Southeast

Wood Partners to Develop 198-Unit Apartment Community in Midtown Atlanta

by Camren Skelton October 11, 2017

ATLANTA — Wood Partners has unveiled plans to develop Piedmont House, a 198-unit apartment community in Atlanta’s Midtown district. The property will be located at 205 12th St., overlooking Piedmont Park. Designed by architect Rule Joy Trammell + Rubio, Piedmont House will include one- to three-bedroom units with private balconies, stainless steel appliances, quartz countertops, hardwood floors and a wine cooler and wet bar. Community amenities will include a saltwater pool, sky lounge, fitness center, entertainment space and a wine locker with a tasting room. In addition, Piedmont House will include 1,200 square feet of retail space. The new community is slated to deliver in winter 2018.

October 11, 2017

Georgia Multifamily Southeast

Greystone Arranges $18.1M Sale of Multifamily Asset Near Savannah

by Camren Skelton October 11, 2017

POOLER, GA. — Greystone Brown Real Estate Advisors has arranged the $18.1 million sale of Oglethorpe Square, a 160-unit multifamily community in Pooler, located 10 miles west of Savannah. Bo Brown and Steve Mack of Greystone represented the buyer, New York-based URS Capital Partners, and the undisclosed seller. URS will rebrand the property as Pooler Station. Constructed in 2006, the property features a swimming pool, fitness center, clubhouse, barbeque area and walking paths.

October 11, 2017

Florida Loans Multifamily Southeast

Berkadia Secures $98.9M in Acquisition Financing for Two Apartment Assets in Florida

by Camren Skelton October 10, 2017

COCONUT CREEK AND SARASOTA, FLA. — Berkadia has arranged $98.9 million in financing for the purchase of two multifamily assets in Florida. Advenir, a South Florida-based real estate investment company, purchased both communities from Wood Partners, an Atlanta-based multifamily developer and investor. Charles Foschini and Christopher Apone of Berkadia arranged a $52.3 million loan for Crown Pointe, a 360-unit multifamily community in Coconut Creek, as well as a $46.6 million loan for Gateway Lakes, a 358-unit apartment community in Sarasota. Both Freddie Mac loans feature seven-year terms, three years of interest-only payments and a loan-to-value ratio of 80 percent. Constructed in 1986, Crown Pointe features a clubhouse, fitness center, two pools with a spa and a 626-seat performing arts center. Gateway Lakes, constructed in 1996, features a newly redesigned clubhouse, fitness center and a pool area with a sundeck.

October 10, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $85.4M Sale of Multifamily Asset in Nashville’s Cool Springs District

by Camren Skelton October 10, 2017

FRANKLIN, TENN. — Cushman & Wakefield has arranged the sale of ALARA Cool Springs, a 386-unit apartment community in Franklin, a city 20 miles south of Nashville in the metro’s Cool Springs submarket. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller, American Realty Advisors, in the transaction. Los Angeles-based IMT Capital purchased the property for $85.4 million, according to the Nashville Business Journal. Constructed in 1997, ALARA Cool Springs features a resort-style pool, outdoor lounge and fireplace, fitness facility and nature trails. In addition, the property is located within walking distance to numerous retail and dining options.

October 10, 2017

Florida Office Southeast

NayaUmi Purchases Four-Building Office Complex in Miami for $40M

by Camren Skelton October 10, 2017

MIAMI — NayaUmi LLC has purchased Lennar Corporate Center, a four-building office complex in Miami, for $40 million. NayaUmi is a partnership between Naya USA LLC, led by Yoav Merary, and Coast Capital Partners LLC, led by Guy Sharon. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented the seller, Colony Realty Partners, and procured the buyer. Christopher Apone and Charles Foschini of Berkadia arranged a 10-year, $28.6 million loan through a CMBS lender on behalf of the buyer. The loan features partial interest-only payments and a 72 percent loan to value ratio. Located at 700, 730, 760 and 790 N.W. 107 Ave., Lennar Corporate Center was originally built by Lennar Corp. and has served as the title insurance company’s headquarters since 1982. The property was 63 percent leased at the time of sale to tenants affiliated with Lennar, including Rialto Capital Management, Eagle Home Mortgage and North American Title Co.

October 10, 2017

Multifamily Southeast Tennessee

Michaelson Acquires Apartment Community in Knoxville for $17.8M

by Camren Skelton October 10, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group has purchased Viera Cedar Bluff, a 184-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $17.8 million. Located at 424 N. Cedar Bluff Road, the community is roughly 10 miles west of downtown Knoxville. Viera Cedar Bluff includes one- and two-bedroom floor plans with an average size of 849 square feet. Constructed in 1986, the community was recently renovated to include repaved parking lots, new roofs and interior and exterior updates, including renovated hardwood flooring and stainless steel appliances. Community amenities include a pool, fitness center, business center, hiking and jogging trails and an on-site laundry facility.

October 10, 2017

Florida Retail Southeast

HFF Brokers Sale of 36,900 SF Whole Foods-Leased Store in Tampa

by Camren Skelton October 10, 2017

TAMPA, FLA. — HFF has arranged the sale of a 36,900-square-foot building fully leased to Whole Foods Market in Tampa. Constructed in 2012, the building is situated on 6.3 acres in Tampa’s Carrollwood community. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Weingarten Realty Investors, in the transaction. The sales price and buyer were not disclosed.

October 10, 2017

Civic Conference Coverage Georgia Southeast

City of Atlanta Addressing Stormwater Runoff, Tree Ordinance on Path to ‘Resilience’

by John Nelson October 10, 2017

ATLANTA — While speaking at the Oct. 5 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), Emory University law professor Mindy Goldstein addressed some of the environmental issues facing Atlanta, namely the City of Atlanta Tree Ordinance and stormwater runoff in the metro area. “Stormwater runoff is a huge problem in Atlanta,” says Goldstein, who serves as director of the Turner Environmental Law Clinic at Emory University School of Law. The clinic provides 4,000 hours of pro bono environmental legal work per year. “When it rains, surging stormwater can overflood our sewer systems and flood properties, which drastically decreases property values in certain neighborhoods,” says Goldstein. Atlanta is one of the 100 cities around the world participating in 100 Resilient Cities (100RC), a global initiative to provide governance and operational infrastructure to 100 cities that prove they are working to improve conditions for their citizens. The campaign was launched in 2013 by The Rockefeller Foundation and after three rounds of applications, the final 100 cities were chosen in May 2016. Member cities within 100RC are working now to become more “resilient” by addressing both the city’s shocks, or one-time events like floods and earthquakes, and …

October 10, 2017

Maryland Office Southeast

AXA Acquires Majority Stake in Metro D.C. Office Building for $139.8M

by Camren Skelton October 9, 2017

BETHESDA, MD. — AXA Investment Managers – Real Assets has acquired a majority stake in Montgomery Tower, a 367,000-square-foot office building in Bethesda, for $139.8 million. The firm acquired the interest from a joint venture between Rockpoint and MRP Realty, which will retain its ownership interest and continue to manage the property as AXA’s new joint venture partner. The 12-story, LEED Gold-certified building was constructed in 1980 and was recently renovated. Amenities include an updated lobby, breakout areas, conference center, 4,000-square-foot fitness center, modernized elevators, outdoor seating terrace, electric car charging stations and bike storage. Located six miles north of Washington, D.C., the asset is one block from the WMATA Bethesda Metro Station.

October 9, 2017

Florida Industrial North Carolina Southeast

GCP Buys 1.2 MSF Industrial Portfolio in Charlotte, Orlando for $74M

by Camren Skelton October 9, 2017

CHARLOTTE, N.C. AND ORLANDO, FLA. — GCP has acquired a 1.2 million-square-foot industrial portfolio in Charlotte and Orlando for $74 million. The portfolio includes two warehouses within Legacy Park West in Charlotte: a 126,000-square-foot facility fully leased to Elite Logistics and a recently completed, 432,000-square-foot building. Avison Young will handle the new building’s leasing efforts. The portfolio also includes Lake County Distribution Center, a 706,722-square-foot property in Orlando that is fully leased to Samsung SDS America and Niagara Bottling. The facility serves as Samsung’s new Southeast distribution center and as Niagara’s distribution hub that services its bottling facility less than a mile away.

October 9, 2017

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