Southeast

IPA Brokers $16.1M Sale of Industrial Portfolio in Tampa Bay Area

by Camren Skelton August 31, 2017

TAMPA AND ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.1 million sale of a two-property industrial portfolio in the Tampa Bay area — Airport Corporate Center, located at 6702-6712 Benjamin Road in Tampa, and Bay Tec Center, located at 2810-2880 Scherer Drive in St. Petersburg. Douglas Mandel of IPA arranged the transaction on behalf of the seller, Massachusetts-based Calare Properties. The IPA team also procured the buyer, California-based Avistone. The properties include 14 buildings totaling 231,867 square feet.

August 31, 2017

Retail Southeast Tennessee

Chase Properties Purchases 268,000 SF Retail Center in Jackson, Tennessee

by Camren Skelton August 31, 2017

JACKSON, TENN. — Chase Properties Ltd. has acquired The Columns, a 268,000-square-foot shopping center in Jackson. The shopping center is home to tenants including Ross Dress for Less, Best Buy, Old Navy, Marshalls and Bed Bath & Beyond. Kohl’s, Ulta Beauty, Dick’s Sporting Goods and Hobby Lobby shadow-anchor the property. Retail Properties of America Inc. sold the asset for an undisclosed price. Disney Investment Group brokered the sale. The transaction marks Beachwood, Ohio-based Chase Properties’ third acquisition in the past year.

August 31, 2017

Georgia Office Southeast

Redline Acquires 98,000 SF Office Building in Metro Atlanta

by Camren Skelton August 31, 2017

PEACHTREE CORNERS, GA. — Redline Property Partners has purchased 2 Sun Court, a 98,000-square-foot office building in Peachtree Corners, a city roughly 23 miles north of Atlanta. The sales price was not disclosed. MidCap Financial provided financing for the acquisition. Redline plans to rebrand and renovate the property, including developing additional amenity space on the property’s excess land. Grover Corlew will manage the property, and Matt Davis and Matt Fergus of Lincoln Property Co. will handle the leasing assignment. The acquisition marks Atlanta-based Redline’s first investment in its home market.

August 31, 2017

Georgia Multifamily Southeast

Atlanta Multifamily Developer Byron Cocke, Wife Catherine Die in Plane Crash

by John Nelson August 30, 2017

ATLANTA — Byron Cocke, co-CEO of Atlanta-based CF Real Estate Services, and his wife, Catherine Cocke, owner of design firm Catherine Cocke Interiors, were killed Monday morning when the small plane they were aboard crashed near Savannah. Byron, 42, and Catherine, 39, are survived by their five children, whom will be cared for by extended family members. The pilot, Randy Hunter, was also killed in the accident, according to The Atlanta Journal Constitution. The newspaper reports that the aircraft was a single-engine Beechcraft Bonanza, and that the National Transportation Safety Board is currently investigating the cause of the crash. “We are devastated by this tragic loss,” said Brett Finkelstein, co-CEO of CF Real Estate Services, in a statement issued by the company. “They were philanthropic, creative, intelligent, caring and entrepreneurial.” Before co-founding Cocke Finkelstein in 2004, Byron had worked as an investment and merchant banker with Burke Capital Group. He specialized in mergers and acquisitions in the financial services sector, with an expertise in community banks. Byron attended the University of Virginia and graduated with a bachelor’s degree in commerce, with concentrations in accounting and finance. Catherine was a prominent interior designer, with her 18-month renovation of the family’s midcentury …

August 30, 2017

Multifamily Retail Southeast Virginia

Morgan Properties Acquires Multifamily, Retail Portfolio in Metro D.C. for $509M

by Camren Skelton August 30, 2017

ALEXANDRIA, VA. — Morgan Properties has acquired the Mark Center portfolio, a multifamily and retail portfolio comprising 2,664 apartment units and a 63,320-square-foot retail center in Alexandria, for $509 million. Located in the Seminary Road submarket, the 150-acre Mark Center portfolio is roughly eight miles south of Washington, D.C. CBRE represented the undisclosed seller in the transaction. The Apartments at Mark Center include six adjacent garden-style communities: Hillwood, Stoneridge, Meadow Creek, Lynbrook, Brookdale and Willow Run. King of Prussia, Pa.-based Morgan Properties will consolidate the six assets into four apartment communities and invest approximately $35 million in capital improvements, including updated interiors and appliances and a new fitness center, business center, movie theater, club room, putting green and a dog park. The Shops at Mark Center is leased to tenants including CVS/pharmacy, Global Foods, Starbucks Coffee and SunTrust Bank. The Mark Center acquisition is Morgan Properties’ second largest transaction in the company’s history. With the acquisition, the company obtained the former owner’s right to maximize the allowable density of the center from 2.5 million square feet to 6.4 million square feet over the long-term.

August 30, 2017

Florida Loans Multifamily Southeast

JV Receives $110.3M in Construction Financing for Apartment Tower in Miami

by Camren Skelton August 30, 2017

MIAMI — A joint venture between institutional advisors advised by J.P. Morgan Asset Management and Magellan Development Group have received a $110.3 million construction loan for the development of Midtown 6, a 31-story apartment tower that will be located at 3101 N.E. 1st Ave. in Miami’s Midtown district. Danny Kaufman, Elliott Throne, Scott Wadler and Mike Tepedino of HFF secured the loan through PNC Bank and BMO Harris Bank on behalf of the borrowers. HFF also arranged construction financing on the borrower’s behalf for the development of the adjacent Midtown 5 tower in 2014. Designed by bKL Architecture, Midtown 6 will include 397,000 square feet of residential space and 40,000 square feet of ground-level retail space. Residential units will offer a mix of studio to three-bedroom floor plans averaging 890 square feet. Community amenities will include a fitness center, sport court, spa with sauna and steam room, swimming pool with cabanas and grilling areas, pool bar and a sky lounge. The project is intended to be LEED Silver-certified and is slated for completion in spring 2020.

August 30, 2017

Healthcare Southeast Tennessee

Erlanger Health Breaks Ground on $40M Children’s Hospital in Chattanooga

by Camren Skelton August 30, 2017

CHATTANOOGA, TENN. — Erlanger Health System has broken ground on a $40 million children’s hospital in Chattanooga. The new 50,000-square-foot facility will provide service to more than 1 million children in the Southeast and include centers for child psychology, physical therapy and hypertension, as well as a childhood healthy eating and active living center. Erlanger Health System is the seventh largest public hospital in the country. The new hospital will be partially funded through community donations.

August 30, 2017

Florida Multifamily Southeast

Lexerd Buys Multifamily Community in Tampa Bay Area for $38.7M

by Camren Skelton August 30, 2017

BRADENTON, FLA. — Lexerd Capital Management LLC has acquired Springs at Braden River, a 270-unit apartment community in Bradenton, a city roughly 50 miles south of Tampa. The sales price was not disclosed, but the Bradenton Herald reports Wisconsin-based Continental Properties sold the asset for $38.7 million. Lexerd, a New Jersey-based sponsor of private equity funds, renamed the property The Lory of Braden River. The property comprises 15 buildings on approximately 41 acres and features a swimming pool, dog park, picnic and grilling areas and bike storage.

August 30, 2017

North Carolina Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Center in Metro Raleigh

by Camren Skelton August 29, 2017

CARY, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot, Kroger-anchored shopping center in Cary, roughly 11 miles east of Raleigh. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.

August 29, 2017

District of Columbia Multifamily Southeast

Greysteel Brokers $34M Sale of Two-Property Multifamily Portfolio in D.C.

by Camren Skelton August 29, 2017

WASHINGTON, D.C. — Greysteel has arranged the $34 million sale of two apartment communities in the Capitol Hill neighborhood of Washington, D.C. — Capitol East Apartments, a 120-unit community located at 518 9th Street. N.E., and Lexington Apartments, a 48-unit property located at 816 E. Street N.E. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox and Herbert Schwat of Greysteel brokered the transaction. Akelius Residential, an international multifamily operator, acquired the properties from Pennsylvania-based Wexford Management. The communities are situated within walking distance to the U.S. Capitol, the Library of Congress and the House and Senate office buildings.

August 29, 2017

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