Southeast

ESJ Capital Partners Purchases Jungle Island Park in Miami for $60M

by John Nelson April 6, 2017

MIAMI — ESJ Capital Partners has purchased Jungle Island, an 18-acre zoological park located on Watson Island along the MacArthur Causeway in Miami. The $60 million transaction includes transfer of the existing lease on the City of Miami-owned Watson Island to ESJ Capital, along with assuming existing park debt to the City of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development (HUD). ESJ Capital will renovate and expand the park in three phases and add a private beach club. The initial phase of the two-year, multimillion-dollar renovation will debut this summer and feature zip lines, children adventure areas, water slides and a crystal lagoon. Enhancements will also be made to the park’s banquet facilities. Jungle Island will continue to be managed by John Dunlap of Iconic Attractions Group, the San Diego-based company currently responsible for the park’s operations and day-to-day administrations.

April 6, 2017

Georgia Multifamily Southeast

Alliance Residential Opens Two Apartment Communities in Atlanta

by John Nelson April 6, 2017

ATLANTA — Alliance Residential Co. has opened two Class A apartment communities in the metro Atlanta area: Broadstone Springs in Sandy Springs and Broadstone Midtown in Atlanta. Broadstone Springs is located at 6558 Roswell Road and connected to a private pathway to the Abernathy Greenway Park. The property features 222 studio, one- and two-bedroom apartments and eight townhome units. The 218-unit Broadstone Midtown is located at 811 Juniper Road and features top-floor penthouse residences, 12 walkup townhome units and one- and two-bedroom apartments ranging in size from 630 to 1,394 square feet.

April 6, 2017

Maryland Multifamily Southeast

SVN Affordable Arranges $30.5M Sale of Section 8 Multifamily Property in Metro Baltimore

by John Nelson April 6, 2017

LANSDOWNE, MD. — SVN Affordable | Levental Realty has arranged the $30.5 million sale of Circle Terrace, a 303-unit affordable housing community located at 2926 Lakebrook Circle in Lansdowne, about seven miles south of Baltimore. Landex Corp., which developed Circle Terrace in 1977, sold the Section 8 property to Millenia Housing Development Ltd., which used short-term Freddie Mac financing in the acquisition via Pillar Financial. David Shlahtechman of SVN Affordable represented Landex in the sale. Nixon Peabody LLP served as Millenia Housing’s HUD counsel for the transaction, and Gallagher Evelius & Jones LLP represented Landex.

April 6, 2017

Florida Loans Retail Southeast

FirstBank Provides $22.3M Construction Loan for Retail Center in Miami Beach

by John Nelson April 6, 2017

MIAMI BEACH, FLA. — FirstBank has provided a $22.3 million construction loan for a Michaels-anchored retail center located at 1824 Alton Road in Miami Beach. The borrower, Saber 1800 Alton LLC, will use the loan to develop the 32,491-square-foot property, which was formerly the site of a gas station. The borrower purchased the site in 2015 and signed Michaels to anchor the center with a 22,492-square-foot store. Mahesh Pattabhiraman and Elsie Alvarez of FirstBank closed the financing.

April 6, 2017

Florida Office Southeast

Green Cos. Buys Office Building in Broward County from Clarion Partners for $19.3M

by John Nelson April 6, 2017

PLANTATION, FLA. — The Green Cos. has purchased Sabadell Financial Center, a five-story, 102,007-square-foot office building located at 150 S. Pine Island Road in Plantation, a suburb in Broward County. Clarion Partners LLC sold the Class A office building to Green Cos. for $19.3 million. The property was 96 percent leased at the time of sale to tenants such as Sabadell United Bank, Quest Workspaces and Ferencik Libanoff Brandt Bustamante & Goldstein PA. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented Clarion Partners in the transaction. James Bernstein, Elizabeth Green and George Brown led The Green Cos. internally. Paul Stasaitis and Maxx Carney of HFF arranged the 10-year, fixed-rate, $12.5 million acquisition loan through Aegon USA Realty Advisors LLC.

April 6, 2017

Mixed-Use North Carolina Southeast

Vertical Construction Begins at Rea Farms Mixed-Use Development in South Charlotte

by John Nelson April 5, 2017

CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.

April 5, 2017

Georgia Industrial Southeast

CRG to Develop 1.7 MSF Spec Distribution Center Near Port of Savannah

by John Nelson April 5, 2017

SAVANNAH, GA. — CRG, the real estate development arm of Clayco, plans to develop Northport Commerce Center, a two-building, 1.7 million-square-foot speculative distribution center near the Port of Savannah. The development will be situated on a 133-acre site at 590 and 455 Northport Parkway in Savannah. CRG expects to deliver the first building, a 832,000-square-foot facility with 220 trailer spaces and 173 dock high doors, this June. The second building will span 866,100 square feet and include 185 trailer spaces and 148 dock high doors. Both properties will feature 36-foot clear heights, ESFR sprinkler systems and LED lighting. Clayco is the design-build contractor and the company’s architecture subsidiary, Forum Studio, served as the design team for the development. CRG has selected Steve Grable and Chris Tomasulo of JLL to market and lease Northport Commerce Center. Grable and Tomasulo represented CRG in the purchase of the site from Dallas-based Stratford Land. The acquisition price was not released.

April 5, 2017

Florida Retail Southeast

The Home Depot Buys 22 Acres in Tampa Bay Area

by John Nelson April 5, 2017

BRADENTON, FLA. — The Home Depot has purchased 22 acres in Bradenton, a city within the Tampa Bay area near Sarasota, for a new store. Ken Stephens of Retail Property Advisors represented the Atlanta-based retailer in its purchase of the site located at the corner of state Road 64 and Morgan Johnson Road. The site is an assemblage of three different tracts with three separate owners. David Gustafson of Wagner Realty represented one of the sellers in the transaction. Stephens worked with Rich Kingan of Kingan Commercial and Mike Chadwick of The Ferber Co. to bring the deal to fruition.

April 5, 2017

Office Southeast Virginia

Virginia Government Agency Leases 81,553 SF in Downtown Richmond

by John Nelson April 5, 2017

RICHMOND, VA. — The Virginia Department of Environmental Quality (DEQ) has leased 81,553 square feet of office space in downtown Richmond. The agency will occupy four floors at Bank of America Center, an office building located at 1111 E. Main St. With the Virginia DEQ lease, the office building is 88 percent leased to tenants including the Virginia Cable Telecommunications Association, Haneberg Hurlbert PLC and the Virginia Bar Association. Malcolm Randolph and Scott Durham of CBRE | Richmond represented the owner, a joint venture between District Bay Realty Advisors and developer Joe Ersek, in the lease transaction.

April 5, 2017

Mixed-Use Southeast Tennessee

GBT Realty Reveals New Tenants at Mixed-Use Project Underway in Nashville

by John Nelson April 5, 2017

NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.

April 5, 2017

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