NEW JERSEY, PENNSYLVANIA AND FLORIDA — Prologis has acquired a 5.4 million-square-foot portfolio consisting of 3.2 million square feet of industrial properties and 2.2 million square feet of retail properties in multiple states. Morris Realty Associates sold the portfolio for an undisclosed sum. Included in the portfolio are ten industrial properties, eight of which are in Northern New Jersey, as well as 13 retail properties in New Jersey, Pennsylvania and Florida. After the initial acquisition, Prologis sold the retail portion of the portfolio to Blackstone Real Estate Advisors for an undisclosed price. The company plans to retain the industrial properties for long-term investment purposes. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Gerard Monahan of CBRE’s Saddle Brook, New Jersey, office represented Prologis in the acquisition. Bill Kent, also of CBRE, spearheaded the multi-state team that brokered the disposition of the retail properties.
MIAMI — Miami Worldcenter Associates, in collaboration with The Forbes Co. and Taubman, has unveiled plans for the high street retail promenade and plaza at Miami Worldcenter, a $2 billion, 27-acre mixed-use development located in Miami. The retail component will feature a pedestrian-oriented, open-air streetscape surrounded by residential towers, a hotel and exposition center and a variety of dining and entertainment options. The retail promenade will run from northeast 10th Street to northeast 7th Street, and will be located near a large open-air public plaza set to be developed on 1st Avenue. This plaza will be surrounded by shops and restaurants, and will create a central gathering place and outdoor event space within the complex.
ELGIN, S.C. — Cardinal Ventures, a developer based in Mississippi, has broken ground on The Blake at Woodcreek Farms, a seniors housing community located within the 2,300-acre resort-style community of Woodcreek Farms in the Columbia suburb of Elgin. The Blake at Woodcreek Farms will total 88,000 square feet, with a scheduled opening in early 2017. The community will have assisted living and memory care apartments. Development costs and number of units were not disclosed. Blake Management Group will operate the community once complete. The company currently manages other Blake-branded communities in Alabama, Louisiana, Mississippi and Tennessee.
JACKSONVILLE, FLA. — Newly formed Blue Rock Premier Properties LLC has closed on its purchase of a 532-unit, two-property apartment portfolio in Jacksonville from Landmark Apartment Trust for $48 million. The properties had an average 95 percent occupancy at the time of sale. The communities include the 284-unit Landmark at Hampshire Place located at 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons located at 8401 Southside Blvd. Blue Rock Premier will invest $3.4 million in interior and exterior upgrades and rebrand the properties as The Park at Potenza and The Park at Trapani, respectively. Dhaval Patel of CBRE’s Jacksonville office brokered the transaction. Wells Fargo provided debt financing on behalf of Blue Rock Premier.
GAINESVILLE, FLA. — PCCP has provided a $35.5 million senior loan to Arden Group for the acquisition of the leasehold interest in the Hilton University of Florida Conference Center. Arden Group purchased the interest from Xenia Hotels & Resorts. The new ownership plans to upgrade the hotel’s guestrooms, common areas, dining areas and meeting space. The 248-room, seven-story hotel is located at 1714 S.W. 34th St. in Gainesville. The hotel features two restaurant/bar venues, an outdoor pool, fitness center and 25,000 square feet of meeting space.
WOODSTOCK, GA. — BMC Capital has arranged a $1 million cash-out refinance of a McDonald’s and Verizon Wireless store in Woodstock, a northern suburb of Atlanta. Brian Gramlich of BMC Capital’s Dallas office arranged the five-year loan through an unnamed bank of behalf of the borrower. The loan was structured with a fixed 3.63 percent interest rate and a 25-year amortization schedule.
New industrial demand in the Washington, D.C., metropolitan region has come not only from its strong service economy, but also a rapidly growing consumer goods supply chain, e-commerce distribution seeking speed of delivery, data centers and even government contractors. Both occupiers and investors seek modern, state-of-the-art building design and features. The Washington metro industrial market (185 million square feet inclusive of flex space) was well into the single digits with a sub-9 percent vacancy rate as of the third quarter of 2015. New construction has returned with 2.7 million square feet poised for delivery. The overall market is fairly balanced between suburban Maryland and Northern Virginia comprising 88.3 million square feet and 87.3 million square feet, respectively. The remaining 9.3 million square feet is located in the District of Columbia. Vacancy has been on a downward trajectory for the region as a whole. The current 8.8 percent rate represents a drop of 100 basis points compared with the third quarter of 2014. The largest industrial market is found in Prince George’s County, Md., and totals 52 million square feet of industrial and flex space. Prince George’s County also anchors the south end of the Baltimore-Washington I-95 Corridor. If the adjacent …
WASHINGTON, D.C. — Wood Partners has begun demolition on an existing two-story office building at 33. N St. N.E. in Washington, D.C., to make way for a luxury apartment community. Situated in D.C.’s NoMa neighborhood, the 346-unit, high-rise property will be within walking distance of Metro’s red line and Union Station. The property, which hasn’t been named yet, will feature studio, one- and two-bedroom units with hardwood floors, quartz countertops and floor-to-ceiling windows. Community amenities will include a resident lounge, co-working space, fitness center, shuffleboard and a rooftop swimming pool with private cabanas. Construction on the property will begin in March, with the first units anticipated to become available in the first quarter of 2018.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $10.5 million loan for the refinancing of Crossings Center Six, a 500,000-square-foot bulk distribution warehouse located at 4500 Commerce Crossings Drive in Louisville. Randall Waddell of NorthMarq Capital’s Louisville office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.
DURHAM, N.C. — Raleigh-based Q10 Professional Mortgage of North Carolina has arranged a $9.5 million acquisition loan for a Class A office building in Durham. The 104,400-square-foot property is located at 2530 Meridian Parkway within Meridian Business Park. The office building was 80 percent leased at the time of financing to tenants such as Regus Executive Suites and the RTP offices of Womble Carlyle Sandridge & Rice. Spencer Wilson of Q10 Professional Mortgage arranged the loan through RGA Reinsurance Group on behalf of the buyer, Rochester, N.Y.-based JPB Holdings. Jimmy Barnes and Whit Brown of NAI Carolantic represented the buyer in the acquisition. Ben Kilgore of CBRE represented the seller, Meridian Operating Associates LLC.