JACKSONVILLE, FLA. — Sleiman Enterprises has acquired Lakewood Promenade, a 200,000-square-foot shopping center in Jacksonville’s Lakewood neighborhood. The property was 82 percent leased at the time of the sale to 47 retailers and food providers, including anchors Stein Mart, Tijuana Flats, Winn-Dixie and Starbucks Coffee. The seller and sales price were not disclosed, but the Jacksonville Daily Record reports the seller was Kite Realty Group Trust.
BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $20 million refinancing loan for 1900 Midtown, a 116,140-square-foot office building in Boca Raton. The borrower, Butters Acquisitions LLC, an affiliate of Butters Construction & Development, acquired the asset two years ago and recently renovated the property, which is now 90 percent leased to a variety of tenants including GardaWorld, a private security firm, and law and financial services firms. Citigroup provided the 10-year, fixed-rate loan.
ATLANTA — Banyan Street Capital has unveiled The Hub and The Plaza within the historic Peachtree Center in downtown Atlanta. Banyan Street tapped architectural firm The Beck Group on the design for both portions of the 2.5 million-square-foot mixed-use development. The Hub, formerly known as the Mall at Peachtree Center, is home to more than 50 shops and restaurants. In the past 18 months, Banyan Street has inked leases with Salata, Beni’s Cubano, Taste of India and BEP! Vietnamese, as well as Time to Escape, a locally owned and operated escape room concept that includes live actors. Amy Fingerhut of CBRE’s Atlanta office is leading The Hub’s retail leasing assignment. The Plaza is the development’s overhauled central courtyard that fronts Peachtree Street and is situated between Peachtree Center’s various towers. Beck Group’s design for the public space includes a central area for live events; custom planters and benches; a reflective pool that can be drained for events; a suspended, illuminated canopy; revamped entrances to the adjacent office towers and existing atrium; and a glass-encased staircase leading to The Hub that features a sloped water fountain on the backside. At a private event held Wednesday, Miami-based Banyan Street officially opened The …
LAS VEGAS AND LITHIA SPRINGS, GA. — TruAmerica Multifamily, in partnership with an institutional partner, has purchased a two-property apartment portfolio in an off-market transaction valued at $97 million. The properties are Vintage Pointe, a 368-unit community in Las Vegas, and Sweetwater Creek, a 240-unit asset in Lithia Springs, a suburb of Atlanta. Neither property—Vintage Pointe built in 1994, nor Sweetwater Creek built in 2003—have undergone significant renovations. The new ownership plans to invest in a multi-million dollar capital improvement program to reposition both properties.
WASHINGTON, D.C. — Birchington LLC is set to break ground on a $93 million, 247-room Holiday Inn Express in Washington, D.C. The hotel is expected to open in late 2020. Birchington, which developer Habte Sequar owns, received a construction loan from Atlanta-based Stonehill Strategic Capital for the project. The 14-story hotel will be situated at the corner of 4th and K streets, three blocks from the historic Carnegie Library and the Walter E. Washington Convention Center. The design and management team include BBGM Architects, general contractor Kinsley Construction Inc. and property manager Urgo Hotels & Resorts.
ATLANTA — Broadrange Logistics, a third-party logistics provider, has signed a full-building industrial lease for 408,600 square feet in Atlanta’s Fulton Industrial submarket. The Atlanta-based firm offers air, ocean, trucking and warehouse logistics services to several major companies including Amazon, Wayfair, Drive Medical, SP Richards and Smith Cooper. The facility is located at 105 Kendall Park Lane, 13 miles west of Atlanta Hartsfield-Jackson International Airport and 16 miles west of downtown Atlanta. Bob Robers and Brian Monaghan of Cushman & Wakefield represented the tenant in the lease transaction. LaSalle Investment Management is the landlord. Brian Alcorn of Cushman & Wakefield will oversee build-out of the space, though details of the build-out were not disclosed.
TAMPA, FLA. — Grandbridge Real Estate Capital has provided a $33.2 million refinancing loan for BayVue Apartments, a 368-unit, garden-style apartment community in Tampa. The Freddie Mac loan features a 10-year term, floating rate term and 30-year amortization schedule. BayVue Apartments is situated near Tampa International Airport and was built in 1988. The property comprises 29 two-story buildings spanning 23.4 acres. Community amenities include a clubhouse, two swimming pools, fitness center, business center, racquetball court and a car wash center. Alan Tapie of Grandbridge originated the loan on behalf of the undisclosed borrower.
MIAMI LAKES, FLA. — Cushman & Wakefield has arranged a 192,454-square-foot warehouse and distribution lease renewal for Miami International Freight Solutions (MIFS) in Miami Lakes. MIFS fully occupies the facility, which is situated at 14100 NW 60th Ave. in Miami Lakes Business Park East, 10 miles north of Miami International Airport. The property was built in 1971 and sits on 13.2 acres. It offers numerous loading points, 10,000 square feet of executive offices and a fully secured truck staging and storage yard. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented MIFS in the lease negotiations. Carlos Velasquez and Rene Vivo of The Vivo Group represented the landlord, San Francisco-based Terreno Realty Corp.
KNIGHTDALE, N.C. — CBRE|Raleigh has arranged the $14.3 million sale of Eastgate 540, a 30-acre industrial site in Knightdale. The property houses a 150,000-square-foot industrial building with room for an additional 150,000-square-foot building on the parcel. Francini Marble occupied a portion of the existing building at the time of the sale. Eastgate 540 is situated at the intersection of Hodge Road and Spectrum Drive, 10 miles east of downtown Raleigh. Chester F. Allen, Barry Bowling, Carlton Midyette III and Tiffany Hilburn of CBRE|Raleigh represented the buyer, Trinity Capital, in the transaction. Scannell Properties was the seller.
WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …
