DAVENPORT, FLA. — New Market Properties, a subsidiary of Preferred Apartment Communities (PAC), has bought Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center in Davenport. Berry Town Center is located at the intersection of U.S. Highway 27 and Sand Mine Road, 29 miles southwest of downtown Orlando and 10 miles southwest of Walt Disney World. John Hancock provided the buyer with acquisition financing. Further details of the sale were not disclosed.
COLUMBIA, S.C. — A joint venture between Tampa-based 908 Group and Indianapolis-based Scannell Properties has broken ground on The Nine at Columbia, a 486-bed student housing community located near the University of South Carolina in Columbia. The community will consist of one five-story building and six two-story buildings offering townhomes. Shared amenities will include a sauna, fitness center, swimming pool, spa, an outdoor barbecue area and fire pits. FaverGray is serving as the general contractor. The development is set for completion in summer 2021.
FORT POLK, LA. — Corvias will begin a $15.8 million renovation of military housing at Fort Polk, a U.S. Army installation in Louisiana’s Vernon Parish. The renovations will include upgrading the facades, gutters, paint and roofs of 1,146 homes and three miles of roadways on the base. Corvias expects to begin construction this month with completion slated for 2021. The renovation project uses remaining basic allowance of housing (BAH) funds accumulated over previous years that are now being reinvested back into Fort Polk housing. Corvias and the U.S. Army have a 50-year partnership through the Military Housing Privatization Initiative (MHPI), which leverages private-sector capital to expand and modernize housing. Corvias has 13 installations throughout the country. In addition, Corvias will soon complete the final phase of a $34 million geothermal project including the installation of more than 2,400 geothermal heat pumps and upgrades across the installation, which are estimated to save the Army more than $1 million annually in energy saving.
CHARLOTTE, N.C. — Dalfen Industrial and Investcorp have partnered to acquire the North Carolina Industrial Portfolio, a 10-property, 1.9 million-square-foot industrial portfolio spanning from Charlotte to Greensboro. The buildings were built between 2000 and 2013. Major tenants of the portfolio include Crate & Barrel, Lenovo Group Ltd., United Technologies Corp., Britax, Geodis and Henkel AG & Co. Further details of the transaction were not disclosed.
CORAL GABLES, FLA. — BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location for the coworking platform. Location Ventures expects renovations to be completed within four to five months. The property is three blocks north of Miracle Mile and five miles east of downtown Miami.
ALPHARETTA, GA. — CBRE has arranged the sale of 4800 North Point, a 75,305-square-foot office building in Alpharetta. The buyer, Virtua Capital Management, will occupy 16,567 square feet, bringing the property to full occupancy. The four-story building is located at 4800 North Point Parkway, about two miles from The Avalon mixed-use project and 26 miles north of downtown Atlanta. Tom Shafer and John Hinson of CBRE represented the seller, Alvarez & Marsal Capital Real Estate, in the transaction. The sales price was not disclosed.
ATLANTA — A joint venture between Campus Realty, Realiance and T2 Capital Management has broken ground on Catalyst, a 187-unit student housing community in Atlanta that will service Georgia Teach students. The joint venture expects the 532-bed property in West Midtown to open in time for fall 2021 classes. Communal amenities will include a fitness center, study rooms, club rooms, game areas, STEM lab, bike shop with storage area, sky deck with views of the Atlanta skyline, three courtyards, swimming pool with deck, grilling areas, 24-hour package delivery lockers and ride-share pick-up. Realiance is an investment group headquartered in Amsterdam, and T2 is a privately held real estate investment firm based in Wheaton, Ill. Atlanta-based Campus Realty will oversee the development and asset management of the property.
PORTSMOUTH, VA. — Blackfin Real Estate Investors has purchased The Myrtles at Olde Towne, a two-property, 394-unit apartment complex in Portsmouth, for $43.4 million. The Hampton Roads property comprises Olde Towne I and Olde Towne II, totaling eight buildings spanning 14 acres. Olde Towne I, which was built in 2006, features six three-story garden-style buildings offering 246 units. Olde Towne II was built in 1972 and renovated in 2006. The complex has two eight-story buildings with 148 units. Communal amenities across both complexes include pools, grilling/picnic areas, a clubhouse, fitness facility, cyber café, game rooms, bike storage, a dog park and detached garages. The properties are located across the street from each other at 850 Crawford Parkway and 303 Effingham St., seven miles north of downtown Chesapeake. The seller was not disclosed.
WEST PALM BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.6 million sale of The Shoppes at Southern Palms, a 200,888-square-foot retail center in West Palm Beach. The center was fully leased at the time of sale to 11 tenants including anchors Kohl’s and Dick’s Sporting Goods, as well as Dollar Tree, Hard Exercise Works, GNC, Phenix Salon Suites, Experimax, Principled Chiropractic, Garden Nails and Medwear Uniforms. The Shoppes at Southern Palms was built in 2009 and spans 22 acres at the intersection of Southern Boulevard and Sansburys Way, 10 miles west of downtown West Palm Beach. Craig Fuller, Kirk Olson, Erin Patton, Scott Wiles and Drew Kristol of IPA represented the seller, an undisclosed private fund based in New York City, in the transaction. The IPA team also procured the buyer, a South American investment group founded by Claudio Mekler of Miami Managers LLC.
JACKSONVILLE, FLA. — CBRE has negotiated the sale of Promenade Shopping Center, a 115,000-square-foot shopping center in Jacksonville. The property was 94 percent leased at the time of sale to tenants including anchor Rowe’s IGA Supermarket, Planet Fitness and the Armed Forces Career Center. The buyer, Jacksonville-based Hakimian Holdings, plans to rebrand the center as Gates of The Promenade Shopping Center. The asset is located at 8595 Beach Blvd., seven miles southeast of downtown Jacksonville. Scott Rogers and Ryan Hixon of CBRE represented the seller, Phillips Edison & Co., in the transaction.
