HOUMA, LA. — Greystone has provided $24.3 million in HUD financing for the Belmere Luxury Apartments, a 249-unit multifamily complex in Houma, about 60 miles southwest of New Orleans. The gated community features a resort-style pool, Jacuzzi, fitness center, jogging trail, barbecue area and a dog park. Nathan Schuss of Greystone’s New York office arranged the 40-year, fully amortizing HUD 223(a)7 loan on behalf of Robert Aiello, the borrower of record in partnership with Ronald Turner.
Southeast
RICHMOND, VA. — The Hampshire Cos., a private real estate investment firm, has sold a 317,400-square-foot warehouse, located at 5700 Audubon Drive in Richmond, to Easton & Associates. The warehouse has 26-foot clear ceiling heights, 15 dock overhead doors and one grade-level door. CBRE represented The Hampshire Cos. in the transaction.
HOLLY HILL, FLA. — The Jaffe Corp., a shopping center owner and developer based in Ormond Beach, Fla., has purchased Holly Hill Plaza in Holly Hill, a suburb of Daytona Beach. Holly Hill Plaza is a 116,096-square-foot shopping center anchored by a 50,068-square-foot Winn Dixie grocery store. The asset sold for approximately $8.9 million, according to The Daytona Beach News Journal. The shopping center is located at the intersection of Nova Road and LPGA Boulevard and is 93 percent leased to tenants such as Woody’s BBQ, Family Dollar and Goodwill Industries. The Jaffe Corp. purchased the shopping center from Cincinnati-based Phillips Edison & Co. CBRE represented both parties in the transaction, and The Ackman Ziff Real Estate Group LLP arranged the acquisition financing through Bancorp Bank.
FREDERICKSBURG, VA. — The Boulder Group, a net leased investment brokerage firm based in Northbrook, Ill., has arranged the sale of a Best Buy property located at 1541 Carl D. Silver Parkway in Fredericksburg, part of the Washington, D.C. MSA. The single-tenant, 46,457-square-foot asset sold for $6.3 million. Best Buy has 3.5 years remaining on its lease agreement, which has three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, an investment firm based in the Southwest, and the seller, a Chicago-based private real estate firm, in the transaction.
GREENSBORO, N.C. — HREC Investment Advisors has arranged the sale of a 116-room Sleep Inn in Greensboro. The hotel is located at the intersection of Interstate 40 and Route 62 near the Piedmont Triad International Airport, University of North Carolina-Greensboro and Greensboro Coliseum. Monty Levy, Ketan Patel and Scott Stephens of HREC Investment Advisors represented the seller, an institutional loan servicer, in the transaction.
The government shutdown impacted local economies and real estate dynamics in many U.S. markets, but none moreso than the Washington, D.C., region. With anywhere from a quarter to over a third of metro D.C.’s privately owned office leasing tied to the federal government, the inability of the federal government to engage in long-term real estate planning has serious implications for the office sector. Non-federal tenants in the region are impacted as well in that a significant portion of the region’s occupiers are reliant, at least in part, on government contracts and spending. In fiscal 2012 alone, more than $72.6 billion of federal contracting dollars were procured in Washington, D.C., and its suburbs. Possible repercussions in the contracting arena from the shutdown and continued budgetary uncertainty from the federal sector could include contract cancellations, delays in payments and scope reductions. With ongoing questions about government funding and spending, these companies, like the government itself, cannot plan for the future and make decisions in areas that affect their businesses such as staffing, office and facility needs and support infrastructure. The inevitable uncertainty due to the current stop-gap fiscal environment creates questions about where funding for fit out, technology and equipment will come …
CHARLOTTE, N.C. — A joint venture between Cambridge Development and USAA Real Estate Co. has broken ground on 1100 South, a 331-unit apartment community at 1100 S. Blvd. in Charlotte’s South End District. The new community’s amenities will include four courtyards, a rooftop terrace, clubhouse, fitness center, cycle room, cyber lounge with sidewalk café seating, a pool with Jacuzzi, electric vehicle charging stations, bike storage and complimentary cruiser bikes. The project team includes Dallas-based architect Humphrey & Partners and Birmingham, Ala.-based general contractor Capstone Building Co. SunTrust is providing construction financing for the project. The joint venture expects to deliver its first units in November 2014.
ATLANTA — SRS Real Estate Partners’ Southeast investment sales team in Atlanta, led by Kyle Stonis and Pierce Mayson, has executed five retail sales transactions since Aug. 21 totaling more than $60 million. Stonis and Mayson, along with Ray Uttenhove and Scott Tiernan of SRS, represented an entity affiliated with Cypress Equities in the acquisition of Promenade Tannehill Shopping Center, a regional power center consisting of approximately 347,000 square feet in Bessemer, Ala., from Colonial Properties Trust. The property is located at 4965 Promenade Parkway, within the Birmingham–Hoover metropolitan area. The shopping center is anchored by Publix, Michaels, JC Penney, PetSmart and Ross Dress for Less. The Suwanee Jubilee Shopping Center in Suwanee, Ga., was purchased by Urbana Suwanee Jubilee LLC, which Stonis and Mayson represented. The 73,521-square-foot neighborhood shopping center, located at 1500 Peachtree Industrial, is anchored by The Fresh Market. Miller Group Investment Corp. sold 14 Monticello Road in Weaverville, N.C., which is currently occupied by a 23,627-square-foot Tractor Supply Co., to Cole Credit Property Trust IV Inc. The property is located about 10 miles north of Asheville, N.C. Stonis and Mayson represented the seller in the transaction. Cole Real Estate Investments Inc. was represented internally by Dan …
SIMPSONVILLE, S.C. — Fitesa Simpsonville Inc., a nonwoven fabric solutions designer and manufacturer, will invest $50 million to upfit and remodel its existing 190,000-square-foot manufacturing facility. The property is located at 840 S.E. Main St. in Simpsonville. The investment is expected to generate at least 32 new jobs, which the company will begin to hire in the spring. Fitesa Simpsonville expects to finish the facility improvements in November 2014.
HYATTSVILLE AND BRENTWOOD, MD. — Marcus & Millichap has brokered the sale of two apartment communities in Prince George’s County in Maryland. The two apartment communities — the 213-unit Newbury Square in Hyattsville and the 115-unit Finchley Square in Brentwood — sold for more than $23.7 million combined. David Weber, Daniel Cunningham, Derek Gibbs and Tal Frydman of Marcus & Millichap represented both the buyer and the seller, two limited liability companies, in both transactions.