TAMPA, FLA. — Independence Realty Trust Inc. has purchased an undisclosed 216-unit apartment community in Tampa’s Northdale neighborhood for $29.8 million. The REIT purchased the asset using available cash and its line of credit. Built in 1985 and renovated in 2016, the property features one- and two-bedroom units averaging 925 square feet. The asset was 93 percent occupied at the time of sale and averaged $1,192 per month in rent for the three months ending Jan. 31. The seller was undisclosed.
MEMPHIS, TENN. — In-Rel Properties, a commercial real estate investment firm based in Lake Worth, Fla., is overseeing the $7 million renovation of Clark Tower in Memphis. Located at 5100 Poplar Ave., the 32-story, 668,009-square-foot office tower is the second-tallest building in Memphis. The renovation was designed by the Crump Firm and includes a new entry, updates to the lobbies, bathrooms and common areas and new elevators and mechanical systems. Existing amenities at Clark Tower include 24-hour security, a fitness center, on-site banking, structured parking and an on-site conference center. Colliers International leases Clark Tower on behalf of In-Rel. Dan Walker Associates began construction in the third quarter of 2016 and expects to wrap up at the end of the first quarter this year.
CHARLOTTE, N.C. — Portman Holdings has added BDO USA LLP, an accounting and consulting firm, to the tenant roster at 615 South College in Uptown Charlotte. The 19-story office building is nearing completion, and BDO expects to occupy its new space as early as August. Located at Lynx Blue Line’s Stonewall Station, the 370,000-square-foot office building is situated near Whole Foods Market, the Charlotte Convention Center and Westin Charlotte. Travis Garland of Portman Holdings and John Ball of Trinity Partners represented the ownership in the lease transaction, and Brent Royall of Colliers International represented BDO. Other committed tenants include Regions Bank, which pre-leased 60,000 square feet of space in 2016.
MELBOURNE, FLA. — Franklin Street has brokered the $8 million sale of Bridgewater Pointe Apartments, a 100-unit multifamily community located at 151 Eber Road in Melbourne. Robert Goldfinger and Matthew Kesterson of Franklin Street represented the buyer and the seller, both private investors, in the transaction. Built in 1987, the two-story apartment community features a swimming pool, clubhouse, fitness center and a business center. The property was 96 percent occupied at the time of sale. Lonnie Kitchen of Franklin Street provided insurance services for the buyer, which selected Franklin Street Management to manage the asset. Franklin Street represented the same buyer last year in its $9.9 million acquisition of Seastone Luxury Apartments in Tampa.
CHARLOTTE, N.C. — The Bissell Cos. Inc. has completed the sale of most of its interests in Ballantyne Corporate Park, a 535-acre, master-planned business community in Charlotte, to Northwood Investors, a global real estate investment and management firm. Northwood will acquire over 4 million square feet of Class A office space and nearly 600 hotel rooms within the development, including The Ballantyne Hotel Charlotte. Terms of the sale were not released, but the Charlotte Business Journal reports that the sale closed in more than 40 separate transactions totaling in excess of $1 billion. Current office tenants at Ballantyne Corporate Park include MetLife, Wells Fargo, Premier, TIAA, Liberty Mutual, Snyder’s-Lance, Synchrony Financial, Sonic Automotive, XPO Logistics and Siemens. “What Smoky Bissell and the Bissell team have created in Ballantyne Corporate Park is remarkable,” says John Kukral, president and CEO of Northwood Investors. “We are excited that the Bissell team will join Northwood and help lead the next phase of Ballantyne Corporate Park. This transaction represents one of our largest acquisitions to date and reinforces our commitment to Charlotte.” Northwood has been an active investor in the Charlotte market since 2011, when Northwood and David Ravin formed Northwood Ravin, a multifamily development …
MIAMI — The Miami Worldcenter Community Development District (CDD), comprising property owners within the 27-acre, master-planned Miami Worldcenter in downtown Miami, has closed $74.1 million in private bond issuance. The $2 billion Miami Worldcenter development is now under construction and will feature residential, retail, office and hospitality components. At no cost to the public, the bonds will fund infrastructure upgrades within Miami Worldcenter, including modernized mass transit stations, landscaping, widened sidewalks, increased water and sewer capacity, new street lights and enhanced electrical systems. North Miami Beach-based FMSbonds Inc. was the sole underwriter of the tax-exempt bonds, which are backed by special assessments levied on property owners within the CDD. Greenberg Traurig served as bond counsel, and Squire Patton Boggs served as underwriters counsel. Billing, Cochran, Lyles, Mauro & Ramsey PA served as issuers counsel, and Fishkind & Associates served as financial advisors to the Miami Worldcenter CDD. Master developer Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, will deliver Miami Worldcenter in phases over the coming years.
WEST PALM BEACH, FLA. — Liberty Property Trust has opened the first of two new buildings within its 70-acre industrial park in West Palm Beach, Liberty Airport Center (LAC). Situated at 6017 and 6035 Southern Blvd., the two assets span 218,000 square feet and feature ESFR fire suppression systems, T5 lighting and impact glass. The recently opened LAC Building One spans 140,400 square feet and features 32-foot clear heights, 42 dock doors, two oversized doors with ramps, a 130-foot private truck court and 54- by 50-foot column spacing. LAC Building Two will span 77,760 square feet and feature 24-foot clear heights, 32 dock doors, 200-foot shared truck court and 54- by 46-foot column spacing. When complete, LAC will include seven industrial buildings totaling 642,000 square feet.
POOLER, GA. — Image Hotels has broken ground on a four-story, 120-room Courtyard by Marriott located at 419 Pooler Parkway in Pooler, a suburb of Savannah. The Courtyard Pooler/Savannah Airport hotel will be situated near the Savannah/Hilton Head International Airport and the new Tanger Outlet Savannah. The property will feature 6,820 square feet of banquet and event space, as well as a fitness center, guest laundry services, business center, restaurant and a 24-hour snack shop. Set to open in September 2018, the hotel will operate as a Marriott franchise and will be owned by Image Pooler LLC. Image Hotels will manage the hotel upon completion.
AUBURN, ALA. — EdR has acquired 319 Bragg, a 305-bed student housing community located within walking distance of the Auburn University campus in Auburn. Built in 2014, the property offers two-, three-, four- and five-bedroom units. Community amenities include a study lounge with individual study rooms, 24-hour fitness center, resort-style pool with cabanas, dog park and access gates. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller, Barrett Development Group, in the transaction. The sales price was undisclosed.
CHARLOTTE, N.C. — JLL has arranged a new 102,660-square-foot lease for showroom and distribution space at Steele Creek Commerce Center in Charlotte. John Cashion of JLL represented the tenant, Hearth and Home Technologies, the world’s largest manufacturer of hearths. The Minnesota-based company is a subsidiary of HNI Corp. and operates 14 brands of fireplaces, stoves and inserts. The manufacturer also leases space within North Park Business Park and sought additional space in Charlotte to meet growing business demands. Brad Cherry, Spencer Yorke and Matt Greer, also with JLL, represented the landlord, EastGroup Properties, which owns both Steele Creek Commerce Center and North Park Business Park.