Southeast

TSCG Arranges $6M Sale of Shopping Center in Central Florida

by Camren Skelton April 2, 2018

WINTER HAVEN, FLA. — The Shopping Center Group (TSCG) has arranged the $6 million sale of Chain O’Lakes Plaza, a 91,160-square-foot shopping center located at the intersection of U.S. Highway 17 and Avenue O S.W. in Winter Haven, a city in Central Florida roughly 45 miles south of Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Tyler Freeman of TSCG arranged the transaction on behalf of the seller, an affiliate of Kimco Realty Corp. An undisclosed, Tampa-based investor acquired the asset. At the time of sale, the property was 97 percent leased to tenants such as Big Lots, Family Dollar, Jo-Ann Fabrics, Rainbow Shops and Dunkin’ Donuts/Baskin Robbins. Save-A-Lot shadow-anchors the center, which also includes a one-acre, undeveloped outparcel along U.S. Highway 17.

April 2, 2018

Acquisitions Georgia Multifamily Southeast Student Housing

Waypoint Acquires 194-Bed Student Housing Community Near Mercer University in Macon, Georgia

by Camren Skelton April 2, 2018

MACON, GA. — Waypoint Residential has acquired The Lofts at College Hill, a 194-bed student housing community located one mile from Mercer University in Macon. Other terms of the transaction were not disclosed. The community was built in 2015 and is currently the only off-campus, purpose-built student housing property that serves the university. The Lofts at College Hill features a billiards room, grilling patio, rooftop terrace, fitness center, yoga studio and a coffee bar. In addition, the community features 12,000 square feet of ground-floor retail. The transaction marks Waypoint’s 13th student hosing acquisition since entering the sector in 2016.

April 2, 2018

Market Reports Maryland Office Southeast Southeast Market Reports

Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

by John Nelson April 2, 2018

It is a simple formula: No metropolitan region can achieve extended economic growth without a healthy job market that is sustainable over the long-term. The greater Baltimore region has been able to accomplish just that — especially over the past two years, starting when a new governor was installed in Maryland. The State of Maryland’s rallying cry “We’re open for business” is putting its money where its mouth is with the generation of more than 135,000 new jobs since the start of 2015, and the state unemployment rate dipping to 3.8 percent, which makes it substantially lower than the national average of 4.4 percent. As an official with the Maryland Department of Commerce so accurately stated at our company’s year-end market update, Baltimore is known for having three famous birds: the Ravens, Orioles and — with all the construction underway — cranes. Momentum has been achieved with the continued distancing of the state’s previous “business unfriendly” reputation, the influx of institutional money targeting the region, its immediate proximity to the Nation’s Capital, a highly educated labor base and a diverse business economy led by the medical, high-technology and educational institution sectors. And, the most telling barometer of all is where …

April 2, 2018

Acquisitions Georgia Multifamily Property Type Southeast

Greystone Brown Brokers $58.3M Sale of Apartment Community in Metro Atlanta’s Vinings District

by Camren Skelton March 30, 2018

VININGS, GA. — Greystone Brown Real Estate Advisors has arranged the $58.3 million sale of Stone Ridge at Vinings, a 440-unit apartment community in Vinings, roughly 11 miles north of downtown Atlanta. Barden Brown, Cory Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown arranged the transaction on behalf of both the seller, Florida-based Ventron Management LLC, and the buyer, New York-based Broadtree Residential. Stone Ridge at Vinings features a fitness center, pool, playground, tennis court and hiking and biking trails. Greystone Brown Real Estate Advisors is a joint venture formed in 2016 between Greystone and Brown Realty Advisors.

March 30, 2018

Acquisitions Florida Property Type Retail Southeast

GBT Realty Acquires 243,000 SF Shopping Center in Tallahassee for $25.5M

by Camren Skelton March 30, 2018

TALLAHASSEE, FLA. — GBT Realty Corp. has acquired Governor’s Marketplace, a 243,000-square-foot shopping center located on Governor’s Square Boulevard in Tallahassee, for $25.5 million. Bill Fishel and Matthew Stewart of HFF arranged acquisition financing through MidCap Financial on behalf of GBT Realty, which acquired the property from Retail Properties of America Inc. (RPAI). Governor’s Marketplace was 97 percent leased at the time of sale to tenants such as Carter’s, Five Below, Marshall’s, Michaels, Bed Bath & Beyond, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center’s newest tenant is Urban Air, a family entertainment center with an indoor trampoline park that backfilled a former Sports Authority.

March 30, 2018

Affordable Housing Florida Loans Multifamily Property Type Southeast

Dougherty Mortgage Provides $22.7M HUD Loan for Affordable Housing Community in South Florida

by Camren Skelton March 30, 2018

PUNTA GORDA, FLA. — Dougherty Mortgage LLC has provided a $22.7 million loan for the acquisition and rehabilitation of Seven Palms Apartments, a 336-unit affordable housing community in Punta Gorda. The 35-year loan was arranged on behalf of the borrower, Punta Gorda Leased Housing Associates II LLP, through the United States Department of Housing and Urban Development (HUD) 223(f) program. The loan features a 35-year amortization schedule. The community was developed in 2002 utilizing low-income housing tax credits (LIHTC) and tax-exempt bonds, and is reserved for families and individuals earning 60 percent or less of the area median income (AMI). In addition, there are 51 units restricted to those earning 33 percent or less of the AMI. These restrictions will be extended for a 15-year compliance period and a 15-year extended use period as part of the transaction. Seven Palms Apartments includes a mix of one- to three-bedroom units and features a swimming pool, tennis court, playground, clubhouse, business center, picnic area, car care center, storage room and a fitness center. The borrower will invest $7.9 million to renovate the property.

March 30, 2018

Development Healthcare Office Southeast Virginia

Washington Property Breaks Ground on 67,000 SF Medical Office Building in Metro D.C.

by Camren Skelton March 30, 2018

DULLES, VA. — Washington Property Co. (WPC) has started construction on Stone Ridge Medical Center, a 67,000-square-foot medical office building in Dulles, roughly 30 miles west of Washington, D.C. The three-story building is currently preleased to three tenants: Virginia Pediatric Group, which will occupy 4,500 square feet; Jackson Clinics, which will occupy 3,000 square feet; and Royal Care Pharmacy, which will occupy 1,500 square feet. Total project costs for the development, including land acquisition, are $21 million. Stone Ridge Medical Center will be located across the street from the recently opened HCA StoneSprings Medical Center hospital. The building is expected to open by the end of the year.

March 30, 2018

Acquisitions Florida Multifamily Property Type Southeast

American Landmark Purchases 216-Unit Multifamily Community in Tampa

by Camren Skelton March 30, 2018

TAMPA, FLA. — American Landmark has acquired Waters Edge, a 216-unit apartment community located at 7610 W. Waters Ave. in Tampa. The name of the seller and the sales price were not disclosed. American Landmark plans to invest $1.5 million in capital improvements, and will rename the property WestEnd at 76Ten. The community was originally constructed in 1985 and features a business center, fitness center, swimming pool, tennis court, racquetball/basketball court, dog park, laundry facility and a car care center. Planned interior upgrades include plank wood flooring, resurfaced countertops, contemporary cabinet faces and hardware and lighting upgrades. Exterior upgrades will include updated clubhouse amenities, fitness center upgrades, landscape enhancement, new pool furniture, a package locker system and community signage. The property was 96 percent occupied at the time of sale.

March 30, 2018

Acquisitions Multifamily North Carolina Property Type Southeast

FCP Acquires 574-Unit Multifamily Community in Charlotte for $60.8M

by Camren Skelton March 29, 2018

CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired The Reserve at Providence, a 574-unit apartment community in Charlotte. The Charlotte Observer reports the Maryland-based firm acquired the property for $60.8 million. Marc Robinson of Cushman & Wakefield represented the undisclosed seller in the transaction, while Michael Ryan of Cushman & Wakefield provided debt advisory services to FCP. The Reserve at Providence includes a mix of one- to four-bedroom floor plans and features a clubhouse, playground, dog park, picnic area with grills, multi-sport court and three swimming pools. FCP plans to build a new clubhouse and convert the current facility into a fitness and amenity center. The company will invest in additional improvements to the buildings and amenity areas.

March 29, 2018

Affordable Housing Development Florida Multifamily Property Type Southeast

Carrfour, Green Mills Deliver $30M, Veteran-Focused Affordable Housing Development in Miami

by Camren Skelton March 29, 2018

MIAMI — Carrfour Supportive Housing, in conjunction with Green Mills Group, has opened Karis Village, a $30 million affordable housing community located at 11885 S.W. 216th St. in Miami’s Goulds neighborhood. Karis Village includes 88 units, 74 of which are reserved for tenants earning 60 percent or less of the area median income (AMI). The remaining 14 units are reserved for those earning 33 percent or less of the AMI. In addition, approximately half of the community’s units are set aside for at-risk veterans transitioning from homelessness. Karis Village includes studio to two-bedroom units and features a children’s playground, library, computer lab, fitness center and an outdoor barbecue and patio area. The community is also certified by the Florida Green Building Coalition and is equipped with solar panels, low VOC paint, low-flow bathroom fixtures and Energy Star-certified appliances. Trinity Empowerment Consortium, a HUD-affiliated agency that provides pre- and post- homebuyer education and financial literacy education, will occupy 3,000 square feet on the ground floor of the community for its Miami headquarters. Crossroads Management Inc., the property management subsidiary of Carrfour Supportive Housing, will manage the property. Capital One Bank provided $8.5 million in construction financing for the project, while Florida Housing …

March 29, 2018

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