MIAMI — A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and Mika Mattingly of Colliers represented the buyer in the transaction. The seller, International Longshoreman Association, sold the 24,000-square-foot site for $17.5 million. The labor union has owned the site for more than 45 years and previously operated a 5,130-square-foot building on the parcel. The buyer also recently acquired an adjacent site at 600 N.E. 1st Ave. to bring the total assemblage to 34,000 square feet. Aria and Merrimac are currently planning to develop 600 Miami Worldcenter, a condominium project comprising more than 600 for-sale residences. OneWorld Properties is leading sales for the project on behalf of the developers.
CHARLOTTE, N.C. — Lincoln Property Co. has purchased Airpark West, a four-building, 626,061-square-foot industrial park located off Air Park West Drive in Charlotte. Toronto-based BentallGreenOak sold the infill park for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Zach Lloyd of JLL represented the seller in the transaction. Located adjacent to the I-85 and I-485 interchange, Airpark West was fully leased to multiple tenants at the time of sale. The development was completed in phases between 2007 and 2019 and is situated within a few miles from Charlotte Douglas International Airport and the Norfolk Southern CLT Intermodal Terminal.
WASHINGTON, D.C. — Oxford Properties Group has signed Allen & Overy LLP to a long-term lease renewal and expansion at 1101 New York Ave. in Washington, D.C. The law firm will continue to occupy the 11th floor and expand into a portion of the tower’s 10th floor. The tenant plans to begin renovations to its space in early 2023. Tom Fulcher, Julie Rayfield and Adam Brecher of Savills represented Allen & Overy in the lease negotiations. Matt Pacinelli, Kyle Luby and John Klinke of Stream Realty Partners represented Oxford Properties.
MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.
MOBILE, ALA. — Cushman & Wakefield has arranged the sale of Astoria, a 252-unit multifamily community in Mobile. Carter Multifamily purchased the community from Saxony Capital Management for $35.6 million. Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller in the transaction. Built in 2001, Astoria’s amenities include a resident lounge with billiards, foosball and a coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and a saltwater swimming pool with an outdoor kitchen area. Carter Multifamily plans to make interior renovations to Astoria during its ownership period, according to Cushman & Wakefield.
BIRMINGHAM, ALA. — Berkadia has brokered the $8.5 million sale of Hampton Inn & Suites Birmingham East Irondale, a 99-room hotel located at 950 Old Grants Mill Road in Birmingham. Dan Hawkins and Jake Pietras of Berkadia’s Hotels & Hospitality division completed the sale on behalf of the undisclosed seller. The buyer was also not disclosed. Amenities at the Hampton Inn hotel include an indoor pool, fitness center, business center, a complimentary breakfast and 576 square feet of meeting space.
ZUG, SWITZERLAND — IWG plc, a Swiss coworking provider, plans to open five new Regus-branded flexible offices in North and South Carolina. The five locations include 3511 Shannon Road in Durham; 8024 Glenwood Ave. in Raleigh; 140 Stoneridge Drive in Columbia, S.C.; 222 N Lafayette St. in Shelby, N.C. (Charlotte suburb); and 900 Trail Ridge Road in Aiken, S.C. (Augusta suburb). All five locations will offer IWG’s full suite of services, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services, including IT support. The new Carolinas locations are part of IWG’s plan to add more than 500 locations throughout the United States.
FREDERICK, MD. — Edge has negotiated a 20,000-square-foot retail lease with Partner Veterinary Emergency and Specialty Center at Frederick Crossing, a nearly 300,000-square-foot power retail center located at 7330 Guilford Drive in Frederick. Kristin Rebeck of Edge represented the tenant, which plans to open the clinic in the spring and employ roughly 70 people once fully operational. Adam Greenberg of DLC Management Group represented the landlord, a partnership between DLC and Acadia Realty Trust. Situated near I-70, Frederick Crossing’s tenant roster includes Kohl’s, Best Buy, Regency Furniture, Ross Dress for Less, Off Broadway Shoes, Five Below, Ulta Beauty and Dollar Tree.
RICHMOND HILL, GA. — Hyundai Mobis, an automotive supplier based in South Korea, plans to invest $926 million for a new manufacturing facility near Hyundai’s previously announced electric vehicle and battery campus in Bryan County. Situated near the Port of Savannah, the new 1.2 million-square-foot facility will employ at least 1,500 people once fully operational. The project is located within the Georgia Ready for Accelerated Development (GRAD) Certified Belfast Commerce Park in Richmond Hill. Hyundai Mobis will supply electric vehicle power electric systems and charging control units to the mega Hyundai plant nearby and in Montgomery, Ala., as well as the Kia plant in West Point, Ga. Hyundai Mobis is the “parts and services” arm for South Korean auto giants Hyundai, Genesis Motors and Kia. The company has had an operational base near the Kia plant since 2009. The new Bryan County facility is expected to break ground in 2023 and begin operations in 2024.
FREDERICK, MD. — ACRES Capital has provided an $83.7 million construction loan for Residences at East Church, a 350-unit multifamily project located on a 14.8-acre site at 605 E. Church St. in Frederick. The borrower, The Goldstar Group, is developing the five-story community to feature a clubhouse, swimming pool and fitness center, as well as 525 parking spaces. The construction timeline was not disclosed. Jamie Butler of Walker & Dunlop originated the loan on behalf of Goldstar. Principals involved in the loan transaction include Michael Brodsky of Goldstar and Drew Miller of ACRES Capital’s New York office.