TAMPA, FLA. — RS Tampa Industrial LLC, an affiliate of Redstone Investments, has acquired the Roth portfolio, a 17-building industrial portfolio that spans 466,460 square feet in Tampa’s Airport/North and East Tampa submarkets. Roth Investment Partnership sold the buildings for a total of $28.6 million. Included in the sale is a building situated at 4410 Crest Ave. which is adjacent to Air Cargo Road and Tampa International Airport. Six of the buildings are situated within Sunstate Industrial Park, which, according to a person familiar with the property, is located near Tampa International Airport’s cargo entrance.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
NORCROSS, GA. — Cushman & Wakefield has arranged the sale of Canopy, a 684-unit apartment complex in Norcross. Canopy was built in 1987 on 59 acres in metro Atlanta’s Gwinnett County, one of the fastest growing counties in the country for more than 20 years. Canopy offers community amenities such as a fitness center, two swimming pools, soccer field, resident clubhouse with children’s library, playgrounds and dog parks. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the sellers, Atlanta-based Cortland and Oaktree Capital Management, in the transaction. Priderock Capital Partners acquired the property for an undisclosed price.
NASHVILLE, TENN. — Propst Development, Chartwell Hospitality LLC and Hilton Worldwide have signed Conrad Nashville, a luxury Hilton branded hotel, to anchor Broadwest, a $540 million mixed-use project in Nashville. Set to open in 2021, the hotel will occupy 14 stories of a 34-story building and comprise 237 rooms. The remaining stories will include 196 condominiums. Propst and Chartwell will co-own Conrad Nashville, and Chartwell will handle management services. Cooper Carry designed the tower. A 21-story, 510,000-square-foot office building will stand next to Conrad Nashville, and the two buildings will be connected by 125,000 square feet of retail space, as well as a 1.5-acre plaza. Hoar Construction will serve as the project’s general contractor, and Champalimaud Design is the interior designer.
BIRMINGHAM, ALA. — A joint venture between Novare Group, Prestwick Cos. and Batson-Cook Development Co. (BCDC) has broken ground on Foundry Yards, a 268-unit multifamily project in Birmingham’s Parkside District. Foundry Yards will offer studio, one- and two-bedroom floor plans across two buildings. Community amenities will include an outdoor kitchen, grilling areas, bocce ball court, dog park, swimming pool, 24-hour fitness center, club room and coworking space. The two buildings will be separated by a landscaped green space. Birmingham-based Doster Construction Co. is the general contractor. ELV Associates Inc., BBVA Compass and Cadence Bank provided construction financing. A timeline for completion was not released.
NASHVILLE, TENN. — HFF has arranged the sale of Charlotte Pike Storage, a 952-unit self-storage facility in Nashville. Charlotte Pike Storage was delivered in October 2018 and is now managed by Public Storage, a self-storage REIT based in California. Barbara Guffey and Jason Nettles of HFF represented the seller, Provident Realty Advisors Inc., in the transaction. Brent Bowman and Travis Anderson of HFF arranged acquisition financing on behalf of the buyer, Proffitt Dixon Partners. The sales price and amount of the loan were not disclosed.
MIAMI — Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 N.W. 36th St., across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar, 24-hour fitness center, bar and lounge, as well as business, meeting and event facilities. The hotel also features an onsite restaurant, Miranda. Benefit Street Partners provided the fixed-rate loan. Raymond Salameh, Alex Draganiuk, Ari Hirt and Lexington Henn of Mission Capital represented the borrower in the loan transaction.
JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and JPMorgan Chase Bank, with leases that expire in 2026, 2022 and 2022, respectively. Investment-grade companies make up 65 percent of the portfolio’s tenants. “The Florida office portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth,” says John McCarthy, CEO and president of SREIT. “SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents and values upward.” The Deerwood Park submarket includes St. Johns Town Center and is situated 10 miles southeast of downtown Jacksonville near Interstates 95 and 295. St. Johns Town Center is home to more than 150 restaurants and retailers. According to Cushman & Wakefield, the submarket has the lowest vacancy rate at 9.2 percent in the Butler/Baymeadows region. It also has highest asking …
BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.
JACKSONVILLE, FLA. — Toro Real Estate Partners has acquired three multifamily properties in Jacksonville for $39 million. The portfolio includes Whispering Oaks, Highlander Apartments and River City Landing, which total 552 units. Toro plans to invest $4 million to renovate the three properties. Renovations will include exterior and amenity enhancements, rebranding and interior improvements. Ben Weddington of CBRE arranged two Freddie Mac small balance loans for Toro’s acquisition of Whispering Oaks and Highlander. Jeremy Nussbaum of Walker & Dunlop arranged the acquisition loan for River City Landing. Dhaval Patel, also with Walker & Dunlop, represented Toro in the sale of River City Landing. Toro purchased the other two assets in off-market deals. Toro has hired Lisa Massis of Lofty Asset Management to manage all three properties.