Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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12 October 2016 • Southeast Real Estate Business www.REBusinessOnline.com F L O R I D A CRESCENT COMMUNITIES OPENS APARTMENT DEVELOPMENT IN TAMPA'S WESTSHORE DISTRICT TAMPA, FLA. — Crescent Communi- ties has opened Crescent Westshore, a new 374-unit luxury apartment com- munity located at 2202 N. Lois Ave. in Tampa's Westshore district. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences rang- ing from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet- close cabinets and drawers and full- size washer and dryers. Community amenities include a two-story club- house with an outdoor elevated ter- race and three courtyards. The com- munity also features a meeting area with a flat screen TV, shared indoor/ outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community. PASSCO PURCHASES APARTMENT COMMUNITY IN TAMPA BAY FOR $75 MILLION BRADENTON, FLA. — Passco Cos. has purchased ParkCrest Landings, a 400- unit, Class A apartment community lo- cated on a 67-acre site at 5725 1st Ave. East in Bradenton, a city in the Tampa Bay area. Passco Cos. bought the asset from the Tampa-based developer, CKT Development, for $75 million. Built in 2015 by CKT Development, the grounds include nine acres of lakes, 1.5 miles of walking trails and 40 acres of nature preserves along a tributary of the Manatee River. ParkCrest's com- munity amenities include a resident clubhouse and theater, fitness center, lakeside sundecks, resort-style swim- ming pools, children's splash area, 1.2- acre dog park, cyber café, game room and kayak storage. Jamie May of JBM represented Passco and CKT Develop- ment in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos. MARCUS & MILLICHAP ARRANGES $63 MILLION SALE OF MULTIFAMILY PORTFOLIO IN CENTRAL FLORIDA ORLANDO, FLA. — Marcus & Millic- hap has brokered the $63 million sale of a six-property, 1,244-unit apartment portfolio in Central Florida. The prop- erties include the 200-unit Millennium Eagle in Orlando, the 344-unit Eagle Reserve in Orlando, the 248-unit Eagle Bay in Daytona Beach, the 232-unit Eagle Oaks in South Daytona, the 120- unit Eagle Park in Daytona Beach and the 100-unit Eagle Briar in New Smyr- na Beach. The portfolio was 94 percent occupied at the time of sale. Michael Donaldson, Nicholas Meoli and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Marcus & Milli- chap's Institutional Property Advisors division, represented the seller, a fami- ly partnership based in Daytona Beach. The team also procured the buyer, a private investor based in Miami. CBRE BROKERS $37.8 MILLION SALE OF ROLLING ACRES IN LADY LAKE LADY LAKE, FLA. — CBRE has bro- kered the $37.8 million sale of Rolling Acres, a 189,390-square-foot shopping center located along U.S. Highway 441 in Lady Lake. The property is anchored by TJ Maxx, Ross Dress for Less, Petco, Staples, Beall's Outlet and Michaels. Outparcel tenants include Chick-fil-A, Outback Steakhouse and Carrabba's Italian Grill. Cole Credit Property Trust IV Inc. purchased Rolling Acres from an affiliate of Sterling Global Financial Ltd. Dennis Carson and Casey Rosen of CBRE's national retail investment group's Florida team represented the seller in the transaction. MONMOUTH REIT BUYS INDUSTRIAL FACILITY LEASED TO FEDEX GROUND FOR $37.8 MILLION DAVENPORT, FLA. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT based in Freehold, N.J., has purchased a 310,922-square- foot, newly built industrial building lo- cated at 5000 N. Ridge Trail in Daven- port, a suburb of Orlando. Monmouth purchased the property from an undis- closed seller for approximately $37.8 million. Situated on nearly 47 acres, the property is net-leased to FedEx Ground Packaging System Inc. for 15 years. The facility is located near I-4 and two Walmart fulfillment centers totaling more than 2.3 million square feet. GLADSTONE COMMERCIAL BUYS OFFICE BUILDING FOR $23.9 MILLION FORT LAUDERDALE, FLA. — Glad- stone Commercial Corp. has pur- chased Park Center, a five-story, 119,224-square-foot office building located at 6363 N.W. 6th Way in Fort Lauderdale's Cypress Creek sub- market. Gladstone Commercial pur- chased the office building from RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners and Realty Financial Part- ners, for $23.9 million free and clear of debt. The asset is fully leased to Citrix Systems, a digital app and data sys- tems solutions provider with annual revenue exceeding $3 billion. Hermen Rodriguez, Jorge Portela and Ike Ojala of HFF represented the seller and pro- cured the buyer in the transaction. ROGER B. KENNEDY BREAKS GROUND ON TWO METRO ORLANDO APARTMENT COMMUNITIES LONGWOOD AND SANFORD, FLA. — Orlando-based Roger B. Kennedy Construction has broken ground on two upscale apartment communities in metro Orlando totaling $41.9 million. The projects include The Alexander at Sabal Point in Longwood and The Res- idences at Seminole Commons in San- ford. Roger B. Kennedy signed a $28.4 million contract with Winter Park, Fla.- based Alexander Investments Interna- tional for the Longwood project and a $13.5 million contract with Inland At- lantic Development Corp. for the San- ford community. The Alexander, de- signed by Charlan Brock & Associates, will be a three-story, 286-unit commu- nity set for an early 2018 completion. The Residences, designed by ORA Ar- chitects, will be a four-story, 175-unit set for an August 2017 completion. Big V Capital and its affiliate Big V Properties is a vertically-integrated real estate investment and property management company. Big V owns and operates 31 class-B grocery and discount anchored neighborhood and community shopping centers totaling 3.0 million square feet, primarily located in secondary markets in the southeastern US. Big V is actively seeking strategic, value add and/or core plus investment opportunities for its investors. For more information please contact: EXPERIENCE | COMMITMENT | RESULTS Robert Levy Managing Partner, Big V Capital rlevy@bigvcapital.com (845) 651-2579 Jason Nidiffer Vice President, Leasing and Acquisitions jnidiffer@bigv.com (423) 534-8534 BIG V CAPITAL CLOSES ON $32 MILLION IN NEW ACQUISITIONS Four neighborhood shopping centers totaling 600,000 sq ft of leasable space added over the past 90 days. Crescent Westshore in Tampa features residences ranging from a 528-square-foot studio unit to a 1,431-square-foot, three-bedroom apartment.

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