ST. PETERSBURG, FLA. — HREC has arranged the sale of St. Petersburg Marriott Clearwater. Menna Development & Management sold the Tampa Bay property for an undisclosed price. Located at 12600 Roosevelt Blvd. in Northeast St. Petersburg, the hotel features 209 guest rooms, 22,832 square feet of meeting space, a 1,600-square-foot fitness center and The Crafted Plate, a farm-fresh American restaurant. Scott Stephens and Jaimin Patel of HREC’s Tampa office represented the seller in the transaction.
CHARLOTTE, N.C. — Trez Forman Capital Group has provided $4.8 million in financing for a 390-unit, mixed-use community planned for development near the University of North Carolina at Charlotte campus. The borrower and developer of the planned multifamily property, Sanctuary Holdings NC, will use the loan proceeds to pay off existing debt on the property and to help fund the purchase of an additional 1.5 acres from Charlotte’s transportation department. The site — located at 7600 University City Blvd. — has already been approved for 390 multifamily or student housing units.
ATLANTA — CBRE has promoted Chris Bosworth and Will Pike to vice chairman, the highest-ranking title among CBRE producers. Based in the firm’s Atlanta office, Bosworth and Pike serve as partners and co-leaders of CBRE Net Lease Properties, a national practice that provides net lease investors with acquisition and disposition advisory services for single-tenant assets, national net lease portfolios and corporate sale-leasebacks. Over the course of their careers, Bosworth and Pike have executed more than $16 billion worth of assignments spanning more than 2,600 properties. Since 2016, the team has been responsible for the disposition of 720 properties with a value of over $8.2 billion. Bosworth joined the firm in 1999 and is a founding member of Net Lease Properties and the firm’s Corporate Capital Markets practice. Additionally, he is the first retail-focused capital markets professional in the firm’s history to be named vice chairman. Pike, who joined in 2004, is a founding member of Corporate Capital Markets, head of Retail-Occupier Capital Markets and currently serves on the board of CBRE’s Investment Properties and America Brokerage divisions. Pike is the third-youngest CBRE professional to earn the title of vice chairman.
DAYTONA BEACH, FLA. — Marcus & Millichap has arranged the sale of a two-property, 384-unit multifamily portfolio in Daytona Beach for a total of $37 million. Built in 1987, the 240-unit Lake Forest Apartments sold for $23.5 million, while the 144-unit Jade Park sold for $13.4 million. Situated side-by-side in a wooded lakeside setting, the communities are near the Daytona International Speedway, Volusia Square Mall, One Daytona and Daytona Beach International Airport. Michael Donaldson and Nicholas Meoli of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.
ASPEN HILL, MD. — Pennrose has completed vertical construction of Pointe View at Aspen Hill, a 120-unit, mixed-income seniors housing community in Aspen Hill, located just north of Washington, D.C. Located on a nearly six-acre parcel, the development features 61 one-bedroom and 59 two-bedroom apartments. Harkins Builders is the general contractor, while Architecture by Design is the architect. The affordable, independent living community will be restricted to residents age 62 or older, with 108 units reserved for those making between 30 percent and 60 percent of area median income. The remaining 15 percent of units are designated as “very low income.” Pennrose has partnered with The Senior Connection to provide residents with transportation resources and programing to assist with daily living activities, such as managing bills or household paperwork. In addition, the development will be served by both the Montgomery County Transit Ride-On and WMATA bus lines and residents will be near to retail, healthcare resources and the county’s largest senior center.
WESLEY CHAPEL, FLA. — Westlake, Ohio-based Emerald Hospitality Associates has acquired and opened Hilton Garden Inn Tampa-Wesley Chapel, located at 26640 Silver Maple Parkway in Wesley Chapel. Emerald Hospitality Associates will manage the property, which it purchased in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality. The hotel features 124 guestrooms each with a microwave and refrigerator, 3,712 square feet of flexible meeting space, and an extensive lobby and outdoor patio featuring the Garden Grille & Bar. Additional amenities include complimentary Wi-Fi, a 24-hour business station, state-of-the-art fitness center, Keurig coffee maker and a full-service restaurant and bar.
CORNELIUS, N.C. — Woodside Health has completed the disposition of Jetton Medical Park, a two-building medical office property located at 19475 and 19485 Old Jetton Road in Cornelius, a suburb of Charlotte. Montecito Medical Real Estate acquired the property for an undisclosed price. The 45,000-square-foot property is anchored by medical practices affiliated with Novant Health, an integrated healthcare organization with more than 500 locations.
LA VERGNE AND NOLENSVILLE, TENN. — US Storage Centers has purchased three self-storage facilities in metro Nashville for an undisclosed price. The facilities include a 68,660-square-foot, 641-unit property at 5565 Murfreesboro Road and a 59,590-square-foot, 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113-square-foot, 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville. The properties feature climate-controlled units, ground-floor units and parking. US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller in the deal. US Storage Center currently owns and operates 11 self-storage facilities in Tennessee.
BOCA RATON, FLA. — A trio of developers — Giles Capital Group, Rosemurgy Properties, Schmier Property Group — in partnership with Wheelock Street Capital have broken ground on Uptown Boca, a $200 million mixed-use project in South Florida. The development, which will be located at the corner of Glades Road and 95th Avenue South in Boca Raton, will feature 150,591 square feet of retail space. Lucky’s Market and Silverspot Cinema will anchor the project. In addition, Uptown Boca will offer 456 Class A apartments. Additional tenants will include Bolay, a healthy restaurant concept, and Chick-fil-A. Marc Wiener Architecture, a local firm, provided design services for the retail portion of the project. Roxanne Register and Nicole Fontaine of the Boca Raton office of Katz & Associates are the leasing agents for the retail portion of the project. Retailers are expected to open their doors in summer 2019, and multifamily units are projected to be available for occupancy by early 2020. “With no new significant development in over two decades, this type of lifestyle component is long overdue in West Boca,” says Alexander Rosemurgy, CEO of Rosemurgy Properties. “It will truly create the complete shop-dine-live experience that this area deserves.” — Taylor …
Fundamentals in the Orlando multifamily market are exceptionally strong and should remain healthy as long as this economic cycle continues. Following a period of no construction after the recession, new supply is finally starting to catch up with pent-up demand held in check during the downturn. Even with over 7,000 units projected to be delivered annually for the next several years, occupancy rates should hold strong between 95 and 96 percent. Supported by continued economic expansion in the Orlando metro area as well as strong population and job growth, we remain bullish on the multifamily market and do not see the potential risk of oversupply any time in the near future. The justification for continued new construction makes sense given Orlando’s history. As in most markets throughout the country, the recession halted new multifamily development in Orlando. From 2007 to 2009, there was virtually no new supply added to the market. It was not until 2010 that construction picked up again, and by that time, post-recession job creation had already taken off, causing a tremendous amount of pent up demand for housing. Each year since, new supply has been quickly leased, and it has not yet slowed. As of July …