TAMPA, FLA. — Stonemont Financial Group has plans to develop two industrial projects in the Tampa area comprising two warehouses in Tampa and four warehouses in Lakeland. The two projects will total 1.3 million square feet. JLL is overseeing leasing. Frampton Construction is the general contractor for both projects. In Tampa, Stonemont will break ground this spring on Sunlake Business Center, which will encompass two speculative rear-load facilities located along State Road 54. Building 1 will total 190,000 square feet and will feature 32-foot clear heights and 309 parking spots. Building 2 will be a 171,000-square-foot building with 32-foot clear heights and 231 parking stalls. The two facilities are designed to accommodate a range of user types and sizes. In Lakeland, Stonemont is also underway on Lakeland Commerce Center at County Line, an industrial park that will include a 148,100-square-foot building; 150,600-square-foot rear-load facility; 258,000-square-foot rear-load facility; and a 348,740-square-foot cross-dock facility situated on the Interstate 4 corridor just over 30 miles outside of Tampa. The development will include clear heights ranging from 32 to 36 feet, a total of 254 dock doors, 840 parking spaces and 450 trailer parking stalls available onsite.
Southeast
ATLANTA — Boca Raton, Fla.-based CP Group and an affiliate of New York City-based Cohen & Steers Capital Management Inc. have purchased Buckhead Centre, a 169,000-square-foot office property in Atlanta’s Buckhead Village. The seller and sales price were not disclosed. CP Group will manage the building. Steve Devinney, Billy Graddy and Jack Teken with Stream Realty Partners will oversee leasing for the property. Buckhead Centre includes two office buildings: an eight-story tower and an adjacent seven-story tower. The structures are situated on two contiguous land parcels totaling over four acres, including an attached restaurant building and structured parking. CP Group plans to renovate the buildings. The property has boasted an average office occupancy of 95 percent over the past 30 years. Located at 2970 Peachtree Road, the office buildings are within Buckhead Village, which offers over 800,000 square feet of shops, dining, residences and office. Buckhead Village offers tenants including Dior, Veronica Beard and Warby Parker. The property is also situated 8.3 miles from downtown Atlanta.
WEST PALM BEACH, FLA. — A joint venture between Wexford Real Estate Investors, Related Cos. and Key International has acquired two office buildings in downtown West Palm Beach. The seller and sales price were not disclosed. The two buildings are each 60,000 square feet and have a half-acre auxiliary parking lot. Located at 400 and 450 S. Australian Ave., the office properties are located close to Interstate 95 and the proposed University of Florida graduate campus that is currently being planned. The two office buildings are also situated within one mile of The Square, the open-air shopping, dining and entertainment complex.
ATLANTA — West Palm Beach, Fla.-based Wexford Real Estate Investors and Boca Raton, Fla.-based Mill Creek Residential Trust have sold Modera Prominence, a 318-unit apartment community in the Buckhead neighborhood of Atlanta, to an affiliate of Dallas-based Lone Star Funds. Alex Brown and Robert Stickel of Cushman & Wakefield arranged the sale. John Harkey and Patrick Chesser of Mill Creek represented the firm on an internal basis. Built in 2021, Modera Prominence offers studio, one-, two- and three-bedroom floorplans. The property has approximately 319,000 square feet of rentable area with an average unit size of just over 1,000 square feet. Unit features include walk-in closets, hardwood floors and in-unit washer and dryers. The ground-floor retail space totals approximately 21,000 square feet. Community amenities include a pool, fitness center, laundry facilities, elevator, movie theater and onsite maintenance. Located on 2.8 acres at 3699 Lenox Road NE, the apartment property is situated next to the Atlanta Tech Village and a MARTA station. The property is also located nine miles from downtown Atlanta and 19.6 miles from Hartsfield-Jackson Atlanta International Airport.
ATHENS, GA. — Austin, Texas-based Lincoln Ventures has plans to break ground on 558 West Broad, a 750-bed community located near the University of Georgia campus in Athens. 558 West Broad will be a 600,000-square-foot property that offers 342 units in one-, two-, three-, four- and five-bedroom floorplans. All units will be fully furnished. Community amenities will include a full-service coffee shop, swimming pool, wellness center, residential lounge, private study rooms, study lounge, fitness center with yoga and spin studios, bike storage and a pet grooming station. Construction on the project is set to begin in June with delivery scheduled for fall 2024. Athens-based Smith Planning Group is the civil engineer and landscape architect. Niles Bolton Associates is the design firm, and Variant will work on interior design. Rabren General Contractors will oversee construction of 558 West Broad.
KISSIMMEE, FLA. — TrueRate Services has arranged a $42 million loan on behalf of Kingswood International for the refinancing of The Reunion Resort in Kissimmee, about 22.6 miles from Orlando. Dan Gorczycki and Peter Stobierski of TrueRate Services secured the capital from an undisclosed New York-based finance company. The $42 million financing included a $34 million loan from Hillcrest Finance and an $8 million mezzanine loan from Trawler Capital. Both loans had three-year terms with two one-year options. Located at 7593 Gathering Drive, The Reunion Resort spans over 2,000 acres off Interstate 4. Resort amenities include three golf courses, tennis courts and academy, a spa and fitness center, 25,000 square feet of conference facilities, seven restaurants, 11 swimming pools and a five-acre water park. The Reunion Resort owns 25 villas, but an additional 271 villas and 87 homes participate in the resort’s rental management program. Since purchasing the property in early 2019 from LRA Orlando LLC, the previous owner invested $9 million in renovations. The loan proceeds will be used to pay off the existing acquisition loan, relocate golf holes and expand the water park.
AUSTELL, GA. — Rancho Santa Margarita, Calif.-based Kairos Investment Management Co. has acquired Walton Crossing, a 238-unit affordable housing community in Austell, about 17.8 miles from downtown Atlanta. The undisclosed seller, an affordable housing developer and investor, sold the property for $34.6 million. Built in 1990 on 20.1 acres, Walton Crossing offers one-, two- and three-bedroom floorplans. Unit features include fireplaces, extra storage space, balconies and patios, walk-in closets and energy-efficient kitchen appliances. Community amenities include a pool, private fitness center, playground, tennis and sport court, gazebo, classrooms and community space. The property also includes an adventure center with a kitchen, which offers a complimentary after-school enrichment programs for the residents’ children. Most of the units are reserved for households earning 60 percent or less of the area median income (AMI). Kairos plans to install washers and dryers in the units and deploy Environmental, Social and Governance (ESG) programs to help conserve water at the property. Located at 1820 Mulkey Road, the multifamily community is situated 8.1 miles from Kennesaw State University and 24.8 miles from Hartsfield-Jackson Atlanta International Airport.
NASHVILLE, TENN. — The Preiss Co. has broken ground on Signature Music Row, a 105-unit multifamily project in Nashville. Raleigh-based Preiss partnered with Speedwagon Capital Partners on the development, and JLL arranged an undisclosed amount of construction financing through Memphis-based First Horizon. The construction timeline for the project was not disclosed. Signature Music Row will include studio, one-, two- and three-bedroom floorplans. The property will have 3,000 square feet of amenity space including a clubhouse, leasing office and fitness area. The property will also feature a sky lounge overlooking Music Row. Unit features will include Corian countertops with tile backsplash, two-tone cabinetry, stainless steel appliances, wood plank flooring throughout the unit and LED ceiling fans in each bedroom and living room. Located in Nashville’s Music Row submarket, the new development is situated near Vanderbilt University and The Vanderbilt University Medical Center. The property is also close to Bridgestone Arena and the Country Music Hall of Fame.
ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and Blackstone Real Estate Income Trust Inc. (BREIT) have purchased 2,248 beds across four student housing properties located in Tier 1 markets. The properties’ locations and other property features were not disclosed. The seller and sales price were also not disclosed. The sale is part of the joint venture announced in August 2021 for the two companies to purchase student housing properties across the United States. With this acquisition, Landmark adds to its portfolio of over 54,000 beds. This transaction builds upon Landmark’s volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.
LAKELAND, FLA. — Marcus & Millichap has brokered the $9.2 million sale of Eastside Village, a 76,264-square-foot retail property located in Lakeland. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, Miami-based CF Properties, in the transaction. The undisclosed buyer was a Miami-based private investor. Eastside Village is fully leased to tenants including anchor Harvey’s Supermarket, Subway and Dollar Tree. Located at 2630 US Highway 92 E on 6.8 acres, the property is situated 10.8 miles from Lakeland Linder International Airport and 36.3 miles from Tampa.