Southeast

Passco Acquires Apartment Complex in Florida’s Panhandle for $63.5M

by Alex Tostado June 20, 2019

DESTIN, FLA. — Passco Cos. has acquired Legacy on the Bay, a 300-unit apartment complex in Destin, for $63.5 million. Legacy on the Bay is situated on U.S. Highway 331 near U.S. Highway 98. The property offers one- through four-bedroom floor plans and amenities including a swimming pool, 24-hour fitness center, tennis court, basketball court, clubhouse, business center, playground and a dog park. Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller, Carter-Haston Real Estate Services, in this transaction. KeyBank provided acquisition financing on behalf of Passco. In December, Passco acquired Sea Glass, a 288-unit multifamily complex in Destin.

June 20, 2019

Development Industrial North Carolina Southeast

Developer Kathy Godley Begins Construction on 1 MSF Spec Industrial Building Near Charlotte

by Alex Tostado June 20, 2019

TROUTMAN, N.C. — Developer Kathy Godley has begun construction on Troutman Industrial Park, a 1 million-square-foot speculative industrial park in Troutman. Kathy Godley expects the building to be complete by the end of the year. The new facility near Lake Norman will feature 36-foot clear heights, 238 dock-high doors and parking for approximately 550 trailers and 667 cars. Troutman Industrial Park is situated less than one mile from Interstate 77, less than 10 miles from Interstate 40 and 35 miles north of downtown Charlotte. Matthew Greer and Brad Cherry of JLL are handling leasing efforts on behalf of the developer. The team will pursue tenants ranging in size from 250,000 square feet to 1 million square feet.

June 20, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $23.4M Sale of Multifamily Complex in Columbia

by Alex Tostado June 20, 2019

COLUMBIA, S.C. — Cushman & Wakefield has arranged the $23.4 million sale of Heron Lake, a multifamily complex in Columbia. The property offers one-, two- and three-bedroom floor plans. Communal amenities include bike storage, a car care center, fitness center, swimming pool, sand volleyball courts and a pet park. Tai Cohen, Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, MAS Broken Arrow, in the transaction. Collins Group acquired the property.

June 20, 2019

Florida Loans Multifamily Southeast

SunTrust Provides $139M Loan to Refinance New High-Rise Apartment Project in Fort Lauderdale

by John Nelson June 19, 2019

FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting salon, sky terrace on the rooftop, party room with built-in bar and catering kitchen, 24-hour valet, 24-hour concierge, enclosed parking garage and a business center. Rental rates at Icon Las Olas range from $2,985 for a one-bedroom unit to $6,935 for a three-bedroom apartment, according to Apartments.com. Justin Ginsberg of SunTrust Commercial Real Estate Agency Lending and Rebecca Cox of SunTrust Commercial Real Estate originated the loan on behalf of the borrowers, Related Group and Rabina Properties. SunTrust Bank provided a $105 million construction loan for the project to the co-developers in 2016.

June 19, 2019

Acquisitions Maryland Office Southeast

Armada Hoffler to Buy Office Building in Baltimore’s Harbor Point for $101M

by John Nelson June 19, 2019

BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects the transaction to close in the second quarter.

June 19, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Portfolio in Metro Savannah for $84.3M

by John Nelson June 19, 2019

SAVANNAH AND GARDEN CITY, GA. — Carter Multifamily has purchased a six-property, 810-unit apartment portfolio in metro Savannah totaling $84.3 million. The assets include Alhambra (which will be rebranded as Ascend Midtown), Carriage House, Ridgewood, Azure Cove, Kessler Point and The Arbors. Alhambra, Carriage House and Ridgewood are all located in Savannah and feature one-, two- and three-bedroom units. Azure Cove, Kessler Point and The Arbors are situated adjacent to each other in the northeast Savannah suburb of Garden City. Tampa-based Carter Multifamily plans to reposition the properties and make renovations, including updates to home interiors, the pool, clubhouse and recreational areas. The sellers were not disclosed.

June 19, 2019

Acquisitions Florida Hospitality Property Type Southeast

Hunter Hotel Advisors Brokers Sale of Beachfront Hotel in Panama City, Florida

by John Nelson June 19, 2019

PANAMA CITY, FLA. — Hunter Hotel Advisors has arranged the sale of Hampton Inn & Suites Panama City Beach Beachfront. The 182-room, oceanfront hotel features a two-story atrium lobby with a bar, meeting rooms, a business center, 24-hour market, fitness center and a swimming pool with a hot tub. Innisfree Hotels and Stonehill co-developed the hotel, which opened in 2017. Atlanta-based Hunter Hotel Advisors marketed the hotel on behalf of the sellers. Gulf Breeze, Fla.-based Innisfree will continue to manage the hotel and also retained an ownership stake in partnership with the new owners, Wesley and Donna Spruill. The new ownership group will recapitalize the hotel.

June 19, 2019

Development Maryland Seniors Housing Southeast

Capitol Seniors Housing Opens $27.5M Assisted Living, Memory Care Community Near D.C.

by John Nelson June 19, 2019

FULTON, MD. — Capitol Seniors Housing has opened Arbor Terrace Fulton, an assisted living and memory care community in Fulton, approximately 20 miles north of Washington, D.C. The $27.5 million, 73,000-square-foot community features 86 apartments. The location is immediately adjacent to the Marketplace at Maple Lawn, a mixed-use community anchored by Harris Teeter. Arbor Terrace Fulton is also next to Fulton Elementary, Lime Kiln Middle School and the Reservoir High School, which will add an intergenerational quality to the community. The Arbor Co. partnered with Capitol on the project, and will serve as operator. Baltimore-based BCT Architects designed the property, while Dallas-based Faulkner Design Group handled the interiors.

June 19, 2019

Acquisitions North Carolina Office Southeast

Crescent Communities, Nuveen Acquire 546,878 SF Office Tower in Uptown Charlotte

by Alex Tostado June 18, 2019

CHARLOTTE, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired 101 North Tryon, a 20-story office building in Uptown Charlotte that was renovated in 2018. HFF arranged the sale of the 546,878-square-foot office building, which was 81 percent leased at the time of sale to tenants including Bank of America, Robinson Bradshaw & Hinson PA, Spaces, Sunlight Financial and Northeastern University. The property is situated near more than 100 restaurants and retailers; Bank of America Stadium, which is home to the NFL’s Carolina Panthers; Spectrum Center, which is home to the NBA’s Charlotte Hornets; and several of Charlotte’s major transportation hubs. BBVA and US Bank provided acquisition financing to the buyer. Barry Fabyan and Charley Leavitt of JLL will lead leasing efforts on behalf of the new owners. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller, Barings LLC, in the transaction. Patterson Real Estate Advisory Group represented the buyers. The sales price was not disclosed.

June 18, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $52M Sale of Office Building in Tampa

by Alex Tostado June 18, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of Westshore Center, a 217,022-square-foot office building in Tampa’s Westshore district. The Tampa Bay Business Journal reports the building traded for $52 million. The seller was Roseview-PMRG Fund I, a fund managed by Boston-based Roseview Investment Advisors. America’s Capital Partners acquired the nine-story building, which is situated at 1715 N. Westshore Blvd., five miles west of downtown Tampa and three miles south of Tampa International Airport. The building was originally delivered in 1984 and has undergone more than $2.5 million in renovations and upgrades over the past several years. The building was 84 percent leased at the time of sale to tenants including Reynold Smith & Hill, United Soccer Leagues and USI Insurance Services. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller in the transaction.

June 18, 2019

Newer Posts

Older Posts