Southeast

Waramaug Acquires 97-Room Candlewood Suites Hotel in Athens, Georgia

by Camren Skelton February 28, 2018

ATHENS, GA. — Waramaug LS Hotels LLC has acquired a 97-room Candlewood Suites in Athens, located roughly six miles west of the University of Georgia campus. The name of the seller and sales price were not disclosed. Waramaug plans to renovate the property, which was constructed in 2009, with updated guest rooms, public spaces and exterior. Interstate Hotels & Resorts will manage the property. The hotel features free Wi-Fi, a fitness center, business center, on-site laundry service, outdoor gazebo, grill and picnic tables.

February 28, 2018

Georgia Loans Southeast

SunTrust Awarded $70M in Tax Credit Authority to Finance Community Development Projects

by Camren Skelton February 28, 2018

ATLANTA — Atlanta-based SunTrust Banks Inc. has been selected to receive $70 million in tax credit allocation authority from the U.S. Treasury Department’s Community Development Financial Institutions Fund. The financing is part of the New Markets Tax Credit (NMTC) program, which permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The program is designed to attract private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs. SunTrust’s subsidiary, SunTrust Community Development Enterprises, was one of 73 recipients to receive credit from the program. This is the ninth time SunTrust has been selected as a recipient, with awards totaling $578 million in allocation authority.

February 28, 2018

Florida Loans Multifamily Seniors Housing Southeast

NorthMarq Arranges $4M Permanent Loan for Seniors Housing Community in Deland, Florida

by Camren Skelton February 28, 2018

DELAND, FLA. — NorthMarq Capital has arranged a $4 million permanent loan for Whisperwood Manufactured Home Park, a 396-unit seniors housing/manufactured home park located at 3070 Whisper Blvd. in Deland, roughly 40 miles north of Orlando. Larry Curry of NorthMarq arranged the loan on behalf of the undisclosed borrower through its correspondent relationship with a life insurance company. The community features a 9-hole pitch and putt golf course, two swimming pools, billiard and poker tables, lighted tennis courts, shuffleboard courts, bocce ball courts, horseshoes, library and a fully equipped kitchen.

February 28, 2018

Multifamily Southeast Virginia

Aimco Acquires Apartment Community in Metro D.C. for $160M

by Camren Skelton February 27, 2018

CENTREVILLE, VA. — Denver-based Apartment Investment and Management Co. (Aimco) has acquired Bent Tree, a 748-unit apartment community in Centreville, roughly 25 miles southwest of Washington, D.C., for $160 million. The name of the seller was not disclosed. Bent Tree offers a mix of one- to three-bedroom units with average monthly rents of roughly $1,500. Community amenities include a swimming pool, fitness center, clubhouse, sports courts and a playground. Aimco plans to achieve rent growth through capital improvements, but did not specify what renovations would be implemented.

February 27, 2018

North Carolina Office Southeast

KBS, Kane Sell Office Building in Raleigh’s North Hills Development for $127M

by Camren Skelton February 27, 2018

RALEIGH, N.C. — Newport Beach, Calif.-based KBS Realty Advisors and Raleigh-based Kane Realty Corp. have sold Midtown Plaza, a 12-story office building in Raleigh, for $127 million. The newly built office property is located within North Hills, a mixed-use development that features hotels, apartment units, a movie theater, retail and restaurant space. KBS and Kane completed construction on the building last spring. Healthcare technology company Allscripts occupies nine of the 12 floors. James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS and Kane in the transaction. The name of the buyer was not disclosed.

February 27, 2018

Georgia Retail Southeast

FCA Signs Two New Tenants at 44,500 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton February 27, 2018

ATLANTA — Charlotte-based FCA Partners has inked leases with two new tenants at The Exchange, a 44,500-square-foot shopping center located on Peachtree Road in Atlanta’s Buckhead district. Tootsie’s, a Houston-based women’s apparel and accessories retailer, relocated from Buckhead’s Shops Around Lenox to a new 7,000-square-foot location at The Exchange on Feb. 7. OVME Aesthetics, a skincare boutique, will open a 2,500-square-foot location at the center on March 1. The new-to-market concept offers services including Botox, Dysport, dermal fillers and volumizers, microneedling, CoolScuplting, hormone replacement therapy and laser hair removal. Stephanie McCall of The Shopping Center Group arranged the lease transactions on behalf of FCA. The new tenants join The Exchange’s existing retailers including Sephora, SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar. Dancing Goats Coffee Bar is expected to open at The Exchange this spring, and a restaurant concept from the creator of Yeah! Burger and Upbeet is expected to resume construction this spring. The Exchange is currently 83 percent leased.

February 27, 2018

Florida Office Southeast

JLL Arranges 48,818 SF Lease Expansion for Data Center Company in Downtown Tampa

by Camren Skelton February 27, 2018

TAMPA, FLA. — JLL has arranged a 48,818-square-foot lease expansion for Equinix at Two Harbour Place, an office property located at 302 Knights Run Ave. in downtown Tampa. The California-based company develops interconnection and data center solutions, and has a physical footprint in 48 markets worldwide. Equinix will be growing from its original space of 30,164 square feet to occupy the seventh and eighth floors of Two Harbour Place. Caleb Lewis and John Heald of JLL negotiated the lease terms on behalf of Equinix, while Jim Moler and Deana Beer of JLL represented the landlord. The expansion brings Two Harbour Place to 92 percent occupancy.

February 27, 2018

Alabama Multifamily Southeast

Berkadia Brokers $6.4M Sale of Two Multifamily Communities in Northeast Alabama

by Camren Skelton February 27, 2018

GADSDEN, ALA. — Berkadia has brokered the $6.4 million sale of two multifamily communities in Gadsden: Pine Ridge and Williamsburg. David Wilson and David Oakley of Berkadia arranged the transaction on behalf of the seller, an affiliate of Strategic Diversified Management Inc., which is based in California. Birmingham-based Abaco Partners LLC acquired the assets. Pine Ridge, a 112-unit community constructed in 1979, offers a mix of one- to three-bedroom units ranging in size from 680 to 1,160 square feet. Williamsburg, constructed in 1973, offers 60 two-bedroom townhomes averaging 1,200 square feet. Over 70 percent of the unit interiors at Williamsburg were renovated in the 18 months prior to the sale. Both properties feature swimming pools and on-site management.

February 27, 2018

Georgia Industrial Southeast

Colliers Brokers $11.4M Sale of Three-Building Industrial Portfolio in Metro Atlanta

by Camren Skelton February 26, 2018

CONYERS AND COVINGTON, GA. — Colliers International has brokered the $11.4 million sale of the I-20 East Portfolio, a three-building industrial portfolio located in Conyers and Covington. Two of the buildings are located at 1665 and 1715 Dogwood Drive in Conyers, roughly 25 miles east of Atlanta, and the third building is located at 11236 Harland Drive in Covington, roughly 35 miles southeast of Atlanta. Dennis Mitchell and Matt Wirth of Colliers arranged the transaction on behalf of the seller, First Industrial Realty Trust. Plymouth Industrial REIT acquired the buildings. The single-tenant portfolio was fully leased at the time of sale to three long-standing tenants: Bio-Lab Inc., Diversitech Corp. and Clarion Metals Corp.

February 26, 2018

Florida Multifamily Southeast Student Housing

Coastal Ridge, H. Katz Capital Buy 1,115-Bed Student Housing Asset Near University of Florida

by Camren Skelton February 26, 2018

GAINESVILLE, FLA. — A joint venture between Coastal Ridge Real Estate and H. Katz Capital has acquired Campus Lodge, a 1,115-bed student housing community located less than three miles from the University of Florida campus in Gainesville. EdR sold the property for an undisclosed price. The property, constructed in 2000, offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity and rents ranging from $1,206 to $2,052 per unit. Community amenities include a resort-style pool, fitness center, basketball court, tanning, a car wash area, picnic areas with barbecues, a computer lab and study rooms. The community is fully occupied for the 2017-2018 school year.

February 26, 2018

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