Southeast

Eyzenberg Arranges $22.6M Construction Loan for Retail Complex in Myrtle Beach

by Camren Skelton November 20, 2017

MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $22.6 million construction loan for the development of a 42,000-square-foot retail project located at 1410 N. Ocean Blvd. in Myrtle Beach. The three-story, oceanfront complex will include a live entertainment venue, restaurants and retail space. David Eyzenberg and Ao Sun of Eyzenberg & Co. arranged the non-recourse financing at 60 percent loan-to-cost through Gamma Real Estate. Tin Roof, a restaurant/entertainment operator, will occupy the third floor of the building with a 10,000-square-foot flagship location. The rooftop will include a covered, air-conditioned restaurant space, as well as an open-air terrace. Signed tenants on the ground floor include BurgerFi and General Store. Florida-based restaurant Papa’s Raw Bar is slated to take space on the first and second floors. The development is scheduled to open in April 2018.

November 20, 2017

Florida Industrial Southeast

Westmount Realty Capital Sells 332,250 SF Industrial Portfolio in Tampa

by Camren Skelton November 20, 2017

TAMPA, FLA. — Westmount Realty Capital LLC has sold a 332,250-square-foot, 14-building industrial portfolio located in Tampa’s Westside submarket. The sales price and seller were not disclosed. The portfolio includes six showroom and flex buildings on West Waters Avenue, two rear-load, dock-high buildings on Sunstate Street and six front-load, dock-high distribution warehouse buildings on Pioneer Park Boulevard. Westmount originally acquired the portfolio in 2013 and invested in exterior upgrades. The portfolio’s occupancy rates improved during Westmount’s ownership from 75 to 94.5 percent.

November 20, 2017

Retail Southeast Virginia

JLL Arranges Sale of 98,066 SF Shopping Center in Hampton Roads

by Camren Skelton November 20, 2017

HAMPTON, VA. — JLL has arranged the sale of Mercury Plaza, a 98,066-square-foot shopping center located at the intersection of West Mercury Boulevard and Power Plant Parkway in Hampton, roughly 10 miles southeast of Newport News in the Mid-Atlantic’s Hampton Roads region. Margaret Caldwell and Margaret Jones of JLL arranged the transaction on behalf of the seller, New York-based Olshan Properties. Atlanta-based Branch Properties acquired the property for an undisclosed price. Walmart Neighborhood Market and Marshalls anchor Mercury Plaza, and Burlington shadow-anchors the property. The center also includes five national tenant outparcels and additional development opportunities.

November 20, 2017

Affordable Housing Multifamily North Carolina Southeast

Woda Group Breaks Ground on Two Affordable Housing Projects in North Carolina

by Camren Skelton November 20, 2017

ROCKY MOUNT AND ZEBULON, N.C. — The Woda Group Inc. has broken ground on two multifamily communities in North Carolina: Ravenwood Crossing in Rocky Mount and Shepard Greene in Zebulon. The $9 million Rocky Mount development will include 80 affordable townhomes for seniors, families and single renters. Financing was provided through low income housing tax credits (LIHTC), loans allocated by the North Carolina Housing Finance Agency, the City of Rocky Mount, Community Affordable Housing Equity Corp. (CAHEC) and the Bank of Tennessee. Shepard Greene, a $6.4 million community in Zebulon, will include 50 affordable homes for seniors age 55 and over. Bank of America is providing equity for the project and a USDA Rural Development 538 loan will be implemented by Bellwether Enterprise. The project is also utilizing LIHTC and other state loans allocated by the North Carolina Housing Finance Agency.

November 20, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta’s Disciplined Retail Market Ready to Face Headwinds from REITs, Amazon

by John Nelson November 20, 2017

A decade ago, the Atlanta retail market was a house of cards. It was clear to see this if you were in the industry at the time, and possibly even if you weren’t. Based on the intense overbuilding that had taken place, it wouldn’t have taken a worldwide economic meltdown to wreck it, though that didn’t help. Literally hundreds of unanchored retail centers had cropped up all over suburbia, fitting directly into everything that people consider to be negative about shopping centers. The formula for developers was to scrape every tree from a piece of land, cover it with asphalt and an inexpensively constructed building, then fill it with whatever tenants they could find. The result was largely a glut of properties with poor intrinsic values: mid-block sites, odd shaped layouts, challenging access, uninspired, non-credit tenants with high rents. This would, of course, turn out to be unsustainable. To be fair, not every property was developed in this fashion. Atlanta was and still is home to many excellent retail developers that know how to create amazing projects. But many look back to the 2000s in Atlanta as a time of cookie cutter development with inexperienced builders playing a game of …

November 20, 2017

Georgia Multifamily Seniors Housing Southeast

Speak Life Management Breaks Ground on $73.7M Active Adult Community in Metro Atlanta

by Camren Skelton November 17, 2017

DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.

November 17, 2017

Multifamily North Carolina South Carolina Southeast

NAI Earle Furman Brokers $60M Sale of Two Multifamily Properties in Carolinas

by Camren Skelton November 17, 2017

SUMTER, S.C. AND JACKSONVILLE, N.C. — NAI Earle Furman has arranged the $60 million sale of two multifamily properties in the Carolinas: Piedmont Plantation in Sumter and Plantation at Jacksonville in Jacksonville. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman arranged the transactions on behalf of the seller, Greensboro, N.C.-based Berkley Hall Construction. Gastonia, N.C.-based Triangle Real Estate acquired both properties in separate transactions. Constructed in 2007, Piedmont Plantation includes 252 one-, two- and three-bedroom units. The Plantation at Jacksonville was constructed in 2014 and includes 360 one-, two- and three-bedroom units. Both properties feature a pool, fitness center, dog park, playground and a car care center. In addition, both properties were fully occupied at the time of sale.

November 17, 2017

Florida Office Southeast

CBRE Arranges $45.1M Sale of Six-Building Office Park in Tampa

by Camren Skelton November 17, 2017

TAMPA, FLA. — CBRE has arranged the $45.1 million sale of Tampa International Business Park, a six-building office park in Tampa’s Westshore submarket, roughly six miles north of Tampa International Airport. Dale Peterson, Zachary Eicholtz, Courtney Snell, Philip Weber and Hans Kaunath of CBRE arranged the transaction on behalf of the seller, TerraCap Management LLC. Real Estate Value Advisors LLC acquired the property. At the time of sale, the office park was 98 percent leased to tenants including WellCare, Gateway One Financial & Lending and MedHOK Health Care. The six buildings were constructed between 1980 and 1986 and renovated between 2014 and 2017. The property offers 1,816 parking spaces, accounting for a parking ratio of 5.61 spaces per 1,000 rentable square feet.

November 17, 2017

Industrial South Carolina Southeast

LRC Properties Acquires 1.1 MSF Industrial Asset in North Charleston for $42M

by Camren Skelton November 17, 2017

NORTH CHARLESTON, S.C. — LRC Properties has acquired Leeds Park, a 1.1 million-square-foot industrial complex located at 4500 Leeds Ave. in North Charleston, for $42 million. Dexter Rumsey, Shep Benjamin and Andie Edmonds of NAI Charleston arranged the transaction on behalf of LRC Properties. Amherst Capital Management provided debt financing for the acquisition and future renovations. The seller was not disclosed. Leeds Park is located on 72 acres off Interstate 526, near the Port of Charleston, Charleston International Airport and Boeing’s manufacturing facility. The center offers office, manufacturing and flex space and features a water treatment plant, air compressors, large electrical capacity, conditioned space and more than 1,200 parking spaces. At the time of sale, the property was 75 percent leased to tenants including MAHLE, American Axle & Manufacturing, Cumming, the Charleston Chamber of Commerce and Limestone College. LRC plans to invest approximately $15 million in infrastructure and aesthetic improvements, including a new façade on part of the building, added amenities and a new entrance, signage and landscaping. In addition, LRC will renovate roughly 40,000 to 50,000 square feet of office space to Class A standards and another 150,000 square feet of industrial space to create needed flex/industrial space. Interior …

November 17, 2017

Hospitality South Carolina Southeast

Chatham Lodging Trust Purchases Hotel in Metro Charleston for $20.2M

by Camren Skelton November 17, 2017

SUMMERVILLE, S.C. — Chatham Lodging Trust has acquired the 96-room Courtyard by Marriott Charleston Summerville for $20.2 million. The hotel, constructed in 2014, is located within Nexton, a mixed-use community under construction in Summerville, roughly 24 miles northwest of Charleston. Over the next decade, Nexton is projected to include approximately 10,000 homes, 8 million square feet of commercial space and a medical campus. Volvo’s new 2.3 million-square-foot facility will also be located near the development. In addition to the Marriott Charleston Summerville, Chatham Lodging Trust is under contract to acquire an adjacent hotel, the 96-room Residence Inn by Marriott, upon opening in the second quarter of 2018.

November 17, 2017

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