Southeast

Marcus & Millichap Negotiates $4.4M Sale of Towne Plaza Medical Office in Tamarac, Florida

by Julia Sanders June 21, 2021

TAMARAC, FLA. — Marcus & Millichap has negotiated the $4.4 million sale of Towne Plaza, a 28,600-square-foot medical office property located at 7443-7495 N University Drive in Tamarac. Quinn Sousa and Ryan Shaw of Marcus & Millichap represented the seller, John Loeffler Trustee of Lillian Loeffler Trust, in the transaction. The buyer, a private doctor doing business in the sale as Evergreen 3 LLC, plans to occupy 10,000 square feet of the property and lease out the remaining space. Built in 1988, Towne Plaza has frontage on North University Drive and is accessible from the Florida Turnpike and Sawgrass Expressway. The multi-tenant medical office property is located next to the University Hospital and Medical Center. The property was 43 percent leased at the time of sale.

June 21, 2021

Market Reports Maryland Office Southeast Southeast Market Reports

Maryland Governor Hogan’s Good News for Baltimore’s CBD, Demand Rises for Mental Health Space

by John Nelson June 21, 2021

Among Maryland’s hardest hit submarkets the past 12 months is the Baltimore Central Business District (CBD), where the vacancy rate has risen to 16 percent, according to CoStar Group. Notable departures from companies such as T. Rowe Price and Legg Mason have accelerated during the pandemic due to aging infrastructure and rising crime, coupled with the expansion of sexy nearby submarkets, Inner Harbor East and Harbor Point. Combined these factors have stressed property owners and businesses trying to survive. Downtown restaurants in particular have suffered even more from the double whammy of the area’s rising pre-pandemic vacancies followed by the crushing hit from the spread of COVID-19 and government shutdowns. State government swoops in But Baltimoreans just received some good news from Maryland Gov. Larry Hogan that is sure to spur economic and social revitalization of its CBD. Over time the State of Maryland will be relocating 12 agencies and approximately 3,300 employees to available properties throughout the CBD from an aging Midtown office complex known as State Center. The first agency on the move will be the Department of Human Services (DHS), which has an RFP out for approximately 105,000 square feet of office space. The Department of Health …

June 21, 2021

Acquisitions Florida Retail Southeast

Limestone, Orion Real Estate Purchase 27-Property Walgreens Portfolio for $133M

by Julia Sanders June 18, 2021

MIAMI, FLA. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased a 27-property portfolio of Walgreens-occupied assets for $133 million. Wells Fargo provided financing for the acquisition. Kevin Sanz of Orion Real Estate Group led the buyer group. Brian Pfohl and Maury Vanden Eykel of CBRE Inc. represented the seller in the transaction. Further details on the properties were not disclosed. Miami-based Limestone Asset Management is a real estate investment firm and an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Orion Real Estate Group is a Miami-based provider of commercial real estate services.

June 18, 2021

Acquisitions Multifamily Southeast Virginia

Berkadia Arranges $46M Sale of Spotswood Commons Apartments in Williamsburg, Virginia

by Julia Sanders June 18, 2021

WILLIAMSBURG, VA.— Berkadia has arranged the $46 million sale of Spotswood Commons, a 212-unit garden-style multifamily property in Williamsburg. Drew White of Berkadia DC Metro and Carter Wood of Berkadia Richmond represented the seller, Massachusetts-based The Dolben Co. Inc., and the buyer, New York-based Kushner Cos. Located at 100 Glenburnie Road, Spotswood Commons features one-, two- and three-bedroom floor plans with air conditioning, a patio or deck and in-unit washers and dryers. Community amenities include a dog park, clubhouse, fitness center, tennis court, outdoor grilling area, swimming pool, volleyball court and playground. The apartment property is close to Colonial Williamsburg, Interstate 64 and the Williamsburg Premium Outlets. Kushner is a New York City-based real estate development and management firm. The company has a portfolio of residential, commercial, retail, hospitality and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states.

June 18, 2021

Acquisitions Florida Office Southeast

Dilweg Cos. Sells Lakewood Ranch Office Property for $20.3M

by Julia Sanders June 18, 2021

LAKEWOOD RANCH, FLA. — The Dilweg Cos. has sold 9000 Town Center Parkway, a 101,312-square-foot, Class-A office building located in Lakewood Ranch. The price was $20.3 million. The buyers were MHCommercial Real Estate Fund LLC, a Florida-based discretionary private real estate fund, and Contrarian Capital Management LLC, a Connecticut-based hedge fund. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the Dilweg Cos. in the transaction with support from Zach Eicholtz and Brooke Tulley of Cushman & Wakefield. ServisFirst Bank provided $12.5 million financing for the transaction, under the direction of Mario Bringas of SW Florida. Built in 1998, the 9000 Town Center is a two-story building that originally was developed as a single-tenant, build-to-suit property solely occupied by TriNet USA Inc. The property is located east of Interstate 75 on 11.3 acres within the master-planned community of Lakewood Ranch, which is a community on 50 square miles with 18,000 residential and commercial properties. The 75 percent-occupied office property is the fourth acquisition for MHC, and the building currently has approximately 25,000 square feet of space open for leasing. NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by …

June 18, 2021

Acquisitions Florida Industrial Southeast

Woodmont Industrial Partners, Butters Construction Acquire 6.1-Acre Industrial Development Site in Pompano Beach, Florida

by Julia Sanders June 18, 2021

POMPANO BEACH, FLA. — Woodmont Industrial Partners and joint venture partner Butters Construction and Development have acquired a 6.1-acre industrial site in Pompano Beach. Located at 1698 Andrews Ave. in Broward County, the company plans to build an 84,000-square-foot Class A distribution building, known as Andrews Logistics, on the site. The seller and price for the land acquisition were not disclosed. The planned distribution park will feature 32-foot clear heights, loading docks, two ramps and frontage on Andrews Avenue. The property is situated near Interstate 95, Florida Turnpike and the Dixie Highway. In addition, the distribution park is proximal to nearby landmarks and transit hubs including Boca Raton Airport, Fort Lauderdale Airport, Port Everglades and the Sawgrass Expressway. Construction of the distribution site is slated for completion in fourth-quarter 2022 and will be available for lease in the summer of 2022. Woodmont Industrial Partners is an affiliate of Fairfield, N.J.-based Woodmont Properties, a real estate development and management firm. Coconut Creek, Fla.-based Butters Construction and Development is a real estate service firm engaged in construction, development, leasing and property management.

June 18, 2021

Development Florida Office Retail Southeast

Dubner Properties Completes $4M Redevelopment of Monarch Gardens Office, Retail Property in South Florida

by Julia Sanders June 18, 2021

MIRAMAR, FLA. — Dubner Properties has completed $4 million in renovations to Monarch Gardens, an office and retail property in Miramar. Construction firm Origin Construction, G3 Architecture Interiors Planning and engineering firm Kamm Consulting led the renovation project. Gibraltar Realty & Management oversaw the property’s renovation and will provide property management and owner’s representative services. The Monarch Gardens upgrades include a complete renovation of the main lobby, common areas and bathrooms, which include the installation of modern, touchless fixtures. The project included construction of three speculative office suites, as well as buildouts for incoming tenants such as Strayer University and Spectrum Brands. Within the office tower, ownership also installed bipolar ionization systems intended to slow or stop the spread of airborne pathogens such as the coronavirus. The property now features Class A office space as a result of the renovation. Monarch Gardens features 54,000 square feet of office space and 41,000 square feet of retail space at the street level. The mixed-use property has a tenant roster of Dollar Tree, Strayer University, APX Engineering and Spectrum Brands. Office spaces are available between 2,700 to 7,500 square feet. The property also offers office parking with a ratio of five spaces per …

June 18, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $58.7M Refinancing for Advenir at San Tropez Apartments in South Florida

by Julia Sanders June 17, 2021

PEMBROKE PINES, FLA. — Berkadia has secured the $58.7 million refinancing for Advenir at San Tropez, a 480-unit apartment community in Pembroke Pines. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan on behalf of the borrower, an entity doing business as Advenir at San Tropez LLC. The fixed-rate, seven-year loan was structured with a partial interest-only payment period and a 70 percent loan-to-value ratio. Advenir at San Tropez is located at 7840 NW 3rd St. and was built in 1975. The property has one- and two-bedroom units that range from 625 to 850 square feet. Community amenities include laundry facilities, barbecue and picnic areas and three swimming pools. The apartment community is situated near the Boulevard Heights neighborhood of Pembroke Pines, and adjacent to the property is both the North Perry Airport and Broward College-South Campus. The apartment complex is also 4.8 miles from the Seminole Hard Rock Hotel & Casino and 15 miles from Fort Lauderdale–Hollywood International Airport.

June 17, 2021

Affordable Housing Development Georgia Multifamily Southeast

Wendover Housing Partners to Open $28M Hartland Station Affordable Housing Project in Atlanta

by Julia Sanders June 17, 2021

ATLANTA — Wendover Housing Partners LLC will open in August 2021 Hartland Station, a new mixed-income affordable housing community in Atlanta. Located at 2074 Fleet St. SW in the city’s Sylvan Hills neighborhood, Hartland Station is situated four miles south of downtown Atlanta and 6.8 miles from Hartsfield-Jackson Atlanta International Airport. The community features 131 one-, two- and three-bedroom units with rents starting at $888 a month. Community amenities include a business center, fitness center, activity room with kitchen, splash pad and a playground for children. The $28 million project was financed in part by nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity from the Georgia Department of Community Affairs, and Invest Atlanta provided $1.5 million in Housing Opportunity Bonds. Funding was also provided from $18.8 million in tax-exempt bonds and $1.3 million in grant funding from the Metropolitan Parkway Tax Allocation Bond District. Slocum Platts Architects provided design services for the project, and Roger B. Kennedy Construction was the general contractor. Based in Altamonte Springs, Fla., Wendover Housing Partners is a privately held real estate development, investment and management company that specializes in the development of single-family and multifamily homes, apartment communities, seniors housing and transit-oriented …

June 17, 2021

Acquisitions Florida Retail Southeast

JLL Brokers $14.4M Sale of New Sprouts-Leased Property in Estero, Florida

by Julia Sanders June 17, 2021

ESTERO, FLA. — JLL Capital Markets has brokered the $14.4 million sale of a freestanding, single-tenant grocery store in Estero leased to Sprouts Farmers Market. Michael Brewster, Brad Peterson and Tommy Isola of JLL represented the seller, Brentwood, Tenn.-based developer GBT Realty, in the transaction. An undisclosed private investor purchased the property. The Sprouts store is located at 19990 S. Tamiami Trail in metro Fort Myers. The property is adjacent to a Walmart and is located close to a Texas Roadhouse, 9 Thai-Sushi and an Aldi. The 29,896-square-foot store is 14 miles from Fort Myers. Sprouts opened the Estero location in 2020.

June 17, 2021

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