Southeast

TWO Capital Breaks Ground on 312-Unit Multifamily Asset in Metro Charlotte

by Camren Skelton September 29, 2017

INDIAN LAND, S.C. — TWO Capital Partners has broken ground on Capital Club at Indian Land, a 312-unit apartment community in Indian Land, approximately 20 miles south of Charlotte. TWO Capital’s financial partner, Patterson Real Estate Advisory Group, arranged a preferred equity investment from RSE Capital Partners, as well as a construction loan from Texas Capital Bank NA and HomeTrust Bank. Capital Club at Indian Land is located at the intersection of Highway 521 and Fort Mill Highway. Community amenities will include an outdoor amphitheater, saltwater pools with cabanas, outdoor kitchens, virtual golf room, dog park, fitness center and shared workspaces. The project, which marks TWO’s second multifamily development in the Charlotte area, is slated for completion at the end of 2018.

September 29, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.3M Sale of Multifamily Asset Near Daytona Beach

by Camren Skelton September 29, 2017

PORT ORANGE, FLA. — Cushman & Wakefield has arranged the $30.3 million sale of Ocean Oaks Apartments, a 296-unit multifamily community located at 1645 Dunlawton Ave. in Port Orange, roughly six miles south of Daytona Beach. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the transaction. A joint venture between ApexOne Investment Partners and The Collier Cos. acquired the asset. Constructed in 1988, Ocean Oaks Apartments comprises 37 buildings with a mix of one- and two-bedroom units. The average unit is 903 square feet, with rents averaging $948 at the time of sale. Community amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

September 29, 2017

North Carolina Office Retail Southeast

NAI Piedmont Triad Brokers $12M Sale of Office, Retail Buildings in North Carolina

by Camren Skelton September 29, 2017

GREENSBORO, N.C. — NAI Piedmont Triad has arranged the $12 million sale of two commercial buildings located at 333 N. Greene St. and 327 Battleground Ave. in downtown Greensboro. Robin Tyler and Beau McIntosh of NAI Piedmont Triad arranged the transaction on behalf of the seller, Greensboro-based Johnston Properties Inc. Whit Brown of NAI Carolantic represented the buyer, Raleigh, N.C.-based Greene Street Holdings LLC. Constructed in 2000, 333 N. Greene Street features 68,000 square feet of office space and was fully leased at the time of sale. 327 Battleground Avenue is a converted retail building that was also fully leased at the time of sale to tenants including The Undercurrent Restaurant.

September 29, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Two Multifamily Properties in Metro Atlanta

by Camren Skelton September 29, 2017

SANDY SPRINGS, GA. — CBRE has arranged the sale of two adjacent multifamily properties in Sandy Springs: The Falls at Sandy Springs and The Mosaic at Sandy Springs. Both properties are located roughly 16 miles north of Atlanta. Kevin Geiger of CBRE represented the sellers, The Family Office and Titan Real Estate Investment Group, in the transaction. Covenant Capital Group LLC purchased the assets for an undisclosed price. Located at 5555 Roswell Road, The Falls at Sandy Springs includes 309 units and was 92 percent occupied at the time of sale. Community amenities include a business center, pool, fitness center, dog park and a picnic area with grills. Located at 5675 Roswell Road N.E., The Mosaic at Sandy Springs includes 505 units and was 96 percent occupied at the time of sale. The community features a lounge, fitness center, pool, tennis court and a playground.

September 29, 2017

District of Columbia Mixed-Use Southeast Top Stories

Madison Marquette, PN Hoffman to Open Phase I of $2.3B Mixed-Use Project in Washington, D.C.

by Kristin Harlow September 29, 2017

WASHINGTON, D.C. — Co-developers Madison Marquette and PN Hoffman will open The Wharf on Oct. 12 in Washington, D.C. Phase I of the $2.3 billion project will deliver two office buildings, two apartment towers, two luxury condominium buildings and three hotels, as well as restaurants and retail space. The Wharf is a mixed-use waterfront community that stretches across 24 acres of land and more than 50 acres of water. The development features 3.5 million square feet of new residential, office, hotel, retail, marina and public uses including waterfront parks, promenades, piers and docks. Madison Marquette and PN Hoffman broke ground on the project in March 2014. Phase II construction will begin in the coming months, with delivery scheduled for 2021. Four entertainment piers extend into the Potomac River, one of which will be used as an ice rink in the winter. The Transit Pier will accommodate water taxis. Anthem, a 6,000-seat concert hall, will open with a launch concert by the Foo Fighters. David Rockwell designed the interiors of the venue. Washington, D.C.-based Madison Marquette is a private real estate investment manager, developer, operator and service provider. PN Hoffman is a real estate developer also based in D.C. — Kristin …

September 29, 2017

Georgia Industrial Southeast

Nestlé Purina to Build $320M Manufacturing Facility in Northeast Georgia

by Camren Skelton September 28, 2017

HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to deliver a $320 million manufacturing facility and distribution center in Hartwell, a city in northeast Georgia. Purina, a global producer of pet products, currently employs more than 8,000 individuals in the U.S., including an existing factory southwest of Atlanta in Fairburn. The Hartwell site will be the company’s first new U.S. factory in 20 years and will create up to 240 jobs over the next five years. Joshua Stephens of the Georgia Department of Economic Development represented the organization’s Global Commerce division throughout the project. Stephens worked in collaboration with the Hart County Industrial Development Authority and Georgia Power. Nestle Purina’s distribution center operations are expected to begin in 2018, with production to follow in 2019. Leading Purina brands include Purina ONE, Dog Chow, Friskies, Tidy Cats and Pro Plan.

September 28, 2017

North Carolina Retail Southeast

The Shopping Center Group Unveils Retail Tenants for $53M Adaptive Reuse Project in Charlotte

by Camren Skelton September 28, 2017

CHARLOTTE, N.C. — The Shopping Center Group has unveiled the tenant lineup for the retail portion of One305 Central, a $53 million adaptive reuse development located approximately one mile northeast of Charlotte’s Uptown district. The developer, TriBridge Residential, has selected The Shopping Center Group to be the exclusive leasing representative for the retail portion of the project. The new tenants include: Yafo Kitchen, a fast-casual Mediterranean restaurant that will occupy 3,500 square feet; TRUE Crafted Hospitality Group, a fast-casual concept that will occupy 4,200 square feet and feature traditional diner fare; and Pilot Brewing Co., a local nano-brewery specializing in small-batch, experimental beer. Pilot Brewing’s nearly 1,900-square-foot space will include a tasting room. The retailers are expected to open next spring. In addition to retail, One305 Central includes 281 residential units. The first phase of the residential portion is 95 percent preleased and 85 percent occupied, and the second phase is slated for completion in October. The commercial building was originally built in the 1960s and 70s. Hood Architecture designed the updated commercial space, and Roper Construction served as the general contractor. TriBridge originally acquired the five-acre site in 2014 for $7.8 million.

September 28, 2017

Florida Industrial Southeast

JLL Brokers $22.5M Sale of Industrial Portfolio in Tampa

by Camren Skelton September 28, 2017

TAMPA, FLA. — JLL has brokered the $22.5 million sale of a 334,279-square-foot industrial portfolio located at 5802-5912 Breckenridge Parkway within Breckenridge Park in Tampa. John Dunphy, Ryan Vaught and Robyn Hurrell of JLL represented the seller, Triangle Capital Group, in the transaction. MLG Capital acquired the asset. The 51-acre Breckenridge Park is located at the intersection of Highway 301 and Interstate 4 and is home to tenants including Swagelok, Rosetta Technologies and Audio Fidelity Holdings. The property features a garden, ample parking, on-site property management and grade-level and dock-high loading options.

September 28, 2017

Alabama Loans Multifamily Southeast Tennessee

KeyBank Arranges $32.5M for Refinancing of Two Apartment Communities in Tennessee, Alabama

by Camren Skelton September 28, 2017

CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.

September 28, 2017

Florida Loans Multifamily Southeast

Hunt Mortgage Closes $15.2M in Acquisition Financing for Multifamily Portfolio in Boca Raton

by Camren Skelton September 28, 2017

BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.

September 28, 2017

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