SANFORD, FLA. — KeyBank Real Estate Capital has secured a $10.1 million Fannie Mae Loan for Dalton Place Apartments, a 172-unit multifamily community in Sanford, a city in Central Florida. Hayley Suminski of KeyBank arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Proceeds of the loan were used to refinance existing debt. Constructed in 1985, Dalton Place features a swimming pool, playground, tennis court and a picnic area.
CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …
Anxiety and hand-wringing about the future of retail were evident at this year’s ICSC RECon event, as developers, retailers and restaurant operators continue trying to make sense of the persistent march of online buying, while also looking to inject new enthusiasm into the bricks-and-mortar shopping experience. In the greater Baltimore metropolitan region, we are experiencing many of same issues as the balance of the country. But, like always, we believe this region has several built-in advantages that will continue to buoy the retail environment, including a diversified business climate, proximity to Washington, D.C., and presence of defense contractors. While “caution ahead” signs seem to be lurking around every corner, there are numerous developments in Baltimore that are screaming “full steam ahead.” Darwinism is in full effect locally, as shopping centers embedded within planned-unit developments or retail destinations offering e-commerce-resistant experiences are the venues with the brightest futures. The developers and retailers that are willing to accept and adapt to changing trends, such as millennials’ preference for experiences rather than ownership, are the entities that will be left standing after this latest seismic shift. Here is a quick look around the Baltimore area landscape, with a focus on the various starts …
NORTH MYRTLE BEACH, S.C. AND HUNTERSVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed $67 million in financing for two multifamily properties in the Carolinas: Summer Chase Apartments in North Myrtle Beach and Brookson Resident Flats in Huntersville. Cooper Willis of Bellwether Enterprise arranged the $31.8 million acquisition loan through New York Life for Brookson Resident Flats on behalf of the borrower/buyer, Carter Haston Real Estate Services. Todd Johnson of Bellwether arranged $16 million in joint venture equity for the asset. Delivered earlier this year, the 296-unit apartment community is located roughly 15 miles from Charlotte and features a swimming pool, athletic club, bike sharing services and garages. Ridge Stafford of Bellwether arranged a $12.8 million Fannie Mae acquisition loan for Summer Chase Apartments on behalf of the borrower/buyer, MACC Partners. Todd Johnson arranged $3.6 million in joint venture equity. Constructed in 2000, the 168-unit community features a swimming pool, fitness center, laundry facilities, playground and a grilling area.
ATLANTA — PRP LLC and GFH have sold Ansley at Princeton Lakes, a 306-unit apartment community in Atlanta, for $43.5 million. The asset was owned in a joint venture comprising one of PRP’s private equity funds and GFH, a Bahrain-based investment company. Washington, D.C.-based PRP and its partner originally built the property in 2009 and invested $35.2 million in capital improvements in 2014. Located roughly three miles west of Hartsfield-Jackson Atlanta International Airport, Ansley at Princeton Lakes includes 19 three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, grill stations, fitness center, hammock garden and a sports lounge with billiards. The buyer was not disclosed.
OPELIKA, ALA. — HDA Architects has announced that the construction of a 72,000-square-distribution center for Adams Beverages Inc. in Opelika is now complete. The building design utilizes brick, cast stone, tilt-up concrete and reclaimed wood. Adams Beverages is a full-service beer and non-alcoholic beverage distributor and a family-owned Anheuser-Busch wholesaler. HDA has designed over 150 beverage distribution centers nationwide with a team of six St. Louis-based companies: Gabriel Project Management, Murphy Co., Kasier Electric, Grimes Consulting, Color-Art and Alper Audi. McShane Construction Co. provided construction services for the project, which features a cold storage component.
DULUTH, GA. — Miami-based IG3 Real Estate has purchased Sugarloaf Business Center, a 113,016-square-foot office complex in Duluth, for $13.5 million. The property is situated on 14 acres at 1845-1855 Satellite Blvd., roughly 30 miles north of Atlanta in Gwinnett County. Mariano Perez of Grandbridge Real Estate Capital arranged an $8.4 million acquisition loan through MidFirst Bank on behalf of IG3. Tony Swann and Craig Taylor of CBRE represented the seller, California-based Islandia Sugarwood LLC, in the sales transaction. The complex comprises two single-story office buildings constructed in 1999 and 2001. At the time of sale, Sugarloaf Business Center was 98 percent triple-net-leased to tenants including Credit Union Service Corp., Emory Clinic, Hire Dynamics, United HealthCare Services Inc. and USASF Servicing.
DUNWOODY, GA. — Marcus & Millichap has arranged the $8.6 million sale of a three-tenant retail property located near Perimeter Mall in the Atlanta suburb of Dunwoody. At the time of sale, the 10,350-square-foot property was leased to Corner Bakery Café and Sleep Number. Tim Giambrone of Marcus & Millichap represented the seller, an Atlanta-based limited liability company, and the buyer, a Santa Monica, Calif.-based private investor.
BALTIMORE — Natixis has served as lead arranger for a $125 million senior loan for the construction of an 800,000-square-foot mixed-use property in Baltimore. Natixis, M&T and CIT are providing the capital. In addition, HFF arranged $44 million in mezzanine financing through Bridge Investment Group Holdings. The HFF debt placement team representing the borrower included Mark Remington, Brian Crivella and Drake Greer. Madison Marquette is developing the property, which is named One Light Street. The building will be 28 stories tall and feature 280 apartment units. The Class A property will also feature 252,243 square feet of office space, over 5,000 square feet of street-level retail and 646 parking spaces. M&T Bank is the lead tenant. The property is located near to the Inner Harbor, the Baltimore Ravens M&T Bank Stadium and Oriole Park at Camden Yards. “Downtown Baltimore is undergoing major urban renewal, from renovations of older buildings by local real estate investors to billion-dollar development projects by direct users like universities and corporations,” says Greg Murphy, head of Natixis Real Estate Finance Americas. “One Light Street will further add to downtown’s revitalization.” Madison Marquette is a real estate investment manager, developer, operator and service provider headquartered in Washington, D.C. …
ATLANTA — By offering paid internships, educational programs, community events and flexible hours, seniors housing leaders hope to combat the well-documented labor shortage and entice younger workers. There simply aren’t enough employees to keep up with the pace of development, and the industry is plagued by high turnover rates as well. That’s according to speakers during an operations update at InterFace Seniors Housing Southeast on Aug. 23 in Atlanta. The conference, held at the Westin Buckhead in Atlanta, attracted over 400 industry professionals. Lisa Welshhons, senior vice president of human resources company Aureon, noted the distinct gap between the number of workers needed and actual employees working. As moderator, she asked the panel of operators how the labor shortage is changing the way they are staffing their communities, as well as recruiting and retention strategies. “We’re often asked by our peers and partners what number of communities is our goal, but it’s not about a number of communities. It’s really about continuing to develop as long as we’re able to attract the best-in-class employees,” said Sarabeth Hanson, COO at Harbor Retirement Associates, a regional senior living development and management company in Vero Beach, Fla. Already a concern, the demand for new …
