Southeast

Northmarq Secures $16.8M Acquisition Loan for Grocery-Anchored Center in Jupiter, Florida

by Julia Sanders March 24, 2022

JUPITER, FLA. — Northmarq has secured $16.8 million in acquisition financing for Fresh Market Village, a 55,046-square-foot, grocery-anchored retail property in Jupiter. Daniel Karp of Northmarq arranged the financing, which included a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Northmarq secured the permanent, fixed-rate loan on behalf of the undisclosed borrower through its relationship with an unnamed life insurance company. Built in 1989 and last renovated in 2014, the property is anchored by The Fresh Market. Located at 287 East Indiantown Road, the property is situated 19.7 miles from Palm Beach and 20.6 miles from Palm Beach International Airport.

March 24, 2022

Acquisitions Retail Southeast Tennessee

Marcus & Millichap Brokers Sale of 24,502 SF Retail Property in Kingsport, Tennessee

by Julia Sanders March 24, 2022

KINGSPORT, TENN. — Marcus & Millichap has brokered the sale of Shoppes at East Stone, a 24,502-square-foot retail property in Kingsport. The property sold for $4.5 million. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben of Marcus & Millichap assisted in closing this transaction. Shoppes at East Stone is occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental. Located at 2637 E. Stone Drive, the property is situated in northern Tennessee, about 102 miles from Knoxville. The property is also 13.6 miles from Tri-Cities Airport.

March 24, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Castle Lanterra Acquires 160-Unit Active Adult Community in Bonita Springs, Florida

by Julia Sanders March 24, 2022

BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.

March 24, 2022

Mark Fletcher Bohler Development Teaming

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Four Factors to Build Successful Teams in a Development Project

by Sarah Daniels March 24, 2022

When it comes to commercial real estate development, thoughtfully curated teams are critical to success. “It’s important that the extended team works well with each other, so they can deliver results for clients,” explains Mark Fletcher, director of Strategic Partnering at Bohler, a land development design and consulting firm. Developers don’t want to work with a variety of disjointed processes and personalities. They want to work with one team, a multi-discipline team that effectively manages time and resources, focusing on streamlined processes and speed to market. This sort of team unity promotes both cohesiveness and consistency in outcomes. Building a great design and consulting team means having the property developer’s end goals in mind from the very start of the process: dependability, speed to market and turnkey solutions. The importance of fostering cohesion extends to finding an architect to optimize the building and a contractor to strategize materials and phasing. It may be necessary to engage an attorney who can work well with the team to address land use and zoning. Finally, the right site design and consulting firm can streamline communications, maintain timelines and entitlements and keep the project moving forward. Here’s how Bohler’s approach to assembling a team …

March 24, 2022

Acquisitions Florida Multifamily Southeast

Park Partners, Independencia Acquire Multifamily Property in Orlando for $77.8M

by Julia Sanders March 23, 2022

ORLANDO, FLA. — Park Partners Residential and Independencia Asset Management have acquired The Commons, a 280-unit multifamily property in Orlando, for $77.8 million. The property was purchased from real estate funds managed by Ares Management. Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman & Wakefield brokered the sale. The joint venture between Boca Raton, Fla.-based Park Partners Residential and Miami-based Independencia Asset Management received a $58.5 million construction loan. American Real Estate Capital provided the loan, which will be used to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces. The joint venture will renovate the pool, clubhouse and fitness areas along with the add a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will also include an array of wellness-focused amenities including a gym, sports court and a basketball court along with a cardio gym with yoga and spinning areas. Located at 8050 Gables Commons Drive, The Commons is situated 16.4 miles from downtown Orlando. The property is also 2.3 miles from the Walt Disney World Resort.

March 23, 2022

Acquisitions Maryland Office Southeast

Byrnes Brokers Sale of 15-Story Office Building in Downtown Baltimore, Buyer Plans Multifamily Conversion

by Julia Sanders March 23, 2022

BALTIMORE — Byrnes & Associates Inc. has brokered the sale of 210 North Charles St., a 15-story, 232,000-square-foot office tower in downtown Baltimore. An entity known as 210 N. Charles Owner LLC, a joint venture partnership formed by Baltimore-based residential developer Trademark Properties and local investor Prab Thangarajah, has acquired the property for $6 million. Artemis Properties sold the property. Brad Byrnes of Baltimore-based Byrnes & Associates represented the buyer in the transaction. Built in 1894, 210 North Charles St., also known as The Fidelity & Deposit Building, will be converted into a multifamily property with about 220 apartment units. The property’s new ownership group intends to start the renovation process next month. The project will have a mix of studio, one- and two-bedroom floorplans ranging from 500 to 2,000 square feet. Construction is slated to be completed by spring 2024. The development cost is expected to be $34 million. The project will also feature a street-level restaurant component, featuring a corner vault room complete with an outdoor seating area that overlooks Center Plaza. In addition, two or three retail spaces will be carved out of the street-level and leased to end users, and the project will have underground parking …

March 23, 2022

Acquisitions Alabama Retail Southeast

Cushman & Wakefield Arranges $14.9M Sale of Publix at Bristol Park in Metro Tuscaloosa

by Julia Sanders March 23, 2022

NORTHPORT, ALA. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. The sales price was $14.9 million, or $254 per square foot. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. Publix at Bristol Park was 96 percent leased at the time of sale. Built in 2019, the property includes a Publix, which occupies most of the shopping center. Other tenants at the property include Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. Located at 13556 Hwy 69 North, the property is close to the intersection of Ala. Highway 69 and Mitt Larry Road. The property is also 8.3 miles from the University of Alabama.

March 23, 2022

Development Florida Retail Southeast

MV Group to Redevelop Two Retail Centers in Downtown Miami Springs

by Julia Sanders March 23, 2022

MIAMI SPRINGS, FLA. — MV Group USA, a Miami-based full-service construction company, has plans to redevelop two retail centers in downtown Miami Springs. The redevelopments, which will exceed 30,000 square feet of retail space, are slated to be fully completed by the end of the year. The redevelopment projects include a modern redesign of the two retail centers, with the addition of new features such as outdoor seating and retail and restaurant spaces. The renovated retail spaces will feature some of the existing tenants that have renewed their long-term leases. Additionally, national restaurants will be joining the lineup starting fall 2022. MV Group has worked on other redevelopment projects including the development of Flagler Ponce Shops located at 3631 W. Flagler St. Other redevelopment projects the firm has completed include 4136 N. Miami Ave. and 9901 Bird Road.

March 23, 2022

Leasing Activity Office Southeast Tennessee

Oracle Signs Full-Floor Office Lease in Nashville’s Gulch District

by Julia Sanders March 23, 2022

NASHVILLE, TENN. — Oracle, an Austin-based computer technology corporation, will lease space at Radius, a 265,564-square-foot office building in Nashville’s Gulch neighborhood. The tech company will use the office space as its new regional headquarters campus in Davidson County. Dallas-based Stream Realty Partners, which handles the building’s leasing and property management, and Sandeema Co. represented Oracle in the lease transaction. Radius, which previously was known as the Lifeway Plaza, is a nine-story building with six full-floor office spaces averaging 31,580 square feet that are available for lease. Oracle will occupy the fourth floor of the building. The building offers resort-style fitness facilities with lockers and showers, a tenant lounge, outdoor terrace, onsite security, café with grab-and-go items and ample parking. Located at 601 11th Ave. N., the office building is located 9.9 miles from Nashville International Airport and 2.5 miles from Belmont University.

March 23, 2022

Affordable Housing Loans Multifamily Southeast Tennessee

KeyBank Provides $74M Bridge Loan for Affordable Housing Portfolio in Tennessee

by Julia Sanders March 22, 2022

CLEVELAND — Cleveland-based KeyBank Community Development Lending and Investment has provided a $74 million bridge loan for the acquisition of four Section 8 subsidized affordable housing properties in Tennessee. Matthew Haas, Timothy Gerstmann and Jonathan Woodland of KeyBank originated the financing. SDG Housing Partners, a Manhattan Beach, Calif.-based affordable housing development company, received the loan. The four properties include Ramblewood in Clarksville (112 units); Margaret Robinson in Hermitage (100 units); Ridgebrook in Knoxville (144 units); and Hickory Forest in Nashville (90 units). The borrower will be seeking bonds and 4 percent LIHTC credits to be moderately renovated and units upgraded in the next 12 to 18 months with agency financing provided by KeyBank.

March 22, 2022

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