ORLANDO, FLA. — HFF has arranged $103.3 million in financing for the development of a mixed-use, student housing development in downtown Orlando. The project is part of the University of Central Florida (UCF)/Valencia Downtown Campus at Creative Village. The Creative Village project is a redevelopment of the former Amway Arena site into a 68-acres mixed-use, transit-oriented community. Michael Weinberg, Brian Kelly and Mike Higgins of HFF arranged the financing on behalf of the project’s co-developers, DEVEN – Development Ventures Group Inc. and Ustler Development Inc. The financing included a $68.1 million construction loan from PCCP LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. The 15-story building will include 600 student housing beds, 11,000 square feet of ground floor retail space, 600 parking spaces and 102,500 square feet of space that is long-term leased to UCF and Valencia College for education and education support services. The project is slated for completion in August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village.
Southeast
ALEXANDRIA, VA. — Los Angeles-based Lowe (formerly Lowe Enterprises) and San Antonio-based USAA Real Estate have completed construction on a 19-story, 700,000-square-foot office building located at 2415 Eisenhower Ave. in Alexandria, eight miles south of Washington, D.C. The new building will serve as the headquarters for the National Science Foundation (NSF), a U.S. government agency that supports research and education in all the non-medical fields of science and engineering. Balfour Beatty Construction and WDG Architecture led the design team for the project, which is LEED Silver-certified. The building includes two interconnected towers with 19,000 square feet of ground floor retail space and three levels of below-grade parking. The NSF headquarters building features 36 conference rooms, a fitness center, health center, bike storage and electric vehicle charging stations. In addition, the property is located adjacent to the Eisenhower Avenue Metro Station.
BALTIMORE — Amazon.com Inc. has unveiled plans to open its fourth Maryland fulfillment center at 1700 Sparrows Point Blvd. in Baltimore’s Sparrows Point community. Amazon currently employs more than 5,000 associations in the state at its various centers. The new 855,000-square-foot facility will create more than 1,500 full-time jobs upon completion. Associates at the facility will pick, pack and ship customer items such as electronics, books, housewares and toys. The new facility will open in 2019, according to The Baltimore Sun.
MIAMI — Thor Equities has broken ground on Wynwood Walk, a 63,000-square-foot restaurant and retail development located at 2800 N.W. 2nd Ave. in Miami’s Wynwood Art District. Upon completion, the project, designed by Oppenheim Architecture, will feature new retail and restaurants, a green rooftop, paseo and a landscaped terrace with outdoor seating. Construction is scheduled for completion in November 2018.
BONITA SPRINGS AND FORT MYERS, FLA. — CRE Consultants has arranged the $43.2 million sale of a 421,324-square-foot, three-campus office portfolio located in Bonita Springs and Fort Myers. Randal Mercer and Brandon Stoneburner of CRE Consultants represented the undisclosed seller in the transaction. Massachusetts-based Brookwood Financial acquired the assets, which include 15 individual buildings located throughout three office campuses: Riverview Corporate Center and Bonita Executive Center in Bonita Springs and Renaissance Center in Fort Myers. Brookwood Financial has retained Mercer and Stoneburner to handle leasing efforts for the portfolio.
ATLANTA — IT management consulting firm CapTech has expanded its operations and relocated to the Bank of America Plaza, located at 600 Peachtree St. N.E. in Midtown Atlanta. The Richmond, Va.-based company announced its expansion into the Atlanta market in September 2016, creating 50 new technology and consulting jobs. As part of the expansion, CapTech plans to add 50 more jobs by next year. The company leased 6,000 square feet at the building, according to the Atlanta Business Chronicle. The Bank of America Plaza is located a half-mile from the Georgia Institute of Technology campus and Tech Square.
DAVIE, FLA. — Baltimore-based Continental Realty Corp. has acquired Ridge Plaza, a 155,204-square-foot shopping center located at 9000-9200 State Road 84 in Davie. Danny Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Regency Centers Corp., in the transaction. Paragon Theater and Off the Wall Family Entertainment Center anchor Ridge Plaza, which was constructed in 1985 and was 99 percent occupied at the time of sale. The property is also home to five pad sites, including properties leased to Dunkin’ Donuts and Metro PCS.
LITTLE ROCK, ARK. — Dougherty Mortgage LLC has arranged a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit multifamily community in Little Rock. The Minneapolis-based company arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Bowman Pointe LLC. Bowman Pointe features a business center, clubhouse, virtual fitness studio, fitness center and a resort-style pool with cabanas.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $11.9 million sale of Iron City Lofts, a 70-unit apartment community in downtown Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the asset. Constructed in 2016, Iron City Lofts features granite countertops, custom kitchens and hardwood flooring. Community amenities include a heated rooftop pool, fitness center and a dog wash facility. The property is located within walking distance to retail and dining hotspots Pepper Place and the Lakeview District.
As online retail continues to grab market share from traditional bricks-and-mortar shopping malls, retail center owners are looking for ways to create an experience for shoppers. For many, this entails redeveloping portions of their centers to include dining, entertainment and event experiences to build a sense of community to their centers. When retail owners plan these kinds of renovations, they should engage architects and general contractors early and come into the project with a realistic expectation of the costs and challenges that may arise. Some suburbs are using their shopping centers as de facto downtown areas, complete with holiday events, festivals and farmers markets. Graycor Construction has helped three such centers in Richmond to improve their common area space to meet these needs. Richmond Projects At Short Pump Town Center, owner Forest City Enterprises engaged Graycor to demolish and replace a pedestrian bridge and fountain, replace brick pavers, relocate escalators and add a feature elevator, fireplace, pavilion and trellises. This made the center a more modern and attractive place for members of the community to gather, and Graycor was able to use its “live environment” approach to keep the mall and all of its stores open during construction. As a …