SAVANNAH, GA. — Marcus & Millichap has arranged the $2 million sale of a Dollar General-occupied building in Savannah. The property sold at a 5.9 percent cap rate, which is a record rate in the state of Georgia, according to Marcus & Millichap. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Teramore Development, in the transaction. Elizabeth Randall of Randall Commercial Group LLC represented the buyer, Parker Tractor & Implement Co. Inc.
WASHINGTON, D.C. — Commercial real estate loan originations rose 12 percent in the first quarter of 2019 compared with the same period a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The industrial sector climbed 73 percent in loan originations, followed by healthcare (41 percent) and hotels (14 percent). Retail and multifamily both saw increases (9 percent each), while the dollar volume of office property loans was unchanged. “The momentum seen in 2018’s record year of borrowing and lending continued in the first quarter of this year,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. “First-quarter volumes were higher for nearly every property type, and double-digit growth in loan volume for Fannie Mae and Freddie Mac led the increase among capital sources. Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers.” While loan volumes ticked up, acquisitions across the four major property types fell 9 percent, says MBA. Apartment sales were roughly flat from last year, while office, retail and industrial property sales fell from 14 to 16 percent. The capitalization rates were flat from 2018 for industrial, retail and …
MIAMI BEACH, FLA. — HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, a three-story promenade that will be added to connect Barneys to the existing palm tree-lined promenade, a new grand entrance at the northeast quadrant of the property and the expansion of the Neiman Marcus space by 20,000 square feet. MetLife Investment Management provided the loan. The $150 million portion features a fixed interest rate for eight years while the $400 million portion is underwritten with a floating interest rate. Other tenants at Bal Harbour Shops include Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of Whitman Family. Arun Singh and Jay …
WASHINGTON, D.C. — Akridge and Alcion Partners have sold 1701 Rhode Island Ave., a seven-story, 103,908-square-foot office building in downtown Washington, D.C., for $119 million. The partnership acquired the then-YMCA in March 2016 before repositioning the asset into an office building fully leased to WeWork. WeWork has occupied the space since February. Design firm Hickok Cole Architects and general contractor Whiting-Turner Contracting Co. led the redevelopment of 1701 Rhode Island to include a two-story lobby, pocket park, rooftop decks on the penthouse and seventh floor and a landscaped rooftop terrace. An affiliate of EXAN Capital acquired 1701 Rhode Island. Collins Ege, Sean McDermott, Nicholas Pappas and Nick Carpenter of Eastdil Secured represented the sellers in the transaction. EXAN Capital will remain as the asset manager.
BIRMINGHAM, ALA. — Daniel Corp. has broken ground on a five-story, 228-unit apartment project with ground-level retail space in Birmingham’s Parkside District. The property will be situated across the street from Regions Field, home of Minor League Baseball’s Birmingham Barons. The yet-to-be-named community will offer studio, one- and two-bedroom floor plans along with communal amenities including a saltwater swimming pool, fitness center and a sky club on the fifth floor with views of the ballpark. The design team includes Dwell Design Studio, Schoel Engineering, BHATE Geosciences, Vignette Interior Design and LMO Partners. The general contractor is Hoar Construction. Daniel expects the first residents to move in late 2020.
CHARLOTTE, N.C. — MLA Properties and Pearlmark have acquired Pavilion Village, a 294-unit apartment complex in Charlotte, for $44 million. The property is located three miles from the University of North Carolina-Charlotte and 13 miles from Uptown Charlotte. Pavilion Village was 93 percent occupied at the time of sale. The new owners plan to renovate and upgrade interior units and communal amenities. Details of the renovations were not disclosed. MLA and Pearlmark have hired Drucker + Faulk to handle leasing efforts for the property.
NORTH MIAMI, FLA. — Arbor Realty Trust Inc. has provided a $9.3 million acquisition loan for Arlington Manor Apartments, a 91-unit multifamily property in North Miami. Built in 1969, the four-story property is situated at 12501 N.E. 13th Ave., 13 miles north of downtown Miami. Arlington Manor offers studio, one-, two- and three-bedroom floor plans. Alexander Kaushansky of Arbor originated the loan on behalf of the undisclosed borrower. The seller was not disclosed.
FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green space with walking paths. Mars Petcare employs 85,000 associates and features 50 brands, including Pedigree, Iams and Whiskas.
FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 percent loan-to-cost ratio.
CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance Residential plans to begin construction later this year and open the community in 2020. Cline Design Associates designed Broadstone Lemmond Farm, which will feature a mix of one-, two- and three-bedroom apartments averaging 924 square feet.