CUMMING, GA. — Preferred Apartment Communities Inc. (PAC), a publicly traded REIT based in Atlanta, has purchased Castleberry-Southard, an 80,018-square-foot shopping center located near Ga. 400 in Cumming, a suburb of Atlanta in Forsyth County. Situated at the intersection of Castleberry and Bethelview roads, the shopping center is anchored by a 45,600-square-foot Publix store. PAC purchased the asset for an undisclosed price through its subsidiary New Market Properties LLC, which now has 32 grocery-anchored centers spread across seven Sunbelt states. PAC financed the acquisition using an $11.5 million loan with a fixed 3.99 percent interest rate from Principal Life Insurance Co.
FORT LAUDERDALE, FLA. — JLL has arranged two lease deals totaling 22,000 square feet at Cypress Financial Center, a 198,528-square-foot, Class A office building located at 5900 N. Andrews Ave. in Fort Lauderdale. Long-time tenant TD Bank renewed its 16,675-square-foot lease, and Allied Integrated Marketing signed a new lease for 5,325 square feet on the eighth floor. Sandra Anderson of JLL represented the landlord, Steelbridge Capital, in both lease deals. Mathew Saker, John Jaspert and Caroline Barone of CBRE represented TD Bank, and Bob Orban and Tyler Wyant of Savills Studley represented Allied Integrated Marketing.
GAINESVILLE, FLA. — Butler Enterprises plans to develop two apartment communities totaling more than 200 residences at Butler Town Center, an open-air lifestyle center in Gainesville. The properties, known as The Residences and The Terraces at Butler Town Center, will feature studio, one-, two- and three-bedroom residences, as well as a pool, hot tub, pet grooming station and a fitness and yoga studio. The Residences will be a six-story structure with five levels of apartments atop ground-level retail space, which will be home to Stengel Field Food Hall, the first food hall in north Florida. Scheduled to open in fall 2018, Butler Town Center will feature a Whole Foods Market, newly renovated 14-screen Regal Cinema theater and P.F. Chang’s, among other retail and restaurant tenants. Butler Town Center is one of three developments by Butler Enterprises at Interstate 75 and Archer Road, known collectively as the Neighborhoods of Butler.
NORTH MIAMI, FLA. — Walker & Dunlop has arranged two loans totaling $94.7 million for the acquisition of Avesta Biscayne, a 402-unit multifamily community located in North Miami. Situated on 11 acres, the Class B property features two pools, a newly renovated fitness center, tennis court and a dog park. Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa office arranged the financing on behalf of the borrower, Avesta Communities. The financing included a six-month, $48.4 million, floating-rate bridge loan followed by a 10-year, $46.3 million, floating-rate loan through Freddie Mac’s Green Up program. Avesta Communities is planning major interior and exterior renovations at Avesta Biscayne for both maintenance and common area amenity upgrades.
CHARLESTON, S.C. — The Berry Cos. and Big Cypress Capital have opened Cainhoy Pointe, a gated 110-unit apartment community off Jack Primus Road on Charleston’s Daniel Island. Apartment units range in size from 817 to 1,057 square feet and feature wood-style plank flooring, designer cabinetry, dual marble vanities, walk-in closets and granite countertops. Community amenities include a resident lounge, game room, cyber café, demonstration kitchen, fitness center, yoga studio, business center, community pool, fire pit, walking paths and a dog park. The property is located next to the original phase of Cainhoy Pointe, a 72-unit property originally developed in 2008 as condominiums. Berry and Big Cypress have converted 27 of the units to rental apartments. Cainhoy Pointe is situated near Cainhoy Plantation, a 9,100-acre master-planned development. The design team for Cainhoy Pointe includes general contractor Liberty Solutions, landscape architect John Tarkany Associates of Charleston, architect BB+M Architecture, property manager RAM Partners and leasing agent Sales Inc.
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.