MIAMI — Doral, Fla.-based Biscayne Bay Brewing Co. has unveiled plans to open a second location at the Old United States Post Office and Courthouse building in downtown Miami. Originally constructed in the early 1900s, the building was designated a historical site in 1989. The new brewery will occupy 6,500 square feet on the third floor of the building, where The Miami Weather Bureau Office was once located. Post Office Development LLC, managed by Daniel Peña, is overseeing the redevelopment of the building. Peña, a principal of Stambul Construction Co., led the restoration of the Eurostars Langford Hotel — previously Miami National Bank. Biscayne Bay will open its new location at the building this winter. The brewery’s flagship facility is located at 8000 N.W. 25th St. in Doral.
FLORENCE, KY. — An affiliate of FM Capital LLC has originated a $10 million acquisition loan for Turfway Ridge Office Park, a 217,000-square-foot office building in Florence, located roughly six miles from Cincinnati/Northern Kentucky International Airport, home to Amazon’s $1.5 billion Prime Air cargo hub. The borrower, a Los Angeles-based real estate investor, acquired the asset from a special servicer via an auction process. Other terms of the bridge financing were not disclosed. The five-story Turfway Ridge Office Park was originally constructed in 1988 and renovated in 2006. The building was 81 percent leased at the time of sale to tenants such as ADP, Central Bank and the U.S. Department of Veterans Affairs.
Economic growth in Tampa Bay continues at an impressive pace, driven by strong population and employment growth over the past several years. The unemployment rate has steadily declined, dropping 110 basis points from December 2016 to a current 3.4 percent, and the strong pace of job growth continues with a rise in non-farm employment of 35,000 new jobs during the trailing 12-month period ending December 2017. As a result, leasing activity has increased, rental rates continue to show incremental growth and there is a strong likelihood of new speculative office construction in the coming year. Major corporations continue to reaffirm their confidence in Tampa with significant announcements of planned corporate expansions by MetLife, Pricewaterhouse Coopers (PwC), AAA and USAA during the second half of 2017. In fact, the Tampa Bay metropolitan area ranked as one of the top 20 “U.S. Markets to Watch” for overall real estate prospects in the Emerging Trends in Real Estate 2018 report published by PricewaterhouseCoopers and the Urban Land Institute. Investment Activity Many investors who in years past were seeking opportunities in gateway markets are now turning their attention to secondary markets like the Tampa Bay area in search of higher yields. There were several …
DELRAY BEACH, FLA. — The City of Delray Beach has unanimously approved Hudson Holdings LLC’s plan for the development of Midtown Delray Beach, a 400,000-square-foot mixed-use development. The $135 million project will span parts of four city blocks in Delray Beach and will feature retail, restaurant, office and residential space, as well as a hotel. Approved by city commissioners at 5-0, the development will include eight restored historic structures that will be revived under the guidance of the Delray Beach Historic Preservation Board. In addition, Midtown Delray Beach will feature a public courtyard that will serve as a central meeting place in downtown Delray. Historic preservation architect Rick Gonzales is designing the project. A construction timeline was not disclosed.
SARASOTA, FLA. — Passco. Cos. has purchased Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road in Sarasota. The Irvine, Calif.-based company purchased the newly constructed property from the developer, Continental Properties, for $77.5 million. Jamie May of JBM Institutional Multifamily Advisors represented both parties in the transaction, and Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing. Passco plans to rebrand the community as Longitude 82°. This acquisition brings the privately held company’s Florida portfolio to nine properties totaling more than 2,700 units, including an asset in Estero named Longitude 81° that the company also purchased from Continental Properties. Amenities at Longitude 82° include a saltwater swimming pool with a sun deck, poolside kitchen, grills and a firepit; 24-hour fitness center; resident clubhouse and lounge; conference room; coffee bar and catering kitchen; two leash-free dog parks; pet grooming station; car wash area and gated entry.
TAMPA, FLA. — Meridian Capital Group has arranged $66 million in acquisition financing for a six-property multifamily portfolio located throughout Florida. Tampa-based Blue Roc Premier acquired the assets, which total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park Ormond Beach, DeLand and Brandon. Community amenities across the portfolio include sports courts and swimming pools. Seth Grossman and Sarah Keubler of Meridian’s Solana Beach office arranged the seven-year Freddie Mac loans through Capital One Multifamily Finance on behalf of Blue Roc. Each of the properties were financed separately, and all of the loans featured floating interest rates and two years of interest-only payments. The new ownership plans to invest $10 million to renovate and upgrade the portfolio.
ALEXANDRIA, VA. — The JCR Cos. has acquired Krispy Korner Shopping Center in Alexandria, located eight miles south of Washington, D.C., for $6.7 million. The 16,680-square-foot center formerly housed a Krispy Kreme. Krispy Korner LLC sold the property, according to local media reports. The transaction marks JCR’s 10th shopping center acquisition since 2012 and its second for 2018. The center is home to tenants such as Wing Stop, Sprint, One Main Financial, a dentist and a dry cleaner.
RICHMOND, VA. — Ready Capital Structured Finance has provided a $5.6 million acquisition loan for an approximately 40,000-square-foot medical office facility located at 7301 Forest Ave. in Richmond’s West End. The undisclosed borrower will use proceeds from the floating-rate loan to renovate and lease up the asset. The interest-only, non-recourse loan features a 36-month term with two extension options. The medical office building is situated less than a mile from Henrico Doctors’ Hospital, a 340-bed community hospital operated by HCA Virginia.
HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …
FORT MILL, S.C. — RoundPoint Mortgage Servicing Corp. will expand and relocate its headquarters from Charlotte, N.C., to a new $34 million office building in Fort Mill, a South Carolina suburb of Charlotte. The new facility will bring 1,100 new jobs to the area upon completion in the third quarter of 2019. Dan Woodley of Savills Studley arranged the 150,000-square-foot, build-to-suit deal on behalf of RoundPoint. The new building will be located within Southbridge Business Park, a 350-acre property owned by Lincoln Harris and Cato. The RoundPoint building is the first planned new construction of the Southbridge development since the joint venture acquired the property in 2014. The South Carolina Coordinating Council for Economic Development approved job development credits, as well as a $500,000 Set Aside grant to York County to assist with the costs of site preparation and building construction. Founded in 2007, RoundPoint is a fully licensed agency and non-agency subservicer for commercial banks, credit unions, mortgage companies and hedge funds.