The Press
West Palm Beach, Florida
Deal Value:~$80 million
Partner: Pebb Capital   

The Press is a mixed-use office and retail campus, strategically located in West Palm Beach, Florida. Pebb Capital and Sabal will spend just under $80 million between the acquisition and repositioning, including significant follow on capital to improve and enhance the property. Purchased from Tricera Capital in an off-market transaction, capital improvements will include office building common area enhancements and completion of spec suites, as well as enrichments to the property’s landscape and hardscape to attract additional high-quality experiential tenancy for the benefit of the complex and greater West Palm and El Cid market. The 11.6-acre development, retrofitted from a former printing press and distribution facility, consists of 256,653 square feet of office and retail space with a developable 3.7-acre parcel presently used for parking. Tenants include The Palm Beach Post, Palm Beach Atlantic University, retail anchor Joseph’s Classic Market, Pink Steak, Starbucks, Restore, Tremble Pilates and Amped Fitness.  

 __________________________________________________________________ 

MorningStar at Arcadia
Phoenix, Arizona
Deal amount not disclosed
Partners: 12 North Capital LLC, MorningStar Senior Living 

Located in the Biltmore area of Phoenix, the assisted living and memory care property benefits from strong demand from the immediate neighborhood along with demographic tailwinds, which are driving senior housing’s noteworthy, ongoing recovery following the strain caused by the pandemic. The property consists of 78 assisted living suites across studio, one-bedroom, and two-bedroom floorplans as well as 30 memory care suites and was purchased in a special situation transaction via auction facilitated through a federal receivership. The venture is planning a targeted capital expenditure program at the asset to facilitate a series of enhancements aimed at improving resident experience, optimizing occupancy and bolstering value.  

__________________________________________________________________ 

114 Crosby Street (AKA 580 Broadway)
New York, New York
Deal Value: $50 million
Partners: Maxim Capital Group, GDS Brightstar (the lending platform of GDSNY) 

Maxim Capital Group, Sabal Investment Holdings and GDSNY Provided a $50 Million Office Loan for 114 Crosby Street in New York City. Located between Prince Street and West Houston, 114 Crosby Street is a class-A, newly renovated boutique office building located in SoHo and redeveloped by Chelsfield Group, a London-based developer, and RAM Holdings. The all-electric 12-story, 144,000-square-foot building features renovated lobbies on both Crosby Street and Broadway, 11,400-square-foot office floor plates with 13-foot ceiling heights, and a private roof terrace for office tenants with unobstructed views of the New York City skyline. More than half of the building has been leased since marketing launched in summer 2023. The financing also provides capital for further tenant fit-outs and lease-up. 

__________________________________________________________________ 

Boathouse
Washington, D.C.
Deal Value: $67.5 million
Partners: Up Campus Student Living, Palmor Capital, BridgeInvest 

Boathouse is a Class A residential property situated in the Foggy Bottom neighborhood of Washington, D.C. A strategic joint venture was formed by Up Campus, Palmor, and BridgeInvest to operate the asset alongside capital partner, Sabal. The premier student housing redevelopment features 250 studio, one and two-bedroom units spread across ten stories and includes two levels of underground parking and 4,747 square feet of retail space. With its prime location, just a 5-minute walk to George Washington University’s main campus, the partnership plans to undertake a targeted rebranding, enhance the lobby and common areas, and offer furnished units to establish Boathouse as a premier off-campus student housing property. A value-add repositioning plan will transform the asset with student-focused enhancements, fostering a vibrant community environment through Up Campus’s vertically integrated on-site management.  

__________________________________________________________________ 

1000 and 1100 Dexter Avenue
Seattle, Washington
Deal Value: $47.5 million
Partners: Palisade Group 

Palisade Group and Sabal Investment Holdings acquired 1000 and 1100 Dexter Ave for $47.5 Million. The property is a two-building, Class A office asset totaling 223,233 square feet in Seattle’s South Lake Union submarket, one of the city’s premier urban live-work-play neighborhoods and a top-performing office and life sciences submarket. The distressed pricing, which is considerably below replacement cost and recent sales transactions in the market, was facilitated by an assumable, low-interest rate loan that was restructured as part of the transaction. While best known for its technology and life sciences concentration, the South Lake Union submarket is positioned to benefit from tenant migration coming from the central business district due to stronger foot traffic and proximity to a vibrant residential neighborhood. The submarket has been one of the most active areas in the region for office investment sales over the last two years, boasting a Class A office direct vacancy rate of 7.2%. 

__________________________________________________________________ 

Preferred Equity Investment
Hampton, Georgia (South of Metro Atlanta)
Deal Value: $10.2 million
Partners: KRE Capital 

Sabal Investment Holdings and KRE Capital together provided a $10.2 million preferred equity investment to a nationally recognized residential developer to finance the acquisition and development of 377 residential home lots, continuing to capitalize on opportunities in the for-sale, new build residential sector. This investment taps into Sabal’s institutional knowledge and historical leadership in dislocation investment opportunities. Ryan Homes will build for-sale homes on the lots, which are part of the Amah Lee development located in Hampton, Georgia, just south of metro Atlanta, a region that is expanding in both jobs and population just as for-sale home inventory is failing to keep up with demand.  

 __________________________________________________________________ 

See all Sabal deals and transactions.