Southeast

Tiktin Brokers $43M Sale of Office, Retail Portfolio in Broward County

by Camren Skelton September 27, 2018

CORAL SPRINGS, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $43 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs. The Broward County portfolio includes Waterway Shoppes, a 40,258-square-foot retail center; Heron Bay III, a 45,344-square-foot, Class A office building; and Heron Bay IV, a 45,383-square-foot, Class A office building. Adam Tiktin and Alejandro Snyder of TREIS arranged the transaction on behalf of the sellers, RM-NA HB Three Office Building LLC, RM-NA HB Four Office Building LLC and RM-NA HB Waterway Shoppes LLC. Asuman 57th Street LLC acquired the assets. The sellers constructed the three buildings in 2006 and 2008. The portfolio is fully occupied by a mix of national, regional and local tenants.

September 27, 2018

Acquisitions Florida Office Southeast

Innovatus Capital Buys Five-Building Office Campus in Orlando

by Camren Skelton September 27, 2018

ORLANDO, FLA. — Innovatus Capital Partners LLC has acquired Westwood Corporate Center, a five-building, 343,331-square-foot office campus in Orlando. The name of the seller and sales price were not disclosed. The complex was built in three phases between 1988 and 1999. Phase I included three single-story buildings and Phases II and III are both five-story, Energy Star-certified buildings. Westwood Corporate Center was 97 percent leased at the time of sale to 25 tenants. The largest tenant — Marriott Vacations Worldwide — opened its global headquarters at the property in 1996 and has since more than tripled its footprint, expanding eight times to its current operations at 157,400 square feet. The property features a four-story, 1,463-space parking garage, and is situated on 21 acres, roughly 12 miles from Orlando International Airport.

September 27, 2018

Development Loans Multifamily South Carolina Southeast

SunTrust Provides $36M Construction Financing for New Apartment Community Near Charleston

by Camren Skelton September 27, 2018

SUMMERVILLE, S.C. — SunTrust Commercial Real Estate (CRE) has provided $39 million in construction financing for the development of South City Summerville, a 360-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Mark Hancock of SunTrust CRE originated the financing on behalf of the project developer, a joint venture between Watkins Real Estate Group and Retail Planning Corp. South City Summerville will be situated on 39 acres and will include a mix of one-, two- and three-bedroom floor plans. The joint venture expects to wrap up construction on the project in June 2020.

September 27, 2018

Loans Mississippi Multifamily Southeast

KeyBank Closes $30.6M Fannie Mae Acquisition Loan for New Multifamily Property in Jackson, Mississippi

by Camren Skelton September 27, 2018

JACKSON, MISS. — KeyBank Real Estate Capital has provided a $30.6 million Fannie Mae loan for the acquisition of The District Lofts, a 261-unit apartment community in Jackson. Chris Black and Caleb Marten of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed. Constructed in 2017, The District Lofts features a saltwater pool with sundeck, outdoor kitchens, outdoor fireplace, bocce ball court, fitness center, coffee bar, indoor pet spa and a covered parking deck.

September 27, 2018

Hospitality Loans Louisiana Southeast

Sonnenblick-Eichner Arranges $29.2M Loan for Refinancing of Historic Hotel in New Orleans

by Camren Skelton September 27, 2018

NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor retail space. The hotel is home to Compère Lapin, an upscale restaurant and bar helmed by James Beard Award-winning chef Nina Compton. The Old No. 77 Hotel was originally constructed in 1854 as a warehouse building. The facility was used as a chandlery, and traded in goods used for sailing voyages.

September 27, 2018

Acquisitions Multifamily Southeast Tennessee Top Stories

Morgan Properties Enters Nashville Market with $91M Multifamily Portfolio Acquisition

by Camren Skelton September 27, 2018

NASHVILLE, TENN. — Morgan Properties has acquired a four-property, 826-unit multifamily portfolio in Nashville for $91 million. Cardone Capital sold the garden-style properties, which include Hickory Creek, Lincoya Bay, Sheffield Heights and Jackson Grove. The transaction is the first acquisition in Tennessee for Morgan Properties, a national real estate investment and management company headquartered in King of Prussia, Penn. “Entering Nashville is a major milestone for Morgan Properties,” says Jonathan Morgan, president of Morgan Properties JV, an affiliate of Morgan Properties. “Nashville is a hot market and we have been targeting it for quite some time. We felt this portfolio gave us a foundation to build on as we continue to seek follow-on investment opportunities to scale our footprint in the market.” Morgan Properties plans to invest $8.7 million in renovations to the properties that will include enhancing curb appeal and signage; upgrades to kitchens and bathrooms; washer and dryer installations; and enhancements to the fitness center, playgrounds, dog parks, pool areas, exterior fitness areas and other amenities. In addition, the company will provide new tech features such as electronic locks, Wi-Fi enabled thermostats and light switches, and an Amazon Echo with voice control over all devices in select units. Morgan …

September 27, 2018

Development Florida Office Southeast

Kaufman Lynn Breaks Ground on $150M Headquarters Expansion for South Florida-Based Automotive Company

by Camren Skelton September 26, 2018

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction (KL) has broken ground on a $150 million headquarters renovation and expansion for JM Family Enterprises in Deerfield Beach. JM Family Enterprises is a privately owned automotive company whose subsidiaries include Southeast Toyota Distributors, JM&A Group and JM Lexus. The renovation will take place over the next three years. KL will demolish seven of the campus’ existing buildings, and will build eight new structures, including three office buildings, a two-story dining hall, 20,000-square-foot sports complex, 55,000-square-foot conference/training center and a 900-car parking garage. Three of the campus’ existing buildings will remain. Other features in the renovated, open-style campus will include a café, collaboration space, outdoor central plaza, fountains and walkways. Jacksonville-based architect Robert Broward, former apprentice to Frank Lloyd Wright, designed the campus’ master plan. KL is working with Boca Raton-based PGAL Architects to complete the project.

September 26, 2018

Acquisitions District of Columbia Office Southeast

JBG Smith Sells Office Building in D.C.’s East End to Exan Capital for $121.4M

by Camren Skelton September 26, 2018

WASHINGTON, D.C. — JBG Smith has sold Executive Tower, a 130,000-square-foot office building in Washington, D.C. Exan Capital acquired the asset for $121.4 million. The 11-story building is located at 1399 New York Ave. in D.C.’s East End submarket. Collins Ege and Nicholas Pappas of Eastdil Secured arranged the transaction on behalf of JBG Smith. Executive Tower was 93 percent leased as of June 30.

September 26, 2018

Acquisitions Florida Multifamily Southeast

Camden Property Trust Acquires New Apartment Community in Orlando for $90M

by Camren Skelton September 26, 2018

ORLANDO, FLA. — Camden Property Trust has acquired a newly constructed apartment community in downtown Orlando for $90 million. The nine-story property, formerly known as 420 East, includes 299 units and features a pool, 24-hour concierge, retail space and a three-story parking garage. Camden will rename 420 East as Camden Thornton Park. The community includes a mix of one- to three-bedroom units with monthly rents ranging from $1,741 to $3,369, according to Apartments.com.

September 26, 2018

Development Mixed-Use Office Southeast Tennessee

Third & Urban, FCP Unveil Plans for 160,000 SF Mixed-Use Redevelopment in Nashville

by Camren Skelton September 26, 2018

NASHVILLE, TENN. — Third & Urban and FCP have acquired the former Madison Mill, located along Charlotte Avenue in Nashville, with plans to redevelop the site into a 160,000-square-foot office and retail project. Dubbed Sylvan Supply, the project will be divided into six buildings connected by open corridors and terraces, providing outdoor workspaces for tenants. The development will feature 130,000 square feet of creative office space with open floor plans, large windows and outdoor space, as well as 27,000 square feet of retail and dining space. The redevelopment will preserve the existing buildings, which were originally used for the production of high-quality wood products. Centric Architecture and landscape architect Hodgson Douglas are designing the project, and Gay Construction is the general contractor. Bo Tyler, Bill Adair and Ashley Albright of JLL are handling the office leasing, while Elliott Kyle of Equitable Property Co. is handling the retail leasing. The development team will break ground on Sylvan Supply next month, with completion scheduled for the fourth quarter of 2019.

September 26, 2018

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