Southeast

Berkadia Closes $23.7M Green Freddie Mac Loan for Refinancing of Apartment Asset in Tampa Bay Area

by Camren Skelton January 2, 2018

ST. PETERSBURG, FLA. — Berkadia has closed a $23.7 million loan for the refinancing of Isles of Gateway, a 212-unit multifamily community in St. Petersburg. Mitch Stinberg, Brad Williamson and Matthew Robbins of Berkadia originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Freddie Mac’s Green Advantage program on behalf of the borrower, a joint venture between Rosehill Group and GPC Truss. The Green Up program allowed the borrower to reduce the interest rate by 25 basis points. Constructed in 1987, Isles of Gateway offers one- to three-bedroom units and features a fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts.

January 2, 2018

Hospitality Louisiana Southeast

Marcus & Millichap Arranges $4.6M Sale of Hotel Near Baton Rouge

by Camren Skelton January 2, 2018

WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.

January 2, 2018

Georgia Southeast Top Stories

John Portman, Renowned Atlanta Architect, Dies at 93

by Camren Skelton January 2, 2018

ATLANTA — John Portman, the architect and developer who revolutionized hotel design and shaped the skylines of Atlanta and cities abroad, died Friday, Dec. 29 at the age of 93. Portman was the founder and chairman of Atlanta-based real estate development firm Portman Holdings LLC, and architectural and engineering firm John Portman & Associates. Portman pioneered the role of architect as developer by developing, owning and designing major projects around the world, making him a rarity among contemporaries. Born in Walhalla, S.C., in 1924, Portman spent the majority of his life in metro Atlanta — a city he came to transform. Portman gave the city the sprawling 14-block Peachtree Center, demonstrating his commitment to the downtown business district. Peachtree Center began in 1961 with the opening of the Atlanta Merchandise Mart, and would come to include eight office towers, three hotels and retail shops. The Portman-owned-and-operated Mart has since grown to become AmericasMart, the world’s largest contiguous wholesale marketplace, according to various media reports. In addition, Portman designed and developed four downtown Atlanta hotels: the Hyatt Regency Atlanta, The Westin Peachtree Plaza, the Atlanta Marriott Marquis and the Hotel Indigo Atlanta Downtown. Groundbreaking project With the opening of the Hyatt Regency Atlanta …

January 2, 2018

Louisiana Market Reports Office Southeast Southeast Market Reports

New Orleans’ Suburban Class A Office Space Still Outperforms U.S. Average

by John Nelson December 25, 2017

The greater metropolitan New Orleans office market contains approximately 15 million square feet of office space segregated into five distinct submarkets. Two major submarkets, the Central Business District (CBD) and Metairie (a suburban market), represent 94 percent of the total square footage. The occupancy rates of Class A properties in these two markets are 87.7 percent and 88.7 percent, respectively. These rates are 1.56 percent lower and 3.01 percent higher than the respective downtown and suburban Class A office averages nationally. The overall vacancy is limited to a select group of buildings resulting in limited options for tenants seeking more than 25,000 square feet of contiguous space. The New Orleans economy typically runs counter cyclically to the rest of the nation. It has enjoyed relative immunity from the lingering effects of the 2008 financial crisis and the relatively stagnant national economy. Over the last several years occupancy rates have trended above national averages and rental rates have experienced modest growth. New Orleans’ office market is performing well, consistently outperforming most national averages and rarely lagging far behind others. This track record of success can be attributed to several different factors. Due to geographic constraints there are limited sites available for …

December 25, 2017

Multifamily Southeast Virginia

Donaldson Group, Angelo, Gordon Acquire Multifamily Community in Metro D.C. for $111M

by Camren Skelton December 22, 2017

ALEXANDRIA, VA. — The Donaldson Group, in partnership with Angelo, Gordon & Co., has purchased Cityside at Huntington Metro, a 569-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C., for $111 million. Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman and Yalda Ghamarian of CBRE arranged the all-cash transaction on behalf of the seller, an affiliate of The Carlyle Group. The community was constructed in 1968 and 1974 and features a mix of studio to three-bedroom floor plans. Community amenities include a rooftop fitness center, rooftop lounge, pool and sundeck, outdoor patio and grill area, playgrounds and a dog park. In addition, the community is located within walking distance to the Huntington Metro Station. The new ownership plans to renovate the property with a modernized leasing center, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and interior unit upgrades.

December 22, 2017

Georgia Office Southeast

BLT Sells Three Office Buildings Within Atlanta’s Concourse Corporate Center

by Camren Skelton December 22, 2017

ATLANTA — Building and Land Technology (BLT) has sold Concourse Buildings I, II and IV within Concourse Corporate Center, a 63-acre office development located in Atlanta’s Central Perimeter submarket. CBRE Global Investors acquired the two eight-story buildings and one four-story building, which encompass nearly half of the 2.2 million-square-foot development. Stamford, Conn.-based BLT originally acquired Concourse Corporate Center in 2015 for nearly $500 million, according to the Atlanta Business Chronicle, and was seeking offers on the project for as much as $580 million. The final sales price was not disclosed. BLT invested in capital improvements to the buildings including lobby and elevator renovations, new conference facilities and added outdoor amenity areas. BLT will retain ownership of the iconic “King and Queen” towers located within Concourse Corporate Center, with plans to implement additional enhancements. BLT has retained Atlanta-based Regent Partners to lease and manage the Concourse buildings on behalf of BLT.

December 22, 2017

Florida Loans Multifamily Southeast

JV Receives $46.4M Construction Loan, Breaks Ground on Apartment Asset in Miami

by Camren Skelton December 22, 2017

MIAMI — Pinnacle Housing Group and Ascend Properties have received a $46.4 million construction loan for the development of Oasis at Blue Lagoon, a 272-unit apartment development located at 6650 N.W. 7th St. near Miami International Airport. IBERIABANK arranged the loan. In addition, the companies received a preferred equity investment from Arbor Realty Trust Inc. Oasis at Blue Lagoon will rise adjacent to the master-planned Blue Lagoon commercial park, home to more than 100 corporate office users including FedEx, Sony, Pepsi, Marriott Hotels & Resorts, Novartis, ConAgra Foods and Toyota. The community will include one-, two- and three-bedroom units and feature a two-story clubhouse, fitness center and an infinity pool overlooking Lake Mahar. PHG Builders LLC is the general contractor for the project, and Behar Font & Partners is the architect. The community is expected to open in mid-2019.

December 22, 2017

Industrial Southeast Tennessee

CCL Label, Korsini SAF Open $25M Label Printing Facility in Metro Memphis

by Camren Skelton December 22, 2017

COLLIERVILLE, TENN. — Canadian-based label company CCL Label and Turkish specialty label producer Korsini SAF have opened a $25 million in-mold label facility in Collierville, roughly 30 miles southeast of Memphis. The 85,000-square-foot building is located at the Interstate 269/State Road 385/US 72 crossroads, adjacent to CCL Label’s existing 111,000-square-foot production plant. The new facility will produce in-mold labels for the injection molded containers market and will create 130 new jobs. In addition, the facility has the potential for a 36,000-square-foot future expansion.

December 22, 2017

Georgia Retail Southeast

Franklin Street Brokers $13.9M Sale of Kroger-Anchored Center in Metro Atlanta

by Camren Skelton December 22, 2017

DACULA, GA. — Franklin Street has arranged the $13.9 million sale of Mountain Crossing, a 93,396-square-foot retail center in Dacula, roughly 25 miles northeast of downtown Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the buyer, Phillips Edison Grocery Center REIT II Inc., and the seller, Mountain Crossing Associates LLC. Kroger anchors the center, which was 97 percent leased at the time of sale to tenants including Great Clips, The UPS Store, Wells Fargo, a nail salon, cleaners and restaurants.

December 22, 2017

Georgia Multifamily Southeast

CBRE Arranges $49.6M Sale of Apartment Community in Metro Atlanta

by Camren Skelton December 21, 2017

LAWRENCEVILLE, GA. — CBRE has arranged the $49.6 million sale of 1760 Apartment Homes, a 239-unit multifamily community located at 1760 Lakes Parkway in Lawrenceville, approximately 30 miles northwest of downtown Atlanta. Shea Campbell, Paul Berry and Steve Newbern of CBRE arranged the transaction on behalf of the seller, LIV Development. Charleston, S.C.-based Blaze Partners acquired the property, which was constructed earlier this year. The community features a clubhouse with teaching kitchen, game room, cyber café, resort-style pool and a fitness center.

December 21, 2017

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