Southeast

Strategic Property Partners Opens Heron Residential Building at Water Street Tampa

by Julia Sanders April 20, 2021

TAMPA, FLA. — Strategic Property Partners LLC, the Tampa-based developer behind the $3 billion Water Street Tampa development underway, has opened Heron, a 420-unit apartment community located at 815 Water St. Water Street Tampa’s first residential building is now offering in-person tours for potential residents. Construction on the development started in November 2018. The residential property offers one-, two- and three-bedroom apartments ranging in size from 555 to 2,206 square feet. Each unit features a private terrace ranging from 122 to 753 square feet, as well as floor-to-ceiling windows, quartz counters, custom cabinetry and kitchen appliances by Fisher & Paykel. Additionally, each residence includes floating bathroom vanities, soaking tubs and rainfall showerheads. Heron includes a parking garage and 40,000 square feet of ground-level retail space, including a GreenWise Market. Orlando-based ZRS Management Co. manages Heron and will oversee its programming, including virtual and in-person events. These will include cooking demonstrations with chefs, fitness and meditation classes and expert discussions on topics like sleep wellness and urban gardening. Heron’s amenities include a rooftop pool with cabanas, outdoor kitchen and barbecue areas, fitness center, bar and lounge spaces on each of its dual towers. The property will be the first residential development …

April 20, 2021

Florida Leasing Activity Life Sciences Office Southeast

JLL Arranges 25,000 SF Lease Expansion, Relocation in South Florida for Life Sciences Firm

by Julia Sanders April 20, 2021

DEERFIELD BEACH, FLA. — JLL has arranged a 25,000-square-foot lease expansion and relocation in South Florida on behalf of DNA Labs International, a private forensic DNA lab. The lab company’s new corporate headquarters will take up the entirety of Building 3 at Hillsboro Center located at 700 W. Hillsboro Blvd. in Deerfield Beach. Ryan Nunes of JLL represented DNA Labs in the office expansion. Joe Freitas and John Criddle of Cushman & Wakefield represented the Boca Raton, Fla.-based landlord, Grover Corlew, in the lease negotiations. DNA Labs International was founded in 2004 in Deerfield Beach and is a family-run business, specializing in forensic DNA analysis for law enforcement agencies, government forensic labs and attorneys involved in the criminal law practice. Hillsboro Center includes more than 216,000 square feet of space and offers immediate access to Interstate 95. The building features an onsite cafe and restaurant options, banks, hotels and other amenities in the surrounding area.

April 20, 2021

Affordable Housing Florida Loans Multifamily Southeast

Centennial Bank Provides $12.5M Construction Loan for Workforce Housing Project in Miami

by Julia Sanders April 20, 2021

MIAMI — Centennial Bank has provided a $12.5 million construction loan to Prestige Cos. and Florida Value Partners for Trails, a workforce housing project located on the Ludlam Trail at 1040 SW 70th Ave. in Miami. The project’s first phase will consist of two- to three-story garden-style buildings with 84 residential units ranging from one- to two-bedroom units listed from $1,600 to $1,800 per month. The second phase of the project, which will be initiated within six months, will deliver five three-story buildings and a total of 230 units ranging from one- to two-bedroom units listed from $1,700 to $1,900 per month. The workforce housing property will be developed with no government funding. Community amenities will include an outdoor workout area and a dog park. In addition, the property will have access to the Ludlam Trail, a 6.2-mile linear park. Renovations for the Ludlam Trail will turn the former Florida East Coast railway corridor into a park, as well as a running and cycling trail that will connect to The Underline, a 10-mile linear park under the Metrotrail.

April 20, 2021

Acquisitions Loans Multifamily South Carolina Southeast

Ready Capital Closes $8.4M Acquisition Financing for Multifamily Property in Columbia

by Julia Sanders April 20, 2021

COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.

April 20, 2021

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $1M Sale of Office Property in Virginia Beach

by Julia Sanders April 20, 2021

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of 4598 Broad St. in Virginia Beach. CR Assets LLC purchased the 5,040-square-foot office building from Broad Street Associates for $1 million as the future corporate home for Canzell Realty. Rob Wright of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.

April 20, 2021

Acquisitions Georgia Mixed-Use North Carolina Office Southeast Top Stories

Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

Development Florida Loans Mixed-Use Southeast

Tricera Capital Obtains $50.8M Loan for Adaptive Reuse Development in West Palm Beach

by Julia Sanders April 19, 2021

WEST PALM BEACH, FLA. — Tricera Capital, a Miami-based real estate investment firm led by Ben Mandell and Scott Sherman, has obtained a $50.8 million loan for The Press, a mixed-use project in West Palm Beach. The transaction refinances an existing loan and provides Tricera with the necessary funding to complete the redevelopment of the Palm Beach Post campus. Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera through Chicago-based Monroe Capital LLC. Law firm Polsinelli served as Tricera’s legal representative for the transaction. Located on more than 11 acres at 2751 S. Dixie Highway, The Press is an adaptive reuse project in which nearly all existing structures are being preserved. The property includes a 125,000-square-foot retail component known as the Shops at the Press and an adjacent 140,000-square-foot office building branded as Workspaces at the Press. Tricera finalized a long-term lease with Joseph’s Classic Market to anchor Shops at the Press, and the company expects to deliver the Joseph’s space by summer 2022. Joseph’s, a family-owned Italian specialty market founded in 2005, is leasing more than 15,000 square feet. Tricera also completed a lease with retailer Tipsy Salonbar, a South Florida-based …

April 19, 2021

Development Florida Hospitality Southeast

Norwich Partners Opens 174-Room AC Hotel at Sawgrass Mills in Sunrise, Florida

by Julia Sanders April 19, 2021

SUNRISE, FLA. — Norwich Partners has opened the eight-story, 174-room AC Hotel Fort Lauderdale Sawgrass Mills/Sunrise in Sunrise. The hotel is located on the grounds of Sawgrass Mills, an outlet and value-oriented shopping mall. Global design firm Stantec served as the project’s architect and structural mechanical, electrical and plumbing engineer of record, working alongside interior design firm Group One Partners. The AC Hotel Fort Lauderdale Sawgrass Mills/Sunrise is located at 1870 Sawgrass Mills Circle. The hotel property is 36 miles from Miami Beach and 17 miles from Fort Lauderdale. The hotel lobby includes an AC Lounge featuring a communal space with a bar serving local beers and cocktails, as well as an outside terrace. The hotel’s amenities also include a rooftop deck with bar, lounge, cascading water fountain and 24-hour fitness center. Other hotel amenities include an art gallery featuring the works of local artists, a digital library, the AC Kitchen restaurant and 1,675 square feet of indoor and outdoor meeting space.

April 19, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges Capitalization for Multifamily Development in Bethesda

by Julia Sanders April 19, 2021

BETHESDA, MD. — JLL Capital Markets has arranged the capitalization for a Class A multifamily development located at 7000 Wisconsin Ave. in Bethesda, which is less than 10 miles from Washington, D.C. JLL Capital Markets arranged the land partnership between Starr Capital and Woodfield Development, and secured the joint venture development capital. The 7000 Wisconsin Ave. high-rise development will stand 12 stories tall, consist of 181 one- and two-bedroom units and include 6,090 square feet of ground-floor retail space. The property includes finishes such as two-toned shaker cabinetry, quartz countertops and stainless steel appliances. Community amenities include a coworking lounge, fitness center, game room, courtyard and a rooftop lounge. The multifamily property is positioned near Bethesda Metro Station and over 11 million square feet of office space, 250,000 plus private-sector employees and 530,000 square feet of retail and dining offerings. Travis Anderson, Cory Fowler, Susan Carras, Brian Crivella, Walter Coker and Robert Jenkins of JLL arranged the transaction.

April 19, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 17,649 SF Ruccio Pavilion Shopping Center in Lexington, Kentucky

by Julia Sanders April 19, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is situated close to Fayette Mall, Target, The Mall at Lexington Green and Embassy Suites Hotel. The center’s tenants include Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. Meijer shadow-anchors Ruccio Pavilion.

April 19, 2021

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