PALM BEACH GARDENS, FLA. — Gatsby FL, a division of New York City-based family investment firm Gatsby Enterprises, plans to build PGA Tower, a 200,000-square-foot office building in Palm Beach Gardens. Chris Smith with CBRE and Darryl Kaplan of Darryl R Kaplan Co. represented Gatsby in the land acquisition. Smith will be handling leasing along with CBRE’s John Criddle and Joe Freitas. Situated on seven acres near the intersection of PGA and RCA boulevards, the eight-story office building will feature column-free, 25,000-square-foot floor plates; fine dining restaurants; 7,000 square feet of quick-serve restaurants and retail; a fitness center; and 1,000 covered garage parking spots along with EV charging stations. PGA Tower’s offices will feature 10-foot, floor-to-ceiling windows with hurricane-resistant glass, full generator back-ups and building top signage. Gatsby, which also owns the nearby DiVosta Towers and 800 Brickell in Miami, anticipates tenant delivery beginning in first-quarter 2024.
WINCHESTER, VA. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, the first phase of which will include 48 new independent living unit apartments. To fund the first phase of the project, SVWC issued two tranches of drawdown bank loans that Atlantic Union Bank and Pinnacle Financial Partners purchased. The first portion of the financing was $51 million in bonds via a 12-year bank commitment, with a variable interest rate. The second portion, totaling $20 million, features a 4.5-year final maturity to be repaid from initial entrance fees to the new independent living units.
GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.
FORT LAUDERDALE, FLA. — Newmark has arranged a $64.5 million loan for the development of Advantis Station, a 252-unit midrise apartment community situated within Fort Lauderdale’s Flagler Village. The borrower is a joint venture between Midtown Capital Partners and Prospect Real Estate Group. Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Nick Scribani, Daniel Fromm, Dan Morin and Tim Polglase of Newmark arranged the loan through Forum Real Estate Group and Bank OZK. Advantis Station will be situated on a 1.3-acre site at the intersection of NE 3rd Ave. and NE 6th Street, which is near a Brightline station and Peter Feldman Park. The property will feature studio, one-, two-, three- and four-bedroom units, as well as over 300 parking spaces and ground-floor retail space. The construction timeline was not disclosed.
NASHVILLE, TENN. — Hall Structured Finance (HSF) has provided a $43.1 million construction loan for a new eight-story hotel project in Midtown Nashville. The new Holiday Inn Express will feature 184 guest rooms, as well as an outdoor infinity-edge swimming pool, fitness center, meeting room, convenience market, breakfast area and a business center. Francisco Nacorda of Mag Mile Capital arranged the loan through HSF on behalf of the borrower, Nashville-based SiLa Developments. Triumph Hospitality will manage the Holiday Inn Express when it opens in March 2024.
LOUISVILLE, KY. — Albany Road Real Estate Partners, an investment firm based in Boston, has purchased Hurstbourne Park & Place, a two-building office campus located off Shelbyville Road in Louisville. The seller and sales price were not disclosed, but Louisville Business First reports that the 344,000-square-foot campus sold for $42.5 million. Hurstbourne Park & Place was 93 percent leased at the time of sale to tenants including Bank of America, Carewise Health, New York Life, Stantec, DMLO and Central Bancshares, which together boast an average tenure of over 17 years. Patterson Real Estate Advisory Group arranged acquisition financing through First Horizon on behalf of Albany Road. This is the firm’s first investment in the Louisville trade area.
DAYTONA BEACH AND WEST MELBOURNE, FLA. — Waypoint Residential has sold two garden-style multifamily communities located along Florida’s Space Coast. Houston-based Venterra Realty purchased the properties — the 276-unit Tomoka Pointe in Daytona Beach and the 300-unit Luminary at 95 in West Melbourne — for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction. Both properties were constructed in 2019 and had a blended occupancy of 95 percent at the time of sale. Waypoint Residential acquired both assets in 2020.
CHATTANOOGA, TENN. — Nordstrom Inc. plans to open a new Nordstrom Rack store at The Terrace at Hamilton Place, an open-air shopping center located at the intersection of Shallowford Road and I-75 in Chattanooga. This will be the third Nordstrom Rack and fourth Nordstrom concept in Tennessee. Locally based CBL Properties owns and manages Hamilton Place, which houses retailers including Academy Sports + Outdoors, DSW, Ulta Beauty and Old Navy. CBL Properties plans to open the Nordstrom Rack store in spring 2023.
GREENVILLE, S.C. — Charlotte-based SunCap Property Group has broken ground on a 1 million-square-foot spec industrial facility within Greenville Enterprise Park, a 140-acre industrial park on the south side of Greenville. SunCap purchased the land in partnership with the real estate arm of Goldman Sachs Asset Management. Located at 7755 Augusta Road near I-185, the speculative facility is expandable up to 1.5 million square feet, depending on end user requirements. The property will feature 40-foot clear heights and cross-dock orientation, as well as ample onsite employee and trailer parking. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers are the leasing agents for the property. The project is SunCap’s eighth in Upstate South Carolina and the largest speculative building in Greenville County, according to Colliers.
ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.