Southeast

City Council Approves Retail Redevelopment of Historic Building in Downtown Orlando

by Alex Tostado March 12, 2019

ORLANDO, FLA. — Orlando’s City Council has approved the retail redevelopment and reposition One South Orange Building, which was built in the early 1900s. One Orange Development will lead efforts on the redesign, which will focus on 7,000 square feet of the ground floor retail space and deliver an updated canopy and glass wall system and outdoor lighting and signage. The project will also maintain the historic brick detailing from the original building’s design, as well as bringing in a Taco Bell Cantina, which will offer an open kitchen, appetizers and alcoholic beverages. JLL will handle leasing efforts.

March 12, 2019

Georgia Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $44.3M Refinancing Loan for Office Park in Metro Atlanta

by Alex Tostado March 11, 2019

MARIETTA, GA. — Walker & Dunlop Inc. has arranged a $44.3 million refinancing loan for Marietta Technology Center, a 347,500-square-foot office park in Marietta. Mark Strauss and Rob Quarton of Walker & Dunlop represented the borrowers, Praelium Commercial Real Estate and South Street Partners, in arranging the seven-year, fixed-rate loan with interest-only payments. The refinancing covers the asset’s four, single-story buildings, which were built between 1983 and 1985. The office park is situated at 2161 New Market Park Way, about 16 miles northwest of downtown Atlanta.

March 11, 2019

Acquisitions Multifamily Southeast Tennessee

Graycliff Acquires 240-Unit Apartment Community Near Nashville

by Alex Tostado March 11, 2019

WHITE HOUSE, TENN. — Graycliff Capital Partners LLC has acquired The Standard at White House, a 240-unit apartment community in White House. The Standard at White House offers one-, two- and three-bedroom floor plans ranging from 830 to 1,325 square feet. Amenities include a saltwater swimming pool, clubhouse, fitness center, courtyard and grilling stations. The property is located at 126 Madeline Way, about 26 miles north of downtown Nashville. The seller and sales price were not disclosed.

March 11, 2019

Acquisitions Office Southeast Virginia

Klein Enterprises Purchases Four-Building Office Park in Northern Virginia

by Alex Tostado March 11, 2019

CHANTILLY, VA. — Klein Enterprises has purchased Chantilly Plaza I-IV, a four-building, 150,000-square-foot property in Chantilly. Chantilly Plaza was 76 percent leased at the time of the sale to tenants including DaVita Kidney Care, Dulles GeoTech and United Bank. The asset is situated at 14225 Sullyfield Circle, about 20 miles west of downtown Arlington and about seven miles south of Dulles International Airport. Transwestern Commercial represented the seller, Veslor Properties, in the transaction. The sales price was not disclosed.

March 11, 2019

Florida Loans Multifamily Southeast

Coastline Buys Apartment Community in Tampa for $33M

by Alex Tostado March 11, 2019

TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.

March 11, 2019

Acquisitions Florida Office Southeast

UBS Asset Management Sells Office Building in Broward County for $20.8M

by Alex Tostado March 11, 2019

SUNRISE, FLA. — UBS Asset Management has sold Corporate Center II, a 91,221-square-foot office building in Sunrise, to Vanderbilt Office Properties and Barron Colliers Cos. for $20.8 million. The building is situated at 1571 Sawgrass Corporate Parkway within Sawgrass International Corporate Park. Corporate Center II, which is situated on 6.2 acres and built in 1998, was 98 percent leased to tenants including Cigna Insurance, Heritage Insurance and Synechron, an information technology and consulting company. Amenities include a two-story lobby, onsite café and a parking ratio of 4.4 per 1,000 square feet. Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge of Cushman & Wakefield represented the seller in the transaction.

March 11, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $125.7M Construction Loan for Mixed-Use Project in South Florida

by Alex Tostado March 8, 2019

BOCA RATON, FLA. — HFF has arranged a $125.7 million construction loan for Uptown Boca, a 38-acre mixed-use project in Boca Raton. Jutland Finance Inc. provided the floating-rate loan to the development team of Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital. Elliott Throne, Steven Klein and Jesse Wright led HFF’s debt placement team in the transaction. The developers broke ground in October 2018 and said Uptown Boca will comprise 456 residential units, which are expected to deliver in early 2020, and 171,086 square feet of retail space, which is expected to deliver this summer. Retail tenants include Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi. The development will be situated at the corner of Glades Road and 95th Avenue, about five miles west of downtown Boca Raton.

March 8, 2019

Acquisitions Maryland Multifamily Southeast

Joint Venture Acquires Apartment Community in Metro D.C. for $42.6M

by Alex Tostado March 8, 2019

HYATTSVILLE, MD. — The Donaldson Group, Declaration Capital and Angelo Gordon & Co. have acquired Plaza Tower Apartments, a 288-unit apartment community in Hyattsville, for $42.6 million. Plans to upgrade the property include adding a new leasing center, as well as upgrading common areas, building exteriors and interior amenities. Work on the upgrades is expected to start in late spring. The property is situated at 6700 Belcrest Road, about one mile south of the University of Maryland and about eight miles northeast of downtown Washington, D.C.

March 8, 2019

Development Maryland Multifamily Southeast

LCOR, WMATA Begin Construction on Transit-Oriented Multifamily Project in Metro D.C.

by Alex Tostado March 8, 2019

NORTH BETHESDA, MD. — LCOR and Washington Metropolitan Area Transit Authority (WMATA) have broken ground on Arrowwood, a 294-unit apartment complex in North Bethesda. The six-story building will be located at 5410 McGrath Blvd., above WMATA’s White Flint Metro Station. This is the third residential phase within LCOR’s North Bethesda Center. Arrowwood will include 10,000 square feet of ground-level retail space, and apartment amenities will include a clubhouse, outdoor grills, fitness center and two music rooms. Design Collective designed Arrowwood, Davis Construction is the general contractor and M&T Bank is providing project financing.

March 8, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Capital Purchase 600-Unit Apartment Complex in Virginia Beach

by Alex Tostado March 8, 2019

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have purchased Baker Crossing, a 75-building, 600-unit apartment complex in Virginia Beach. Amenities at Baker Crossing include a clubhouse, swimming pool, sundeck, grilling area, fitness center, playground, basketball court and a racquetball court. As part of the transaction, the buyers assumed an agency loan originated by Newmark Knight Frank. The sales price and seller were not disclosed.

March 8, 2019

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