COMMERCE, GA. — Rooker has acquired 600 acres in the northeast Georgia city of Commerce to construct Bana 85 Commerce Center, a planned 6 million-square-foot business and logistics park. Road and utility construction are slated to begin in 2020, as will grading for an initial site to accommodate 1.5 million square feet. Bana 85 Commerce Center will have sites available in a range of sizes for build-to-suit or user sales in the warehousing, distribution and manufacturing sectors. The site is located 20 miles east of Georgia Ports Authority’s 104-acre inland port in Gainesville, which is slated for completion in 2021. Atlanta-based Rooker acquired the undeveloped land by assembling multiple properties within the area. The land acquisition included several industrial-zoned parcels and three commercial-zoned parcels. Brent Story of Avalon Real Estate Partners represented the sellers in the land acquisition.
HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.
WASHINGTON, D.C. — Drawbridge Realty has acquired 1331 L St., a 169,430-square-foot, 10-story office building in Washington, D.C., for $87 million. The building serves as the corporate headquarters for CoStar Group Inc., with approximately 850 employees on site. The building features a 2,940-square-foot roof terrace with views of downtown, a conference center with seating for 76 people and a 3,000-square-foot fitness center with showers and locker rooms. A three-level, below-grade parking garage offers 102 spaces with 12 electric vehicle charging stations. Built in 2008, 1331 L St. is located five blocks from The White House and two blocks from the McPherson Square Metro Station. Nicholas Pappas and Tim McDonald of Eastdil Secured represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — JLL has negotiated the $69.8 million sale of 1120 G St., a 10-story, 134,964-square-foot office building located three blocks from The White House. The building was 75 percent leased at the time of sale to 13 tenants. Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the undisclosed seller in the transaction. A fund sponsored by Global Real Estate of Credit Suisse Asset Management acquired the property.
PUNTA GORDA, FLA. AND WILLIAMSBURG, VA. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built in 1989, the center was fully renovated in 2017 as part of Publix’s store replacement and expansion. Lightfoot Marketplace spans 116,023 square feet and was 85 percent occupied at the time of sale to tenants including anchor Harris Teeter, Great Clips, SunTrust Bank, Pet Valu and Panera Bread. Atlanta-based Branch Properties bought the center for $30 million. The sellers were not disclosed.
DORAVILLE, GA. — The Integral Group has added three development partners at Assembly Yards, a 165-acre mixed-use redevelopment of the former General Motors plant in Doraville. Paces Properties has joined the development team as the retail partner, StreetLights Residential will serve as the multifamily partner and Ashton Woods Homes as the single-family home builder. Additionally, Alamo Drafthouse Cinema, a Texas-based chain of movie theaters with in-house dining and bar service, will open its first Georgia location at Assembly Yards in 2021. Paces Properties expects to build 125,000 square feet of retail space, including a 16,000-square-foot food hall. Dallas-based StreetLights Residential will construct 300 multifamily units, while Ashton Woods will deliver 150 townhomes. The partnerships with Paces, StreetLights and Ashton Woods combined will add $175 million of development to the site. The first set of retail openings is scheduled for early 2021. In May, Serta Simmons Bedding also celebrated the grand opening of its new 250,000-square-foot headquarters at Assembly alongside Georgia Gov. Brian Kemp and Doraville Mayor Donna Pittman. At the same time, NAVYA launched an autonomous shuttle, the first-of-its-kind in the region.
PANAMA CITY BEACH, FLA. — Cushman & Wakefield has arranged the sale of Ashley Breakfast Point, a 360-unit multifamily community in Panama City Beach. Built in 2007, the property is located two miles from the beach and less than two miles from downtown Panama City Beach. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling station, boat and RV parking, fire pit, bark park and scenic pond. Coastal Ridge Real Estate and H. Katz Capital sold Ashley at Breakfast Point to Cardone Capital for an undisclosed amount. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the sellers in the transaction.
JACKSONVILLE, FLA. — JLL has negotiated the $31.5 million sale of Midtown Centre, a 31-building office park totaling 750,156 square feet in Jacksonville. The property is located at 3947 Boulevard Centre Drive, two miles south of downtown Jacksonville. The buildings are spread across 48 acres and were 64 percent leased at the time of sale to local and national tenants, including multiple government and nonprofit agencies. Robbie McEwan, Manny de Zárraga and Hermen Rodriguez of JLL represented the seller, The Dubon Group, in the transaction. Nova Capital Partners LLC acquired the property.
LYNCHBURG, VA. — SunTrust Banks Inc. has provided $30.9 million in Fannie Mae financing for Liberty Ridge, a 171-unit independent living and assisted living seniors community in Lynchburg. The borrower is Runk & Pratt, a family-owned operator of seniors housing communities in the Lynchburg market. The loan will refinance the acquisition loan that Runk & Pratt used to buy the property in 2016. Liberty Ridge was originally constructed in 2014. Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the fixed-rate, non-recourse, 10-year loan with a 30-year amortization schedule.
WASHINGTON, D.C. — Commercial and multifamily mortgage debt outstanding rose $51.9 billion, or 1.5 percent, in the second quarter over the prior quarter, according to the Mortgage Bankers Association (MBA). At the end of the first half of 2019, total commercial and multifamily debt outstanding was $3.5 trillion. Multifamily mortgage debt alone increased $24.4 billion (1.7 percent) to $1.5 trillion from the first quarter. Commercial banks continued to hold the largest share (39 percent) of commercial and multifamily mortgages at $1.4 trillion. Agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) were the second largest holders of commercial and multifamily mortgages (20 percent) at $703 billion. Life insurance companies held $539 billion (15 percent), and CMBS, collateralized debt obligation (CDO) and other asset-backed security (ABS) issues held $471 billion (13 percent). “Strong borrowing and lending, coupled with relatively low levels of loan maturities, are helping to boost the amount of commercial and multifamily mortgage debt outstanding,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “All four major capital sources increased their holdings during the quarter. With strong demand expected to continue, debt levels are likely to climb even more and end the year at a new …