Property Type

Savlan Capital Buys Flex Property in Jacksonville for $18.3M

by Amy Works October 23, 2018

JACKSONVILLE, FLA. — Savlan Capital has purchased Exchange South, a multi-tenant flex business property on Philips Highway in Jacksonville’s Southside. An undisclosed seller sold the property for $18.3 million, or $94 per square foot. Built from 1990 through 1996, the 194,400-square-foot building features 16 dock-high doors and 35 drive-in doors. At the time of acquisition, the property was 75 percent leased to 25 tenants, including Omnicare, Univar, ALS Group, Orion Energy Systems, Schindler Elevators, Konica Minolta, Lab Corp. and LendingTree. Savlan Capital plans to invest $2 million in upgrades to the property to improve the interiors of vacant units, exterior repainting and upgraded landscaping and curb appeal. Keith Goldfaden and Christian Harden of NAI Hallmark were retained to lead the leasing initiative for the property.

October 23, 2018

Development Industrial Loans South Carolina Southeast

Courtland Group Receives $19.5M Loan, JV Equity for 436,800 SF Warehouse Development in Upstate South Carolina

by Amy Works October 23, 2018

SPARTANBURG, S.C. — Courtland Group has received $19.5 million in construction financing, as well as joint venture equity from JDI Realty, for the development of Fort Prince Distribution Center, a bulk industrial warehouse building in Spartanburg. Travis Anderson, Chris Norvell, Cory Fowler, Trent Niederberger and Patrick Nally of HFF arranged the joint venture equity and placed the five-year construction loan with CrossHarbor Capital Partners on behalf of Courtland Group. The 436,800-square-foot Fort Prince Distribution Center will feature 36-foot clear heights, 66 dock doors and two automatic drive-in doors in a cross-dock configuration. Situated on 56 acres in the city’s West Side industrial submarket, the property’s location offers access to interstate 85 and 26, enabling tenants to reach more than 95 million consumers within a day’s drive and direct interstate access to import/export goods through the Port of Charleston.

October 23, 2018

Alabama Development Multifamily Southeast Student Housing

CA Student Living Renovates 628-Bed Student Housing Community Near University of Alabama

by Amy Works October 23, 2018

TUSCALOOSA, ALA. — CA Student Living has completed capital improvements on Harbor on Sixth, a 628-bed property located near the University of Alabama in Tuscaloosa. Improvements to the community — now named Evolve Tuscaloosa — included a fitness center expansion with the addition of a new yoga studio; and upgrades to the pool area including the addition of cabanas, grilling areas and in-pool lounges. The property offers two- and three-bedroom fully furnished units with bed-to-bath parity. Additional shared amenities include a computer lab, study lounges, a clubroom with a kitchenette and fireplace, free tanning and a shuttle service to campus. The property originally opened in 2017.

October 23, 2018

Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Funds $9M Green Acquisition Loan for Multifamily Property in Arkansas

by Amy Works October 23, 2018

JONESBORO, ARK. — Hunt Real Estate Capital has provided a $9 million Fannie Mae conventional loan for the acquisition of Stadium Place Apartments, a 200-unit multifamily property located at 3719 Stadium Blvd. in Jonesboro. Chad Thomas Hagwood led the Hunt Real Estate Capital team that closed the financing. Built in 2000, Stadium Place comprises 10 three-story garden-style buildings on a 10.4-acre site. Totaling 179,880 square feet of rentable area, the property offers a mix of one-, two- and three-bedroom layouts. Onsite community amenities include a fitness center, swimming pool, playground, basketball court, grilling stations and a large open green space. Loan terms include a 75 percent, 12-year Green Rewards loan with four years of interest-only payments. As per terms of the Green Rewards loan, the undisclosed borrower will implement efficiency upgrades within 12 months of loan closing. With this property, most of the efficiency upgrades will take the form of water savings.

October 23, 2018

North-Georgia-Assisted-Living-Dawsonville-GA

Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Brokers $5.8M Sale of North Georgia Assisted Living

by Amy Works October 23, 2018

DAWSONVILLE, GA. — Senior Living Investment Brokerage has arranged the sale of North Georgia Assisted Living, a 32-unit community in Dawsonville, approximately 60 miles north of Atlanta. Gryphon Senior Living and Senior Solutions acquired the property from a local partnership for $5.8 million. The property was 97 percent occupied at the time of sale. The price represents an 8.1 percent capitalization rate and a price per unit of $181,250. Hunt Real Estate Capital provided a $6.2 million bridge loan for the buyer in connection with the transaction. The financing will help fund a 12-unit expansion at the property. Bradley Clousing of Senior Living Investment Brokerage handled the transaction.

October 23, 2018

Development District of Columbia Multifamily Southeast Top Stories

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

by Katie Sloan October 23, 2018

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop terraces on the 20th floor. Shared amenities at the property include a sky lounge with a rooftop terrace; landscaped courtyard with a swimming pool, grilling stations and fire pits; game room; business center and flexible work area with conference capabilities; secured parking garage with bike storage; and professional-style pet washing area. The community also boasts an extensive fitness center with personal training rooms, as well as a bike training facility where residents can virtually train and use a sports simulator. The LEED-Gold certified property offers views of Washington, D.C., Arlington and the Potomac River, as well as easy access to both cities, The Pentagon and Ronald Reagan Washington National Airport. The starting rent for a studio apartment is $2,011 per month. “Crystal City is an active, lively neighborhood with an exciting arts …

October 23, 2018

Features Heartland Feature Archive Illinois Midwest Retail

Marry Online Efficiency With Brick-and-Mortar Retail, Say Experts at ICSC Chicago Deal Making

by Kristin Harlow October 23, 2018

CHICAGO — How retailers can best integrate online and brick-and-mortar sales as well as utilize new technology to analyze shopper activity were two of the most prominent discussion points at this year’s Chicago Deal Making & VRN Outlet Convention. The event, hosted by the International Council of Shopping Centers (ICSC), took place at Navy Pier on Oct. 17-18 and attracted more than 2,400 registered attendees. In a recently released study from ICSC, a new store opening was shown to boost a brand’s web traffic within that market by an average of 37 percent. There’s a special term for it, known as the “halo effect.” The magic formula for today’s retailers and shopping centers is to marry online efficiency with brick-and-mortar locations, according to Karen Fluharty, partner with Montville, N.J.-based Strategy + Style Marketing Group. Fluharty’s remarks came during the “Future of Outlets” session. Today, an omnichannel presence is increasingly critical to a retailer’s competitiveness. Online retailers with growing sales have started successfully transforming their “clicks” into “bricks.” Warby Parker and Bonobos are two of the most well-known online retailers with a steady expansion of physical stores. What’s beneficial for outlet centers is that nine out of 10 consumers say they …

October 23, 2018

Acquisitions Connecticut Mixed-Use Northeast

Summit Development Acquires Mixed-Use Development Site in Connecticut for $17M

by David Cohen October 22, 2018

DANBURY, CONN. — Summit Development has acquired a 1.2 million-square-foot mixed-use development site in Danbury for $17 million. The property is the former headquarters of Union Carbide. Summit Development plans to renovate the building and convert it into an office, retail and residential complex to be rebranded The Ridge at Danbury. When completed, the 100-acre property will include 700,000 square feet of office space, 400,000 square feet of residential apartments, 100,000 square feet of event space and 100,000 square feet of core services and amenities.

October 22, 2018

Acquisitions New York Northeast Office

Avison Young Brokers $12.8M Sale of Office Condominium in Manhattan

by David Cohen October 22, 2018

NEW YORK CITY — Avison Young has brokered the $12.8 million sale of a 13,998-square-foot office condominium in Manhattan. Located at 20 W. 33rd St., the property is currently vacant. James Nelson, Henry Post and David Lawrence of Avison Young represented the sellers, 60 Guilders and The Carlyle Group, in the transaction. Rudder Property Group represented the buyer, Glocap Search LLC.

October 22, 2018

Development New York Northeast Retail

Farmington Valley Opens First Tractor Supply Location in Long Island

by David Cohen October 22, 2018

MEDFORD, N.Y. — Developer Farmington Valley LLC has opened a 19,097-square-foot Tractor Supply retail store in Medford. The property, which also includes 20,000 square feet of outdoor display and sales space, is the first Tractor Supply location in Long Island. Farmington Valley is an operating company of New England Retail Properties Inc. Tractor Supply Co. owns and operates over 1,750 stores in 49 states, supplying basic maintenance products to home, land, pet and animal owners.

October 22, 2018

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