CHARLESTON, S.C. — Co-developers Kassinger Development Group and Richardson Properties have broken ground on Sweetwater, a 266-unit luxury apartment community located on Beresford Creek in Charleston. The property will be located across Daniel Island near I-526 via Clements Ferry and the Wando River via boat. Sweetwater Construction is the general contractor for the property. Every apartment unit at Sweetwater will feature a porch. Waterfront amenities include boat parking, a boat ramp, kayak and canoe launch and community docks. Sweetwater will also feature pet parks, a fitness center, gathering barn, waterfront swimming pool and greenhouses. Upon completion, the 50-acre site will also house an 18-room boutique inn and an event lawn. The development team expects to deliver the property’s first buildings in early 2016.
CELEBRATION, FLA. — West Palm Beach-based Flagler Realty & Development Inc. has broken ground on Shoppes at Celebration Place, a 43,500-square-foot shopping center in Celebration, a master-planned community near Orlando. The $21 million property will be leased to Walgreens, Chipotle Mexican Grille, Dunkin’ Donuts, Five Guys Burgers & Fries and additional retailers. Flagler expects to complete the property in the fall. Flagler Realty & Development is owned by principals Patrick Koenig, Richard Johnson Jr. and Scott Johnson. The Walt Disney Co. established Celebration in 2001 after breaking ground on the community in 1994. Celebration is a Census-designated place, or an unincorporated community.
MIAMI — RKF has brokered three property sales in Miami’s Design District and Wynwood neighborhoods totaling $86.8 million. Brooklyn-based RedSky Capital purchased the three properties from three separate sellers. Ben Mandell, Drew Schaul and John Ellis of RKF represented RedSky in all three transactions. The assets included a two-story, 19,436-square-foot retail property located at the corner of North Miami Avenue and N.E. 40th Street in the Design District. RedSky purchased the asset from Hardor Corp. for $29.3 million. Hardor Corp. was represented internally in the transaction. The other Design District property was a three-story, 17,391-square-foot retail asset at 35 N.E. 40th St. that RedSky purchased from a limited liability company known as 35 NE 40th Street LLC for $28 million. Oak Tavern, a 140-seat bar and restaurant, currently occupies the space. Fran Clougherty of Douglas Elliman represented the seller in the transaction. Lastly, RedSky purchased Wynwood Block, an enclosed shopping center occupying a full city block at 2621 N.W. 2nd Ave. in Wynwood, for $29.5 million. Gaston Miculitzki of Brightway Properties represented the seller, Wynwood 2621 LLC, in the transaction.
RESTON, VA. — A partnership between Atlantic Realty Cos. and Angelo, Gordon & Co. has purchased four office buildings in Reston totaling roughly 500,000 square feet for $82 million. The portfolio was 50 percent leased to more than 40 tenants at the time of sale, including the Reston Association and Wal-Mart Stores Inc. Eastdil Secured brokered the transaction. The four properties include Reston Corner I at 12001 Sunrise Valley Drive, Reston Corner II at 12005 Sunrise Valley Drive, Reston Corner III at 12007 Sunrise Valley Drive and Parkridge V at 10780-10790 Parkridge Blvd. The new ownership plans to invest roughly $5 million to improve the properties’ interiors and outdoor common areas.
LAWRENCEVILLE, GA. — CBRE has brokered the $58.3 million sale of Madison at River Sound, a 586-unit apartment community located along Highway 316 in Lawrenceville, a suburb of Atlanta. The property is located within walking distance of Georgia Gwinnett College, the fastest growing four-year public college in Georgia. The complex features a two-tier swimming pool and a renovated clubhouse. Shea Campbell and Kevin Geiger of CBRE’s Southeast multifamily group represented the seller, a partnership owned by B&M Management and Madison International Realty LLC, in the transaction.
KISSIMMEE, FLA. — HJ Sims, an investment bank and brokerage firm, has financed the construction of Tuscan Isle, a seniors housing community in Kissimmee. Tuscan Isle will comprise 120 independent living units, 56 assisted living units and 36 memory care units. The independent living units will be housed in a four-story building, made up of one- and two-bedroom units ranging in size from 706 to 1,230 square feet. The assisted living units will consist of studios and one- and two-bedroom units ranging in size from 390 to 620 square feet. The memory care units will provide for 36 residents in private rooms. Tuscan Isle has a preliminary shared services agreement with AV Homes, the developer of neighboring community Solivita. The Tuscan Isle project began in January and is currently under construction with a planned completion date in spring 2016. Phase II of construction will incorporate a skilled nursing expansion. Construction financing consists of $40.5 million tax-exempt bonds and $1.7 million taxable bonds. The preferred equity consists of taxable bonds for accredited investors, totaling $6.2 million. The owners of Tuscan Isle include affiliates of Vieste Group, a program management and development services company from Chicago; HJ Sims Investments, an affiliate of …
ORLANDO, FLA. — Crossman & Co. has signed Supercuts to a 1,300-square-foot lease at Cornerstone at Lake Hart, a 78,241-square-foot Publix-anchored shopping center located at the corner of Narcoossee and Moss Park roads in Orlando. The lease brings the center to full occupancy. The hair salon will join a tenant roster that features UPS, GNC, 7-Eleven, Giovanni’s Italian Restaurant & Pizzeria and Orlando Cleaners. Tyler Wilkins of Crossman & Co. co-brokered the lease transaction with Joanna Robinson of The Shopping Center Group.
ATLANTA — The Atlanta Braves and Comcast Corp. have announced a multi-year technology and real estate partnership for SunTrust Park and the surrounding mixed-use development in Cobb County. Comcast will anchor a new nine-story office tower in the mixed-use development surrounding the ballpark, which is set to open in April 2017 in advance of Opening Day. The Comcast space will house 1,000 employees and include an innovation lab that will be connected via high-speed fiber to the company’s other major research and development facilities in Silicon Valley, Denver and Philadelphia. The tower will also feature 15,000-20,000 square feet of restaurant and hospitality space facing into the SunTrust Park plaza. Construction on the office tower is slated for completion in 2017. As part of the deal, Comcast will provide video, voice and high-speed Internet connectivity throughout the 60-acre project. The Comcast network will include two datacenters, each with 10,000 fiber connections that are backed by dual 400 Megawatt generators. According to Comcast and the Atlanta Braves, SunTrust Park and the surrounding development will be the most technologically advanced mixed-use development in the United States.
ROSWELL, GA. — Meridian Capital Group has arranged $13.7 million in acquisition financing for Holcomb Woods Business Park, a four-building, 244,700-square-foot office park located at 1000 Holcomb Woods Parkway in Roswell. The office park was 75 percent leased at the time of financing to tenants such as Lennar of Georgia, Docufree, Arclin, Enveniam Inc. and Farmers Insurance. Michael Brown of Meridian’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through an undisclosed bridge lender on behalf of the borrowers, RexHall Realty and Rugby Realty. The loan features a floating rate of 475 basis points over 30-day LIBOR, two one-year extension options and amortization beginning upon completion of renovations to the property.
MANASSAS, VA. — The Goldstar Group, a private real estate investment and development firm, has purchased a 186,000-square-foot industrial warehouse facility located at 9061 Euclid Ave. in Manassas for $9.4 million. Constructed in 1977, the warehouse was 92 percent leased at the time of sale to two tenants. Stephen Perkins of Newmark Grubb Knight Frank represented the buyer and seller, Euclid Avenue Investors LLC, in the transaction. Clifford Mendelson of Metropolis Capital Finance arranged the debt and equity financing for the acquisition.