Property Type

Ytech International Buys Office Building in Miami’s Brickell District for $26.5M

by John Nelson January 23, 2017

MIAMI — Ytech-1428 Brickell LLC, an investment affiliate of Ytech International, has acquired the 100,762-square-foot BankUnited Office Building located at 1428 Brickell Ave. in Miami’s Brickell district. The purchase includes $26.5 million for the real estate and “tens of millions of dollars more” to settle claims and non-real estate matters. The transaction also includes development rights for up to 80 stories and 825,000 square feet of mixed-use space. Ytech provided the immediate capital to stave off the impending foreclosure, and in a series of separate transactions and agreements involving both the real estate and non-real estate matters, Ytech and its outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely. Ytech International is a Miami-based real estate investment and development company that has invested in, developed and redeveloped more than 7,000 residential units in the Southeast over the past decade.

January 23, 2017

Georgia Retail Southeast

Avison Young Arranges Sale of Two Shopping Centers in Metro Atlanta

by John Nelson January 23, 2017

MABLETON AND LAWRENCEVILLE, GA. — Avison Young has arranged the sale of two shopping centers located in metro Atlanta. The dispositions include The Village Shoppes at Creekside, a 212,654-square-foot shopping center located in Lawrenceville, which sold for $18.5 million; and The Plaza at Mableton, a 63,367-square-foot shopping center located in Mableton. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the Lawrenceville transaction. Johnson also represented the seller, Plaza of Mableton LLC, in the Mableton transaction. The buyers and purchase price of Plaza at Mableton were undisclosed.

January 23, 2017

Florida Multifamily Southeast

Berkadia Brokers $12.8M Sale of Apartment Community in Jacksonville

by John Nelson January 23, 2017

JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.

January 23, 2017

Affordable Housing Loans Multifamily Southeast Tennessee

NorthMarq Arranges $6.1M Acquisition Loan for Affordable Housing Community in Metro Nashville

by John Nelson January 23, 2017

MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.

January 23, 2017

Georgia Retail Southeast

Bull Realty Brokers $5.5M Sale of Retail Portfolio in Atlanta’s Grant Park Neighborhood

by John Nelson January 23, 2017

ATLANTA — Atlanta-based Bull Realty has brokered the $5.5 million sale of three retail properties totaling nearly 21,000 square feet in Atlanta’s Grant Park neighborhood. Graveyard Retail LLC purchased the assets from Hangar LLC and White Front LLC. Located at 415 and 421 Memorial Drive and 304 Oakland Ave., the properties are leased to tenants such as Tin Lizzy’s, Ria’s Bluebird Café, Java Cat, Express Cleaners, My Friend’s Growler Shop, Mezcalito’s and House of Blended Ink Studios. The properties are situated across the street from the Historic Oakland Cemetery and nearby mixed-use residential developments including The Leonard, Oakland Park and The Jane. Andy Lundsberg of Bull Realty represented the sellers in the transaction.

January 23, 2017

New Mexico Restaurant Retail Western

Tropical Smoothie Cafe Expands in New Mexico

by Nellie Day January 23, 2017

ALBUQUERQUE, N.M. — Tropical Smoothie Cafe, a fast-casual restaurant, signed franchise agreements to develop more than 160 new cafes in the United States in 2016, closing out the year with 86 new restaurant openings. The company expanded the brand’s presence most notably in Albuquerque, Charleston, S.C., Dallas and Houston. In 2017, the franchise plans to open 100 restaurants nationwide. By 2020, Tropical Smoothie Cafe aims to have 1,000 stores open across the U.S. Tropical Smoothie Cafe’s franchise growth is backed by BIP Franchise Accelerator, a division of venture capital firm BIP Capital, which invested in the brand in 2010. Founded in 1997, Tropical Smoothie Cafe is a fast-casual restaurant with more than 540 locations nationwide.

January 23, 2017

Office Southeast Top Stories Virginia

Riverstone Properties Buys James Center Office Towers in Downtown Richmond for $108M

by Jeff Shaw January 23, 2017

RICHMOND, VA. — Riverstone Properties has acquired James Center, three office towers in the heart of Richmond’s central business district, for $108 million. The James Center comprises the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center, all developed in 1985. LNR Property, a subsidiary of Starwood Property Trust, sold the towers free and clear of existing debt. The three buildings include 986,000 square feet of Class A office space, a fitness facility, five restaurants, 1,600-car parking garage and a 50,000-square-foot retail atrium that connects to the Omni Richmond Hotel. Additionally, an outdoor area named The Plaza hosts activities, concerts and the Grand Illumination holiday lighting tradition. Situated on 3.4 acres at 901, 1021 and 1051 E. Carey St., James Center is located in downtown Richmond’s River District along the James River. The HFF investment sales team of Ryan Clutter, Dek Potts, Scot Humphrey and Christopher Lingerfelt represented LNR in the transaction. Starwood Property Trust Inc. (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, claims to be the largest commercial mortgage real estate investment trust in the United States. Riverstone Properties is the commercial real estate arm of the Riverstone …

January 23, 2017

Louisiana Market Reports Office Southeast Southeast Market Reports

Despite Challenges in Marketplace, New Orleans Office Activity Has Picked Up

by John Nelson January 23, 2017

New Orleans may be The Big Easy, but when it comes to understanding this unique Southern city’s commercial real estate marketplace, very little is easy or simple. The numbers, at least, are fairly straightforward. New Orleans currently has around 8.8 million square feet of Class A office space and 1.6 million square feet of Class B. Average rental rates are approximately $19.00 per square foot and $15.50 per square foot for Class A and Class B, respectively, with current occupancy rates at 89.5 percent for Class A and 71 percent for Class B. By way of comparison, the popular suburban Metairie market has around 2 million square feet of Class A and 1.5 million square feet of Class B office space, with occupancy rates at 93 percent and 88.2 percent, respectively (both down slightly from 2014 highs of 95 percent and 92 percent). Average rental rates are approximately $24.00 per square foot in Class A properties and $19.50 for Class B. The numbers in the suburban North Shore market are similarly healthy, with rates and occupancy numbers in the same general range as Metairie. Look beyond the surface numbers, however, and things get interesting, and a little more complicated. In …

January 23, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Senior Living Investment Brokerage Arranges Sale of 509-Unit Portfolio Near Philadelphia

by Amy Works January 20, 2017

DOUGLASSVILLE, FLEETWOOD AND EPHRATA, PA. — Senior Living Investment Brokerage has arranged the sale of Keystone Villa, a portfolio of seniors housing properties in the northwestern Philadelphia suburbs of Douglassville, Fleetwood and Ephrata. Capital Health Group, a seniors housing private equity firm, purchased the properties for an undisclosed price. The seller was a private ownership group that originally developed and operated the properties, but was looking to exit the seniors housing industry. Keystone Villa totals 509 units of Class A independent living, assisted living and memory care. The properties were built in phases between 2004 and 2014. Following the sale, Milestone Retirement Communities LLC will manage the portfolio. Bradley Clousing, Toby Siefert and Jeff Binder of Senior Living Investment Brokerage negotiated the transaction.

January 20, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Provides $28.4M Loan for 14 Memory Care Properties in New Jersey

by Amy Works January 20, 2017

NEW JERSEY — Walker & Dunlop has structured a $28.4 million loan for Valstone Partners. The transaction consists of a U.S. Department of Housing and Urban Development portfolio backed by 14 cottage-style memory care properties located across New Jersey. Kevin Giusti and Michael Vaughn of Walker & Dunlop arranged the 35-year, fixed-rate loan, which was structured as a 232/223(f) Health Care Facility refinance with an 80 percent loan to value. Loan proceeds were used to refinance 12 of the properties and acquire and refinance two properties.

January 20, 2017

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