Southeast

Federal Capital Partners Acquires Apartment Community Near Charleston for $16.4M

by Camren Skelton October 26, 2017

SUMMERVILLE, S.C. — Federal Capital Partners (FCP) has acquired The Gates at Summerville, a 232-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Elliot Calhoun and Andrew Braden of NAI Charleston arranged the transaction on behalf of FCP. Andrew Batkins of Avison Young represented the seller, Somerset South Carolina LLC. The Gates at Summerville includes one- to three-bedroom apartment units and features a fitness center, tennis court, playground, swimming pool and an outdoor grilling area.

October 26, 2017

Retail South Carolina Southeast

HFF Secures $10.1M Sale of Future Retail Center Site Near Charlotte

by Camren Skelton October 26, 2017

INDIAN LAND, S.C. — HFF has arranged the $10.1 million sale of a retail development site in Indian Land, located 20 miles south of Charlotte, N.C. The 58.5-acre site will be the future home of The Promenade at Carolina Reserve, an open-air retail center. Travis Anderson, Richard Reid, Thomas Kolarczyk and Cory Fowler of HFF represented the seller, Lennar Corp. The Hutton Co. purchased the asset. The Promenade at Carolina Reserve will be home to Burlington, Ulta Beauty, Hobby Lobby, Petco, T.J. Maxx and Rack Room Shoes. The center will also include outparcels for future development.

October 26, 2017

Mixed-Use North Carolina Southeast

CBRE Brokers $6.3M Sale of Mixed-Use Center in Southeast Charlotte

by Camren Skelton October 26, 2017

CHARLOTTE, N.C. — CBRE has arranged the $6.3 million sale of Monroe Business Park, a five-building, 54,200-square-foot mixed-use center in southeast Charlotte’s Oakhurst neighborhood. Matt Smith, Patrick Gildea and Grayson Hawkins of CBRE represented the seller, Nova Capital Partners, in the transaction. An investment group affiliated with Waters Inc. purchased the asset. At the time of sale, Monroe Business Park’s tenant roster included PPG Paints, IronTribe Fitness and Common Market.

October 26, 2017

Loans Maryland Multifamily Southeast

Pillar Originates $58.8M Acquisition Loan for Apartment Community in Metro Baltimore

by Camren Skelton October 25, 2017

TOWSON, MD. — Pillar Financial, a division of SunTrust Bank, has originated a $58.8 million Freddie Mac loan for the acquisition of The Winthrop, a 295-unit apartment community in Towson, roughly 13 miles north of Baltimore. Cullen O’Grady of Pillar originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a private investment group. Scott Park of Columbia National Real Estate Finance arranged the transaction. Located at 913 Southerly Road, the property is within walking distance to Towson Town Center, an indoor mall. The Winthrop was constructed in 2015 and has a National Green Building Standard Gold certification. Chesapeake Realty Partners developed the property, which will continue to be managed by The Bozzuto Group. The Winthrop was 95 percent occupied at the time of sale.

October 25, 2017

North Carolina Retail Southeast

United Development to Deliver 33,517 SF Retail Center in Asheville, North Carolina

by Camren Skelton October 25, 2017

ASHEVILLE, N.C. — United Development Co. has unveiled plans to build The Peaks, a 33,517-square-foot retail center in Asheville. The property will sit on two acres at the corner of Highway 70 and South Tunnel Road, just west of Interstate 240, at the site of the former UA Beaucatcher Cinemas 7. The Peaks will offer 12 restaurant and retail spaces, including Chipotle Mexican Grill, Panera Bread and Rise Biscuits & Donuts. In addition, the property will feature a pedestrian-oriented design and outdoor dining with views of the Blue Ridge Mountains. Asheville-based PFA Architects designed the center and Atlantic Retail Properties is handling the leasing assignment. The Peaks is slated to open in June 2018.

October 25, 2017

Florida Industrial Southeast

Bridge Development Acquires 185-Acre Site Near Miami for $28.2M, Plans 2 MSF Industrial Project

by Camren Skelton October 25, 2017

MIAMI GARDENS, FLA. — Bridge Development Partners has acquired a 185-acre site in Miami Gardens, located 15 miles north of Miami, for $28.2 million. The site is the future home of Bridge Point Commerce Center, a Class A industrial development that will total more than 2 million square feet at full build-out. Phase I of the project spans 90 acres and will include three buildings. The first two buildings on the site will total 286,875 square feet and feature 32-foot clear heights. The third building will be a 534,816-square-foot, cross-dock facility with 36-foot clear heights. Phase II of the project will be developed on the western half of the property, situated on the site of a former landfill. In addition, 13 acres on the site will be preserved as green space. Located with direct frontage along the Florida Turnpike, Bridge Point Commerce Center is equidistant to Fort Lauderdale-Hollywood International Airport and Miami International Airport.

October 25, 2017

Florida Loans Multifamily Southeast

Maverick Commercial Arranges $22M Construction Loan for Apartment Property in Tampa Bay

by Camren Skelton October 25, 2017

CLEARWATER, FLA. — Maverick Commercial Mortgage has arranged a $22 million construction loan for The Strand, a 132-unit apartment building located at 1100 Cleveland St. in downtown Clearwater. The Chicago-based firm secured the two-year, non-recourse loan with one 12-month extension option through an undisclosed lender on behalf of the borrower, 1000 Cleveland LLC. Originally constructed as an office building, the 15-story property was gutted in 2016 in preparation for conversion into condominiums. The borrower will use the loan — which totals 65 percent of the project cost — to finish the conversion into apartment units. Kimmich Smith Architects is designing the apartment building, and GlenStar Properties is the development manager. Situated within the Tampa Bay region, The Strand will feature a pool, hot tub, kitchen, workshop with tools and equipment, business center and covered parking. In addition, The Strand will include ground-floor retail space.

October 25, 2017

Florida Loans Retail Southeast

Meridian Capital Closes $12.5M Acquisition Loan for Retail Center in Broward County

by Camren Skelton October 25, 2017

PLANTATION, FLA. — Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square-foot shopping center in Plantation, a Broward County city roughly seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed interest rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Located at 7500 W. Sunrise Blvd., the property includes three one-story retail buildings. At the time of sale, Plantation Pointe’s tenant roster included Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks Coffee and Walgreens.

October 25, 2017

Florida Multifamily Southeast

Waterton Buys New Apartment Community in West Miami for $59M

by Camren Skelton October 24, 2017

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables II, a 221-unit apartment community located at 2001 Ludlam Road in West Miami. Estate Investments Group (EIG), in partnership with Fortune Capital Partners and Mattoni Group, sold the asset to Waterton for $59 million. Completed in September, the community features studio, one- and two-bedroom units. Community amenities include a pool, resident lounge, movie theater, fitness center and a community park with a children’s playground. Waterton acquired the adjacent sister community Soleste West Gables in August 2016. Both properties have been renamed District West Gables.

October 24, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $55.4M Sale of Two Multifamily Assets in Metro Atlanta

by Camren Skelton October 24, 2017

NORCROSS, GA. — Cushman & Wakefield has brokered the $55.4 million sale of two apartment communities in Norcross, roughly 25 miles northeast of Atlanta. The portfolio includes the 386-unit Sienna Heights, which sold for $32.2 million, and the 301-unit Hickory Grove, which sold for $23.2 million. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented the seller, Schorr Investments, in the transaction. Comunidad Realty Partners acquired both properties. Constructed in 1972, Sienna Heights features a business center, playground, fitness center, soccer field and biking, hiking and jogging trails. Built in 1979, Hickory Grove features a picnic area, laundry facility, pool, playground and a sports court.

October 24, 2017

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