Southeast

Richmond Market Entering New Era of Industrial Development

by John Nelson October 9, 2017

At the mid-year mark, the Richmond industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked — Class A, B and C vacant and investor-owned product with a minimum of 40,000 square feet of total rentable building area (RBA). Class A occupancy decreased slightly from 96 percent at the end of the first quarter to 95 percent at the end of the second quarter, and Class B occupancy has remained steady at 92 percent. The year-to-date net absorption is in excess of 1.5 million square feet, in part due to lower reported vacancies in the Class C former tobacco storage complex located south of downtown Richmond. The inventory of quality, freestanding facilities available for owner/users to purchase remains in short supply, with central locations in even greater demand and experiencing a shorter shelf life. CoStar reports overall industrial occupancy at 95 percent for products of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days delivery by truck. In addition to being the northernmost right-to-work state on the …

October 9, 2017

Florida Hospitality Loans Southeast Tennessee

Sonnenblick–Eichner Arranges $135.8M Refinancing of 11 Hilton-Branded Hotels in Southeast, Midwest

by Camren Skelton October 6, 2017

BEVERLY HILLS, CALIF. — Sonnenblick-Eichner Co. has arranged a $135.8 million loan for the refinancing of 11 Hilton-branded hotels located in Florida, Tennessee and Michigan. The California-based company arranged the five-year, floating rate loan on behalf of Memphis, Tenn.-based Cooper Hotels. The portfolio includes the following Southeast properties: Hilton Naples in Naples, Fla.; Hilton Orlando/Altamonte Springs in Orlando, Fla.; Homewood Suites by Hilton Fort Myers Airport in Fort Myers, Fla.; DoubleTree by Hilton Memphis in Memphis; DoubleTree by Hilton Murfreesboro in Murfreesboro, Tenn.; DoubleTree by Hilton Oak Ridge in Knoxville, Tenn.; DoubleTree by Hilton Johnson City in Johnson City, Tenn.; and DoubleTree by Hilton Jackson in Jackson, Tenn. The Michigan hotels in the portfolio include Embassy Suites by Hilton Detroit Metro Airport, Hilton Garden Inn Detroit Metro Airport and Hampton Inn & Suites Detroit/Airport-Romulus, all of which are located in the Detroit suburb of Romulus.

October 6, 2017

Maryland Office Southeast

Donohoe, USAA Purchase Office Building in Metro D.C. for $105.7M

by Camren Skelton October 6, 2017

BETHESDA, MD. — The Donohoe Cos. and USAA Real Estate have acquired 7101 Wisconsin Ave., a 230,904-square-foot office building in Bethesda, a suburb of Washington, D.C. HFF marketed the property on behalf of the seller, a joint venture between Brandywine Realty Trust and Allstate Investments, and procured the buyers. The Washington Business Journal reports the asset sold for $105.7 million. Situated a quarter-mile from the Bethesda Metrorail Station, 7101 Wisconsin was renovated in 2015 with an updated entrance, new lobby and updated conference facility and common areas. At the time of sale, the property was 97 percent leased to tenants including The Donohoe Cos. and Miller & Long Co. Inc.

October 6, 2017

Georgia Multifamily Southeast

Origin Investments Acquires New Apartment Community in Atlanta for $50.3M

by Camren Skelton October 6, 2017

ATLANTA — Origin Investments has acquired 675 North Highland Avenue, a 125-unit multifamily community located in Atlanta’s Poncey -Highland neighborhood. The sales price was undisclosed, but a source familiar with the transaction says Origin purchased the property for roughly $50.3 million. Atlanta-based Abraham Properties, the property’s developer, sold the property. Christopher Spain and Alex Brown of Cushman & Wakefield brokered the sale, and Mike Ryan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Origin. The first phase of 675 North Highland was completed in 2016 and features a mix of one-, two- and three-bedroom units that average more than 1,000 square feet. Community amenities include a fitness center, clubroom, package concierge system, pool deck, bocce ball court and grilling stations. The community was 96 percent occupied at the time of sale. In addition, the property includes 20,000 square feet of ground floor retail space and an adjacent land site for development. At the time of sale, the retail portion was 82 percent leased to CO Sushi and Noodles, Ganek and Vita-Flo. Origin will break ground on Phase II of the project in early December. JM Wilkerson will serve as the project’s general contractor, and Brock …

October 6, 2017

Florida Hospitality Southeast

Woodbine, IMG Academy Break Ground on 150-Room Hotel South of Tampa

by Camren Skelton October 6, 2017

BRADENTON, FLA. — Woodbine Development Corp. and IMG Academy have broken ground on The Legacy Hotel at IMG Academy, a 150-room hotel located on IMG’s 500-acre campus in Bradenton. Dallas-based Woodbine is developing the five-story hotel for IMG, a multi-sport training and educational institution. The hotel will serve guests and clients of IMG, including visiting teams, coaches, student-athletes, staff and parents, as well as visitors to the surrounding community. Amenities will include an elevated lobby lounge and bar, three-meal restaurant, massage and fitness facility, 5,060 square feet of meeting space and a swimming pool. Tandem Construction is the project’s general contractor, and other members of the development team include architect 5G Studio, interior design firm Edge ID and landscape design firm SWA. Whitney Bank (d.b.a. Hancock Bank) is the lender. The Legacy Hotel is slated to open in fall 2018.

October 6, 2017

Florida Industrial Loans Office Southeast

Ready Capital Provides $11.5M Loan for Acquisition, Conversion of Warehouse in Miami

by Camren Skelton October 6, 2017

MIAMI — Ready Capital Structured Finance has provided an $11.5 million loan for the acquisition of an industrial warehouse in Miami. Located in the Wynwood Art District, the 35,000-square-foot property will be renovated and converted into a creative office building featuring ground floor retail space. The undisclosed borrower signed a lease with an office tenant that will occupy a portion of the building upon completion of the planned capital improvements. The 24-month loan features one extension option and is inclusive of a facility to provide for capital expenditures, leasing costs and interest and carry reserves.

October 6, 2017

Florida Loans Mixed-Use Southeast Top Stories

Penn-Florida Cos. Receives $398M in Project Financing for Resort in Boca Raton, Florida

by Jeff Shaw October 6, 2017

BOCA RATON, FLA. — Penn-Florida Cos. has received $398 million in project financing for the second phase of Via Mizner, a five-star resort in downtown Boca Raton. Lotus Capital Partners arranged the majority of the financing, which Mack Real Estate Credit Strategies provided. The U.S. Immigration Fund provided the balance of the financing, which was approximately $80 million. Via Mizner’s second phase of construction includes the Mandarin Oriental Boca Raton, additional retail suites at The Shoppes at Via Mizner and Via Mizner Golf & City Club. The 164-room luxury hotel will feature two rooftop pools, spa services, an athletic club and dining venues. The Shoppes at Via Mizner will offer a mix of brand names, artisan boutiques, dining and nightlife. Via Mizner Golf & City Club will include two venues — a golf club featuring a new Jack Nicklaus Signature Championship golf course and a downtown city club, which will offer member access to the hotel amenities. Completion is slated for early 2020. The Residences at Mandarin Oriental Boca Raton will feature 85 homes with ocean and golf course views. Owners will receive access to all the amenities of Mandarin Oriental. The first residential rental tower, 101 Via Mizner Luxury Apartments, is already complete. …

October 6, 2017

Multifamily Southeast Virginia

Passco Acquires New Multifamily Community in Metro D.C. for $112.8M

by Camren Skelton October 5, 2017

ALEXANDRIA, VA. — Passco Cos. has acquired The Parker, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C., for $112.8 million. David Nachison of Eastdil Secured represented the seller, a joint venture between AEW Capital Management and MRP Realty, and Passco Cos. in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Irvine, Calif.-based Passco. Constructed in 2016, The Parker features two landscaped courtyards with gas grills and outdoor TVs, a swimming pool, virtual sport simulation room, fitness center, bike trail, outdoor fitness station and a dog park and washing station. The property is located next to the Huntington Metro Station and within walking distance to the Patent & Trademark Office. At the time of sale, The Parker was 92 percent occupied.

October 5, 2017

Retail South Carolina Southeast

Getty Realty Acquires Convenience Store Portfolio in South Carolina for $68.3M

by Camren Skelton October 5, 2017

JERICHO, N.Y. — Getty Realty Corp. has acquired interests in 38 fee simple convenience store properties in metro Columbia, S.C., for $68.3 million. In July, the company entered into a sale-leaseback transaction with a U.S. subsidiary of Ireland-based Applegreen PLC. Under the revised terms of the transaction, Getty Realty acquired interests in the properties and simultaneously leased them under a unitary lease to Applegreen. The portfolio includes 33 convenience store and gasoline stations, many of which contain food offerings such as Burger King, Subway and Blimpie, and five standalone Burger King restaurants. The 15-year lease features four five-year renewal options, with rent scheduled to increase annually during the initial and renewal terms.

October 5, 2017

Multifamily Southeast Tennessee

Coastal Ridge, H. Katz Capital Purchase Apartment Asset in Memphis for $56.6M

by Camren Skelton October 5, 2017

MEMPHIS, TENN. — Coastal Ridge Real Estate, in partnership with H. Katz Capital, has purchased The Preserve at Forest Creek, a 414-unit apartment community in Memphis, for $56.6 million. The joint venture acquired the asset from LivCor, a wholly owned subsidiary of Blackstone. Constructed in 2008, The Preserve at Forest Creek offers one- to three-bedroom units with monthly rents ranging from $929 to $1,518. Community amenities include a clubhouse with a bar, heated swimming pool, indoor sports court, fitness center, lighted tennis court, playground and detached garages. Located at 9230 Thornbury Blvd., the property is situated at the entrance to the Noncannah Technology Corridor, which is anchored by FedEx’s World Headquarters and FedEx’s World Tech Campus.

October 5, 2017

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