Property Type

Upstate South Carolina’s Industrial Evolution Sets Up Market as National Power

by Alex Tostado May 27, 2019

Thirty years ago, there were 33 operating textile mills in Spartanburg County, South Carolina. Today, there are scarcely a handful. The jobs and investments disappeared in the wake of regulatory change and international trade agreements. However, the infrastructure, location, existing workforce and entrepreneurial attitude of the area’s leadership saw this as a challenge to evolve. And evolve it did — using the substrate of the textile industry as a solid foundation. The well-trained and manufacturing-oriented workforce, coupled with the existing manufacturing support base (specialty machinery fabrication including maintenance and constituent chemical suppliers), were readily adaptable to new and recast job opportunities. This was the canvas on which the area’s evolution would be painted. Specialty equipment, manufacturing, fabrication, chemical production and other vestiges of the textile industry have remained demand drivers for the Upstate market. They have been reconfigured in the form of investment and expansion by Milliken & Co., Toray Carbon Fiber, General Electric and Keurig Green Mountain. The existing manufacturing-oriented workforce, with its previous experience and mindset, were a prime reason BMW selected Spartanburg County as the home for its first North America production facility. BMW’s Plant Spartanburg and its vast supplier and related support network have emerged as …

May 27, 2019

Development Georgia Industrial Southeast

Premier Design Breaks Ground on 285,527 SF Cold-Storage Facility in Savannah

by Alex Tostado May 24, 2019

SAVANNAH, GA. — Premier Design + Build Group has broken ground on a 285,527-square-foot cold-storage facility for Frozen Assets Cold Storage in Savannah. The facility is expected to be complete in spring 2020 and will offer warehouse storage with 50-foot clear ceiling heights, a 19,518-square-foot blast freezer, two freezer rooms, boxing room, and an ammonia refrigeration system that will allow the freezers to maintain temperatures between 38 and minus-10 degrees. The building’s exterior will feature 39 truck doors, 54 trailer positions, 68 parking stalls and a drive-in door. The property is situated on 20 acres at 2375 Tremont Road, six miles south of the Port of Savannah. Samantha Skopek of Premier will oversee the design and construction. Harris Architects Inc. is providing architectural services, Swift Structural Design LLC is providing structural engineering services and Thomas & Hutton is providing civil engineering and landscape architecture services for the project. This is the first project for Premier in the state of Georgia.

May 24, 2019

Acquisitions Georgia Multifamily Southeast

Middleburg Purchases Workforce Housing Portfolio in Atlanta

by Alex Tostado May 24, 2019

ATLANTA — Middleburg has purchased three workforce housing properties in Atlanta. The assets include The Grove, a 220-unit community located at 5100 Welcome All Road; Park at Bouldercrest, a 438-unit complex situated at 26 Bouldercrest Lane SE; and Majestic Park, a 298-unit property located at 1991 Delowe Drive SW. The Grove and Park at Bouldercrest were vacant, and Majestic Park was 15 percent occupied at the time of the sale. Middleburg is planning to renovate all three properties to improve physical assets and communal amenities.In addition, Middleburg will also rebrand the properties, with The Grove becoming Vesta Red Oak, Park at Bouldercrest becoming Vesta Bouldercrest and Majestic Park becoming Vesta Adams Park. The acquisition and renovations of all three properties are estimated to cost $91 million. Middleburg will provide responsive community programs to its residents and engage the local community through job fairs, afterschool programs and continuing education for adults. Acquisition financing was provided through Middleburg Workforce Housing Fund, a fund that was created in January and is now closed following this transaction. Middleburg also acquired Vesta Derby Oaks in Louisville, Ky., through the fund. Middleburg has partnered with KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and …

May 24, 2019

Acquisitions Florida Office Southeast

KBS Sells Office Property in West Palm Beach for $40M

by Alex Tostado May 24, 2019

WEST PALM BEACH, FLA. — KBS Real Estate Investment has sold Emerald View at Vista Center, a two-building office property in West Palm Beach, for $40 million. A partnership including Vanderbilt Office Properties acquired the 139,471-square-foot property. Emerald View is situated near the Florida Turnpike and Okeechobee Boulevard within the 500-acre master-planned Vista Center. Vista Center is a mixed-use development that will include office, industrial, hotel and retail space. Emerald View was built to exceed hurricane requirements and provide 100 percent power for 25 days of “business as usual” operations. KBS made several upgrades and improvements to the property, including the construction of move-in ready speculative suites and enhancements to the building common areas and lobby. Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick of CBRE represented KBS in the transaction.

May 24, 2019

Acquisitions Florida Industrial Southeast

Redstone Investments Acquires 17-Building Industrial Portfolio in Tampa for $28.6M

by Alex Tostado May 24, 2019

TAMPA, FLA. — RS Tampa Industrial LLC, an affiliate of Redstone Investments, has acquired the Roth portfolio, a 17-building industrial portfolio that spans 466,460 square feet in Tampa’s Airport/North and East Tampa submarkets. Roth Investment Partnership sold the buildings for a total of $28.6 million. Included in the sale is a building situated at 4410 Crest Ave. which is adjacent to Air Cargo Road and Tampa International Airport. Six of the buildings are situated within Sunstate Industrial Park, which, according to a person familiar with the property, is located near Tampa International Airport’s cargo entrance.

May 24, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Arranges $10.7M Sale of Tampa Bay Apartment Community

by Alex Tostado May 24, 2019

ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.

May 24, 2019

Acquisitions New York Northeast Office Retail

GFP Real Estate Acquires 311,000 SF Office, Retail Building in Manhattan

by Taylor Williams May 24, 2019

NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy a 50,000-square-foot headquarters space within the building and retain minority ownership in it. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Paul Talbot of Newmark Knight Frank arranged an undisclosed amount of acquisition financing through Signature Bank for the deal. The seller and sales price were not disclosed.

May 24, 2019

Anthology-of King-of-Prussia-Pennsylvania

Development Multifamily Northeast Pennsylvania Seniors Housing

CA Ventures Breaks Ground on 192-Unit Seniors Housing Project in Suburban Philadelphia

by Taylor Williams May 24, 2019

WAYNE, PA. — CA Senior Living LLC, the seniors housing arm of Chicago-based CA Ventures, has broken ground on Anthology of King of Prussia, a 192-unit community in Wayne, Pennsylvania, a northwestern suburb of Philadelphia. The 11-story building, which is slated for a late 2020 completion, will be located within the 122-acre The Village at Valley Forge mixed-use development. New York-based Perkins Eastman designed the property, which will consist of 97 independent living, 63 assisted living and 32 memory care residences. The independent and assisted living apartments range from 410-square-foot studios to 1,200-square-foot, two-bedroom units, all featuring modern kitchens with quartz countertops, tile backsplashes, stainless steel appliances, washers and dryers and walk-in closets in select units. Wellness amenities include a fitness center, indoor pool, physical therapy room and spa with salon services, while residents will also have access to walking paths and outdoor gathering spaces. Lancaster, Pennsylvania-based Wohlsen Construction Co. is serving as general contractor.

May 24, 2019

Acquisitions Multifamily Northeast Pennsylvania

Counter Capital Management Buys Apartment Building in Philadelphia for $19.1M

by Taylor Williams May 24, 2019

PHILADELPHIA — Counter Capital Management LLC, a joint venture between Connecticut-based Dalzell Capital Partners LLC and Florida-based Morning Calm Management, has acquired a 29-unit apartment building located at 1501 Locust St. in the Center City neighborhood of Philadelphia. The sales price was $19.1 million. The property was originally built in 1947 as a 10-story office building. In 2010, it was converted into a 29-unit apartment building with 5,000 square feet of commercial space. Units average 1,009 square feet and feature granite countertops, stainless steel appliances, European cabinetry and washers and dryers. The new ownership will invest in a capital improvement program that upgrades the lighting and paint jobs, as well as implements keyless entry systems and smart thermostats to each unit. The seller was not disclosed.

May 24, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Carnegie Capital Arranges $8M Loan for Refinancing of Skilled Nursing Facility in Connecticut

by Taylor Williams May 24, 2019

CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and flexible exit options. The transaction represents a loan-to-value ratio of 75 percent.

May 24, 2019

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