JACKSONVILLE AND APOPKA, FLA. — JLL Capital Markets has secured a total of $10.9 million in financing for two multifamily properties in Florida. JLL arranged $5.9 million in financing for the 288-unit Club at Danforth in Jacksonville and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka. Elliott Throne, Mona Carlton, Kenny Cutler, Joshua Odessky and Karim Khaiboullin of JLL arranged the fixed-rate, Freddie Mac loans on behalf of the borrower, Beachwold Residential. Each loan featured a term of less than seven years. Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community featuring 16 buildings. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, clubhouse and a business center. Located at 3701 Danforth Drive, the property is situated 14.3 miles from downtown Jacksonville and 25 miles from Jacksonville International Airport. Completed in 1985, Verandahs at Hunt Club includes 21 two-story buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include a pool, fitness center, tennis court, dog park and a car care center. Located at 3000 Foxhill Circle, the property is situated 13.8 miles from Orlando and 33.6 miles from Orlando …
CLERMONT, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Glenbrook Commons, a 64,707-square-foot, fitness-anchored shopping center in Clermont. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller in the transaction. Winter Park, Fla.-based CrossMarc Services acquired the property for $9.4 million. Originally constructed in 2009, Glenbrook Commons was 98.4 percent leased at the time of sale. Fitness CF anchors the center, which is also home to US Taekwondo, China Gourmet, Gametime Barber Shop, The Cat Garden, Clermont Family Dentistry and Suncoast Premier Medical. There were three additional undeveloped pads included in the transaction that can be developed for future retail uses. Located at 1714 US Highway 27 on a 15.6-acre site, the property is situated 34.3 miles from Orlando and 10 miles from Walt Disney World Resort.
MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of 11251 Hull Street Road, a 6,400-square-foot freestanding retail building in Midlothian. James Ashby IV of Cushman & Wakefield | Thalhimer represented the buyer, MB Ventures LLC. An entity doing business as KLS Hilltop LLC sold the property for $2.1 million. The property is fully leased by Safelite AutoGlass, a Columbus, Ohio-based provider of vehicle glass repair, replacement and calibration services. Safelite has more than 850 locations nationwide. Located at 11241 Hull St. Road, the property is situated 15.2 miles from downtown Richmond and 21.1 miles from Richmond International Airport.
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I-85 Corridor Markets See Explosion of Industrial Development, But InterFace Panelists Wonder if Housing Will Follow
CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories. Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory growth of approximately 7.4 percent. Graham Stoneburner, senior vice president of Cushman & Wakefield, said that the Richmond, Va., market currently had 11 million square feet underway, which represents an inventory growth of 11 percent. Similarly Robbie Perkins, shareholder and market president at NAI Piedmont Triad, said North Carolina’s Triad region had 8.7 million square feet in the development pipeline, a nearly 11 percent growth rate compared to the market’s 80 million-square-foot inventory. During nearly every panel throughout the conference, which was held on Wednesday, April 13 at the Hilton Uptown Charlotte, brokers, investors and developers described the industrial growth along the I-85 Industrial Corridor as “unprecedented.” “There’s a real lack of supply at the moment, but we have a lot coming,” said John Montgomery, managing director of Colliers’ Upstate South Carolina office, during …
ATLANTA — Aztec Group has secured $31.8 million in acquisition financing for Residences at City Center, a 182-unit apartment community in downtown Atlanta. The financing is a non-recourse, 75 percent loan-to-value loan. Brell Tarich and Charles Penan of Aztec Group secured the loan on behalf of the borrower, South Florida-based AWP Real Estate. Built in 1993, Residences at City Center is situated adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. The new ownership group plans to make significant upgrades to the apartment community.
KISSIMMEE, FLA. — Franklin Street has brokered the sale of Southport Medical Center, a 37,454-square-foot, multi-tenant retail strip center in Kissimmee. Greg Matus, Adam Tiktin, Alex Lazo and Jonathan de Maa of Franklin Street represented the undisclosed seller in the transaction. Mark Shellabarger and Ari Ravi of CBRE represented the buyer, Stanley Properties, which acquired the property as part of a 1031 exchange. Southport Medical Center was fully occupied at the time of sale to Quest Diagnostics, IMA Medical Group, Cora Physical Health Services, Domino’s Pizza and a nail salon. All 10 tenants at Southport Medical Center have triple-net leases, many of which have over five years remaining on their terms. Built in phases between 2006 and 2012, the property has undergone significant capital improvements by some of the tenants over the years. Located at 3350 W. Southport Road on a 3.9-acre site, the property is situated 35.4 miles south of Orlando and 20.1 miles from Walt Disney World Resort.
NASHVILLE, TENN. — JLL has arranged the $10.2 million sale of a single-tenant, 51,528-square-foot industrial building in Nashville. Mitchell Townsend, Anthony Walters, Perry Wolcott, Matt Wirth and Robin Stolberg of JLL represented the seller, an affiliate of Next Realty LLC, in the transaction. Bridge Net Lease acquired the property for $10.2 million. The industrial building is triple net-leased to Fiserv, a provider of payments and financial technology solutions. Fiserv has been a tenant at the property since 2005 and uses the building to manufacture credit and payment cards. Next Realty recently executed a new long-term lease extension with Fiserv. The property offers a side-load configuration, clear heights ranging from 20 to 22 feet, three dock-high doors, one drive-in door, office space and a half-acre of land for expansion or outdoor storage. Located on 4.3 acres at 575 Brick Church Park Drive, the building is approximately five miles from downtown Nashville and 10.5 miles from Nashville International Airport.
ATLANTA — Simon Property Group has topped out One Phipps Plaza, a 13-story, 365,263-square-foot, LEED-certified, Class A office tower in Atlanta. The project includes the redevelopment of the former Belk department store at Phipps Plaza, a mall in Atlanta’s Buckhead neighborhood. The property’s first tenant is Novelis, a provider of aluminum rolling and recycling. Novelis will lease 90,000 square feet of space at the property and will use the building as its corporate headquarters. Other tenants slated to open at Phipps Plaza include Nobu Hotel & Restaurant, Life Time athletic club and Citizens Culinary Market. The 150-room Nobu Hotel will feature a pool, conference center, spa, and a Japanese restaurant called Nobu Atlanta Restaurant. Dallas-based The Beck Group is the architect and general contractor for the project.
MIAMI GARDENS, FLA. — AHS Residential has opened Oak Enclave, a 420-unit multifamily community in Miami Gardens. Oak Enclave offers one-, two- and three-bedroom floorplans in five buildings. Unit features includes a private balcony or patio, high ceilings, granite countertops and stainless-steel appliances. Community amenities include a resort-style pool, fitness center, clubhouse and private parking. According to Apartments.com, rents range from $1,961 to $3,636 a month. Located at 2301 N.W. 167th St., the property is 13.4 miles from downtown Miami and 12.1 miles from Miami International Airport.
PALM BEACH, FLA. — JLL Capital Markets has arranged the $35 million sale of 340 and 350 Royal Palm Way, two adjacent Class A office buildings totaling 44,625 square feet in Palm Beach. Ike Ojala, Hermen Rodriguez, Matthew McCormack, Max Lescano, Blake Koletic and Michael Roukis of JLL represented the seller, Chicago-based Pearlmark, and procured the buyer, CS Ventures. One of the properties, 340 Royal Palm Way, features 20,813 square feet of office space in a four-story building. The other property, 350 Royal Palm Way, has five stories and 23,812 square feet of office space. The 350 Royal Palm Way building is fully leased. In total, the properties offer 146 parking spaces in a mix of covered and surface spaces. The buildings are situated 5.3 miles from Palm Beach International Airport and 27.5 miles from Boca Raton. The assets are also close to Florida’s Turnpike and Interstate 95.