Southeast

Phillips Realty Capital Secures $30M Loan for Office Building in North Bethesda

by Camren Skelton August 1, 2017

NORTH BETHESDA, MD. — Phillips Realty Capital has secured a $30 million loan for 6116 Executive Blvd., an eight-story, 217,732-square-foot office building in North Bethesda. John Sieber, David Foulk and Patrick Kelly of Phillips Realty structured the loan on behalf of the buyer, Goodstone LLC, which acquired the vacant building in April for $9.5 million. Constructed in 1989, the building was vacated by the National Institutes of Health’s National Cancer Institute in 2013. Goodstone’s capital improvement plan features new and contemporary entries, elevators and common areas, including a fitness center, conference facility, vending café, visitor lounge and upper-floor tenant terrace. The property also includes a three-story underground parking garage. JLL will handle the office’s leasing assignment, and Cushman & Wakefield will manage the property. Occupancy is slated for availability in June 2018.

August 1, 2017

Florida Industrial Southeast

Duke Realty to Develop New 170,428 SF Warehouse for PODS in Orlando

by Camren Skelton August 1, 2017

ORLANDO, FLA. — Duke Realty has unveiled plans to develop a 170,428-square-foot, build-to-suit warehouse for PODS Enterprises LLC at 7133 Municipal Drive in Orlando. PODS, a residential and commercial mover and portable storage container provider, will consolidate its operations from two other Orlando-area warehouses and expand by approximately 72,000 square feet. Alex Beacham of Cushman & Wakefield represented PODS in the transaction, and Tim Perry of Duke Realty represented the company internally. The new warehouse will be situated on a 12.5-acre site, roughly one mile from Interstate 4.

August 1, 2017

Multifamily Seniors Housing South Carolina Southeast

Dominion Breaks Ground on $10M Seniors Housing Community in Clemson

by Camren Skelton August 1, 2017

CLEMSON, S.C. — Dominion Senior Living has broken ground on Dominion Senior Living at Patrick Square, a $10 million, 50,000-square-foot seniors housing community located at 100 Pershing Ave. in Clemson. The two-story, faith-based community will have 40 assisted living apartments and 17 apartments designed for memory care. Dominion Senior Living at Patrick Square is slated to open in fall 2018, bringing roughly 50 new jobs to the Clemson area. The property is Dominion’s second asset in South Carolina.

August 1, 2017

Florida Multifamily Southeast

Dominium Acquires 240-Unit Multifamily Community in Orlando

by Camren Skelton August 1, 2017

ORLANDO, FLA. — Dominium has purchased Lake Weston Point Apartments, a 240-unit multifamily community in Orlando. Constructed in 1999, the affordable housing community is located near Nassau Bay Apartments, another property owned by Dominium. The Minneapolis-based company has unveiled plans for renovations to the Lake Weston Point, including updates to the clubhouse, fitness room, swimming pool, playground equipment and sports court. Improvements to security equipment, exterior lighting, landscaping, roofing and sidewalks will also be made on an as-needed basis. The sales price and seller were not disclosed.

August 1, 2017

Multifamily Southeast Tennessee

Covenant Capital Sells Apartment Community in Downtown Nashville for $27.3M

by Camren Skelton July 31, 2017

NASHVILLE, TENN. — Covenant Capital Group LLC has sold 500 5th Avenue, a 170-unit apartment community located in downtown Nashville, for $27.3 million. 500 Fifth LLC, an entity controlled by JEM Holdings, purchased the property. Covenant originally acquired the asset, formerly known as Metro Manor Apartments, in 2015 for $15.8 million. The company invested nearly $8.2 million in the project, executing renovations including a new entrance, fitness center, business lounge, bike room, sky terrace and rooftop pool. Covenant also renovated apartment interiors and installed new appliances and cabinetry.

July 31, 2017

Florida Retail Southeast

The Shopping Center Group Arranges $20M Sale of Two Retail Centers in Metro Tampa

by Camren Skelton July 31, 2017

TAMPA AND DUNEDIN, FLA. — The Shopping Center Group has arranged the sale of two shopping centers in metro Tampa: Northbay Commerce Center in Tampa and Weathersfield Commons in Dunedin, roughly 25 miles west of Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a CMBS special servicer. An entity affiliated with Global Fund Investments purchased Northbay Commerce Center for $13.5 million, and an entity affiliated with Miami-based Jewell Capital acquired Weathersfield Commons for $5.8 million. Built in 2004, the 107,670-square-foot, Publix-anchored Northbay Commerce Center is located at the intersection of Race Track Road and West Hilllsborough Avenue. Shadow-anchored by Lowes Home Improvement, the 81 percent leased property is home to Youfit Health Club, Pizza Hut, Cracker Barrel and Leslie’s Pool Supplies. The 68,000-square-foot Weathersfield Commons is anchored by LA Fitness, which is backfilling the former Sweetbay Supermarket, and is situated at the intersection of Main and Virginia streets in Dunedin. Construction is underway on the property, with opening slated for January 2018.

July 31, 2017

Retail South Carolina Southeast

Preferred Apartment Communities Acquires 99,384 SF Shopping Center Near Columbia

by Camren Skelton July 31, 2017

IRMO, S.C. — Preferred Apartment Communities (PAC) has purchased Irmo Station, a 99,384-square-foot, Kroger-anchored shopping center in Irmo, roughly 12 miles northwest of Columbia. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC, and financed the acquisition using a $10.7 million, non-recourse loan from Nationwide Mutual Insurance Co. The loan features a fixed 3.9 percent interest rate and matures in 2030. Located approximately one mile off Interstate 26, Irmo Station is anchored by a 56,942-square-foot Kroger grocery store. The acquisition marks New Market Properties’ 34th grocery-anchored shopping center across seven states.

July 31, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

Georgia Multifamily Southeast Student Housing

FM Capital Purchases 528-Bed Student Housing Property Near Georgia Southern University

by Camren Skelton July 31, 2017

STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.

July 31, 2017

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $218.2M in Construction Financing for JW Marriott Hotel in Orlando

by Taylor Williams July 31, 2017

ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …

July 31, 2017

Newer Posts

Older Posts