Southeast

KBS Sells Office Building in South Florida for $71.8M

by Alex Tostado July 24, 2019

PALM BEACH GARDENS, FLA. — KBS has sold Financial Center at the Gardens, a 10-story, 188,950-square-foot office building in Palm Beach Gardens, for $71.8 million. KBS acquired the property in 2015 and spent more than $1 million in renovations, including a main lobby renovation with a new lounge and wine bar, as well as upgrades to the café, restrooms, corridors and elevators. Mike Davis, Dominic Montazemi, Rick Brugge and Scott O’Donnell of Cushman & Wakefield represented KBS in the transaction. New York Life Insurance Co. bought the property.

July 24, 2019

Development Florida Industrial Southeast

US Capital Development, USAA to Construct 303,006 SF Spec Distribution Center in Metro Tampa

by Alex Tostado July 24, 2019

SEFFNER, FLA. — US Capital Development Co. and USAA Real Estate are partnering to construct a 303,006-square-foot speculative distribution center in Seffner. The facility will be located at 6337 County Road 579, 12 miles east of downtown Tampa. The center will offer tilt-up concrete walls with more than 60 dock positions, more than 300 auto parking spaces and 36-foot clear heights. Once complete, the building will serve as distribution/warehousing space for either one or two tenants. The partners expect to break ground in August with completion slated for the second quarter of 2020. The design team includes Edwards Construction as the general contractor, JRA Architecture as the architect and Landmark Engineering as the civil engineer. Clay Witherspoon and Trey Carswell of Avison Young are the leasing agents for the property.

July 24, 2019

Acquisitions Loans Multifamily Southeast Tennessee

KeyBank Provides $48M Acquisition Loan for Apartment Community in Metro Nashville

by Alex Tostado July 24, 2019

MT. JULIET, TENN. — KeyBank Real Estate Capital has provided a $48 million Freddie Mac acquisition loan to Bluerock Real Estate for Providence Trail Apartments in Mt. Juliet. Providence Trail Apartments was built in 2008 and underwent a $1.6 million renovation in 2016. The property offers 24 three-story buildings comprising 334 units. Communal amenities include a bark park, saltwater swimming pool, poolside grilling station, clubhouse, courtyard and a community kitchen. The seller was not disclosed.

July 24, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $33.5M Sale of Multifamily Portfolio in Metro Atlanta

by Alex Tostado July 24, 2019

ATLANTA — Berkadia has arranged the $33.5 million sale of a garden-style multifamily portfolio comprising two properties in metro Atlanta. The first property is Ashford Oaks, a 260-unit property in Union City, which sold for $22.7 million. Ashford Oaks offers two-, three- and four-bedroom plans, as well as communal amenities including a fitness center, swimming pool, business center, sundeck, playground and a barbeque area. The second asset, Ashford Town and Country, is a 132-unit complex in Fairburn that sold for $10.8 million. Ashford Town and Country offers two-bedroom townhomes and amenities such as a sundeck, business center, swimming pool and a playground. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based Benimax, in the transaction. New York City-based Asden Properties acquired the communities.

July 24, 2019

Acquisitions Development Multifamily North Carolina Southeast

Pollack Shores Acquires 494-Unit Apartment Complex in Charlotte, Plans $6.6M Renovation

by Alex Tostado July 24, 2019

CHARLOTTE, N.C. — Pollack Shores has acquired The Bryce, a 494-unit apartment complex in Charlotte. The Atlanta-based apartment developer and owner plans to invest $6.6 million to upgrade the property and unit interiors. Unit interiors will receive new stainless steel appliances, granite countertops and hard-surface flooring. Exterior upgrades include converting the outdoor volleyball court into a green space with grilling areas and a beer garden, and renovating the clubhouse to include an expanded gym with modern equipment. Other communal amenities include a three-hole golf course, tennis court, swimming pool and several walking trails. The community is situated at 4101 Double Creek Crossing Drive, 10 miles north of downtown Charlotte and four miles from University Research Park. The seller and sales price were not disclosed.

July 24, 2019

Development Maryland Mixed-Use Southeast

Stonebridge, Montgomery County Break Ground on 530,000 SF Mixed-Use Tower in Downtown Bethesda

by Alex Tostado July 23, 2019

BETHESDA, MD. — A public-private partnership between Stonebridge and Montgomery County in Maryland has broken ground on Avocet Tower, a 530,000-square-foot, 250-foot tall mixed-use building in Bethesda’s Central Business District. The transit-oriented tower will be located at 7373 Wisconsin Ave., directly across the street from the Bethesda Metro Station. Avocet Tower will comprise 370,000 square feet of office space and a 220-room AC Hotel by Marriott. Delivery is expected in summer 2021. Pickard Chilton designed the building, and Cooper Carry is the architect of record. The development team is expecting the tower to earn LEED Platinum certification and will include modern mechanical systems, secured bicycle storage, electric vehicle charging stations, bio-retention basins on the roof terrace and glass elements throughout the entire office area. Other amenities will include a fitness and business center on the 18th floor, as well as a restaurant available to the public.

July 23, 2019

Acquisitions Florida Industrial Self-Storage Southeast

Metro Storage Acquires 641-Unit Facility in Orlando

by Alex Tostado July 23, 2019

ORLANDO, FLA. — Metro Storage LLC has acquired a two-story, 641-unit self-storage facility in Orlando. The building spans 62,607 square feet. It was delivered in February 2018 at 7500 W. Colonial Drive. The property offers interior climate-controlled units, exterior drive-up storage units, outdoor RV and boat/car parking, covered loading and unloading access, wide asphalt driveways, security cameras, and access keypad controls. Metro Storage now owns two facilities in Orlando and 24 in Florida. The seller and sales price were not disclosed.

July 23, 2019

Acquisitions Maryland Multifamily Southeast

Marcus & Millichap Arranges $28M Sale of Multifamily Community in Richmond

by Alex Tostado July 23, 2019

RICHMOND, VA. — Marcus & Millichap has arranged the $28 million sale of Vida East Apartments, a 178-unit multifamily community situated within an Opportunity Zone in Richmond. The seller, Seacoast Communities, delivered the community in August 2018. Communal amenities include a rooftop picnic area, saltwater swimming pool and a dog park. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented Seacoast Communities in the transaction. Bryn Merrey of Marcus & Millichap is the broker of record in Virginia. The buyer is an undisclosed local developer.

July 23, 2019

Acquisitions Loans Louisiana Retail Southeast

Uber Capital Provides $33M Acquisition Loan for Mall in Lafayette, Louisiana

by Alex Tostado July 23, 2019

LAFAYETTE, LA. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The 15-year loan features a fixed 5.4 percent interest rate, 70 percent loan-to-value and partial recourse for the borrower. Acadiana Mall spans 1.6 million square feet and is situated six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JC Penney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired the mall.

July 23, 2019

Florida Leasing Activity Office Southeast

BAC Florida Bank to Relocate Headquarters to Mixed-Use Tower in South Florida

by Alex Tostado July 23, 2019

CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy and Clay Sidner of Newmark Knight Frank represented BAC Florida Bank in the transaction. Tere Blanca, Danet Linares and Andres Del Corral of Blanca Commercial Real Estate represented the landlord, Agave Holdings.

July 23, 2019

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