FAYETTEVILLE, GA. — Care Investment Trust LLC has partnered with affiliates of Phoenix Senior Living to purchase Hope Center Memory Care, a 64-unit seniors housing property in Fayetteville, about 22 miles south of Atlanta. Built in 2013, Hope Center provides care and activities for its residents, all of which need specialized memory care. Phoenix Senior Living plans to enhance the living experience of current and future residents through improved programming. The joint venture has hired a team of certified dementia practitioners to lead and deliver all care and services at Hope Center.
CLEARWATER, FLA. — Marcus & Millichap has brokered the $10.2 million sale of a 59,514-square-foot office building located at 15950 Bay Vista Drive in Clearwater, part of the Tampa Bay metro area. The office building serves at the corporate headquarters of Vology Inc., an IT service provider for healthcare, education and government clients. Douglas Mandel and Nicholas Hanson of Marcus & Millichap represented the seller, Ryan Cos., in the transaction. Mike James and Ryan Sobel of Marcus & Millichap’s Encino, Calif., office procured the 1031-exchange buyer.
MIAMI — CMC Group has received $236 million in financing for the development of Brickell Flatiron, a 549-unit luxury condominium tower in Miami’s Brickell financial district. The 64-story building will be located at 1001 S. Miami Ave., across from The Shops at Mary Brickell Village and near the Brickell City Centre mixed-use development. Upon completion in mid-2019, the project will be the tallest residential tower south of New York City, according to CMC. Amenities will include a rooftop deck with spa, fitness center and pool, private movie theater, meeting rooms, wine cellar and concierge service. Revuelta Architecture designed the property. Jim Dockerty of HFF arranged the loan on behalf of CMC Group. HFF secured a $138.3 million senior loan and a $98 million mezzanine loan, which will be used to complete the project and market the remaining units. Bank of the Ozarks provided the senior loan, while RFR provided the mezzanine loan. Sales to date at Brickell Flatiron are in excess of $300 million. Miami-based CMC Group is a real estate development company focused on luxury residential, commercial and retail properties. — Kristin Hiller
POMPANO BEACH, FLA. — Cushman & Wakefield has brokered the $29.6 million sale of Pompano Plaza, a 126,928-square-foot grocery-anchored shopping center located at 1405 S. Federal Highway in Pompano Beach. Echo Realty purchased the property from Pompano Plaza Ltd. Originally developed in 1973, the shopping center was redeveloped in 2006 when a portion of the original structure was demolished to make way for a new Publix store. Pompano Plaza was fully leased at the time of sale to tenants including Marshalls, Office Depot and Tuesday Morning. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield’s Miami office represented the seller in the transaction.
GREENVILLE, S.C. — CRG and Gramery Property Trust have broken ground on a 432,000-square-foot build-to-suit warehouse in Greenville for Bausch + Lomb, a manufacturer of eye care products including contact lenses and eye implants. Bausch + Lamb currently operates a manufacturing facility four miles from the new development, which is expandable up to an additional 432,000 square feet. The facility will include 38-foot clear heights, an ESFR sprinkler system, 42 loading docks, one drive-in door, 101 trailer spaces and 94 automobile parking spaces. The design team includes design-build firm Clayco Inc. and architect Forum Studio. Bausch + Lomb is expected to take occupancy beginning in October.
NASHVILLE, TENN. — Madame Tussauds has opened its first ever in-mall wax museum at Opry Mills, a Simon Property Group-owned mall in Nashville. The attraction, which focuses on music icons such as Johnny Cash, Elvis Presley and Taylor Swift, is the seventh location in the United States for Madame Tussauds and its 22nd property globally. Leisure firm Merlin Entertainments plc owns and operates Madame Tussauds. In addition to the new wax museum at Opry Mills, Simon plans to unveil Bavarian Bierhaus, a 15,000-square-foot German restaurant and beer hall, as well as performance apparel retailers Champs, Asics and New Balance. In mid-May, Distillers of Smith Creek Moonshine will open a moonshine tasting and cocktail bar at Opry Mills.
SANDY SPRINGS, GA. AND FRANKLIN, TENN. — On the heels of opening seniors housing community Somerby Sandy Springs in the Atlanta suburb of Sandy Springs, Dominion Partners also plans to open Somerby Franklin in the Nashville suburb of Franklin within the next two months. Somerby Sandy Springs includes 128 independent living units, 48 assisted living units and 24 memory care units on a six-acre plot. Details were not released on the Franklin property. Based in Birmingham, Ala., Dominion Partners is a developer and owner of seniors housing properties. Somerby, an operator, is a wholly owned subsidiary of Dominion. The companies own and operate a portfolio of eight communities in Alabama, South Carolina, Georgia, Florida and Tennessee.
HARVEY, LA. — KeyBank Real Estate Capital has secured a $20.9 million CMBS loan for the acquisition of Centre at Westbank, a 174,445-square-foot retail power center in Harvey, less than seven miles south of New Orleans. Built in 2001, the four-building property is fully leased to tenants such as Best Buy, Barnes & Noble, Michaels and Petco. Randy Martin of KeyBank arranged the 10-year loan with three years of interest-only payments and a 30-year amortization schedule.
NASHVILLE, TENN. — San Diego-based OliverMcMillan and Nashville-based Spectrum Emery have broken ground on Fifth + Broadway, a massive mixed-use development in downtown Nashville. The development cost wasn’t disclosed, but The Tennessean reports Fifth + Broadway will cost $430 million to develop. Situated across from Bridgestone Arena on the 6.2-acre site of the former Nashville Convention Center, the project will feature 235,000 square feet of retail and entertainment space, including the 56,000-square-foot National Museum of African American Music and a restaurant concept by Nashville restaurateur Tom Morales; a 385,000-square-foot office tower at 501 Commerce; more than 350 apartments; and more than 2,000 parking spaces. Rob Lowe and Stewart Lyman of Cushman & Wakefield are the leasing agents for the office tower. General contractor Skanska broke ground on Fifth + Broadway yesterday and plans to complete construction by late 2019.
ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.