites available for build-to-suit developments spanning from 130,000 to 400,000 square feet.
NEW YORK CITY — MCR, the nation’s third-largest hotel owner-operator, has purchased three hotels in Central Florida totaling 384 rooms. The New York City-based investor acquired the assets, which include 169-room Hyatt Place Orlando/Lake Buena Vista in Orlando, the 111-room Hampton Inn Daytona Shores in Daytona Beach Shores and the 104-room Courtyard Marriott DeLand Historic Downtown in DeLand, for an undisclosed price. The seller was also not disclosed. All three hotels include fitness centers, pools and complimentary Wi-Fi. The acquisition brings MCR’s Florida portfolio to 13 hotels.
HAMPTON, VA. — Berkadia has arranged the $31 million sale of Carson Square, a 292-unit apartment community located at 1587 Briarfield Road in Hampton, a principal city in Virginia’s Hampton Roads region. A New Jersey-based entity doing business as Carson Square Assoc LLC purchased the garden-style community from Virginia-based Seminole Trail Properties. David Hudgins of Berkadia’s Norfolk office represented the seller in the transaction. Carson Square was built in 1971 and features renovated one-, two-, and three-bedroom apartments.
DURHAM, N.C. — CBRE has brokered the $20.7 million sale of Duke Medical Plaza, a 60,192-square-foot, Class A medical office building located at 4709 Creekstone Drive in Durham. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof of CBRE’s U.S. Healthcare & Life Sciences Capital Markets practice represented the seller, Highwoods Properties, in the transaction. Ben Kilgore of CBRE | Raleigh and Patrick Gildea and Matt Smith of CBRE’s Charlotte office assisted in representing Highwoods. The buyer was not disclosed. Duke Medical Plaza was fully leased at the time of sale to Duke Health Integrated Practice, a subsidiary of Duke University Health System that recently signed a long-term lease extension. The facility serves as a full-service pediatric outpatient clinic offering 14 clinical pediatric services, including neurology, cardiology, endocrinology, gastroenterology, adolescent gynecology, oncology, rheumatology, nephrology, PT/OT/ST, pulmonary and onsite clinical laboratory and imaging.
DALLAS AND TAMPA, FLA. — SRS Real Estate Partners has expanded its Florida presence with the acquisition of full-service, Tampa-based firm Meridian Retail Group, which provides advisory services to retail, restaurant and entertainment clients. Meridian co-founders John Fahey and Tyler McRae will join SRS as senior vice presidents and market leaders, heading the Tampa office in conjunction with John Artope, executive vice president and managing principal of SRS. Fahey and McRae have 20 and 15 years of experience, respectively. Grant Burt, Caroline Connelly and Jacob Rasnick of Meridian will also join SRS, with a focus on tenant representation and leasing for retail clients.