Southeast

John Knox Village Breaks Ground on $120M Seniors Housing Expansion in Pompano Beach, Florida

by Amy Works June 3, 2022

POMPANO BEACH, FLA. — John Knox Village of Florida (JKV), a continuing care retirement community in the South Florida city of Pompano Beach, has broken ground on Westlake, a two-tower, $120 million expansion. The groundbreaking comes on the heels of the completion of The Pavilion, a $35 million addition that included a 380-seat cultural arts center, two restaurants and a bar. “Over the past five years, a master site plan has been developed to guide the capital improvements of our 70-acre campus and the opening of our Pavilion and, in 2024, Westlake are the next steps to accomplishing our ambitious goals,” says Gerry Stryker, CEO and president. Westlake will add 146 apartments ranging in size from 1,277 to 2,346 square feet in two towers, The Vue and The Terrace. A large component of the project is to enlarge and enhance JKV’s water views. The first-floor common area lobby of the towers will boast new amenities, including a projection theater, technology hub, business center, art studio, spiritual space, club room, library and two dining venues. The project team includes John Knox Village residents and staff, its board of directors, Gallo Herbert Architects, Moss Construction, Keith & Associates Engineers, EDSA Landscape Architects, …

June 3, 2022

Acquisitions Multifamily North Carolina Southeast

Madison Marquette Purchases 380-Unit Crosswinds Apartment Complex in Wilmington, North Carolina

by Amy Works June 3, 2022

WILMINGTON, N.C. — Madison Marquette has acquired Crosswinds, a multifamily property in Wilmington, as part of its Evergreen Multifamily Value Add Fund for an undisclosed price. Terms of the transaction were not released. Built in 1989 on 23 acres, Crosswinds features 380 apartments in a mix of one-, two- and three-bedroom units, ranging from 645 square feet to 1,306 square feet, spread across 19 buildings. The units feature wood-style flooring, patio/balconies in each unit, wood-burning fireplaces and full-size washer/dryer connections in most unit types. Community amenities include a saltwater resort-style pool with a sundeck, grilling and picnic areas, lighted tennis and volleyball courts, a fitness center and business center. The buyer plans to complete strategic unit upgrades that will provide higher quality hardware and finishes, including appliances, flooring and countertops. Additionally, Madison Marquette will improve the community’s amenities, perform aesthetic work and upgrade landscaping.

June 3, 2022

Acquisitions Florida Hospitality Southeast

North Carolina Real Estate Investor Buys Tropical Winds Oceanfront Hotel in Daytona Beach for $14M

by Amy Works June 3, 2022

DAYTONA BEACH, FLA. — A North Carolina-based real estate investor has purchased Tropical Winds Oceanfront Hotel at 1398 N. Atlantic Ave. in Daytona Beach. A New York-based family sold the asset for $14 million. Constructed in 1988, Tropical Winds Oceanfront Hotel features 94 guest rooms, direct beach access, oceanfront balconies, outdoor and indoor heated swimming pools, outdoor sundeck and poolside café. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale-based team represented the seller in the transaction.

June 3, 2022

Acquisitions Georgia Office Retail Southeast

Marcus & Millichap Brokers $9.1M Acquisition of Plantation Village Retail/Office Property in Macon, Georgia

by Amy Works June 3, 2022

MACON, GA. — Marcus & Millichap has arranged the purchase of Plantation Village, a retail and office property located at 6255 Zebulon Road in Macon. A limited liability company acquired the 18-suite property from an undisclosed seller for $9.1 million. Jared Kaye and Sonny Molly of Marcus & Millichap represented the buyer in the deal. Built in 2005 on 7.9 acres, Plantation Village features 52,228 square feet of retail and office space. Current tenants include Moe’s Southwest Grill, Goodwill, Great Clips and T-Mobile.

June 3, 2022

Florida Loans Multifamily Southeast

Bernard Financial Arranges $6.7M Loan for Multifamily Community in Jacksonville

by Amy Works June 3, 2022

JACKSONVILLE, FLA. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for an apartment property located in Jacksonville. The borrower is Chelsea Owner LLC. Dennis Bernard and Joshua Bernard of Bernard Financial Group originated the loan, which Ameritas Life Insurance Co., a correspondent of BFG, provided. BFG will also service for the loan. The Class B multifamily property features 138 apartments.

June 3, 2022

Acquisitions District of Columbia Office Southeast

JBG Smith Sells 269,000 SF Office Building in Washington, D.C. to Commerz Real AG

by Amy Works June 2, 2022

WASHINGTON, D.C. — JBG Smith has completed the disposition of an office property located at 1900 N St. in Washington, D.C. German-based Commerz Real AG purchased the 269,000-square-foot asset for an undisclosed price. Designed by KPF architects, 1900 N features a triple-height lobby, superior window line and world-class amenity space. At the time of sale, the property was 82 percent leased to a mix of tenants, including Goodwin Proctor and Beverage & Diamond law firms, as well as CBRE’s Washington, D.C., office. Tommy Cleaver, Stuart Kenny and Dan Grimes of CBRE represented the seller in the transaction.

June 2, 2022

Acquisitions Georgia Retail Southeast

Matthews Real Estate Negotiates $20.5M Sale of Village Plaza in Augusta, Georgia

by Amy Works June 2, 2022

AUGUSTA, GA. — Matthews Real Estate Investment Services has facilitated the sale of Village Plaza, a shopping center in Augusta. The property traded for $20.5 million. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.

June 2, 2022

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers Sale of 139,478 SF Murdock Carrousel Shopping Center in Port Charlotte, Florida

by Amy Works June 2, 2022

PORT CHARLOTTE, FLA. — Plaza Advisors has arranged the sale of Murdock Carrousel Shopping Center, a retail property situated on US 41 in Port Charlotte. AGRE Murdock Owner LLC sold the asset to Murdock Owner LLC for an undisclosed price. Havertys, Office Depot, Five Guys, Aaron’s, Leslie’s Swimming Pool Supplies, Subway, Comcast Xfinity and HearUSA are tenants at the 139,478-square-foot property. At the time of sale, the shopping center was 83.4 percent occupied. Plaza Advisors represented the seller in the deal.

June 2, 2022

Acquisitions Office Southeast Virginia

ABMAR Villa Park Acquires Lab, Warehouse Complex in Henrico County, Virginia for $12.4M

by Amy Works June 2, 2022

HENRICO COUNTY, VA. — AMBAR Villa Park LLC has purchased Villa Park I, a flex lab/industrial complex located in Henrico County, from an undisclosed seller for $12.4 million. Located at 8040 Villa Park Drive, the 74,862-square-foot property offers significant warehouse and lab buildouts. At the time of sale, Villa Park I was 94 percent occupied by three tenants, including LabCorp and Technology Integration Group. LabCorp’s space is the company’s regional medical lab testing hub for Central Virginia, and Technology Integration Group leases 45 percent of the property. Eric Robison and Bo McKown of Cushman & Wakefield|Thalhimer’s capital markets group, along with Graham Stoneburner of Thalhimer, negotiated the transaction.

June 2, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Greysteel Arranges Sale of 144-Unit Parkside Gardens Affordable Housing Property in Ocala, Florida

by Amy Works June 2, 2022

OCALA, FLA. — Greysteel has brokered the sale of Parkside Gardens, a Section 8 affordable multifamily community in Ocala. An affiliate of Boston-based JE Properties acquired the asset from Christiansburg, Va.-based Community Housing Partners for an undisclosed price. Built in 1970, Parkside Gardens features 144 apartments. The buyer plans to rehabilitate the property to improve the physical asset and the quality of life for residents. Fletcher Hultman of Greysteel represented the seller and procured the buyer in the transaction.

June 2, 2022

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