Southeast

Northland Investment Buys Two Adjacent Multifamily Assets in South Florida for $56M

by Camren Skelton October 3, 2017

JUPITER, FLA. — Northland Investment Corp. has purchased two adjacent multifamily communities in Jupiter for a combined $56 million. Preston Giuliano Capital Partners sold the two assets — Mallards Cove and Shell Trace — that together total 359 units. Matt Mitchell, Jaret Turkell, Maurice Habif, Zach Nolan and Simon Banke of HFF arranged the transaction on behalf of the seller. Upon purchasing, Northland Investment combined the two properties and rebranded the community as Jupiter Isle. The property, located at 6705 Mallard Cove, comprises 46 two-story buildings and offers one- and two-bedroom units averaging 818 square feet. Apartment units feature walk-in closets, in-unit washers and dryers and balconies or patios. Community amenities include a pool, fitness center, clubhouse and onsite maintenance and management. Jupiter Isle was 97 percent occupied at the time of sale.

October 3, 2017

Georgia Industrial Southeast

PNK Group to Build 3 MSF Industrial Development South of Atlanta

by Camren Skelton October 3, 2017

MCDONOUGH, GA. — PNK Group, an international industrial real estate developer, has unveiled plans to develop Southern Gateway at Lambert Farms, a 3 million-square-foot speculative industrial development in the south Atlanta suburb of McDonough. Pat Murphy, Ray Stache, Lisa Pittman and Tara Healy of Cushman & Wakefield will handle the project’s leasing assignment. PNK Group has 22 logistics and industrial parks in Europe, Russia and the U.S., including its second U.S. development under construction in Savannah, Ga.

October 3, 2017

Georgia Loans Multifamily Southeast

PAC Receives $20.1M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton October 3, 2017

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.

October 3, 2017

Florida Southeast

New Boston Fund Sells Office Building in Miami-Dade County for $96.1M

by Camren Skelton October 2, 2017

DORAL, FLA. — New Boston Fund Inc. has sold One Park Square, a 281,786-square-foot, Class A office building in Doral, a city 15 miles northwest of Miami. The South Florida Business Journal reports Gateway Renellie, an affiliate of Boston-based TA Realty, purchased the asset from New Boston Fund for $96.1 million. Christian Lee, José Lobón and Andrew Chilgren of CBRE brokered the sale. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate handled the leasing assignment for One Park Square, which Stiles Corp. manages. Constructed in 2010, the 11-story building features 49,942 square feet of ground floor retail space, 24-hour security, onsite management, a fitness center, conference facility and an integrated, structured parking garage. One Park Square also offers 360-degree views of the Miami skyline and is located adjacent to CityPlace at Doral, a 300,000-square-foot mixed-use development. One Park Square was more than 90 percent leased at the time of sale to tenants including Amadeus North America. The travel tech company signed a 115,000-square-foot lease at the property in August.

October 2, 2017

Industrial South Carolina Southeast

Health Tech Firm Breaks Ground on 272,000 SF Manufacturing Center Near Charleston

by Camren Skelton October 2, 2017

SUMMERVILLE, S.C. — Thorne Research Inc. has broken ground on a new 272,000-square-foot manufacturing facility in Summerville, located 25 miles northwest of Charleston. The health and wellness technology company manufactures proprietary nutritional supplement products distributed through professional medical, athletic and consumer channels. The new facility will bring 330 jobs to the Summerville area and serve as Thorne Research’s corporate headquarters. Located on 26 acres within the Omni Industrial Campus, the facility is expected to be fully operational by mid-2018.

October 2, 2017

Office Southeast Virginia

KLNB Brokers $8.3M Sale of Office Building in Metro D.C.

by Camren Skelton October 2, 2017

ALEXANDRIA, VA. — KLNB LLC has brokered the $8.3 million sale of 5904 Richmond Highway, a 78,000-square-foot office building in the Washington, D.C., suburb of Alexandria. Joshua Simon of KLNB represented the buyer, a joint venture between Rock Creek Property Group and Avanti Holdings Group LLC. Simon will also handle the building’s leasing assignment. The newly renovated property is located within walking distance to Huntington Metro Station and Mount Vernon Trail. Suites within the building range in size from 1,800 to 15,780 square feet. At the time of sale, 5904 Richmond Highway was 65 percent leased, with five office suites available to lease.

October 2, 2017

North Carolina Retail Southeast

Baceline Acquires Shopping Center in Charlotte for $5.1M

by Camren Skelton October 2, 2017

CHARLOTTE, N.C. — Baceline Investments Inc. has acquired Galleria Village, a 34,690-square-foot shopping center in Charlotte. The Denver-based company purchased the asset from an affiliate of Cohen Equities for $5.1 million. Located at the intersection of Galleria Boulevard and Sardis Road in southeast Charlotte, Galleria Village was 83 percent leased at the time of sale. The acquisition marks Baceline’s first property in North Carolina and brings the company’s portfolio to 13 properties with a total value of $96 million.

October 2, 2017

Hospitality Kentucky Southeast

Huff, Niehaus & Associates Arranges $4.4M Sale of Hampton Inn in Horse Cave, Kentucky

by Camren Skelton October 2, 2017

HORSE CAVE, KY. — Huff, Niehaus & Associates, a member of Hotel Brokers International, has arranged the $4.4 million sale of a Hampton Inn in Horse Cave. The Louisville-based company arranged the transaction on behalf of the seller, Dhami, Sohal & Sehgal Properties LLC. The 101-room hotel was sold in conjunction with a Ten-X auction to an undisclosed buyer. The new owner will rebrand the property and operate it as a newly flagged Holiday Inn Express, after undergoing a “Formula Blue” renovation. The Holiday Inn Express design prototype was launched in 2014 as a standard for Holiday Inn Express hotels. The prototype conversion focuses on implementing open, linear common spaces, brightly colored accent pieces and smart, efficient furniture and other essentials.

October 2, 2017

Florida Industrial Market Reports Southeast Southeast Market Reports

Orlando’s Industrial Market Finally Reaches Maturity as Demand Outstrips Supply

by John Nelson October 2, 2017

Orlando’s industrial market is coming into its own. As high-profile users such as Amazon, Samsung and Best Buy continue to enter the market, major brands are taking a fresh approach to Central Florida’s logistical advantages, and an increased number of national REITs are combing the area for any opportunity they can uncover. Despite an unprecedented boom of speculative industrial building, demand continues to outpace supply. In the industrial sphere, Orlando has become the juggernaut of Florida. This growth has been fueled by a number of overlapping factors. Tourism has always been a huge driver for Orlando’s industrial sector. Disney World remains North America’s most-visited theme park. The convention business is thriving and Port Canaveral is one of the top cruise industry ports in the world, attracting some of the largest ships. Now, the area’s tech industry is taking off as well. The $75 million, 100,000-square-foot manufacturing research center, BRIDG — just delivered in Osceola County — will be a catalyst for further growth in high-tech manufacturing and research. Add to this the second fastest rate of population growth in the nation, and the city once known primarily as Florida’s tourist mecca is primed for commercial expansion. On the national level, …

October 2, 2017

Florida Multifamily Southeast

Melo Group Tops Off Transit-Oriented Apartment Towers in Downtown Miami

by Camren Skelton September 29, 2017

MIAMI — Melo Group has completed vertical construction on Square Station, a transit-oriented development that will include two 34-story towers located at 1424 N.E. Miami Place in downtown Miami. The 710-unit apartment development will feature market-rate rental apartments and 15,000 square feet of ground-floor retail and restaurant space, as well as access to the Metromover, Metrorail and Miami Trolley. Square Station will include one- to three-bedroom units ranging in size from 900 to 1,500 square feet, with rental rates ranging from $1,650 to $2,500 per month. Individual units will features granite countertops, stainless steel appliances, wood floors and large balconies. Community amenities will include a swimming pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room. Apartments are open for preleasing and slated for completion in the first quarter of 2018. Square Station marks the first phase of Melo Group’s three-phase multifamily development to boost transit-oriented residential options in downtown Miami. The second phase, known as Art Plaza, will comprise two 36-story towers located next door to Square Station with a total of 667 residential units and roughly 15,000 square feet of retail space. The final phase of the project, Miami Plaza, will be designed as a …

September 29, 2017

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