BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care area, fitness center, swimming pool and a playground. In the other deal, Pillar Income Asset Management acquired Steeple Crest from its original developer for $18 million. Located near Columbus, Ga., the 200-unit property offers one- through three-bedroom floor plans. Community amenities include a car wash area, pet play area, business center, clubhouse, tanning salon and outdoor grilling areas. David Oakley, David Wilson, Caleb Frizzell and Jay Briley of Berkadia represented the sellers in both transactions.
WELLINGTON, FLA. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington. The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building. Upon full buildout, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million. The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. LS3P Architects and MSA Architects are providing design and architectural services for Wellington Bay, while Balfour Beatty was selected as general contractor.
ORLANDO, FLA. — Centennial Bank has originated a $21 million construction loan for Phase II of Celebration West, a planned 84,000-square-foot retail center in Orlando. The property is located at the intersection of Interstate 4 and World Drive, five miles from Walt Disney World. The borrower, Unicorp National Developments Inc., acquired the site in April 2019 from Disney. Dave & Buster’s and a regional grocery chain will anchor Celebration West. Other tenants will include Dunkin’, Walgreens and Burger King, bringing the property to 56 percent preleased. A timeline for Phase II was not disclosed. Robby Barrows of Centennial Bank originated the loan on behalf of Unicorp, which is also underway on a $1 billion mixed-use development in Orlando known as O-Town West.
ATLANTA — Chick-fil-A has signed an office lease to occupy the sixth floor of 725 Ponce, a new mixed-use development located on Atlanta BeltLine’s Eastside Trail adjacent to Ponce City Market. The 40,000-square-foot space will house 250 corporate employees and will be an extension of the company’s support center south of Atlanta. Chick-fil-A is expected to move into the new space in summer 2020 when the buildout is complete. A 60,000-square-foot Kroger recently opened at the base of 725 Ponce. Jon Mayeske and Janelle Beasley of Cushman & Wakefield represented the tenant in the lease negotiations. Aileen Almassy, also of Cushman & Wakefield, represented the landlord, New City Properties.
With more than 30 cranes in Nashville’s skies, it’s safe to say the Music City commercial real estate market is humming along. In fact, Davidson County approved $4.2 billion of commercial and residential construction permits in the 2018-2019 fiscal year, according to the Nashville Business Journal. Over the last three fiscal years, the county approved $11.4 billion in permits. While that’s an outstanding level of capital investment in a county with under 900,000 residents, it should be noted that Nashville’s MSA comprises 1.9 million residents encompassing 13 counties — all of which are experiencing record levels of construction permits. New companies coming to the city are driving the office market and construction demand, with several large announcements in the last year including Amazon, AllianceBernstein and Mitsubishi, and the city is continues to rapidly attract companies in the financial services, tech and healthcare industries. With a limited number of buildings available for adaptive reuse, most development taking place in the market is new construction. In fact, more than 460,000 square feet of Class A space was delivered in the third quarter of 2019. The majority of that figure was in Midtown and the Cool Springs/Franklin submarkets, with Aetna and Ramsey Solution’s …
WASHINGTON, D.C. — The General Services Administration (GSA) exercised its purchase option to buy 1200 New Jersey Ave. SE in Washington D.C.’s Yards/Southeast Federal Center neighborhood for $760 million. The United States Department of Transportation (USDOT) fully occupies the 1.9 million-square-foot building. The sale is expected to close in March 2020, 19 months before USDOT’s lease expires, saving $99.8 million in rent costs. The USDOT employs 5,500 workers at the property. Amenities at the property include bike racks, access to the Walking Museum of Transportation, a loading dock and 13-foot ceilings. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate.
CHARLOTTE, N.C. — Accesso Partners and Partners Group have acquired Innovation Park, a 1.8 million-square-foot office campus in Charlotte. The sales price was not disclosed, but Charlotte Business Journal reports the sales price was $270 million. Innovation Park spans 202 acres and comprises 12 buildings that were 99 percent leased at the time of sale to tenants including Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo. The property is surrounded by Interstates 85, 485 and 77, and also has two stops along the Lynx Blue Line light rail. JLL represented both the seller and buyer in the transaction and arranged acquisition financing on behalf of the buyer. Brian Dawson represented the undisclosed seller, and Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda represented the buyers. Susan Hill arranged acquisition financing through an undisclosed lender.
HIALEAH GARDENS, FLA. — Foundry Commercial has acquired an 18-acre site in Hialeah Gardens with plans to develop a speculative 320,000-square-foot industrial building. The site is situated on NW 107th Avenue between NW 144th and NW 146th streets, about 20 miles northwest of downtown Miami. Orlando-based Foundry Commercial plans to break ground in early 2020 and expects to deliver the asset by the end of 2020. Wayne Schuchts, David Spillers and Bobby Benton of Avison Young represented the buyer in the land acquisition and have been tapped to lease the building. Two undisclosed sellers sold the land to Foundry for an undisclosed price in the off-market transaction.
SIMPSONVILLE, S.C. — Marcus & Millichap has arranged the $29.4 million sale of Garden District, a 223-unit multifamily community in Simpsonville. The property was delivered in 2008 and offers one- through three-bedroom floor plans. Communal amenities include barbecue areas, picnic areas, an internet café, fitness center, swimming pool, business center and a clubhouse. Garden District is located at 100 Garden District Drive, 15 miles southeast of downtown Greenville. Drew Babcock of Marcus & Millichap represented the seller, an undisclosed Florida-based partnership, in the transaction. The buyer was a private investor based in Simpsonville.
RESTON, VA. — Rolls-Royce North America will relocate its corporate headquarters to the fourth floor of Reston Station in early 2020. Rolls-Royce North America designs, develops, manufactures and tests jet engines for the U.S. Department of Defense and commercial aerospace markets. The company will occupy 17,000 square feet of the 16-story glass building, located at 1900 Reston Metro Plaza in Reston, 20 miles west of downtown Washington, D.C. The office tower offers amenities including multiple rooftop event and social spaces with catering kitchens, a fitness facility, multi-room conference facility and a two-story lobby on the Metro Plaza.