Southeast

New York Life, Dilweg Sell Three Office Buildings Totaling 634,487 SF in Metro Atlanta to Bridge

by Camren Skelton April 11, 2018

ALPHARETTA, GA. — A joint venture between New York Life Real Estate Investors and The Dilweg Cos. has sold Royal Centre II, III and IV in Alpharetta. Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC, acquired the assets, which total 634,487 square feet. The sales price was not disclosed, but the Atlanta Business Chronicle reports New York Life and Dilweg originally acquired the Royal Centre buildings in 2015 for $85.3 million. The buildings are located in the Royal 400 office park, roughly 26 miles north of Atlanta and less than two miles from Avalon, an 86-acre mixed-use development. Bridge plans to invest $12 million to further modernize the properties with the addition of collaborative work spaces, tenant amenity centers, upgrades to the fitness center, café and conference facilities, upgraded landscaping and new exterior common spaces. The properties, constructed between 1998 and 2000, were 85 percent leased at the time of sale.

April 11, 2018

Florida Loans Multifamily

Trillium Capital Arranges $21.6M Loan for New Multifamily Community in Titusville, Florida

by Camren Skelton April 11, 2018

TITUSVILLE, FLA. — Trillium Capital Resources (TCR) has arranged a $21.6 million loan for Solamere Grand, a 216-unit apartment community in Titusville. TCR arranged the 15-year, non-recourse, fixed-rate loan through Aegon Realty Advisors on behalf of the borrower, Solamere Grand LLC. The community was completed this month and features a clubhouse, business center, TV lounge, resort-style swimming pool, fitness center, sauna, playground, dog park and grilling stations.

April 11, 2018

Loans Multifamily Southeast Tennessee

CBRE Provides $18.1M HUD Refinancing for Apartment Community in Knoxville

by Camren Skelton April 11, 2018

KNOXVILLE, TENN. — CBRE Capital Markets has provided an $18.1 million loan through the U.S. Department of Housing and Urban Development (HUD) for the refinancing of The Villas of Emerald Woods, a 198-unit apartment community in Knoxville. Ann Cone and K.O. Kennedy of CBRE originated the 35-year loan on behalf of the borrower, The Williams Co. LLC. The Knoxville-based company developed the property in three phases between 2006 and 2009. The Villas of Emerald Woods features two- and three-bedroom, townhome-style apartments. Community amenities include a fitness center, tennis court, resort-style pool, hot tub and attached garages.

April 11, 2018

Acquisitions Office Southeast Virginia

Meridian Group Sells Majority Stake in Northern Virginia Office Complex to MetLife for $244M

by Camren Skelton April 10, 2018

TYSONS, VA. — The Meridian Group has secured MetLife Investment Management as a joint venture partner for Boro Station, a three-building office complex in Tysons. MetLife acquired a 95 percent stake in the property for $244 million, according to local media reports. Meridian will retain a minority interest and continue day-to-day property management. Boro Station serves as the gateway to The Boro, Meridian’s planned 4.2 million-square-foot mixed-use development that will feature office, retail, entertainment and open park space upon completion. Meridian acquired Boro Station from Science Applications International Corp. in 2013 and invested more than $60 million to renovate the property. Capital improvements included an upgraded lobby, improved fitness center, new entrance, new conference center and the addition of a two-story café and a Starbucks Coffee. The property features a 1,602-car parking garage and is located within walking distance to the Greensboro Metro station. Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue of Eastdil Secured arranged the transaction on behalf of Meridian.

April 10, 2018

Florida Loans Multifamily Southeast

KeyBank Provides $35.2M Fannie Mae Acquisition Loan for Apartment Community in Broward County

by Camren Skelton April 10, 2018

DANIA BEACH, FLA. — KeyBank Real Estate Capital has provided a $35.2 million Fannie Mae loan for the acquisition and rehabilitation of Sheridan Lake Club Apartments, a 240-unit multifamily community in Dania Beach. Timothy DeWispelaere of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae’s Green Rewards program. The name of the borrower was not disclosed, but local media outlets report American Landmark Properties acquired the property. Situated in South Florida’s Broward County, Sheridan Lake Club Apartments was built in 2001 and features a resort-style pool, 24-hour fitness center, business center, pet park and a playground.

April 10, 2018

Acquisitions Florida Industrial Southeast

Monmouth Acquires 399,440 SF Industrial Building in Daytona Beach for $30.8M

by Camren Skelton April 10, 2018

DAYTONA BEACH, FLA. — Monmouth Real Estate Investment Corp. has acquired a new industrial building located at 1341 N. Clyde Morris Blvd. in Daytona Beach for $30.8 million. The seller, VanTrust Real Estate, completed the 399,440-square-foot, build-to-suit facility for B. Braun Medical Inc. in 2017. The Pennsylvania-based medical device company manufactures, markets and sells healthcare products worldwide and is a subsidiary of B. Braun Melsungen AG, based in Germany. The property is net-leased to B. Braun for 10 years. The building is situated on 27.5 acres, roughly four miles from Daytona Beach International Airport and near Interstate 4.

April 10, 2018

Acquisitions Maryland Multifamily Southeast

Peak Management Buys Apartment Community Near Baltimore for $24.5M

by Camren Skelton April 10, 2018

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.

April 10, 2018

Acquisitions Georgia Industrial Southeast

Joint Venture Purchases 515,000 SF Industrial Portfolio in Atlanta’s West Midtown District

by Camren Skelton April 10, 2018

ATLANTA — Weaver Capital Partners and the Seng Co., in conjunction with their joint venture equity partner SilverCap Partners, has acquired a 515,000-square-foot industrial portfolio located along Seaboard Industrial Boulevard in Atlanta’s West Midtown district. Patterson Real Estate Advisory Group served as the joint venture’s capital advisor and arranged acquisition financing through CIBC Bank USA. The sales price and terms of the financing were not disclosed. The joint venture acquired the nine-building portfolio from Zep Inc., which formerly owned and occupied the entire property. Zep, a manufacturer of maintenance and cleaning solutions, will lease back 58,000 square feet in one of the buildings in order to consolidate its operations in Adairsville, Ga., roughly 60 miles northwest of Atlanta. The new ownership will continue to operate the portfolio as industrial space.

April 10, 2018

Development Office Southeast Virginia

Stihl to Open New $25M Administrative Facility in Virginia Beach

by Camren Skelton April 9, 2018

VIRGINIA BEACH, VA. — Stihl Inc., a Virginia Beach-based manufacturer of handheld outdoor power equipment, has celebrated the groundbreaking of its new $25 million, 80,000-square-foot office building in Virginia Beach. The company is the U.S. operations arm for German parent company Stihl Group. The property is located at the site of the company’s existing headquarters, which totals more than 1 million square feet. Hourigan Construction is the general contractor for the project, and HBA Architecture Interior Design is the lead architect. Creative Development Partners (CDP) is representing Stihl as the owner’s representative. The new administration space will include a Stihl museum and customer welcome center. In addition, the project will include improvements to an outdoor demonstration area for hands-on training, enhancements to the entry guardhouse and updates to traffic flow and security at the main gate. The expansion will replace the former 21,000-square-foot administration building, which was razed to make way for the new facility. The new building and other campus improvements are slated for completion in mid-2019.

April 9, 2018

Affordable Housing Development Florida Multifamily Southeast

Ability Housing Starts Construction on $27.4M Affordable Housing Community in Orlando

by Camren Skelton April 9, 2018

ORLANDO, FLA. — Ability Housing, in conjunction with the City of Orlando, has started construction of Village on Mercy, a 166-unit affordable housing project located along Mercy Drive in Orlando. The Florida Housing Finance Corp., Bank of America NA, Enterprise Community Investment Inc. and the Corporation for Supportive Housing (CSH) provided funding for the $27.4 million project. The community will be certified by the Florida Green Building Coalition and will feature a community center, playground, fitness trail and recreation space along Lake Lawne. All of the apartments will be reserved for residents earning 60 percent or less of the area median income (AMI), and half of the units will provide housing for formerly homeless individuals and families. Construction on the project is expected to last 18 months. Ebert Norman Brady Architects is the architect for Village on Mercy, and Sauer Inc. is the general contractor.

April 9, 2018

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