MIAMI — Cushman & Wakefield has brokered the $7.6 million sale of the Avex Building, a 48,881-square-foot, multi-tenant flex office and warehouse building located at 6405 N.W. 36th St. in Miami. Miguel Alcivar, Scott O’Donnell, Greg Miller and Mike Ciadella of Cushman & Wakefield represented the seller, Taha Properties, in the transaction. Joseph Suarez of Trustpoint Realty LLC represented the buyer, Marrero Capital Investments.
By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days. In addition, both programs offer the following product features for small loans: Let’s now …
CHESTERFIELD COUNTY, VA. — PNK Group has broken ground on PNK Ashton Park, an 846,000-square-foot industrial facility situated on 86.6 acres in metro Richmond’s Chesterfield County. The facility is designed for flexible use by either a single tenant or multiple occupants. Details about the project’s construction timeline were not disclosed.
DADELAND, FLA. — JLL has arranged $51.5 million for the refinancing of Dadeland Centre I and II, two office buildings within the Dadeland Centre complex in metro Miami. Paul Stasaitis led the JLL team in arranging the 10-year, fixed-rate loan through Goldman Sachs on behalf of the borrowers, The Green Cos. and an entity doing business as Dadeland Centre. Built in 2003 and 2008 by The Green Cos., the office properties span 242,598 square feet, with Dadeland Centre I rising 18 stories and Dadeland Centre II rising 15 stories. The office buildings are subject to long-term ground leases with Miami-Dade County and each include multiple levels of structured parking. The properties were 93 percent leased at the time of financing to tenants including Cole Scott & Kissane, Steel Group LLC and Field & Howell.
MIAMI — Marcus & Millichap has brokered the $8.6 million sale of Village Shoppes, a 26,648-square-foot retail center located in the Little Havana neighborhood of Miami. Situated at 503-533 SW 12th Ave., the center comprises two parcels with multiple stores, 30 parking spaces and more than 325 feet of retail frontage. The property also allows for 40,000 square feet of future development of up to eight stories, according to Marcus & Millichap. Jonathan De La Rosa and Eddie Toledo of Marcus & Millichap’s Miami office marketed the property on behalf of the undisclosed seller and procured the buyer, an entity doing business as CMC VS LLC, in the transaction.
MANASSAS AND HAMPTON, VA. — SRS Real Estate Partners has negotiated the ground-lease sales of two single-tenant retail properties in Virginia net-leased to Chase Bank. The assets include 9560 Liberia Ave. in Manassas and 1700 W. Mercury Blvd. in Hampton, which combined to sell for more than $8 million. Both buyers were based in California and purchased the bank branches in 1031 exchanges. Andrew Fallon, Patrick Nutt and William Wamble of SRS represented the seller in the Manassas deal, an investment firm based in New York. Matthew Mousavi, Patrick Luther and Fallon of SRS represented the seller in the Hampton transaction, a developer based in Dallas. SRS is currently marketing two more retail properties net-leased to Chase Bank in Rockville, Md., and Washington, D.C.
CHARLOTTE, N.C. — Co-owners Parkside Partners and MDH Partners have opened or signed a new round of office and retail tenants at Oakhurst Commons, a 10-acre mixed-use redevelopment underway in Charlotte’s Oakhurst neighborhood on the city’s east side. Thrift Commercial Real Estate Services is leading the leasing assignment for both the office and retail components at Oakhurst Commons. The new concepts joining include Brunches (opening in August), The Health Club (open), Ilios Crafted Greek (open), DreamMaker Bath & Kitchen (no opening date announced), Wildlands Engineering (no opening date announced), Switchyards (open), Made2Move (open) and Moodhouse (open).
MIAMI — Miami-based Driftwood Capital has completed the $415 million recapitalization of a nationwide hospitality portfolio valued at $1.2 billion. The portfolio includes 18 Hilton-, Marriott- and Margaritaville-branded hotels totaling 4,203 rooms across 10 states. Wells Fargo led financing for the debt component of the transaction with a roughly $330 million securitized senior loan. ACORE Capital provided $85 million in preferred equity. Many of the properties are located in high-growth markets within California, Texas, Florida, North Carolina, Utah and New York. Prominent hotels include Margaritaville Lake Resort Lake of the Ozarks, Marriott San Diego Mission Valley, Hilton Dallas/Southlake Town Square, Canopy by Hilton West Palm Beach Downtown and Hotel Vesper in Houston. Each asset in the portfolio has either been newly built or comprehensively renovated in recent years. “This portfolio brings together some of the highest quality assets we own and operate, creating a uniquely cohesive investment opportunity for our partners,” says Carlos Rodriguez Sr., chairman and CEO of Driftwood. “We’ve intentionally assembled this particular portfolio of assets to reflect strength in markets, performance and long-term fundamentals.” Driftwood says the transaction marks a major milestone in its strategy to create scalable hospitality portfolios, designed to maximize value through operational control, …
TEMPLE TERRAE, FLA. — Denver-based BMC Investments has purchased Park at Valenza, a 776-unit apartment community located at 6900 Aruba Ave. in Temple Terrace, a suburb of Tampa. The seller and sales price were not disclosed, as well as BMC’s joint venture partner. The property was constructed in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom units. Park at Valenza’s amenities include a lounge, gym, pool, basketball court and tennis courts. BMC is investing in capital improvements at the community, including new paint, roofing, siding, landscaping and parking lot work, as well as improvements to Park at Valenza’s amenities and some select units. A Prime Finance-sponsored fund provided acquisition financing.
BURLINGTON, N.C. — Lamar Cos., in partnership with Real Capital Solutions, has acquired Alamance Crossing, a 456,742-square-foot open-air retail center located in Burlington, about 22 miles east of Greensboro, N.C. Hobby Lobby, Carousel Cinemas, Barnes & Noble and Belk anchor the center. Additional retailers include Buffalo Wild Wings, Tropical Smoothie Café, Anytime Fitness, Bath & Body Works, Kay Jewelers and DentalWorks, among others. Tom Dobrowski of Newmark represented the seller in the transaction. Triad Business Journal reported that previous owner CBL Properties defaulted on the property’s $50 million loan and that Spinoso Real Estate Group was court-ordered to take over management of Alamance Crossing, as well as bring it to market. The news outlet also reported the asset traded hands for $38.5 million.
