MIAMI — Avison Young has arranged two leases totaling 184,718 square feet. within Dolphin Commerce Center in Miami. Roca Tile USA signed a 134,383-square-foot lease renewal and expansion, adding 25,745 square feet to its footprint within the business park. FastKit Corp., a custom packing and printing company, renewed its 50,335-square-foot lease. Dolphin Commerce Center spans 750,000 square feet about 15 miles west of downtown Miami and about 10 miles west of Miami International Airport.
KENNESAW, GA. — CBRE has brokered the sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, about 20 miles northwest of Atlanta. The community is situated about a mile from Kennesaw Marketplace, a 50-acre, Whole Foods-anchored mixed-use development completed in 2017. Amenities at Mountain Park Estates include a clubhouse, fitness center, swimming pool, outdoor lounge, fire pit and three lighted tennis courts. Greensboro, N.C.-based Bell Partners acquired the asset. which is located about 25 miles north of downtown Atlanta. The seller and sales price were not disclosed.
FORT LAUDERDALE, FLA. — Houston-based development firm Morgan and JPMorgan Asset Management have opened Pearl Flagler Village, a 350-unit apartment complex in Fort Lauderdale’s Flagler Village neighborhood. Morgan acted as the developer and JPMorgan the financial advisers. Amenities include a media lounge, presentation kitchen, fitness center with a yoga studio, mailroom with parcel lockers, swimming pool, dog park and an AquaLounge with cabanas and fire pits. The property offers studio, one-, two- and three-bedroom floor plans. Pearl Flagler Village is situated at 400 NE 3rd Ave., less than a mile from downtown Fort Lauderdale. The property also enjoys proximity to FATCity (Flagler Arts and Technology City), a mixed-use project under construction that will include 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces.
NORCROSS, GA. — Arbor Realty Trust Inc. has provided a $38.6 million Fannie Mae loan for the acquisition of Fields at Peachtree Corners, a 490-unit apartment complex in the northern Atlanta suburb of Norcross. The loan carries a 12-year fixed interest rate with six years of interest-only payments and a 30-year amortization schedule. The asset was built in 1973 and offers a fitness center, Olympic-sized swimming pool, tennis and volleyball courts, soccer field, resident clubhouse, a playground and picnic area with barbecue. The borrower was not disclosed.
BIRMINGHAM, ALA. — Stage Equity has acquired Inverness Dental & Medical Plaza, a two-story, 21,019-square-foot medical building in Birmingham. The asset, which was delivered in 2001 and sits on 1.5 acres, was fully leased at the time of the sale. The property is located about nine miles from the University of Alabama at Birmingham (UAB). Brian Higdon of Marcus & Millichap represented the buyer in the transaction. Alex Perez and Brett Chetek of Chetek Group represented the seller, Inverness Dental Associates LLC. The sales price was not disclosed.
There may be uncertainties within the market and larger economy, but Tom Turnage, vice president of Bellwether Enterprise, believes much of the activity on which 2018 hung its hat will continue. Fannie Mae and Freddie Mac are coming off record years, as are companies like Bellwether. Turnage believes the multifamily and industrial markets will remain active…but so will competition. This means borrowers and lenders must approach this year with creativity and flexibility. Both will be key to success in this lending environment. Watch the video for insights from Turnage on the lending landscape in the coming year.
Ernie Katai, executive vice president and head of production, and Christopher Philipps, head of small loan originations at Berkadia, believe commercial real estate lending activity will continue with steady momentum through 2019. Katai was admittedly nervous about last year’s interest rate increases, but was happy to see his worry was for naught as the commercial market took it in stride. In Katai’s experience, investors have remained active. Most are willing to accept lower returns, which won’t keep them from buying in 2019. Philipps is focused on future growth. He notes Berkadia’s intention to utilize new small balance loan programs from Fannie Mae and Freddie Mac to offer a wider spectrum of resources to current clients, while introducing a new pool of borrowers to the firm. Watch the video for more insights from Katai and Philipps.
HORN LAKE, MISS. — Core5 Industrial Partners has sold the 581,474-square-foot Building A within Desoto 55 Logistics Center in Horn Lake. The business park sits on 173 acres about 18 miles south of Memphis. An undisclosed Fortune 500 company acquired the asset. The sales price was not disclosed. In addition, Core5 announced that Building B, a 300,145-square-foot facility, has been fully leased to DSV Solutions LLC and EPE Industries USA, which are both set to occupy the space this quarter. Three other buildings are planned within Desoto 55. At full build-out, the business park will span more than 2.5 million square feet. All three buildings are expected to be delivered by the end of this year.
NASHVILLE, TENN. — The Beach Company has opened Bells Bluff, a 402-unit apartment community in West Nashville. Located on the banks of the Cumberland River, the property features a riverfront amenities package that includes a resident clubroom, fitness center, saltwater pool and a dog spa. Bells Bluff also includes a mile-long hiking trail with fitness stations as well as a game lawn with green space. The community offers 11 different floor plans, which feature granite countertops, custom shelving, in-unit washer and dryer, stainless-steel appliances and scenic forest or river views.
CHAMBLEE, GA. — CF Real Estate Services and Origin Investments have sold Olmsted Chamblee, a 283-unit apartment community in Chamblee. The asset was completed in October 2017 and offers one-, two- and three-bedroom floor plans. The property sits on 5.9 acres about 13 miles north of downtown Atlanta. Olmsted Chamblee was 95 percent occupied at the time of sale and features 9,000 square feet of retail space and rentable office pods within the amenity spaces. Kris Mikkelsen and Elliot Howell of Walker & Dunlop represented the sellers in the transaction. CBRE Global Investors acquired the property. The sales price was not disclosed.