CORAL GABLES, FLA. — BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location for the coworking platform. Location Ventures expects renovations to be completed within four to five months. The property is three blocks north of Miracle Mile and five miles east of downtown Miami.
ALPHARETTA, GA. — CBRE has arranged the sale of 4800 North Point, a 75,305-square-foot office building in Alpharetta. The buyer, Virtua Capital Management, will occupy 16,567 square feet, bringing the property to full occupancy. The four-story building is located at 4800 North Point Parkway, about two miles from The Avalon mixed-use project and 26 miles north of downtown Atlanta. Tom Shafer and John Hinson of CBRE represented the seller, Alvarez & Marsal Capital Real Estate, in the transaction. The sales price was not disclosed.
ATLANTA — A joint venture between Campus Realty, Realiance and T2 Capital Management has broken ground on Catalyst, a 187-unit student housing community in Atlanta that will service Georgia Teach students. The joint venture expects the 532-bed property in West Midtown to open in time for fall 2021 classes. Communal amenities will include a fitness center, study rooms, club rooms, game areas, STEM lab, bike shop with storage area, sky deck with views of the Atlanta skyline, three courtyards, swimming pool with deck, grilling areas, 24-hour package delivery lockers and ride-share pick-up. Realiance is an investment group headquartered in Amsterdam, and T2 is a privately held real estate investment firm based in Wheaton, Ill. Atlanta-based Campus Realty will oversee the development and asset management of the property.
PORTSMOUTH, VA. — Blackfin Real Estate Investors has purchased The Myrtles at Olde Towne, a two-property, 394-unit apartment complex in Portsmouth, for $43.4 million. The Hampton Roads property comprises Olde Towne I and Olde Towne II, totaling eight buildings spanning 14 acres. Olde Towne I, which was built in 2006, features six three-story garden-style buildings offering 246 units. Olde Towne II was built in 1972 and renovated in 2006. The complex has two eight-story buildings with 148 units. Communal amenities across both complexes include pools, grilling/picnic areas, a clubhouse, fitness facility, cyber café, game rooms, bike storage, a dog park and detached garages. The properties are located across the street from each other at 850 Crawford Parkway and 303 Effingham St., seven miles north of downtown Chesapeake. The seller was not disclosed.
WEST PALM BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.6 million sale of The Shoppes at Southern Palms, a 200,888-square-foot retail center in West Palm Beach. The center was fully leased at the time of sale to 11 tenants including anchors Kohl’s and Dick’s Sporting Goods, as well as Dollar Tree, Hard Exercise Works, GNC, Phenix Salon Suites, Experimax, Principled Chiropractic, Garden Nails and Medwear Uniforms. The Shoppes at Southern Palms was built in 2009 and spans 22 acres at the intersection of Southern Boulevard and Sansburys Way, 10 miles west of downtown West Palm Beach. Craig Fuller, Kirk Olson, Erin Patton, Scott Wiles and Drew Kristol of IPA represented the seller, an undisclosed private fund based in New York City, in the transaction. The IPA team also procured the buyer, a South American investment group founded by Claudio Mekler of Miami Managers LLC.
JACKSONVILLE, FLA. — CBRE has negotiated the sale of Promenade Shopping Center, a 115,000-square-foot shopping center in Jacksonville. The property was 94 percent leased at the time of sale to tenants including anchor Rowe’s IGA Supermarket, Planet Fitness and the Armed Forces Career Center. The buyer, Jacksonville-based Hakimian Holdings, plans to rebrand the center as Gates of The Promenade Shopping Center. The asset is located at 8595 Beach Blvd., seven miles southeast of downtown Jacksonville. Scott Rogers and Ryan Hixon of CBRE represented the seller, Phillips Edison & Co., in the transaction.
BUFORD, GA. — Trez Forman Capital has provided a $26.7 million loan to Fuqua Development for the acquisition of 67.5 acres in Buford to develop The Exchange at Gwinnett, a planned $350 million mixed-use development in metro Atlanta. Phase I will include 56,000 square feet of retail space that will feature already-committed tenants such as Starbucks, Chipotle and City Barbecue. The property is located at 2925 Buford Drive, next to the Mall of Georgia. At the same time as the land sale, Fuqua Development sold 33 acres to three separate entities for the developments of Topgolf and Rooms-to-Go, as well as a 450-unit apartment community being developed by The Worthing Cos. Fuqua plans to sell another 13 acres for the development of an Andretti Indoor Karting & Games, a 123-room hotel and restaurants. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of Atlanta-based Fuqua Development.
STOCKBRIDGE, GA. — Jodeco 158 LLC, a newly formed firm headed by local developers Jeff Grant and David Hughes, will develop Bridges at Jodeco, a $400 million mixed-use project near Interstate 75 in Stockbridge, a southeastern suburb of Atlanta. According to the development team, Bridges at Jodeco will be built on the largest remaining tract of undeveloped land adjacent to I-75 in Henry County. The development will also offer convenient access to the Atlanta Motor Speedway and Hartsfield-Jackson Atlanta International Airport. The residential component of the 158-acre project currently calls for 300 high-end apartments, 90 single-family attached townhomes and 176 detached single-family homes that may be used for senior living. More than 65 acres have been zoned for retail, dining and entertainment uses. In addition, the development team is seeking to include hotel, fitness and theater users, as well as other service providers for the retail component. About 20 acres of green space will be reserved for walking paths and trails and pocket parks. “Our intention is to create an amenity-rich, live-work-shop-dine-play destination where people can engage and relax in a comforting, family-centered setting,” says Grant, who serves as principal of Jodeco 158. “We believe Bridges at Jodeco will offer …
In 1864, General William T. Sherman burned Atlanta to the ground, including the area around the Zero Mile Post marking the terminus of the Western & Atlantic Railroad. Now, 155 years later, South Downtown is on fire again but this time, it is as one of the hottest development submarkets in the Southeast. With the still-active downtown rail yards at its center, more than $10 billion in new development is either completed, under construction or in the planning stages. This “Downtown Ring of Fire” stretches from Centennial Olympic Park and Mercedes-Benz Stadium to Castleberry Hill and over to Underground Atlanta. The project SSG Realty Partners recently brought to market, Artisan Yards, is a 9.9-acre site at the intersection of Ted Turner Drive (historic Spring Street) and Whitehall Street. It is currently the headquarters of Gourmet Foods International, which has outgrown the property and is relocating to a new facility. The primary catalyst for this significant new development momentum is the $1.6 billion Mercedes-Benz Stadium, home of the Atlanta Falcons and the 2018 MLS Cup champions Atlanta United. The $192 million renovation of State Farm Arena and the $25 million expansion of Centennial Olympic Park were also critical in creating the …
WASHINGTON, D.C. — Newmark Knight Frank (NKF) has arranged the $209.1 million sale of the McPherson Building, a 12-story, 255,968-square-foot office building in downtown Washington, D.C. The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. McPherson Building was 97 percent leased at the time of sale to tenants including Booz Allen Hamilton, New York Life Insurance Co. and law firm Davis Polk & Wardwell LLP. Forrester Construction recently completed a $30 million renovation to the building’s lobby, fitness center, elevators, common areas and restrooms. James Cassidy and Jud Ryan of NKF represented the undisclosed seller in the transaction. Northwestern Mutual acquired the building.