Southeast

Redwood Capital Purchases 245-Unit Lowrie Apartment Complex in Charlotte

by Alex Tostado July 31, 2019

CHARLOTTE, N.C. — Redwood Capital Group has purchased Lowrie, a 245-unit apartment complex in Charlotte’s Ballantyne neighborhood. The community offers amenities such as a saltwater swimming pool; grilling areas; dog-friendly rooftop lounge with outdoor TV; 3,000-square-foot fitness center with free weights, touch screen treadmills, stair climbers, recumbent bikes and Woodway self-propelled treadmill; yoga studio; and a 4,700-square-foot clubhouse with a catering kitchen, billiards, TV area, mail room and co-working business center. Ballantyne is a master-planned community 12 miles south of downtown Charlotte. The Bissell Cos. developed the area to include a top-rated golf course, more than 200 eateries and shops, and 16 miles of walking trails and bike paths. The sales price was not disclosed.

July 31, 2019

Florida Loans Retail Southeast

Aztec Group Arranges $18.5M Refinancing for Retail Center in South Florida

by Alex Tostado July 31, 2019

PEMBROKE PINES, FLA. — The Aztec Group has arranged an $18.5 million refinancing of an existing construction loan for Pembroke Centre in Pembroke Pines. Continental Casualty Co. provided the five-year, non-recourse, fixed-rate loan. The borrower, Hart Lyman Cos., delivered Pembroke Centre, a 37,900-square-foot shopping center, in 2017. Tenants include anchor Twin Peaks, Comcast, TooJay’s, AT&T, Firebirds, Pieology and Habit Burger. Howard Taft, Charles Penan and Joel Zusman of Atzec Group represented the borrower in the loan transaction.

July 31, 2019

Development Georgia Mixed-Use Southeast

Armada Hoffler, S.J. Collins Enterprises to Develop $80M Mixed-Use Project in Metro Atlanta

by Alex Tostado July 30, 2019

ROSWELL, GA. — A joint venture between Armada Hoffler Properties and S.J. Collins Enterprises has unveiled plans to develop Southern Post, an $80 million, 240,000-square-foot mixed-use project in historic downtown Roswell. Southern Post will include 125 apartment units, 80,000 square feet of creative office space and 40,000 square feet of retail space. The joint venture worked with the City of Roswell in the design of Southern Post to honor the city’s historic charm. Armada Hoffler will be the majority partner in the joint venture, which anticipates closing on the purchase of the land from the City of Roswell in the fourth quarter of 2019 and commencing construction in the first quarter of 2020. Armada Hoffler Construction Co., a wholly owned subsidiary of the Armada Hoffler Properties, will serve as general contractor for the project, which is situated about 23 miles north of downtown Atlanta.

July 30, 2019

Development Florida Mixed-Use Southeast

Roger B. Kennedy Construction Delivers $75M Town Center Project in Central Florida

by Alex Tostado July 30, 2019

LAKE MARY, FLA. — Roger B. Kennedy Construction has delivered Griffin Farm at Midtown Town Center, a mixed-use property that includes 263 apartment units and 50,000 square feet of retail space. This marks the fourth time the Florida-based general contractor has worked with developer Unicorp National Developments Inc. to deliver a project. The apartments, called Drake Midtown Apartments, include two five-story buildings and are valued at more than $65 million. The retail portion includes seven single-story buildings that are valued at $10 million. Retail tenants include Dunkin’, First Watch, Hand & Stone, Mattress One and Tipsy Nail & Salon Bar.

July 30, 2019

Acquisitions Florida Multifamily Southeast

Epoch Residential Sells 293-Unit Apartment Complex in Metro Orlando

by Alex Tostado July 30, 2019

MAITLAND, FLA. — Epoch Residential has sold Maitland Station Apartments, a 293-unit apartment complex located adjacent to the Maitland SunRail station in Maitland. The transient-oriented community offers one-, two- and three-bedroom floor plans averaging 942 square feet. Communal amenities include a swimming pool, fire pit, outdoor kitchen with gas grills, 24-hour fitness facility with separate CrossFit studio, cyber café, media room, game room, community kitchen, conference room, business center and a pet park with a dog washing station. Maitland Station Apartments is located at 801 Orlando Ave., nine miles north of downtown Orlando. Brett Moss and Elliott Throne of JLL represented the seller in the transaction. Nicol Investment Co. acquired the property for an undisclosed price.

July 30, 2019

Acquisitions Florida Retail Southeast

JLL Arranges $10.3M Sale of Four Retail Properties in Downtown Sarasota

by Alex Tostado July 30, 2019

SARASOTA, FLA. — JLL has arranged the sale of four retail properties in downtown Sarasota totaling 30,188 square feet. The four properties, which are situated on Main Street and Lemon Avenue, sold for $10.3 million. The properties were 89 percent leased at the time of sale to tenants including Sur La Table, Bluemercury, Eileen Fisher, Hyde Park Prime Steakhouse, Boca Kitchen, J. McLaughlin and Sara Campbell. Eric Williams, Daniel Finkle and Luis Castillo of JLL represented the seller, Lemon Avenue Partners LLC, in the transaction. The buyer was not disclosed.

July 30, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $7.7M Sale of Office Building in Miami

by Alex Tostado July 30, 2019

MIAMI — Cushman & Wakefield has negotiated the $7.7 million sale of Bank of America Center, a six-story, 68,174-square-foot office building in Miami. Bank of America Center is situated at 1313 N.W. 36th St. within an Opportunity Zone. The property was 88.8 percent leased at the time of sale to tenants including Bank of America and the Miami-Dade State Attorney’s office. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz of Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands. This is the third property the investment group has sold within the same Opportunity Zone since last year. Scott Sime of Sime Realty Corp. represented the buyer, New York City-based Edenderry Properties LLC. In March 2018, Edenderry Properties acquired Centennial Express Building, which is located directly east of Bank of America Center.

July 30, 2019

Development Georgia Industrial Southeast

Cabot, Republic Property Break Ground on 275,000 SF Distribution Center Near Atlanta for Biolab Inc.

by Alex Tostado July 29, 2019

CONYERS, GA. — Cabot Properties and Republic Property Co. have broken ground on a 275,000-square-foot, build-to-suit distribution center in Conyers. Biolab Inc. will occupy the entire building upon completion. Biolab, which has operated in Conyers since 1973, will use the new facility to house production and storage space for pool and spa water-treatment chemicals. The center will feature a 32-foot ceiling clear height, fifteen overhead dock doors and two drive-in doors. ARCO Design/Build is the general contractor. A timeline for completion was not disclosed.

July 29, 2019

Development Hospitality Kentucky Southeast

Thrash Group Opens 120-Room Hotel Within Summit at Fritz Farm in Lexington

by Alex Tostado July 29, 2019

LEXINGTON, KY. — The Thrash Group has opened Origin Lexington, a 120-room, 76,000-square-foot hotel situated within The Summit at Fritz Farm in Lexington. Origin Lexington includes 2,100 square feet of meeting space as well as 33 Staves, a restaurant named after the number of wooden stave pieces needed to form a full-sized oak barrel used to age bourbon. Amenities at the hotel include a fitness center, in-room yoga kits and in-room tents and sleeping bags. Birmingham, Ala.-based Bayer Properties is the owner and developer of Summit at Fritz Farm, an outdoor shopping center that has more than 60 retailers and restaurants across 54 acres.

July 29, 2019

Acquisitions Multifamily South Carolina Southeast

Spectrum Sells Multifamily Community in Charleston for $51.1M

by Alex Tostado July 29, 2019

CHARLESTON, S.C. — The Spectrum Cos. has sold Paxton Point Hope, a 274-unit multifamily community in Charleston, for $51.1 million. Paxton Point offers studio through three-bedroom floor plans. Communal amenities include a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and an outdoor grilling area. The Spectrum Cos. delivered the property earlier this summer and it was 35 percent occupied at the time of sale. Capstone Apartment Partners represented the seller in the transaction and procured the buyer, VTT Management.

July 29, 2019

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