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

Acquisitions Retail South Carolina Southeast

SRS Arranges $7.6M Sale of Hobby Lobby-Anchored Shopping Center in North Charleston

by Julia Sanders June 17, 2021

NORTH CHARLESTON, S.C. — SRS Real Estate Partners has arranged the $7.6 million sale of a two-tenant, 65,000-square-foot retail property located at 7800 Rivers Ave. in North Charleston. The fully occupied property includes a 55,000-square-foot Hobby Lobby store and a 10,000-square-foot Boot Barn store. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the seller, an active developer in the Southeast. SRS also handled the financing on behalf of the buyer, a New Jersey-based private investor who was in a 1031 exchange. Built in 1987 and renovated in 2016, the property is situated on six acres and is an anchor to a larger shopping center that includes Gander Outdoors, Party City and Ollie’s Bargain Market. The retail property is also across the street from Northwoods Mall, a super-regional mall that features more than 130 stores. The property is 8.2 miles from Charleston International Airport and 15 miles from downtown Historic Charleston.

June 17, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Rise to 412,000

by Julia Sanders June 17, 2021

WASHINGTON, D.C. — A total of 412,000 Americans filed for first-time unemployment insurance assistance for the week that ended June 12, the U.S. Department of Labor reported Thursday. These claims constituted an increase of 37,000 from the previous week’s revised unemployment claims of 376,000. Many states across the country have decided to end unemployment benefits. Starting on Saturday June 19, eight states will no longer take part in federal unemployment benefit programs, according to the CNBC. The news outlet reports that about 417,000 people will no longer receive federal unemployment benefits in those eight states, which are Alabama, North Dakota, West Virginia, Idaho, Indiana, Wyoming, Nebraska and New Hampshire. CNBC also reports that these eight states are part of a total of 25 states that have decided to opt out of federal unemployment benefits earlier than the Sept. 6 deadline, when federal unemployment benefits approved in response to the pandemic are set to expire.

June 17, 2021

Acquisitions Florida Multifamily Southeast

ZMR Capital Acquires Park Place Apartments in Fort Myers, Florida for $44.5M

by Julia Sanders June 16, 2021

FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …

June 16, 2021

Development Mixed-Use North Carolina Office Retail Southeast

Stream Realty, Durban Group to Develop 325,000 SF Mixed-Use Project in Charlotte’s South End

by Julia Sanders June 16, 2021

CHARLOTTE, N.C. — Stream Realty Partners and joint venture partner The Durban Group will develop a mixed-use project located at 2833 and 2905 Griffith St. in Charlotte. The 325,000-square-foot development will be situated on 1.7 acres adjacent to Suffolk Punch Brewing in the city’s South End submarket. Construction will start in second quarter 2022. The development will be a high-rise tower with office and retail space, according to Charlotte Business Journal. Located on the Lynx New Bern station, the development will have its retail component anchored by an expansion of Suffolk Punch Brewing. Stream Realty Partners is a Texas-based commercial real estate firm with full-service offerings in leasing, property management, development, construction management and investment sales services across the industry. The Durban Group is a Charlotte-based commercial real estate development firm.

June 16, 2021

Acquisitions Industrial Maryland Self-Storage Southeast

Big Cypress Capital, PSG Sell Self-Storage Facility in Metro D.C. for $18.2M

by Julia Sanders June 16, 2021

DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.

June 16, 2021

Acquisitions Alabama Retail Southeast

Pegasus Arranges $4.7M Sale of Starbucks-Anchored Retail Center in Dothan, Alabama

by Julia Sanders June 16, 2021

DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.

June 16, 2021

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