OXFORD, MISS. — A joint venture between Homestead Development Partners, Columbus Pacific and Kayne Anderson Real Estate Advisors is set to develop HELiX Oxford, a 790-bed student housing community located near the University of Mississippi in Oxford. The property will offer one-, two- and four-bedroom, fully furnished flats and townhomes. Community amenities will include a circular, beach-entry pool; a health and fitness center with cross fit space, multipurpose yoga studio and cardio and weight equipment; study labs devoted to individual, small and large group study; an interactive gaming center; media center; event space; and a summer kitchen. The project is scheduled for completion in fall 2018. The architect for the development is Charlan Brock and Associates, and Childs Dreyfus Group will be in charge of interior design. The project team includes general contractor The Construction Enterprises Inc., engineer Williams Engineering Consultants and landscape architect Dalhoff Thomas Design Studio. Asset Campus Housing has been tapped to manage the property upon completion.
MIAMI GARDENS, FLA. — CREC has brokered the $36.2 million sale of The Ellington, an apartment and condominium residential property located on County Line Road in Miami Gardens. Included in the sale were 260 apartments and 87 condominiums with the 412-unit community, which was built in 1974. Peter Mekras represented the undisclosed seller, a repeat client of CREC’s. The buyer, a private investor, was self-represented in the transaction.
The Orlando office market is strong and continues to grow stronger. Vacancy rates are declining, rents are increasing and new developments are in the works. While many large office markets around the country seem to have reached or are approaching the peak of this real estate cycle, the market in the Orlando area still has great potential for expansion. According to the Orlando Economic Development Commission (EDC), there is currently an unprecedented level of office, multifamily and mixed-use development planned for downtown Orlando. This is largely thanks to Tremont Plaza, a 28-story mixed-use development being built by Lincoln Property Co. and Tremont Realty Capital. The $81 million development will have seven floors of office space totaling over 200,000 square feet, along with a 180-room hotel, making it the first large-scale Class A office project for Orlando in 10 years. With several other major multi-use commercial projects on the drawing board, the EDC calculates that more than 1 million additional square feet of construction is planned for Orlando’s downtown business district. There are several factors contributing to the office market’s prosperity, including Florida’s improving economy and business-friendly atmosphere. The state offers a favorable business tax structure, pro-business legislature and access to …
OCEAN CITY, MD. — Washington, Del.-based Applied Bank has provided a $21 million construction and permanent loan for a new Hyatt Place Hotel located at 16th Street and Boardwalk in Ocean City. The new 105-room, seven-story hotel will replace the existing Seascape Motel, which opened in the 1950s. The property will feature a restaurant, bar, outdoor veranda, meeting rooms, room service, indoor and outdoor swimming pools and a fitness center, as well as six shops fronting Boardwalk. The owner, PRBR Hospitality LLC, has owned the site since 1978.
RESTON, VA. — Rubenstein Partners LP has purchased a 180,000-square-foot office building located at 11493 Sunset Hills Road in Reston, about 20 miles west of Washington, D.C., in northern Virginia. Rubenstein plans to reposition and re-tenant the building and has selected Andy Klaff and Steve Hoffeditz of Newmark Grubb Knight Frank to lease the property. The renovations, which are set to wrap up by the end of 2017, will include fashioning higher ceilings within the floor plates, overhauling the HVAC and building management systems, renovating the lobby and restrooms, upgrading the aesthetic to a more “industrial-loft” design and enhancing the amenity package, including a new fitness center, conference center, food service and an outdoor deck. Built in 1988, the five-story building is the former home of Unisys Corp. and is situated within walking distance to the new Wiehle-Reston East Station on the Metrorail’s Silver Line, as well as a Whole Foods Market, Reston Station and Reston Town Center.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.
SPARTANBURG, S.C. — NAI Earle Furman has brokered the $8.8 million sale of two apartment communities totaling 166 units in Spartanburg. The assets include the 74-unit Georgetown Village located at 1421 John B White Sr. Blvd. and the 92-unit Timberlane Apartments located at 106 Kensington Drive. Cedar Grove SC LLC purchased both assets from Georgetown Holdings LLC. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Both Georgetown Village and Timberlane Apartments were fully occupied at the time of sale.
ORLANDO, FLA. — UFC Gym has leased 12,000 square feet of space at Westland Terrace Shopping Center on West Colonial Drive in Orlando. The gym will be situated within the space formerly leased to Petco. Nick Barbato and Eric Portnoy of Equity Investment Services represented the landlord, ESJ Capital Partners, in the lease deal.
ATLANTA — United Parcel Service (UPS) has unveiled plans for a new 1.5 million square-foot distribution center in Atlanta. California-based Majestic Realty Co. will develop the project on a 250-acre industrial site west of the city’s downtown. The facility will be the largest in the UPS global network and will process 100,000 packages per hour. Development costs will total $400 million. The site’s location near Fulton County Airport-Brown Field, otherwise known as Charlie Brown Airport, offers easy access from I-285, I-20 and Fulton Industrial Boulevard. Majestic Realty will also provide additional infrastructure for the airport, including up to 20 new hangars and a new $1.1 million operations center. UPS expects the facility to be fully operational on Nov. 1, 2017. Majestic Realty, InvestAtlanta, the City of Atlanta, the State of Georgia, Fulton County and UPS make up the public/private partnership. Majestic Realty recently completed a five-year entitlement process for Fulton County Airport, and signed a 50-year ground lease with Fulton County. Majestic Realty is the largest privately held developer and owner of master-planned business parks in the United States. — Kristin Hiller
CHARLOTTE, N.C. — Boston-based AEW Capital Management has purchased Carnegie VII and Carnegie Ten, two office buildings located at 5955 and 5605 Carnegie Blvd. in Charlotte’s Southpark office submarket, for $40.2 million. Patrick Gildea, Will Yowell and Jay O’Meara of CBRE represented the sellers, Carnegie Ten LLC, owned by Community Investments Foundation, a supporting organization of Foundation For The Carolinas; and Carnegie VII LLC, in the transaction. The sellers are subsidiaries of Bissell Cos., which developed and managed Carnegie VII and Carnegie Ten. The office properties’ anchor tenants include Citizens Bank, Enpro Industries and Humana Insurance.