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Freehold will lease the properties to Curaleaf pursuant to a long-term, triple-net lease. The company also has the right of first offer to purchase additional properties from Curaleaf as its preferred real estate partner.

The $5.5-million sale for the 4,350-square-foot freestanding property features a 15-year triple-net lease with options to extend. The property was acquired by an affiliate of Bayrock Investment Co. of Charlotte, NC.

The building features one-, two- and three-bedroom units range from 791 square feet to nearly 1,400 square feet with rents ranging from $1,115 to $1,698. The project is currently 93% occupied.

Despite approximately 8,200 units in the pipeline in the Jacksonville area, including half in the highly sought-after Baymeadows and Southeast markets, the multifamily vacancy rate is expected to remain below 5% through 2019.

Northmarq SVP Ryan Whitaker with the firm’s Jacksonville office arranged the financing transaction for the borrower through its relationship with FHA/HUD. The permanent 223 (f) loan has a 35-year term and a 35-year amortization schedule.

The shopping center located at 4877 Highway 90, approximately 30 miles outside of Pensacola, is currently 100% leased and anchored by three major tenants including Dick’s Sporting Goods, Michael’s and Ulta Beauty.

In a preview story for the upcoming CREW Network Convention, one speaker we talked to about artificial intelligence says the industry is now seeing the better ideas take shape and evolve to meet demands, but there are some challenges to overcome in adopting AI.

Among the new transactions was the new lease with Hazen and Sawyer, D.P.C., for 8,635 square feet, as well as a renewal and expansion for Barbara J. Prasse, P.A. for 2,416 square feet and a renewal with American Mortgage Services for 2,236 square feet.