Southeast

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders October 15, 2021

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

October 15, 2021

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Opens $25M Affordable Housing Community in Miami

by Julia Sanders October 15, 2021

MIAMI — Housing Trust Group (HTG) has opened Max’s Landing Apartments, a 76-unit affordable housing community located in the West Kendall neighborhood of Miami. The development cost was $25 million. Located at 8905 SW 169th Court, Max’s Landing Apartments is a three-story building with 56 one-bedroom, one-bath units and 20 two-bedroom, two-bath units. The property has 11,388 square feet of retail space on the ground floor, and residential units on the second and third floors. Units range in size from 688 square feet to 1,108 square feet, and feature washer and dryer hook-ups, wide plank flooring and balconies. Community amenities include an elevator, clubroom with a kitchen and lounge seating, fitness center, business and computer room, community garden, smart storage lockers, electric car charging stations and bicycle racks. Apartments at Max’s Landing are reserved for residents earning between 30 and 80 percent of area median income (AMI), with monthly rent for qualifying residents ranging from $401 to $1,443. HTG purchased the 2.7-acre site in March 2019 and broke ground on the project in Feb. 2020. Earlier this year, the developer began leasing the property, and Max’s Landing is already fully leased. The project team includes Modis Architects, HSQ Engineers and …

October 15, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $12.6M Sale of Village Shoppes at Creekside in Metro Atlanta

by Julia Sanders October 15, 2021

LAWRENCEVILLE, GA. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The shopping center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta. The tenant roster at Village Shoppes at Creekside includes Badcock Furniture and Harbor Freight Tools. Taylor represented the seller, Lamar Cos., in the transaction. Azad Commercial Realty Services, a Houston-based private investor, purchased the property. “The demand for well-located retail centers is as high as it has ever been,” says Taylor. “The last three retail centers we have sold had money day one with pricing that exceeded the seller’s expectations. The increased demand, limited supply, low interest rates and the yield spread over other asset classes has created the best environment for selling retail in the past 20 years.”

October 15, 2021

Florida Leasing Activity Office Southeast

JLL Arranges 22,495 SF Office Lease with Global Law Firm in Downtown Miami

by Julia Sanders October 15, 2021

MIAMI — JLL has arranged an office lease for Reed Smith, an international law firm, for 22,495 square feet within Southeast Financial Center in downtown Miami. Barbara Liberatore Black and Jeff Gordon of JLL represented Reed Smith in the lease negotiations. Eric Groffman and Cameron Tallon, also with JLL, represented the landlord, Ponte Gadea Biscayne. Reed Smith, which is moving from Miami’s Brickell district, will be located on the 26th floor of Southeast Financial Center. The law firm first came to Miami in 2017 and now has 30 offices worldwide. The firm’s Miami office is home to lawyers whose practices focus on commercial disputes, entertainment and media, finance, insurance recovery and international arbitration. Situated in Miami’s central business district (CBD), Southeast Financial Center spans 1.2 million square feet and 55 stories, making it the city’s largest office tower, according to JLL. The office tower features a 30,000-square-foot outdoor plaza and café and dining options. The tower is situated less than a mile from Interstate 95.

October 15, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Negotiates Sale of 14,388 SF Shopping Center in Suwanee, Georgia

by Julia Sanders October 15, 2021

SUWANEE, GA. — Stan Johnson Co. has arranged the sale of Suwanee Celebration Village, a 14,388-square-foot shopping center in Suwanee. Jeff Enck, Brian Lane and Emery Shane of Stan Johnson Co. represented the seller, a locally based group of private investors. A McDonough, Ga.-based individual investor acquired the property for more than $5.1 million. Built in 2019, Suwanee Celebration Village is fully leased to seven tenants including Verizon Wireless and ATI Physical Therapy. More than half of the property’s tenants operate on 10-year leases. Located at 2780 West Village Drive, the center is situated about 34.4 miles north of downtown Atlanta in Gwinnett County.

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Blaze Capital Partners Acquires Newly Built Apartment Community Near Savannah

by Julia Sanders October 15, 2021

GARDEN CITY, GA. — Blaze Capital Partners has acquired Tapestry Park, a 232-unit multifamily community in Garden City, about 8.3 miles from Savannah. Completed in September, Tapestry Park offers one-, two- and three-bedroom floorplans going up to 1,132 square feet. The property includes five, three-story buildings and two, four-story buildings. Community amenities include a pool, fitness center, clubhouse, courtyard and a playground. Located at 100 Town Center Drive, Tapestry Park has access to Highway 16 and is situated within the Garden City Town Center development, which includes a three-block perimeter with City Hall. Additionally, the property is situated about 7.2 miles from an Amazon distribution center, 9.6 miles from the Port of Savannah and 7.5 miles from Savannah College of Art and Design (SCAD).

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Lee & Associates Arranges $122M Sale of Apartment Property in Atlanta’s Upper Westside

by Julia Sanders October 14, 2021

ATLANTA — Lee & Associates has arranged the sale of Novel Upper Westside, a 345-unit apartment community in Atlanta that was renamed as Luna Upper Westside. Equity Residential, a Chicago-based multifamily investment firm, purchased the property for $122 million. Crescent Communities was the property’s developer. Allen Eager of Lee & Associates represented the buyer in the sale. Located at 2265 Marietta Blvd., Luna Upper Westside offers studio, one-, two- and three-bedroom layouts. The units feature stainless steel appliances, glass mosaic backsplashes, wood-style flooring, double vanity sinks in select units, in-unit washers and dryers and walk-in closets. Community amenities include a fitness center, yoga and spin room, coworking spaces, dog park, bike storage, pool with cabanas, grilling stations, clubroom, community beer taps and a sky lounge. The property is part of a redevelopment at Moore’s Mill and Marietta Boulevard that includes a 45,000-square-foot Publix grocery store.

October 14, 2021

Development Florida Loans Multifamily Southeast

Trez Capital Provides $78.2M Construction Financing for Apartment Project in Miami

by Julia Sanders October 14, 2021

MIAMI — Trez Capital has provided a $78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital originated the non-recourse loan. Charles Foschini and Chris Apone of Berkadia secured the financing on behalf of the borrower. The financing is a 36-month loan, with a one 12-month extension option. Neology Life, a Miami-based development company, led by Lissette Calderon, is the borrower and developer. Construction has already begun, and the project is slated for completion by the middle of 2023. The development cost is $100 million, according to Neology Life Development Group. Located at 1625 NW 20th St., The Julia will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Community amenities will include a pool with cabanas, rooftop garden, fitness and wellness center, coffee bar, dog park and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami. JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect, and designBAR is in charge of interior design. Neology Life …

October 14, 2021

Acquisitions Life Sciences North Carolina Southeast

JLL Income Property Trust Acquires Two Life Sciences Properties in Durham for $67M

by Julia Sanders October 14, 2021

DURHAM, N.C. — JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham. The sales price was approximately $67 million. The seller was not disclosed. Built in 2020, the properties total 375,000 square feet and are fully leased to life sciences tenants, such as KBI BioPharma and Taysha Gene Therapies. The tenants have invested a combined $180 million in property upgrades that include laboratory, clean and cold rooms, specialized sanitation stations and specialized water and power upgrades, according to Allan Swaringen, president and CEO of JLL Income Property Trust. The properties are located adjacent to Research Triangle Park, the biggest scientific research park in the country. The weighted average lease term on the two properties is more than 14 years.

October 14, 2021

Development Industrial South Carolina Southeast

Seefried Breaks Ground on 185,250 SF Distribution Center in Duncan, South Carolina

by Julia Sanders October 14, 2021

DUNCAN, S.C. — Atlanta-based Seefried Industrial Properties has broken ground on Victor Hill Distribution Center, a 185,250-square-foot industrial project in Duncan. Located at 1117 Victor Hill Road on a 15-acre site, Victor Hill is situated about 3.6 miles from Greenville-Spartanburg International Airport, 17.8 miles from downtown Greenville and 2.3 miles from BMW’s plant in Spartanburg, S.C. The Class A distribution center is being built on a speculative basis and is slated for completion and for tenant occupancy by July 2022. The building will have 32-foot clear heights, a rear-load configuration with a 185-foot truck court, 30 dock doors, 135 parking spaces and 50 trailer spaces. Additionally, the building will offer 2,300 square feet of office space. Doug Smith and Joseph Tripp of Seefried Industrial Properties will internally lead leasing for the building. Pattillo Construction Corp. is the general contractor at Victor Hill, and MCA Architecture is the project architect.

October 14, 2021

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