Southeast

PMG Secures $153.9M Construction Loan for Development of Mixed-Use Project in Fort Lauderdale

by Camren Skelton July 14, 2017

FORT LAUDERDALE, FLA. — Property Markets Group (PMG) has secured a $153.9 million construction loan for Phase I of the Fort Lauderdale Riverfront project, a mixed-use development situated along Fort Lauderdale’s New River. Eric McGlynn, Kevin O’Grady and Daniel Sheehan of Walker & Dunlop, in partnership with Steven Fischler of SRF Ventures Inc., secured the loan through Broad Street Real Estate Credit Partners III, the credit fund of Goldman Sachs & Co.’s merchant banking division. Fort Lauderdale Riverfront, which will include two apartment towers spanning 1,200 units, is being developed through PGM’s multifamily division, known as PGMx. Phase I of Riverfront will include a 36-floor residential tower with roughly 600 micro-units and multi-bedroom suites, over 100,000 square feet of communal amenity space, a public plaza on the ground floor featuring restaurants, nightlife and entertainment and approximately 18,000 square feet of retail space. Dev Motwani of Merrimac Ventures will own and manage the retail portion. PMG purchased the 2.4-acre parcel of land from Merrimac Ventures for $29 million earlier this year. The entire project is slated for completion in 2020.

July 14, 2017

Louisiana Retail Southeast

Joint Venture Acquires Six-Store Walmart Neighborhood Market Portfolio in Louisiana for $78M

by Camren Skelton July 14, 2017

MORRISTOWN, N.J. — The Hampshire Cos., in a joint venture with Seoul, South Korea-based Hana Asset Management Co., has acquired a six-store Walmart Neighborhood Market portfolio in southern Louisiana. The sales price was not disclosed, but Columbus Business First reports SkilkenGold Real Estate Development sold the assets for $78 million. The portfolio, totaling 255,968 square feet, consists of six newly constructed, freestanding stores located in Houma, Meraux, New Iberia, Opelousas, Prairieville and Thibodaux. Walmart’s Neighborhood Market concept features smaller stores that focus on offering a full suite of groceries, pharmacy, health and beauty aids and a limited selection of general merchandise.

July 14, 2017

Georgia Office Southeast

Praelium Commercial Real Estate, South Street Partners Purchase Office Park in Metro Atlanta for $54M

by Camren Skelton July 14, 2017

MARIETTA, GA. — A joint venture between Praelium Commercial Real Estate and South Street Partners has acquired Newmarket Business Park, a six-building, 471,486-square-foot office park in Marietta, a suburb of Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the asset sold for $54 million. The joint venture plans to rebrand the property and market the remaining vacant space to stabilize the asset above 90 percent occupancy. Mark Strauss of Walker & Dunlop arranged acquisition financing through ACORE Capital. Colliers International represented the undisclosed seller in the transaction and will handle office leasing and management on behalf of the joint venture. Newmarket Business Park was 85 leased at the time of sale, with The Home Depot occupying 66 percent of the park.

July 14, 2017

Florida Multifamily Southeast Student Housing

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

by Camren Skelton July 14, 2017

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual units are fully furnished and feature private bathrooms, private bedrooms and full-size washer and dryer units. The Preiss Co. plans to renovate both the interior and exterior with new flooring, upgraded lighting, new paint and roofing, HVAC replacements, parking lot resurfacing and pool enhancements.

July 14, 2017

Florida Loans Southeast

NorthMarq Capital Arranges $39.2M Construction Loan for Multifamily Property in Jacksonville

by Camren Skelton July 14, 2017

JACKSONVILLE, FLA. — NorthMarq Capital has arranged $39.2 million in permanent construction financing for Ciel Apartments, a planned 400-unit multifamily community in Jacksonville. Bob Hernandez of NorthMarq Capital’s Tampa office structured the 15-year loan through an undisclosed life insurance company. The financing includes a 30-year amortization schedule and several years of interest-only payments during construction and while the property is in lease-up.

July 14, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Florida Mixed-Use Southeast

The Traina Cos. Receive Approval for 1.3 MSF Mixed-Use Development in Downtown Fort Lauderdale

by Camren Skelton July 13, 2017

FORT LAUDERDALE, FLA. — The Traina Cos. has received final zoning approval from the Fort Lauderdale City Commissioners for FATcity (Florida Arts and Technology), a 1.3 million-square-foot mixed-use development located at 300 N. Andrews Ave. in downtown Fort Lauderdale. Situated in the City Center (RAC-CC) Special Zoning District, FATcity will include two 30-story towers featuring 270,000 square feet of office and retail space with the potential for hospitality space, 612 residential units and 1,327 covered parking spaces. The development will connect the city’s Central Business District and Arts Districts through pedestrian-oriented streets, access to Brightline’s high-speed rail station and a Wave Streetcar stop on-site. FATcity marks the first new Class A office space developed in Fort Lauderdale in over a decade. Groundbreaking on the project is estimated for late 2018 or early 2019.

July 13, 2017

Industrial South Carolina Southeast

Ridge Breaks Ground on 686,300 SF Industrial Project at Charleston Logistics Center

by Camren Skelton July 13, 2017

JEDBURG, S.C. — Ridge, the industrial division of Transwestern Development Co., has broken ground on two industrial buildings totaling 686,300 square feet of speculative space in Jedburg, roughly 30 miles northwest of Charleston. Located within Charleston Logistics Center, the two Class A buildings will feature 32-foot clear heights, 54-by-48-foot column spacing, a 60-foot staging bay, ESFR sprinkler systems, 64 dock doors, two drive-in doors, 202 car parking spaces and 76 truck parking spaces. The two buildings are slated for delivery in the first quarter of 2018. Simons Johnson and Peter Fennelly of Colliers International will handle leasing of the properties.

July 13, 2017

Retail Southeast West Virginia

Heidenberg, Strategic Real Estate Acquire Shopping Center in West Virginia for $35.9M

by Camren Skelton July 13, 2017

RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has purchased The Potomac Marketplace, a 370,000-square-foot shopping center located along Route 9 in Ranson. The property was 92 percent leased at the time of sale to tenants including Weis Supermarket, Kohl’s, Petco and The Home Depot. The Potomac Marketplace is also home to restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers and John’s Café. This purchase marks the joint venture’s sixth acquisition overall and third since November 2016.

July 13, 2017

Maryland Office Southeast

JBG Smith to Relocate Headquarters to 300,000 SF Planned Office Building in Bethesda

by Camren Skelton July 13, 2017

BETHESDA, MD. — JBG Smith, the REIT formed from the merger of The JBG Cos. and Vornado Realty Trust, will relocate its corporate headquarters to 4747 Bethesda Ave., a 300,000-square-foot office building being developed by JBG in downtown Bethesda. The building is slated for completion in the third quarter of 2019. JBG Smith will be the initial anchor tenant of the Class A building, occupying 95,000 square feet of space on the lower floors. The company will move from 4445 Willard Ave. in Chevy Chase, Md.

July 13, 2017

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