Southeast

Collett Capital, Long Wharf Capital Acquire Orlando Shopping Center for $26.2M

by Alex Tostado November 21, 2018

ORLANDO, FLA. — Collett Capital and Long Wharf Capital have acquired a 186,000-square-foot shopping center in Orlando for $26.2 million. International Drive Value Center is located six miles from downtown Orlando, about nine miles northeast of Walt Disney World and less than one mile southeast of Universal Studios. The shopping center was 95 percent leased at the time of the sale to tenants such as Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNT, Five Below and Dollar Tree. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented the seller, Retail Value Inc. Travis Anderson, Cory Fowler and Rebcca Van Reken, also of HFF, placed $18.9 million in acquisition financing for the buyers.

November 21, 2018

Industrial Leasing Activity South Carolina Southeast

GSP North America Leases 115,764 SF of Industrial Space in Upstate South Carolina

by Alex Tostado November 21, 2018

SPARTANBURG, S.C. — GSP North America Co. Inc. has leased 115,764 square feet of industrial space in Spartanburg, located at 2725 New Cut Road, about 29 miles northeast of BMW’s American headquarters. GSP specializes in distributing and providing auto parts. Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer represented the landlord, Becknell Industrial, in the transaction. Brockton Hall, Garrett Scott and John Montgomery of Colliers International represented the tenant.

November 21, 2018

Development Indiana Kentucky Midwest Office Southeast Top Stories

Hollenbach-Oakley to Develop 600-Acre Office Campus Near Louisville

by David Cohen November 21, 2018

JEFFERSONVILLE, IND. — Commercial real estate developer Hollenbach-Oakley LLC has unveiled plans for a 600-acre office campus at the River Ridge Commerce Center in Jeffersonville, located just across the Ohio River from Louisville, Ky. The project will be completed in two phases, the first 300 acres being developed as the River Ridge Gateway Office Campus. The remaining 300 acres will be developed as the River Ridge Research Campus. The River Ridge Development Authority recently approved the master development agreement. “This is a real game-changer for River Ridge,” says Jerry Acy, executive director of the River Ridge Development Authority. “To date, most of the development at the center has been logistics, manufacturing and warehousing jobs. We love the firms that are here, but the office and research park will be the perfect complement and draw a different type of employer to River Ridge.” The office campus will remain part of River Ridge Commerce Center and the River Ridge Development Authority will continue to develop significant infrastructure, such as roads, sidewalks and gutters. Hollenbach-Oakley will develop the office buildings and handle the sales and leasing efforts, as well as maintaining the campus infrastructure. Of the 6,000 acres in the River Ridge Commerce …

November 21, 2018

Acquisitions Florida Retail Southeast

PEBB Enterprises, Pebb Capital Sell Shopping Center in South Florida to MetLife for $74M

by Alex Tostado November 20, 2018

WELLINGTON, FLA. — PEBB Enterprises and Pebb Capital have sold the Shoppes at Isla Verde, a 207,030-square-foot shopping center in South Florida’s Palm Beach County, to MetLife Investment Management for approximately $74 million. The Shoppes is situated on a 22-acre, four-parcel land assemblage in Wellington, a village in central Palm Beach County. Completed by PEBB Enterprises in 2008, the center was 94.2 percent occupied at the time of the sale to several national retailers, including CVS/pharmacy, Best Buy, Old Navy, Petco, Panda Express, Chipotle Mexican Grill and Ulta Beauty. PEBB Enterprises announced in July that Sprouts Farmers Market will also join the tenant roster. PEBB Enterprises, founded in 1972, is a family-owned and operated real estate investment company based in Boca Raton, Fla. Pebb Capital spun off of PEBB Enterprises in 2014. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the sellers in the transaction.

November 20, 2018

Acquisitions Florida Multifamily Southeast

Bell Partners Acquires Multifamily Community in Broward County for $67M

by Alex Tostado November 20, 2018

PLANTATION, FLA. — Bell Partners has purchased Broadstone Plantation, a 250-unit community located about eight miles from Fort Lauderdale in Plantation. Triad Business Journal reports the sales price was $67 million. The complex has been renamed Bell at Plantation and will be managed by Greensboro, N.C.-based Bell Partners. Bell at Plantation comprises five-story midrise buildings and three-story garden buildings with one- , two- and three-bedroom options. Amenities include a clubhouse, theater room, fitness center and a pool. The seller was undisclosed.

November 20, 2018

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $42.2M Sale of Loft Apartment Community in Greenville

by Alex Tostado November 20, 2018

GREENVILLE, S.C. — Berkadia has negotiated the sale of West Village Lofts at Brandon Mill in Greenville for $42.2 million. West Village Lofts was redeveloped in 2017 and offers one- , two- and three-bedroom floor plans. Amenities include a dog park, pool, fitness center, wine cellar and a clubroom. The buyer and seller were undisclosed.

November 20, 2018

Loans Louisiana Multifamily Southeast

Greystone Provides $29.5M in Bridge Financing for Multifamily Portfolio in Baton Rouge

by Alex Tostado November 20, 2018

BATON ROUGE, LA. — Greystone & Co. Inc. has provided two bridge loans totaling $29.5 million for the acquisition of four apartment properties totaling 783 units in Baton Rouge. The first nonrecourse bridge loan totals $16.9 million, while the second totals $12.6 million. Leor Dimant of Greystone originated the short-term bridge loans on behalf of the undisclosed borrower, with plans for a permanent exit to long-term, low-rate HUD-insured financing.

November 20, 2018

Acquisitions Florida Office Southeast

ICM Realty Sells Office Building in Boca Raton for $21.5M

by Alex Tostado November 20, 2018

BOCA RATON, FLA. — ICM Realty has sold the Atrium at Broken Sound, a 97,584-square-foot, Class A office building in Boca Raton, to Alchemy-ABR Investment Partners and Breakers Capital Partners LLC for $21.5 million. The Atrium was built in 1986 on eight acres within The Park at Broken Sound, a 700-acre mixed-use development that offers residential options, shopping, cafes and a golf course. Schwartz Sladkus Reich Greenberg Atlas LLP represented the buyers in the transaction.

November 20, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group Sells Orlando Multifamily Community for $43.3M

by Alex Tostado November 19, 2018

ORLANDO, FLA. — Jefferson Apartment Group has sold Azul Baldwin Park, a 178-unit multifamily community in Orlando, to Palm Heights LLC for $43.3 million. Built in 2004, Azul Baldwin Park features a clubhouse, business center, pool, fitness center and an outdoor kitchen/grilling area. The community is located next to Baldwin Park and Lake Baldwin. Peter Sherman and Rosendo Caviero of Avison Young represented Palm Heights, and Walker & Dunlop represented Jefferson Apartment Group in the sale.

November 19, 2018

Development Multifamily Seniors Housing Southeast Tennessee

Harbor Retirement, Confluent to Break Ground on 144-Unit Seniors Housing Community Near Memphis

by Alex Tostado November 19, 2018

CORDOVA, TENN. — Harbor Retirement Associates (HRA) and Confluent Senior Living are set to begin construction on HarborChase of Cordova, a 158,083-square-foot, 144-unit senior living community in Cordova, about 20 miles east of Memphis. The project is expected to be completed in early 2020. The community will include 60 independent living, 50 assisted living and 34 memory care apartments in studio, one- and two-bedroom options. The community will feature 24-hour staff, a full-service bistro, multiple dining areas, clubroom, arts and crafts space, barber and beauty salon, library, pool, fitness and wellness center, putting green, fully enclosed memory support courtyard and community-wide Wi-Fi. Vero Beach, Fla.-based HRA will manage HarborChase of Cordova, while Denver-based Confluent Senior Living serves as the project’s owner. This is the second living center for the partnership in metro Memphis, with HarborChase Germantown expected to open in the summer.

November 19, 2018

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