GAINESVILLE, FLA. — Ready Capital has closed a $16.4 million refinancing loan for a 164-room hotel in Gainesville near the University of Florida. The loan will be used to refinance an existing construction loan, as well as provide funds for the interest reserves needed to stabilize the newly built hotel. Ready Capital closed the three-year non-recourse, floating-rate loan that features interest-only payments and two extension options, on behalf of the undisclosed borrower. Further details of the property were not disclosed.
JACKSONVILLE, FLA. — Woodside Capital Partners has purchased Cypress Business Center, a 120,682-square-foot office and industrial building in Jacksonville, for $8 million. The building was 54 percent leased at the time of sale to tenants including Claims Questions LLC. The property is situated at 8301 Cypress Plaza Drive, nine miles south of downtown Jacksonville. Daniel Burkhardt and Keith Goldfaden of NAI Hallmark and David Ellis and Alex Waddey of NAI Global represented the undisclosed seller in the transaction.
Bull Realty Negotiates $4.6M Sale of Office Building Along Atlanta BeltLine’s Future Northside Trail
ATLANTA — Bull Realty has negotiated the $4.6 million sale of a 23,000-square-foot office building situated along the future site of Atlanta BeltLine’s Northside Trail. The building is located at 644 Antone St. NW in the city’s Berkeley Park neighborhood, five miles north of downtown Atlanta. During the marketing period, the anchor tenant terminated its lease. Atlanta-based Bull Realty procured an undisclosed tenant to occupy the space at a 20 percent higher rate. Andy Lundsberg and Michael Wess of Bull Realty represented the seller, 644 Investment LLC, in the transaction. The buyer was Desert Bloom Investments LLC.
LAWRENCEVILLE, GA. — SRS Investment Properties Group has arranged the sale of a 5,452-square-foot outparcel at Village Shoppes at Creekside in Lawrenceville. Lamar Cos. sold the asset to Forten LLC for $2.6 million. The three-tenant strip center was built in 2006 and is leased to Chipotle Mexican Grill, Tropical Smoothie Café and AccuQuest Hearing Centers. The property is situated at 860 Duluth Highway, 30 miles northeast of downtown Atlanta in Gwinnett County. Pierce Mayson and Boris Shilkrot of SRS represented the seller in the transaction. Juanita Leibu of Keller Williams Real Estate represented the buyer in the transaction.
MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.
AUBURN, ALA. — Holder Properties has broken ground on 320 West Mag, a 719-bed student housing development located near Auburn University in Alabama. The community will offer a mix of one-, two-, three-, four- and five-bedroom, fully furnished units along West Magnolia Avenue, directly across from Auburn University’s College of Business and College of Engineering Schools. Communal amenities will include 11,500 square feet of retail space, three outdoor courtyards, grilling areas, a swimming pool, hot tub, outdoor movie screen, two-story fitness center, clubroom, gaming lounge and private and group study areas. Chick-fil-A will anchor the retail component and will feature a drive-thru, walk-up order window and outdoor dining terrace. The development will also include a locally owned coffee shop. Niles Bolton & Associates is 320 West Mag’s design architect, and Juneau Construction Co. is the general contractor. Development is scheduled for completion in fall 2021.
MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.
DOTHAN, ALA. — JLL has arranged a $14.6 million refinancing loan for Shops on the Circle, a 182,547-square-foot retail property in Dothan. The property was 96 percent leased to tenants including T.J. Maxx, PetSmart, Big Lots, Old Navy, OfficeMax, Five Below and Shoe Carnival. Shops on the Circle is situated on 17 acres at 3500 Ross Clark Circle, about 20 miles from both the Georgia and Florida borders. Synovus Bank provided the non-recourse loan, which features a 35-month term, floating interest rate and two one-year extension options. The borrowers, RCG Ventures LLC and DRA Advisors LLC, will use the proceeds to refinance an existing loan taken out to improve the property, which the companies bought jointly in 2014.
NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.
Chad Thomas Hagwood of Hunt Real Estate Capital discusses growth opportunities in 2020 and the different drivers that make for a positive atmosphere, especially in secondary and tertiary markets around the country. Previously overlooked areas offer more opportunity to develop and less competition. Many secondary and tertiary markets are seeing corporate growth and increasing populations, which is driving more demand for multifamily housing. Limits on development include construction cost, scarcity of labor and shortages of materials, but uncertainty over the upcoming election is also keeping investors wary of planning too far in advance. People are waiting on the sidelines to see what happens, with some investors waiting until after November to create their four-year plans. Watch the video to hear more about what Hagwood expects to see in 2020. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.