BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has arranged a $20.5 million acquisition loan for Lakeshore Park Plaza, a four-story, 196,871-square-foot office building in Birmingham. The 10-year loan, provided by one of Grandbridge’s insurance company correspondents, features a fixed interest rate and a 30-year amortization schedule. The building was constructed in 1980, renovated in 2016 and was 93 percent leased at the time of sale. The borrower and seller were not disclosed.
FORT LAUDERDALE, FLA. — General contractor Balfour Beatty has signed a $780 million agreement with developer Matthews Southwest, making Balfour Beatty the design-build lead for the over $1 billion expansion of the Broward County Convention Center in Fort Lauderdale. The project will add 525,000 square feet of meeting space to the complex, plus a 29-story, 800-room Omni Hotel. Located on Florida’s southeastern coast approximately 25 miles north of Miami, the completed convention center will total 1.2 million square feet. The expanded property will include 350,000 square feet of contiguous exhibition space, a 65,000-square-foot waterfront ballroom, modern technology, new dining concepts, enhanced water taxi access and a waterfront plaza with public access. The Omni Hotel will add 73,000 square feet of meeting and ballroom space; multiple restaurant options including a rooftop bar; an 11,000-square-foot, full-service spa and fitness center; and over 30,000 square feet of pool decks. The hotel will be positioned along the city’s famed Intracoastal Waterway with a scenic view of the Atlantic Ocean. Matthews Southwest has called on London-based firm Balfour Beatty for projects in the United States before. The company was hired by Matthews Southwest to build the Omni convention center hotel in Dallas and a residential …
ATLANTA — KKR and Banyan Street Capital have acquired Salesforce Tower, a 34-story, 631,808-square-foot office tower in Atlanta’s Buckhead district, for $205 million. Banyan Street partnered with the previous owner, Oaktree Capital Management LP, to invest $14 million in renovations to the tower. The new owners are planning to invest an additional $5 million in renovations. Major tenants include the regional hub for Salesforce and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower sits directly on the MARTA line and interstate system. Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reeth of CBRE represented thew sellers in the transaction. Chris Port, Nicole Goldsmith and Kyle Kenyon of CBRE have been retained to lease the tower. Banyan Street Capital will manage the property directly.
MIRAMAR, FLA. — Regions Bank has provided a $54 million construction loan to FCI Residential Corp. for Miramar Phase II, which will include Catalina at Miramar. Catalina at Miramar will be a 300-unit rental townhouse development spanning 33 acres. Delivery is expected for January 2022. The project will consist of 180 two-bedroom units and 120 three-bedroom units in 36 two-story buildings of two types. The first type will consist of a traditional two-story townhome with one- and two-car garage options. The second building type will consist of two-stories without a garage with front patio, back-to-back units including spacious public courtyards and pedestrian walkways between buildings. Communal amenities will include a two-story clubhouse, fitness center, yoga room, virtual fitness, business center, swimming pool with outdoor kitchen and café-style lounge area.
CHARLOTTE, N.C. — JLL has negotiated the sale of Novel NoDa, a 344-unit, transient-orient apartment complex in Charlotte. The seller, Crescent Communities, developed the project in 2018. The property is situated on six acres at 424 E. 36th St., directly next to Charlotte’s LYNX 36th Street station and three miles from downtown Charlotte. The community is located within the NoDa (North Davidson) neighborhood. Communal amenities include a saltwater pool with sun shelf; common courtyard with a beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces. Allan Lynch, Caylor Mark, Justin Good, Jeff Glenn and Roberto Casas of JLL represented the seller in transaction. The buyer and sales price were not disclosed.
MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.
WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $19.4 million sale of 1700 Palm Beach Lakes, a 113,964-square-foot office building in West Palm Beach. Located at 1700 Palm Beach Lakes Blvd., the building was delivered in 1988 and features structured parking and a covered entrance. The seller, 1700 PBL LLC, an affiliate of Breakers Capital, recently completed a $2 million renovation that included a complete elevator modernization, clobby and garage restorations and a full-building generator replacement. Capstone acquired the property. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Michael Ciadella and Anthony Librizzi of Cushman & Wakefield represented the seller in the transaction. Jason Hochman of Cushman & Wakefield represented the buyer in arranging an $18.4 million acquisition loan from Blue Vista Finance.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …
ORANGE PARK, FLA. — Katz Properties Retail has acquired Bolton Plaza, a 174,063-square-foot shopping center in Orange Park. Bolton Plaza was built in 1988, then redeveloped and expanded between 2015 and 2017. The center was 99 percent leased at the time of the sale to tenants including Aldi, Marshalls, LA Fitness and Academy Sports + Outdoors. Bolton Plaza is situated at 661 Blanding Blvd., 20 miles south of downtown Jacksonville. The seller and sales price were not disclosed.
EMERSON GA. — Black Creek Group has bought 53 acres in Emerson with plans to develop River Point, a three-building industrial park totaling 777,000 square feet. The Denver-based developer said the park can accommodate tenants needing 40,000 to 400,000 square feet. River Point will be located about 40 miles northwest of downtown Atlanta. Black Creek expects construction to begin on all three buildings by the end of this year.
