Southeast

JLL Income Property Trust Purchases Medical Office Property in Durham

by Julia Sanders January 20, 2022

DURHAM, N.C. — JLL Income Property Trust has purchased Duke Medical Plaza at Patterson Place, a 59,978-square-foot medical office building in south Durham. Brannan Knott, John Mikels, Daniel Flynn and Woody Flythe of JLL Capital Markets represented the seller, an entity doing business as BP Phase2 LLC, and procured the buyer. The sales price was not disclosed. Completed in 2010, Duke Medical Plaza at Patterson Place is fully leased with Duke Health leasing more than 80 percent of the space. The property offers a variety of services, including dermatology, micrographic surgery, radiology, women’s health, urogynecology and obstetrics/gynecology (OB/GYN). Located at 5324 McFarland Dr., the four-story property is situated adjacent to Patterson Place Shopping Center. Additionally, the medical office facility is situated at the intersection of U.S. 15/501 and Interstate 40. The property is also 5.3 miles from Duke University, 6.3 miles from Duke University Hospital and 5.3 miles from UNC Medical Center.

January 20, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $20M Sale of Staples-Occupied Property in Miami

by Julia Sanders January 20, 2022

MIAMI — SRS Real Estate Partners’ National Net Lease Group has brokered the $20 million sale of a single-tenant retail property in Miami. Joseph Simon of SRS represented the seller, Crescent Heights, a real estate development firm with offices in New York and Miami. The buyer was a Texas-based undisclosed private investor that was in a 1031 exchange. The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located at 2121 Biscayne Blvd., the property is situated less than 4.5 miles west of South Beach. The property is also located between Interstates 95, 195 and 395, and is near retailers including Target, Ross Dress for Less, Publix, Marshalls, Walgreens and Starbucks.

January 20, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $12.6M Sale of Two Retail Properties in Metro Orlando

by Julia Sanders January 20, 2022

ORLANDO AND KISSIMMEE, FLA. — Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The combined sales price for both transactions totaled $12.6 million. Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments, in the deal. The seller, an entity known as DCP Edgewood Isle LLP, sold the asset for $7.5 million. Built in 1964, Edgewood Isle Plaza was approximately 30 percent occupied at the time of sale to tenants including Dollar Tree, Pizza Hut and Pinch-a-Penny. Located at 5601 S Orange Ave. on a 6.3-acre site, the plaza is situated within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport and downtown Orlando. Sunrise Plaza, a 24,088-square-foot retail plaza, was sold for $5.1 million. Valiani also represented the seller, an entity known as Sunrise Plaza Enterprise Inc. The buyer was Paradise Apartments. Located at 4137 W Vine St. on 2.9 acres, the property is situated 10.1 miles from Walt Disney World Resort and 22.6 miles from downtown Orlando. Built in 1992, Sunrise Plaza property was 95 percent occupied at the time …

January 20, 2022

Development Florida Industrial Southeast

Stonemont Breaks Ground on 1.3 MSF Spec Industrial Development in Fort Pierce, Florida

by Julia Sanders January 19, 2022

FORT PIERCE, FLA. — Atlanta-based Stonemont Financial Group has broken ground on South Florida Logistics Center 95, a two-building, 1.3-million-square-foot speculative industrial development in Fort Pierce. Construction is slated to be complete by the fourth quarter. South Florida Logistics Center 95 is a Class A development that will include one cross-dock facility totaling 1.1 million square feet with a 40-foot clear heights, along with a rear-load facility totaling 202,400 square feet with 32-foot clear heights. Located at the intersection of South Kings Highway and Orange Avenue, the project is situated adjacent to Interstate 95. The site and buildings are being developed for possible future e-commerce and third-party logistics tenants. JLL is overseeing leasing for the project, which will have spaces ranging from 50,000 to 1.1 million square feet available for lease. The project marks Stonemont’s first venture in the South Florida region, with the firm already active in Jacksonville, Orlando, Lakeland and Tampa. The firm currently has nearly 4 million square feet of new industrial space under construction across Florida.

January 19, 2022

Acquisitions Retail Southeast Virginia

Essential Growth, Viking Acquire 180,346 SF Spartan Square Shopping Center Near Roanoke

by Julia Sanders January 19, 2022

SALEM, VA. — A joint venture between Essential Growth Acquisition Properties and Viking Partners has acquired Spartan Square, a 180,346-square-foot shopping center in Salem, about 15 miles west of Roanoke. Will Bradley, Mark Williford, Peter Vick and Harrison Hall of Colliers represented the seller, an entity known as Spartan Square LP, in the transaction. The sales price was not disclosed. Anchored by Kroger, Spartan Square was 91 percent leased at the time of sale to tenants including Dollar Tree, Pet Supplies Plus, Starbucks and Truist. The property features a weighted average tenure of over 24 years. Located at 1425-1499 W. Main St., Spartan Square is situated 11.9 miles from the Roanoke-Blacksburg Regional Airport and 1.6 miles from Roanoke College.

January 19, 2022

Development Multifamily North Carolina Southeast

McShane Construction to Build 397-Unit Apartment Community in Charlotte

by Julia Sanders January 19, 2022

CHARLOTTE, N.C. — Rosemont, Ill.-based McShane Construction Co. has plans to build a 397-unit apartment community in Charlotte’s University submarket. Dynamik Design is the project’s architect, and Flournoy Development Group is the developer. The project is slated for completion by January 2024. The project’s name was not disclosed. The multifamily development will include five apartment buildings and 10 townhome-style buildings. Unit features will include vinyl plank flooring, quartz countertops and black fixtures and hardware. Additionally, 10 of the units will include a downstairs workspace for tenants to use as an office or small storefront. Community amenities will include a clubroom, fitness center, yoga studio, coworking lounge, hobby room, bike storage, kitchen, heated pool, courtyard, green space and a market. Located on 24.6 acres at 930 W. Mallard Creek Church Road, the project is situated within two miles from the University of North Carolina at Charlotte and 5.8 miles from Charlotte Motor Speedway.

January 19, 2022

Acquisitions Retail Southeast Virginia

SRS Brokers Sale of 50,275 SF Shopping Center in Marion, Virginia

by Julia Sanders January 19, 2022

MARION, VA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Marion Shopping Center, a 50,275-square-foot multi-tenant retail center in Marion. The buyer, Eire Investments USA LLC, purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Anchored by Food Lion, Marion Shopping Center is fully occupied by retailers such as CVS/pharmacy and Fresenius Medical Care. Both Food Lion and CVS/pharmacy have been at the property for over 35 years. Fresenius recently signed a 10-year lease at the property. Located on 4.6 acres, the property is situated along Interstate 81 near where the North Carolina, Tennessee and Virginia borders intersect.

January 19, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $3.1M Sale of Tampa Bay Retail Strip Center

by Julia Sanders January 19, 2022

ST. PETERSBURG, FLA. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises, a Tennessee-based real estate firm, purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Sarasota, Fla.-based ICORR Properties. Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H & R Block, MCI Metro, Critical Hit Games and Thai Wok restaurant. Located at 11270 4th St. N, the property is situated adjacent to Bayview Office Building and Bayview Plaza, a 78,000-square-foot, Winn-Dixie-anchored shopping center. The property is located 14.7 miles from Tampa and 7.3 miles from downtown St. Petersburg.

January 19, 2022

California Florida Healthcare Loans Office Southeast Western

PSRS Arranges $28.5M in Financing for Medical Office Portfolio in Southern California, Florida

by Amy Works January 19, 2022

LOS ANGELES — PSRS has closed $28.5 million in portfolio financing for three medical office buildings in Southern California and Southern Florida. David Hamilton arranged the financing on behalf of a large medical office landlord. One of PSRS’ debt fund lenders provided the capital. Los Angeles-based PSRS achieved a cash-out refinance on the borrower’s existing portfolio, reducing the equity need for the new acquisitions. The firm also provided the sponsor maximum leverage, three years of interest-only payments and a non-recourse structure.

January 19, 2022

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $33.4M Sale of Two Apartment Communities in Gainesville, Florida

by Julia Sanders January 18, 2022

GAINESVILLE, FLA. — Cushman & Wakefield has arranged the $33.4 million sale of two apartment communities in Gainesville known as Mount Vernon and Williamsburg Village. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, a New York-based private equity fund, in the transaction. An undisclosed private investor based in Orlando was the buyer. Mount Vernon is located at 2370 SW Archer Road, and Williamsburg Village is located at 2000 SW 16th St. Both multifamily communities offer one-, two- and three-bedroom floorplans. Unit features at both apartment communities include stainless steel appliances, laminate countertops, wood-style vinyl flooring, ceiling fans in living rooms and bedrooms, window coverings and a patio or balcony. Both properties feature a swimming pool, poolside fire pit, grilling station and onsite laundry services. Mount Vernon was 95 percent occupied at the time of sale, while Williamsburg Village was 93 percent occupied at the time of sale. Both properties are located close to retailers such as Butler Pizza, Whole Foods Market, Lowe’s Home Improvement, Total Wine & More, Trader Joe’s and Target. The properties are also situated close to the University of Florida College of Medicine, University of Florida College of Veterinary Medicine and the Gainesville …

January 18, 2022

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