Southeast

Fifteen Group, Meritage Acquire Multifamily Asset in Orlando for $68.7M

by Camren Skelton November 30, 2017

ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has acquired Patterson Court Apartments in Orlando for $68.7 million. The 384-unit property is situated at the intersection of International Drive and Little Lake Bryan Road in the I-Drive corridor of Orlando, less than three miles from Walt Disney World. Patterson Court includes one- to three-bedroom units and features a fitness center, resort-style pool with sundeck, study rooms, on-site laundry facilities and a car wash center.

November 30, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $36M Fannie Mae Loan for Apartment Asset East of Tampa

by Camren Skelton November 30, 2017

LAKELAND, FLA. — NorthMarq Capital has arranged a $36 million Fannie Mae loan for Ariva Apartment Homes, a 312-unit multifamily community located at 4100 Clubhouse Road in Lakeland, roughly 35 miles east of Tampa. Robert Hernandez of NorthMarq Capital arranged the 10-year, permanent loan with a 30-year amortization schedule. The borrower was not disclosed. Ariva Apartment Homes features a swimming pool, internet café, fitness center with yoga and spin room and a mini movie theater. At the time of sale, the property was 90 percent occupied.

November 30, 2017

Florida Multifamily Southeast

Michaelson Buys Apartment Community in Jacksonville for $14.7M

by Camren Skelton November 30, 2017

JACKSONVILLE, FLA. — Michaelson Real Estate Group has purchased The Plaza Apartments, a 281-unit multifamily community in Jacksonville, for $14.7 million. Located at 3780 University Club Blvd., The Plaza is located less than seven miles from downtown Jacksonville. The property, constructed in 1975, includes 38 two-story buildings and features one- and two-bedroom floor plans with an average size of 716 square feet. Community amenities include a swimming pool, tennis courts, biking and walking trails and an on-site laundry facility.

November 30, 2017

Georgia Retail Southeast

Coro, Easlan Sell 26,179 SF Retail Property in Metro Atlanta

by Camren Skelton November 30, 2017

BROOKHAVEN, GA. — Coro Realty Advisors and Easlan Capital have sold Brookleigh Marketplace, a 26,179-square-foot shopping center in Brookhaven, a city 11 miles north of downtown Atlanta. The property is located on Johnson Ferry Road at the entrance to a 56-acre mixed-use community. At the time of sale, Brookleigh Marketplace was fully leased to tenants including Primrose Schools, Burn Cycle/Kick/Yoga, Marlow’s Tavern, Jade Nails & Day Spa, Bon Glaze and PT Solutions. Mark Joines and Drew Fleming of NKF Capital Markets arranged the transaction on behalf of Coro and Easlan. Other terms of the deal were not disclosed.

November 30, 2017

Civic Conference Coverage Features Georgia Southeast Southeast Feature Archive Top Stories

Growing Smartly is a City’s Biggest Challenge, Says InterFace Keynote Speaker

by John Nelson November 30, 2017

ATLANTA — Tim Keane, City of Atlanta’s planning commissioner, is tasked with a monumental challenge facing many planners: how to practically design the future for a city on the cusp of a population boom. Citing the Atlanta Regional Commission, Keane said that the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population. The city’s in-town population is also expected to grow from less than 500,000 today to 1.2 million in that same time frame. Adding to the challenge are city departments and communities that are unwilling to change because of a mindset that is resistant to growth. “Everyone thinks that more people is bad,” said Keane, who previously worked in the city planning departments in Davidson, N.C., and Charleston. “They don’t work on the assumption that a clear future for themselves is better with more people. We have to break out of that mentality because the change is happening.” Keane was the keynote speaker at the eighth annual InterFace Multifamily Southeast conference, held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta. Hosted by InterFace Conference Group and Southeast Real Estate Business, the …

November 30, 2017

Georgia Hospitality Southeast

Songy Highroads, Hyatt to Develop New Hotel in Downtown Atlanta

by Camren Skelton November 29, 2017

ATLANTA — A 50/50 joint venture between affiliates of Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. has acquired a site in downtown Atlanta with plans to develop a new Hyatt Place hotel. Other terms of the transaction were not disclosed. The site, located at the corner of Lucky and Latimer streets, is located directly across from the Georgia Aquarium and one block from Centennial Olympic Park. An abandoned, two-story commercial building and public parking lot currently occupy the site, and both will be demolished to make way for the new hotel. Pricing, permitting and financing are underway, with a construction commencement date to be determined.

November 29, 2017

Florida Industrial Southeast

Denholtz, Militello Purchase Two Industrial Portfolios in Orlando for Combined $17.2M

by Camren Skelton November 29, 2017

ORLANDO, FLA. — Denholtz Associates, in partnership with Militello Capital, has acquired two industrial/flex portfolios in Orlando for a combined $17.2 million. The Silver Star Portfolio, an eight-building, 254,915-square-foot industrial flex portfolio, was acquired for $12.1 million, and the Parkway Commerce Center, a two-building, 91,500-square-foot industrial flex property, was acquired for $5.1 million. Denholtz and Militello purchased Parkway Commerce Center from Brennan Investment Group. The Silver Star Portfolio, located at 3600-3802 Silver Star Road in Orlando, was 95 percent leased at the time of sale to 30 tenants. Parkway Commerce Center, located at 3501 Parkbreeze Court, was 68 percent leased at the time of sale to 23 tenants. Both properties are less than 12 miles from Orlando International Airport.

November 29, 2017

Florida Office Southeast

Meridian Development Acquires Office Portfolio in Tampa for $16.5M

by Camren Skelton November 29, 2017

TAMPA, FLA. — Meridian Development Group has acquired a two-property office portfolio in Tampa’s Carrollwood submarket for $16.5 million. The portfolio includes Buschwood Park One and Buschwood Park Two and totals 171,166 square feet. Rick Brugge and Mike Davis of Cushman & Wakefield represented the seller, Buschwood One & Buschwood Two LLC, in the transaction. Meridian was represented internally. The firm will invest another $1 million to build a 2,000-square-foot amenity center and café and to upgrade indoor and outdoor common areas. Meridian’s subsidiary company, Meridian Management Group, will manage the property and oversee the improvements. Jim Moler and Deanna Beer of JLL will oversee leasing for the property, which was 82 percent leased at the time of sale. Prior to the sale, Pilgrim Quality Solutions, an IQVIA Co., signed a new 18,000-square-foot lease at Buschwood Park Two.

November 29, 2017

Alabama Multifamily Southeast Student Housing

CBRE Arranges Sale of 900-Bed Student Housing Community Near Auburn University

by Camren Skelton November 29, 2017

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed, 312-unit student housing community located less than three miles from the Auburn University campus and a half-mile from College Street, one of Auburn’s main thoroughfares. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE, in conjunction with CBRE’s Nashville Multifamily team, arranged the transaction on behalf of the buyer, University Partners. A private real estate fund managed by Crow Holdings Capital sold the asset for an undisclosed price. At the time of sale, The Connection at Auburn was 99.3 percent occupied.

November 29, 2017

Georgia Industrial Southeast

Silverman Group to Break Ground on Second Building at Bright Star Logistics Center in Metro Atlanta

by Camren Skelton November 29, 2017

DOUGLASVILLE, GA. — The Silverman Group has unveiled plans to break ground on the second building at Bright Star Logistics Center, a master-planned industrial campus in Douglasville, roughly 22 miles west of Atlanta. The New Jersey-based company will break ground on the 330,000-square-foot, speculative manufacturing/distribution building in the fourth quarter. Building Two will feature 36-foot clear heights, cross-dock configuration and ample car parking and trailer storage. Completion is slated for summer 2018. Bright Star Logistics Center is expected to attract industrial users including manufacturing, warehouse/distribution and third-party logistics companies. Upon completion, the park will features two modern distribution buildings, one of which is currently under construction and is preleased to Andersen Windows, a window and door manufacturer. Pat Murphy, James Phillpott and Tara Healy of Cushman & Wakefield will handle the project’s leasing assignment on behalf of The Silverman Group.

November 29, 2017

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