The joint venture currently expects to obtain debt financing and commence site development and construction of the initial phase of the project in the first quarter of 2024.
The property, includes a 3,941-square-foot retail/industrial building and vacant lot encompassing a total of .73 acres, sold for above the initial asking price.
Crescent Heights is developing the project, which will comprise 588 apartments in studio, one-, two-and three-bedroom layouts, as well as ground-floor retail space, including a 42,030-square-foot Whole Foods Market store.
He brings significant development management experience, having previously worked for top firms like Stiles Residential Group and The Morgan Group.
“Both of these properties are a classic value add where current rents are below market, purchase price way below replacement cost, short-term leases and some capital improvements to maximize the increase in value,” added Levitt. “It is very hard to find value add industrial properties in Florida and we are looking forward to rolling up our sleeves to make this a great long-term investment.”
Matthew G. McAllister and Christopher Thomson are overseeing leasing efforts on behalf of the property’s new landlord.
Here are the most popular news headlines this past week on CRE-sources.
The $11,150,000 price tag is one of the highest purchase prices that the area has seen, according to APEX Capital Realty.
The transaction represents the sixth that Ron Osborne has completed with this buyer.
Over the last nine months, the team at Wells Fargo Center has executed over 250,000 square feet of leasing transactions, bringing the building to 93% occupancy.