Southeast

Cushman & Wakefield Brokers $17.4M Sale of Apartment Community in Metro Charlotte

by Camren Skelton March 29, 2018

ROCK HILL, S.C. — Cushman & Wakefield has brokered the $17.4 million sale of Cushendall Commons, a 168-unit multifamily community located in Rock Hill, a South Carolina suburb of Charlotte. Watson Bryant, Paul Marley and Jordan McCarley of Cushman & Wakefield arranged the transaction on behalf of the seller, Hamilton Point Investments LLC. Triangle Real Estate of Gastonia Inc. acquired the asset. Cushendall Commons offers a mix of one- to three-bedroom floor plans with walk-in closets and private balconies. Community amenities include a resort-style pool, fitness center and a business center.

March 29, 2018

Development Georgia Industrial Property Type Southeast

McCraney Acquires 44.3 Acres in Metro Atlanta, Plans 612,572 SF Industrial Park

by Camren Skelton March 29, 2018

BUFORD, GA. — McCraney Property Co. has acquired 44.3 acres in metro Atlanta for the development of 985 Lanier Logistics, a 612,572-square-foot, speculative industrial project. Bilijack Bell of Wilson, Hull & Neal represented McCraney in the transaction, and Frank Simpson of The Simpson Co. of Georgia Inc. represented the seller, Northeast Georgia Health System Inc. The development site is located at the intersection of Georgia State Route 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. The industrial park will include three buildings: Building 100, totaling 209,252 square feet; Building 200, totaling 167,080 square feet; and Building 300, totaling 236,240 square feet. The facilities will feature 30- to 32-foot clear heights, 38 to 42 dock-high doors and a total of 160 tractor-trailer stalls. The park will target end-users requiring freight forwarding, third-party logistics and fulfillment needs.

March 29, 2018

Acquisitions Florida Multifamily Property Type Southeast Student Housing

Horizon Realty Buys 384-Bed Student Housing Community Near University of Central Florida

by Camren Skelton March 29, 2018

ORLANDO, FLA. — Horizon Realty Advisors has acquired The Quad, a 384-bed student housing community located two miles from the University of Central Florida in Orlando. The property offers fully furnished townhomes and features a resort-style pool, fitness center, clubhouse and a computer lab. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint Student Housing Investments represented the seller, an affiliate of Chance Partners LLC, in the transaction. Terms of the sale were not disclosed.

March 29, 2018

Features Georgia Hospitality Southeast

Strong Economy Propels Hotel Industry Forward, But Construction Lenders Remain Cautious

by Camren Skelton March 29, 2018

ATLANTA — Despite possible headwinds from Capitol Hill, the hospitality industry is poised for a healthy 2018. The combination of a strong economy, tax cuts and rising consumer confidence is boosting demand for hotels across the country. Meanwhile, lenders are tightening their purse strings when it comes to new development, leaving hoteliers confident that the industry is on solid footing. Those points were among the big takeaways stemming from two separate panel discussions held last Friday morning, March 23, during the Hunter Hotel Conference. The 30th annual event drew 1,700 attendees to the famed Atlanta Marriott Marquis hotel downtown designed by the late John C. Portman. In February, the unemployment rate remained unchanged at 4.1 percent, a 17-year low. The Consumer Confidence Index is at its highest level since 2000. “Domestically, things are great,” said Chip Rogers, president and CEO of the Asian American Hotel Owners Association (AAHOA). “This past holiday season was the most traveled holiday season on record.” Rogers said some credit goes to the low cost of gasoline. The price per gallon has been under $3 for four consecutive years, he pointed out. “You can see a direct relationship between how willing people are to travel and the …

March 29, 2018

Florida Loans Property Type Retail Southeast

Aztec Arranges $80.5M Construction Loan for Walmart, Home Depot-Anchored Project in Northeast Florida

by Camren Skelton March 28, 2018

ST. JOHNS, FLA. — Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, roughly 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019.

March 28, 2018

Civic Development Georgia Property Type Southeast

JE Dunn to Build $46M Research, Teaching Facility at Georgia Southern University

by Camren Skelton March 28, 2018

STATESBORO, GA. — JE Dunn Construction will soon break ground on a $46 million teaching and research facility for the engineering programs at Georgia Southern University in Statesboro. The new Center for Engineering and Research (CEAR) will centralize the various departments and multiple disciplines of the Allen E. Paulson College of Engineering and Computing, whose operations currently take place in three buildings. The 130,000-square-foot CEAR building will span three stories and will offer advanced equipment and technology, classrooms, seminar and conference rooms, computer labs and administrative offices. JE Dunn is serving as the project’s construction manger, and Stevens & Wilkinson/SmithGroupJJR is the architect. The development team will break ground on the CEAR building in January 2019, with completion scheduled for the 2020 fall semester.

March 28, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $25.3M Sale of Industrial Park in Jacksonville

by Camren Skelton March 28, 2018

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $25.3 million sale of Interstate South Commerce Center, a 260,272-square-foot industrial park located at 9440-9456 Phillips Highway in Jacksonville. Karl Johnson, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GCP-Interstate South LLC, an affiliate of Birmingham-based Graham Commercial Properties (GCP). Kissimmee Land Co. LLC, a Fort Family Investments partnership based in Jacksonville, acquired the asset. Interstate South Commerce Center includes six small-bay, rear-load, dock-high buildings that were developed between 1986 and 1989. At the time of sale, the property was 88.5 percent leased to 31 tenants, including Lennar, Honeywell, Dal-Tile and Lincare.

March 28, 2018

Florida Loans Multifamily Property Type Southeast

Hunt Provides $14.4M in Freddie Mac Financing for Multifamily Portfolio in Palm Beach County

by Camren Skelton March 28, 2018

NEW YORK CITY — New York-based Hunt Mortgage Group has provided $14.4 million in Freddie Mac financing for the acquisition of three multifamily properties in Palm Beach County. New Jersey-based-Typhon Realty Limited LLC was the borrower. Hunt provided a $4.1 million loan for the acquisition of Villas Santorini. The 28-unit community is located in Lake Worth and is part of a larger 34-unit condominium complex. Typhon plans to buy the remaining six units over the next 12 months. The current 28 units are operated as a rental apartment community. The property was built in 2007 and features a clubhouse, swimming pool, sundeck and a playground. Hunt also provided a $4.8 million loan for Whispering Winds Townhomes, a 32-unit community located in Greenacres. The property features a clubhouse, swimming pool and a playground. In Palm Springs, Hunt provided a $5.5 million loan for the acquisition of Charles Landing Townhomes, a 40-unit community that features garage parking and a children’s play area. Each of the five-year loans featured one year of interest-only payments and 30-year amortization schedules.

March 28, 2018

Arkansas Development Multifamily Seniors Housing Southeast

Abby Development Starts Construction of 92-Unit Seniors Housing Community Near Little Rock

by Camren Skelton March 28, 2018

CONWAY, ARK. — Abby Development has broken ground on Ridgemere, a 92-unit seniors housing community in the Little Rock suburb of Conway. Located on 14 acres, Ridgemere will offer independent living, assisted living and memory care units. The previously announced project was formerly known as Arabella of Conway. Independent living units will be split among 20 cottages offering a variety of floorplans averaging 1,485 square feet. Abby Development is a Dallas-based seniors housing developer, owner and operator. The company’s portfolio includes five communities in Texas, Louisiana and Arkansas.

March 28, 2018

Florida Georgia Industrial Loans Mississippi Southeast

Cushman & Wakefield Secures $108.6M Refinancing for 2.2 MSF Industrial Portfolio Across U.S.

by Camren Skelton March 27, 2018

ATLANTA — The Atlanta office of Cushman & Wakefield has secured the $108.6 million refinancing of a 2.2 million-square-foot, eight-property industrial portfolio located across the United States. Mike Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, Industrial Properties America III LLC, a joint venture between IDI Logistics and institutional investors advised by J.P. Morgan Asset Management. The portfolio includes 2124 Skyview Drive in Lithia Springs, Ga.; 11600 Miramar Parkway in Miramar, Fla.; 2501 S.W. 160th Ave. in Miramar; and 8425 Airways Blvd. in Southhaven, Miss. The other properties are located in Illinois, Ohio, Texas and California. At the time of sale, the portfolio was fully leased to 23 tenants.

March 27, 2018

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