MIAMI — MMG Equity Partners has acquired two retail centers in metro Miami for a total of $12.7 million: Naranja Plaza and Lakeside Plaza. Naranja Plaza was purchased for $7.1 million, or $139 per square foot, in an-off market deal. The shopping center spans 51,246 square feet and is situated at 27000-27100 S. Dixie Highway in Homestead, 29 miles southwest of downtown Miami. The Dollar General-anchored asset was built in 1980 and was fully leased at the time of sale. MMG Equity Partners also acquired Westlake Plaza for $5.6 million, or $128 per square foot. The property is a 43,781-square-foot retail center located at the intersection of Bird Road and 109th Avenue in Miami. Lakeside Plaza was built in 1959 and comprises five buildings. Amerant Bank provided acquisition loans for both transactions totaling $9.5 million, including a future advance for construction. The two sellers were not disclosed.
CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …
FAYETTEVILLE, ARK. — Aptitude Development has begun construction on The Marshall Arkansas, a 647-bed student housing community located near the University of Arkansas in Fayetteville. Aptitude expects to deliver the property in August 2021. The community will offer shared amenities including a 14,000-square-foot clubhouse, fitness facilities, resident lounges, a rooftop deck, swimming pool and an open-air social space. The property will also feature Aptitude’s branded study lounge dubbed “The Thought Center,” which features group breakout rooms with smart televisions and white boards alongside private study corrals.
PANAMA CITY BEACH, FLA. — A joint venture between the St. Joe Co. and Flournoy Development Co. will develop a 300-unit apartment complex in Panama City Beach’s Breakfast Point neighborhood. The community will feature four four-story buildings; one-, two- and three-bedroom floor plans; elevators; and air-conditioned corridors. Community amenities will include a pool, wellness and health studio, playground, covered boat and RV parking, dog parks and pickleball courts. Construction is expected to begin immediately, and the developers expect to begin leasing in summer 2021.
MIAMI — Madison Marquette, a real estate investor, developer and operator, has acquired two office buildings in Miami’s Coconut Grove neighborhood for $47.7 million. The properties include the 80,380-square-foot Continental Plaza, located at 3250 Mary St., and the 57,155-square-foot Bayview Executive Plaza, situated at 3225 Aviation Ave. less than a mile from Continental Plaza. MetLife provided a $17.6 million acquisition loan for Bayview Executive Plaza and a $25 million acquisition loan for Continental Plaza. Allegra Holding, which bought the assets in 2015 for $42 million, sold the buildings to Madison Marquette. Roberto Susi and Jose Sasson of Axiom Capital Advisors represented the buyer in the transaction.
DORAVILLE, GA. — Hunt Real Estate Capital has provided a $32.5 million acquisition loan for Ashford Walk, a 306-unit multifamily property in Doraville. The loan term is two years, with three one-year extension options. The property was built in 1983 and renovated in 2015 and 2016. The undisclosed borrower will also invest $2 million for interior renovations. The property comprises 65 two-story buildings and one clubhouse. Ashford Walk was 93 percent occupied at the time of sale. Community amenities include a swimming pool, fitness center, tennis courts, sports court, new dog park, new playground, picnic and grilling areas, and laundry facilities. Ashford Walk is located at 3480 Morningside Village Lane, 17 miles northeast of downtown Atlanta.
ATLANTA — RealOp Investments has purchased Parkwood Plaza, a 216,600-square-foot office building in Atlanta’s Cumberland/Galleria submarket, for $19.7 million. The five-story building was delivered in 1989. RealOp plans to immediately invest $4 million to add a new lounge and café, new conference and training facilities, new fitness center, modernized restrooms, lobby updates, and upgrades to the elevators and outdoor patio. The property is located at 1300 Parkwood Cirlce SE, one mile from Battery Atlanta and Truist Park and 14 miles northwest of downtown Atlanta. Foundry Commercial will lead leasing efforts on behalf of Greenville, S.C.-based RealOp. The seller was not disclosed.
LAKE PARK, FLA. — Forest Development has received unanimous approval from the City of Lake Park to build Nautilus 211, a mixed-use project featuring condominiums, office space, retail and restaurants. The 1.1 million-square-foot development will rise along the Intracoastal Waterway and overlook the Lake Park Harbor Marina. The project’s two 23-story towers will house 332 condo units. Amenities for residents will include two pools, pickleball courts, a putting green, game room, children’s play center, private theater, clubroom, resident bowling alley, library and fitness center. A fifth-floor entertainment area will offer a music studio, arts and crafts room, billiards room and Pilates studio. Four guest suites will be available for rent. In addition to the 332 condos, the project will include 13,000 square feet of office space, 8,058 square feet of retail space and 14,550 square feet of waterfront restaurant space. Five floors of parking will offer 863 spots for both residents and the public. Construction is scheduled to begin this fall, with completion slated for summer 2023. The project is the result of five years of planning, according to Peter Baytarian, managing partner of Lake Park-based Forest Development. Pricing has not yet been released, but Baytarian says the initial unit …
James P. Flynn, CEO of New York-headquartered Hunt Real Estate Capital, believes 2020 will continue to provide a strong environment for multifamily lending and transactions. Though this may be good news for borrowers, it does mean competition in the market will also remain strong. Flynn addresses these points and elaborates on ORIX USA’s acquisition of the Hunt Companies’ commercial real estate financing subsidiary in the Q&A below. Finance Insight: What commercial property sector will experience the most activity in 2020, and why? Flynn: Multifamily should continue to be the most active commercial real estate sector in terms of financing activity. The MBA forecasts that multifamily lending will top $395 billion in 2020, a 9 percent increase over 2019 activity. That figure represents nearly 60 percent of the total commercial real estate activity forecast for 2020. With the Fed signaling no change to borrower costs for the year, the consensus seems to be a continued period of interest rates near historic lows. Multifamily owners and operators will continue to take advantage of this environment to rehabilitate, refinance and refine their portfolios. Of course, the other side of the equation is the growth in multifamily demand drivers. These drivers have remained strong, …
ATLANTA — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The announcement follows months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the site, perform due diligence work, begin preliminary designs with architectural firm Gensler and conduct feasibility studies with Alexander Babbage and Noell Consulting Group. The loan comes with affordable housing reserves for any future housing on the site. ECP seeks to raise $400 million from multiple types of public and private investors that could be interested in the project’s opportunity zone offerings. ECP says the project has attracted the interest of large banks, family offices and foundations and that one family office has brought a national hotel developer to the project. Atlanta BeltLine originator Ryan Gravel and venture capitalist Donray Von co-founded ECP. The firm will launch a $15 million fund to support minority-owned …