MIAMI BEACH, FLA. — CBRE has arranged the sale of eight multifamily properties in the South Beach section of Miami Beach totaling approximately $22.2 million. Boardwalk Properties FL LLC purchased the 113-unit, 69,583-square-foot portfolio from Pepis Corp., Erogol Corp. and Nanshar Corp. The properties are located at 705 Lenox Ave.; 762 Lenox Ave.; 710 Meridian Ave.; 825 Alton Road; 1501-1521 Michigan Ave.; 1600 West Ave.; and 1606 West Ave. Calum Weaver led the CBRE team in representing the sellers in the transaction. Neil Rollnick of Hinshaw & Culbertson LLP provided legal representation for the sellers, and Marc Kleiner of Kleiner Law Group provided legal representation for Boardwalk Properties FL LLC.
Southeast
GOLDSBORO, N.C. — Charlotte-based Faison Enterprises Inc. plans to develop Berkeley Corner, a 57,000-square-foot shopping center anchored by a 45,000-square-foot Dick’s Sporting Goods store. The property will be located in Goldsboro adjacent to Berkely Mall. Capitol Funds Inc. owns both Berkeley Corner and Berkeley Mall. Justin Schad of Faison & Associates LLC coordinated the development of the shopping center with the city of Goldsboro.
LOUISVILLE, KY. — Quantum Real Estate Advisors Inc. has brokered the $7.8 million sale of a 14,820-square-foot, freestanding Walgreens in Louisville. Walgreens has more than 24 years remaining on its lease. The buyer, a private individual from New York, purchased the asset from an unnamed Louisville-based developer. Jordan Kaufman and Dan Waszak of Quantum Real Estate represented the buyer in the transaction.
CONCORD, N.C. — Franklin Street Real Estate Services has arranged the sale of a freestanding 9,200-square-foot property housing AT&T and Denny’s for $5.6 million, or $603 per square foot. The asset is located at 8031 Concord Mill Blvd. in Concord, a northern suburb of Charlotte. Bryan Belk of Franklin Street represented the seller, a private investor based in California. The buyer is a private investor based in North Carolina who plans to hold the asset long-term.
BAL HARBOUR, FLA. — A group of banks led by HSBC Holdings PLC has provided a $332 million loan to Consultatio, an Argentine development firm led by Eduardo Costantini. The loan will be used to finance the construction of Oceana Bal Harbour, a 28-story, 240-unit luxury residential tower at 10201 Collins Ave. in Bal Harbour, a village community 12 miles northeast of Miami. The tower is slated for a 2016 completion. Units at Oceana Bal Harbour are selling at an average price of $1,875 per square foot with prices ranging from $3 million to $30 million. Total sales are projected to be in the $1.2 billion to $1.3 billion range. Amenities of the new community will include underground parking, a private poolside restaurant, lap pool and leisure pool with cabanas, movie theater, children’s playroom, fitness center, 24-hour concierge, two tennis courts and a wine cellar.
ALPHARETTA, GA. — Cassidy Turley has brokered the $83.5 million sale of Somerby of Alpharetta, a 282-unit seniors housing community in Alpharetta, an affluent northern suburb of Atlanta. The facility is comprised of 16 independent living villas, 187 independent living apartments, 56 assisted living units and 23 memory care units. The property was built in 2008 and has maintained occupancy in the mid-90 percent range. Allen McMurty represented the seller in the transaction. The buyer was a publicly traded REIT.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has funded 13 loans totaling $43.7 million for multifamily communities in the Southeast. Stephen York of Arbor’s New York City office originated all of the loans, several of which were Fannie Mae loans. The financing included: · a three-year, $10.8 million acquisition loan for a 392-unit unnamed community in Montgomery, Ala. · a seven-year, $7.9 million acquisition loan for the 344-unit Sunrise Point Apartments in Birmingham, Ala. · a two-year, $4.6 million acquisition loan for an unnamed 172-unit property in Gainesville, Fla. · a 10-year, $2.1 million loan for the 48-unit 1720 Cleveland Street Apartments in Hollywood, Fla. · a 12-year, $2 million loan for the 30-unit Gardens at Stirling Apartments in Davie, Fla. · a 30-year, $1.4 million refinance loan for the 64-unit Winter Garden Apartments in Winter Garden, Fla. · a seven-year, $3.5 million loan for the 150-unit Keystone Landing Apartments in Memphis, Tenn. · a 10-year, $3.4 million refinance loan for the 58-unit Hearthstone Apartments in Blacksburg, Va. · a 10-year, $2.7 million loan for the 56-unit Colonial Point Apartments in Gloucester, Va. · a 10-year, $1.8 million refinance loan for …
STAUNTON, VA. — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired its second grocery-anchored shopping center, the 80,265-square-foot Staunton Plaza in Staunton. Martin’s grocery store anchors the center, which also includes a Five Guys Burgers and Fries, Fantastic Sams and a gas station.
WINSTON-SALEM, N.C. — Oak Coast Properties and The Harp Group have acquired the Marriott Residence Inn hotel in Winston-Salem for $5.9 million. The property features a fitness center, business center, outdoor pool and firepit. The 88-room hotel, which is within a mile of Wake Forest University’s campus, underwent a $2 million renovation between 2012 and 2013. Marriott Residence Inn is the first hospitality purchase for Oak Coast Properties. The Los Angeles-based firm plans to invest up to $125 million in new hotel acquisitions during the next two years.
ROCK HILL, S.C. — An affiliate of The Assured Group has selected Trinity Capital Development to develop a 300,080-square-foot build-to-suit distribution facility in Rock Hill, about 27 miles south of Charlotte, N.C. The property will be located on a 25-acre parcel at 885 Paragon Way in Riverwalk Business Park. Other tenants at Riverwalk include Exel Logistics and Physicians Choice Laboratory Services. The Assured Group, the building’s owner, has leased the property to McKesson Medical-Surgical Inc. The project team includes architect WGM Design and general contractor InterCon Building Corp. The Assured Group will provide civil engineering services for the project. Terry Brennan of Trinity Partners represented Assured in the build-to-suit lease transaction. Stuart Ingram, Tom Evans and Adam Loges of CBRE represented McKesson.