WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.
MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …
CHARLOTTE, N.C. — White Point and FCP have unveiled plans to redevelop historic Chadbourn Mill, a former hosiery and textile mill in Charlotte, into an adaptive office project. The new development will feature 40,000 square feet of office space and 2,000 square feet of restaurant space and retail space. JLL will be leasing the office component of the development, with Thrift Commercial Services handling the retail leasing. Construction is expected to be complete in 2020. The site is within walking distance to NoDa’s (North of Davidson) retail and entertainment venues as well as the LYNX Blue Line 25th St. station. Chadbourn Mill produced mostly women’s clothing from the 1930s to 1970s but has been out of use since.
CHARLOTTE, N.C. — Lantower Residential has acquired Garrison Park, a 322-unit apartment complex in northeast Charlotte, for $62.8 million. The seller, The Spectrum Cos., delivered the asset in spring 2019. The property offers studio through three-bedroom floor plans and communal amenities such as a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and outdoor grilling areas. Garrison Park was 45 percent occupied at the time of sale. Lantower will rebrand the property as Lantower Garrison Park. Caleb Troop and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.
LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.
GLASGOW, KY. — Marcus & Millichap has negotiated the sale of Glasgow Self Storage, a 66,075-square-foot, 452-unit self-storage facility in Glasgow. The facility was built in 2010 at 908 Happy Valley Road. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. The buyer and seller were both undisclosed limited liability companies. Colby Haugness of Marcus & Millichap, the broker of record, assisted the team in the transaction. The sales price was not disclosed.
MEDLEY, FLA. — BRW Floors Inc. has sold a 69,834-square-foot industrial warehouse in Medley for $9.7 million. The facility includes 7,000 square feet of office space, 15 dock doors with room to add more, 24-foot ceilings and a 120-foot fenced and secured truck court. The warehouse is located at 12800 N.W. South River Drive, about 15 miles northwest of downtown Miami and next to U.S. Highway 27. Nick Wigoda and Steve Medwin of Newmark Knight Frank represented both the seller and the buyer, Denver-based Black Creek Group, in the transaction.
WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell family, long-standing collectors and patrons of the arts. Lowe intends for the project to create an arts and cultural anchor in the Southwest neighborhood. The designated Arts District will provide a second home for the Miami-based Rubell Family Collection, an internationally acclaimed contemporary art collection that draws visitors from around the world, according to Mark Rivers, executive vice president at Lowe. At the core of the project is the restoration and repositioning of the school’s three buildings, of which two will be transformed into an approximately 31,000-square-foot art museum housing the Rubell Family Collection. Entry to the museum will be free of charge to all residents of the District. The West Randall building will be reconfigured as an 18,000-square-foot creative office …
For decades, the real estate market in Miami has been either boom or bust. Lately, the market has been on an impressive expansion cycle, with new office development following aggressive lease rate increases that in some areas have risen as much as 20 percent in total the past few years. As investors and users witness the growth in South Florida, the market has seen a significant amount of new development as rental rates continued to climb. The quick expansion, and arguably over-development, has left some investors wondering if a bust is inevitable with such a crowded market. In many metro areas, a bust would be a logical result. However, South Florida has become more mature as a corporate center, leading many industry leaders to see Miami’s future as a more consistent, stable market of growth rather than one with a constant pattern of boom and bust. As South Florida matures with a diverse range of investors and users, adapts to industry disruptors and addresses transportation issues, the office market is moving into a pattern of more stable growth, with no bust on the horizon. Leasing, sales activity In the first quarter of 2019, the office market saw 1.1 million square …
TAMPA, FLA. — SunTrust Bank has provided a $75 million refinancing loan to The Related Group for a 396-unit waterfront apartment community in Tampa. Town Westshore, located at 5001 Bridge St. fronting Old Tampa Bay, offers communal amenities such as a clubhouse with catering kitchen, bay-front health spa, swimming pool, water walkway, electric car charging stations and a controlled-access parcel room with refrigerated storage for grocery deliveries. The loan was provided to refinance an existing construction loan. First residents moved into the building in March of this year.
