Property Type

Law Firm Signs 100,000 SF Office Lease at 1420 Peachtree in Midtown Atlanta

by Julia Sanders October 11, 2021

ATLANTA — Swift, Currie, McGhee & Hiers LLP, a law firm with offices in Georgia and Alabama, has signed a lease for a 100,000-square-foot office space at 1420 Peachtree St. NE. in Midtown Atlanta. The firm is relocating from The Peachtree Tower at 1355 Peachtree St., where it has operated for more than 30 years. Tim McCarthy and Ryanne Pennington of JLL represented Swift Currie in the deal, and Chip Roach and Stephen Clifton of Transwestern representing the building’s owner, Franklin Street Properties Corp. Swift Currie has more than 160 lawyers total and 324 Atlanta-based employees. As the firm has grown over the years, Swift Currie said the reason for its move is to have a bigger office space. 1420 Peachtree is a 160,000-square-foot, Class-A office building. The eight-story building is currently being renovated in order to modernize common areas, improve amenities and upgrade the tenant spaces. The building features walk-out fourth floor balconies. Located at the intersection of Peachtree and West Peachtree streets, the building is situated a half-mile north of MARTA’s Art Center Station and offers immediate access to the Interstate 75/85 Connector and Ga. Highway 400, as well as Piedmont Park and the Atlanta BeltLine Eastside Trail.

October 11, 2021

Florida Loans Multifamily Southeast

Concord Summit Arranges $60M in Construction Financing for Apartment Project in Kissimmee, Florida

by Julia Sanders October 11, 2021

KISSIMMEE, FLA. — Concord Summit Capital LLC has arranged more than $60 million in construction financing for Sunset Walk Apartments, a 352-unit development in Kissimmee. Construction is already underway and is slated for completion in early 2023. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit sourced the financing on behalf of the developer, Encore Capital Management. The financing includes a $45.6 million senior loan and $14.8 million in preferred equity. Pacific Western Bank is the senior lender for the non-recourse financing. Located at 8000 Fins Up Circle, Sunset Walk Apartments will include three- and four-story buildings, with 704 parking spaces for residents. The property will also feature 152 one-bedroom apartments ranging from 739 to 886 square feet; 164 two-bedroom units ranging from 1,026 to 1,180 square feet; and 36 three-bedroom apartments ranging from 1,253 to 1,324 square feet. Community amenities will include a fitness and yoga center, pool, club room and business center. The property is located within the master-planned community of Sunset Walk, a mixed-use retail and entertainment destination. Encore originally acquired the Sunset Walk site in 2013. Since then, the developer has completed the 184-room Margaritaville Resort Orlando, 631 Margaritaville-branded cottage homes, more than 192,000 square …

October 11, 2021

Development Florida Multifamily Southeast Student Housing

Landmark, W5 Group Break Ground on 464-Bed Student Housing Community Near University of Florida

by Julia Sanders October 11, 2021

GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.

October 11, 2021

Loans Maryland Multifamily Southeast

Greystone Provides $18.2M Refinancing for Multifamily Property in Lanham, Maryland

by Julia Sanders October 11, 2021

LANHAM, MD. — Greystone has provided an $18.2 million Fannie Mae loan to refinance Lilly Gardens, a 142-unit multifamily community in Lanham. Cullen O’Grady of Greystone originated the 10-year, non-recourse loan. Built in 1965, Lilly Gardens features 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units. Apartments include a garbage disposal, hardwood floors, air conditioning, patio/balcony and free gas heat/cooking. Community amenities include an onsite leasing office, parking, playground, swimming pool and eight common laundry areas. The property was 99 percent occupied at the time of refinancing. Located at 6828 Riverdale Road across 6.2 acres, the apartment property is located about 10 miles from Washington, D.C. The property is also three miles from the University of Maryland and 24.2 miles from Baltimore/Washington International Thurgood Marshall Airport. Greystone sourced the transaction through Marc Tropp of Eastern Union Funding. The undisclosed borrower is a Maryland-based private investor and repeat Fannie Mae, Eastern Union and Greystone client.

October 11, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers Sale of 64,736 SF Shopping Center in Jacksonville

by Julia Sanders October 11, 2021

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Marietta Square, a 64,736-square-foot grocery store-anchored shopping center in Jacksonville. The sales price was $5.8 million. Drew Kristol, Kirk Olson, Chad Atwood and Simon Grigoryan of Marcus & Millichap represented the seller, an entity affiliated with Miami-based Saglo Development Corp., and the buyer, a Jacksonville-based private investor. Built in 1991, Marietta Square is anchored by Rowe’s IGA Supermarket and fully leased to tenants such as Family Dollar and AutoZone. Located at 8299 W Beaver St., the property is situated about 9.5 miles from downtown Jacksonville and 29.1 miles from Jacksonville Beach.

October 11, 2021

Florida Market Reports Office Southeast Southeast Market Reports

Metro Orlando Office Market Caught in Limbo Due to COVID-19, Remote Workforce

by John Nelson October 11, 2021

Contrary to what is often portrayed in the national media, the Orlando office market is not a monolith. It instead comprises multiple submarkets, many of which are recovering quite differently. For example, according to data from CoStar Group, Winter Park had a 4.7 percent availability rate (that’s direct and sublease space combined). The Downtown Orlando market, on the other hand, had a rate of 16.9 percent. The total Orlando MSA office availability rate was 11.5 percent, which compares to the national rate of 16 percent. All of these numbers just prove that the recovery from the pandemic is uneven, even in areas in close proximity. It’s easy to get lost in analysis, but the basic answer is that the office market in Orlando, just like in the entire country, will recover in time. Not all areas will be on the same timeline, and the office market will never look entirely the same. Between working from home and companies deciding to relocate their offices or headquarters entirely, there will be some short-term winners and losers. Texas, for instance, is having a relative boom in new tenants. Los Angeles, and indeed California in general, on the other hand, is not. Many companies …

October 11, 2021

Acquisitions Arizona Industrial Top Stories Western

Equus Capital Partners Acquires 7.3 MSF Industrial Portfolio in Arizona for $1.1B

by Taylor Williams October 11, 2021

PHOENIX AND TUCSON, ARIZ. — Philadelphia-based investment firm Equus Capital Partners has acquired a portfolio of 73 industrial properties totaling roughly 7.3 million in the Phoenix and Tucson metro areas. The price was approximately $1.1 billion. The portfolio comprises 342 individual industrial buildings across 74 different developments. Between the two markets, about 85 percent of the portfolio is located in Phoenix, with the remaining 15 percent in Tucson. The properties had a collective occupancy rate of 98 percent at the time of sale. The tenant roster encompasses 22 different industries, including traditional industrial uses like e-commerce, logistics and manufacturing. In terms of individual footprints, no tenant occupies more than 1.5 percent (107,300) square feet of the roughly 7.1 million square feet of leased space. Equus acquired the portfolio through sponsored value-added funds and a consortium of strategic co-investment partners that remain unnamed. Internal agents Kyle Turner, Christopher Locatell, Robert Butchenhart, Laura Brestelli and Peter Russo oversaw the acquisition for Equus Capital Partners. As part of the deal, Equus is onboarding 26 professionals from the undisclosed seller’s property management team to maintain operation of the portfolio. “Due to the low market-wide industrial vacancy rates and growing demand, the portfolio is poised …

October 11, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Opens 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works October 8, 2021

DAVIS, CALIF. — HighBridge Properties has opened The Ryder on Olive, a 706-bed student housing community located near the University of California, Davis. The 260,000-square-foot, LEED Gold-certified property offers a mix of two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team included partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and SouthPark Interiors. Asset Living manages the community.

October 8, 2021

Arizona Development Retail Western

Vestar to Develop $90M of Spec Retail Projects in Metro Phoenix

by Amy Works October 8, 2021

QUEEN CREEK AND PEORIA, ARIZ. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek roads. Vineyard Towne Center, also in Queen Creek, will feature 75,000 square feet of retail for the first phase of the 23-acre development. Located at the northwest corner of North Gantzel and West Combs roads. Construction is slated to begin in first-quarter 2022 with completion scheduled for year-end. The Shops at Lake Pleasant in Peoria will feature 90,000 square feet of retail space on 26 acres at the intersection of Happy Valley Road and Lake Pleasant Parkway. The development is slated to open in late 2022.

October 8, 2021

Development Hospitality Loans Multifamily Utah Western

George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City

by Amy Works October 8, 2021

SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District. The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development. Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.

October 8, 2021

Newer Posts

Older Posts