SARASOTA, FLA. — Berkadia Hotels & Hospitality has brokered the sale of Hotel Indigo Sarasota, a 95-room hotel located in Sarasota. Preston Reid and Michael Weinberg of Berkadia Hotels & Hospitality represented the seller, Peachtree Hotel Group. The sales price was not disclosed. Additionally, Michael Weinberg and Wyatt Krapf of Berkadia Hotels & Hospitality secured an undisclosed amount of acquisition financing on behalf of the borrower, Avistone. The lender, Access Point Financial, provided the three-year, adjustable-rate loan. The new owner will be using the proceeds to renovate and convert the hotel into one of IHG’s new upscale lifestyle brands. Located at 1223 Boulevard of the Arts, Hotel Indigo Sarasota features 64 king-bedrooms, 19-double queen rooms and 12 king suites. Hotel amenities include onsite dining area and meeting and conference facilities. The hotel is located three miles from Sarasota Bradenton International Airport.
EDGEWOOD, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $7.5 million sale of Edgewood Isle, a 78,647-square-foot, multi-tenant neighborhood retail center located in Edgewood. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, an entity doing business as Dundurn USA Inc. LLC, in the transaction. Salim Valiani of Marcus & Millichap represented the buyer, an Orlando-based entity managed by Marcus & Millichap. Edgewood Isle is anchored by Dollar Tree, and has tenants including Cornerstone Hospice, Pizza Hut and Pinch-A-Penny: Pool, Patio and Spa. The shopping center is situated roughly five miles south of the downtown area, four miles from Orlando International Airport and six miles from Universal Orlando Resort. The property also has proximity to major highways, such as the Florida Turnpike and the Beachline Expressway.
WEST MELBOURNE, FLA. — JLL Capital Markets has arranged the sale of The Haven at West Melbourne, a three-story, garden-style multifamily community located in West Melbourne. JT Capital purchased the Space Coast property for $84.7 million. Ken Delvillar and Jay Ballard of JLL represented the seller, Irvine, Calif.-based Passco Cos., in the transaction. Melissa Marcolini Quinn, Lee Weaver, Rob Rothaug and Emily Moallem of JLL represented the borrower in arranging an undisclosed amount of debt and equity financing for the acquisition. The Haven at West Melbourne includes 13 buildings total, and offers one-, two- and three-bedroom floorplans with an average unit size of 1,164 square feet. Unit features include full-sized washers and dryers, walk-in closets, window coverings, nine-foot ceilings, hardwood-style vinyl flooring, granite countertops and private balconies or sunrooms. Community amenities include a pool and sundeck, outdoor gourmet kitchen, fitness center, business center, children’s play park, billiards room, sand volleyball court, dog park and a car care center. Located at 4550 Explorer Drive, the property is situated close to employers including L3Harris, Collins Aerospace, Northrop Grumman, Patrick Air Force Base, Lockheed Martin and Blue Origin. The property is also situated 5.3 miles from downtown Melbourne, 3.4 miles from the Florida …
GREENVILLE, S.C. — Charlotte-based Keith Corp. has broken ground on Upstate Trade Center, a 907,444-square-foot speculative industrial development in Greenville. Slated to be completed in January 2023, the project will be made up of two Class A industrial facilities. Building One will span 640,667 square feet with a cross-dock layout and 36-foot clear heights. Building Two will include 266,777 square feet with a rear-loading layout and 32-foot clear heights. Additionally, the two buildings will be constructed with concrete tilt walls and structural steel framing, as well as ESFR sprinklers, energy-efficient LED lighting and TPO membrane roofs. The project’s location is adjacent to U.S. Highway 25 and Donaldson Center Airport, as well as Interstate 85. Frampton Construction is Upstate Trade Center’s general contractor, Merriman-Schmitt Architects is providing design services and Thomas + Hutton will serve as the project’s civil engineer.
SUMMERVILLE, S.C. — Trinity Capital Advisors, in partnership with Iconic Equities, plans to develop Jedburg Tradeport, two Class A industrial buildings totaling nearly 780,000 square feet in Summerville. Construction on the two facilities will begin this summer and are slated for completion in spring 2023. Lee Allen and Kevin Coats of JLL are leading the leasing efforts for the industrial facilities. Located on 115 acres at 239 Jedburg Road, the Jedburg Tradeport project is located off Interstate 26 and will include a 621,000-square-foot cross-dock building and 158,000-square-foot rear-load building.
DAVIE, FLA. — Sunny Isles Beach, Fla.-based RK Centers has acquired Lakeside Town Shops, a 79,746-square-foot retail property in Davie. The sales price was $28.7 million, or $361 per square foot. An entity known as Lakeside Town Shops LLC, which is managed by Columbia, S.C.-based Edens, was the seller. Dennis Carson of CBRE represented the seller and the buyer in the transaction. Lakeside Town Shops features three buildings on 10.3 acres. The property was 98 percent leased at the time of sale to 25 tenants, including Dollar Tree, Ross Dress for Less, Target SuperCenter and Chick-fil-A. Located at 5800 South University Drive, the property is situated 9.1 miles from Hollywood, 24.7 miles from Miami Beach and 7.6 miles from Miami Gardens. Lakeside Town Shops is also located 23.9 miles from Miami International Airport and 33.3 miles from the University of Miami.
ATHENS, GA. — Marcus & Millichap has brokered the sale of a property located at 795 Oglethorpe Ave. in Athens that is leased to CVS/pharmacy. An undisclosed buyer purchased the 14,781-square-foot property for $9.1 million. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the undisclosed seller. “This CVS traded at list price for $600,000 more than what the sellers paid for it seven years ago, in addition to $3 million they collected in rent. This transaction is another example of the current peak demand for quality net lease inventory in the market today,” says McMinn. “Due to this demand and current supply constraints, we are still seeing cap rate compression and historic pricing for our sellers. There is no better time to be a seller than the present.”
The Washington, D.C., and Baltimore markets, when combined, represent the fourth-largest metropolitan region in the nation by population, and retailers are taking notice again. Grocery-anchored projects are the most prevalent in the headlines. For example, the first of nearly 20 Amazon Fresh locations has opened in the area. Additionally, Wegmans’ smaller format rollout plan is active with its first location in Stonebridge’s Carlyle Crossing in Alexandria opening spring 2022, along with Roadside Development’s City Ridge Project at the former Fanny Mae Headquarters in Northwest D.C. Former Shoppers Food Warehouse boxes also continue to get absorbed by new grocers. A less-covered sector of the grocery market is the international markets category, which remains very active in the region. There are 29 different banners across the region that exceed 10,000 square feet in size, with the newest entrant being Oh! Markets in Northern Virginia. Other international market newcomers, including 99Ranch and Enson Market, are also searching for space. With the immense ethnic diversity of the region, we expect investors to start taking notice of this sector with their acquisition appetite, just as they have in other regions like Texas and Florida. Publix, a customer favorite, is in the early stages of identifying …
CHARLOTTE, N.C. — New York City-based AMAC has purchased Steele Creek Rivergate, a 408-unit garden-style multifamily property in Charlotte, for $113 million. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Charlotte-based Capstone Apartment Brokers represented the seller, Lucas Development, in the transaction. Built in May 2021, Steele Creek Rivergate offers one-, two- and three-bedroom floorplans with units averaging 1,053 square feet. Unit features include stainless steel appliances, granite countertops, walk-in closets and plank flooring. Community amenities include a fitness center, clubhouse, cyber café, pool, grilling stations, playground and multiple pet parks. Located at 12509 Park Sharon Court, the Class A property is situated close to Uptown Charlotte and Charlotte Douglas International Airport, as well as Interstate 77 and Highway 49. Steele Creek Rivergate sits directly behind the Rivergate Shopping Center, providing renters direct access to a Super Target. AMAC plans to renovate the property, including adding outdoor amenity space, inserting a package room and creating work-from-home spaces for residents.
ELLABELL, GA. — CRG has broken ground on Building E at The Cubes at Interstate Centre II, a 463,250-square-foot spec industrial facility in Ellabell, about 23 miles west of Savannah. CRG is slated to deliver the facility in July. JLL is overseeing the leasing at the project. Located on Interstate Centre Boulevard, The Cubes at Interstate Centre II is situated 1.5 miles from Interstate 16, approximately 15 miles from Interstate 95 and within 25 miles of the Port of Savannah and Savannah-Hilton Head International Airport. Upon full buildout, the Cubes at Interstate Centre II will offer approximately 4.3 million square feet of Class A industrial space. Building E will offer features such as 36-foot clear heights, an ESFR sprinkler system, 80 dock doors and four drive-in doors. The project will also provide truck courts with 185-foot depths, 131 trailer spaces and 225 auto spaces. CRG’s parent company Clayco is the builder for the project, while Lamar Johnson Collaborative is the architect. Building E will be the second facility CRG has built within the 300-acre Interstate Centre II. The first facility was Building A, a 700,000-square-foot building located on 56.3 acres that was fully leased to McKesson Medical-Surgical, a medical supplies …