Southeast

Connolly Signs Seven New Tenants to Join Mixed-Use Development in Metro Atlanta

by Camren Skelton July 7, 2017

CHAMBLEE, GA. — Real estate development firm Connolly has added seven new tenants to the 45,000 square feet of restaurant and retail space at Parkview on Peachtree, a new mixed-use development in the Atlanta suburb of Chamblee. Children’s Healthcare of Atlanta, a pediatric clinical care provider, will open a 10,000-square-foot facility with 12 exam rooms and two procedure rooms at the development. The Alden, a 2,275-square-foot upscale-casual restaurant, and Bad Daddy’s Burger Bar, a 3,700-square-foot burger chain, will also join as the project’s newest restaurants. The other four tenants include Noire The Nail Bar, Atlanta Spine and Wellness, The Piedmont Bank and Cookie Cutters Haircuts for Kids. Parkview on Peachtree is slated to open later this year.

July 7, 2017

Florida Industrial Southeast

Fifteen Group Sells Industrial Property in Downtown Miami for $37.3M

by Camren Skelton July 7, 2017

MIAMI — Fifteen Group has sold 200 South Miami Avenue, a 110,000-square-foot logistics facility in downtown Miami, for $37.3 million. The sales price was nearly double what the Miami-based investment firm paid in July 2014, when it purchased the asset for $19 million. The building is net-leased to FedEx until 2029 with a five-year renewal option, according to The Real Deal.

July 7, 2017

Loans Mississippi Multifamily Southeast

KeyBank Arranges $21.4M Loan for Multifamily Property in Mississippi

by Camren Skelton July 7, 2017

OLIVE BRANCH, MISS. — KeyBank Real Estate Capital has arranged $21.4 million in financing for Annandale Gardens, a 400-unit apartment community in Olive Branch, roughly 25 miles south of Memphis, Tenn. Caleb Marten of KeyBank arranged the seven-year financing through Fannie Mae with a one-year interest-only period and 30-year amortization schedule. The garden-style property was built in 1998 with Phase II constructed in 2001, and features a fitness center, two swimming pools, playground area and onsite car wash.

July 7, 2017

Florida Multifamily Southeast

Berkshire Group Acquires Multifamily Property in Miami for $100M

by Camren Skelton July 6, 2017

MIAMI — Berkshire Group has purchased Aviva Coral Gables, a recently built, 276-unit apartment community located at 3880 Bird Road in Miami, a little more than one mile outside of Coral Gables. Ponce & Bird Miami Development LLC sold the property for $100 million, according to The Real Deal. The property, which will be renamed Berkshire Coral Gables, features a heated saltwater swimming pool and spa, outdoor courtyard and kitchen, cyber café, dog spa and a sports lounge.

July 6, 2017

Hospitality Loans North Carolina South Carolina Southeast

The Carlton Group Secures $55M in Acquisition Financing for Hotel Portfolio in Carolinas

by Camren Skelton July 6, 2017

NEW YORK — The Carlton Group has arranged approximately $55 million of equity and debt for a 511-room hotel portfolio acquisition in North and South Carolina. Comprising five hotels branded by Marriott, IHG and Choice flags, the portfolio is located in North Myrtle Beach, S.C., and the North Carolina metros of Charlotte, Gastonia, Goldsboro and Wilmington. Michael Campbell, Steven Weiss and Steven Fenster of Carlton secured a roughly $36.5 million first mortgage and $8 million of preferred equity from a West Coast wealth manger, as well as $9 million of common equity from an undisclosed investor. The undisclosed hotel manager also invested capital along with the sponsors.

July 6, 2017

Florida Multifamily Southeast

TruAmerica Multifamily Acquires Apartment Community in South Florida for $49M

by Camren Skelton July 6, 2017

BOYNTON BEACH, FLA. — TruAmerica Multifamily has purchased Ashley Lake Park, a 300-unit apartment community located in Boynton Beach, for $49 million. Richard Donnellan, Marc de Baptiste, Hampton Beebe and Avery Klann of ARA Newmark marketed the property on behalf of the seller, a joint venture between Robbins Electra and LEM Capital. Berkeley Point Capital’s Mitch Clarfield arranged financing for the acquisition through Freddie Mac’s Green Rewards program. Ashley Lake Park includes a mix of one-, two- and three-bedroom units and features a clubhouse, fitness center, internet café, two pools, dog park and picnic areas. TruAmerica’s renovation plans include updated interiors, upgraded appliances and improvements to the pool, clubhouse and fitness center.

July 6, 2017

Georgia Office Southeast

Atlanta Property Group Acquires Office Buildings in Florida, Carolinas and Pennsylvania

by Camren Skelton July 6, 2017

ATLANTA — Atlanta-based real estate investment firm Atlanta Property Group has acquired six office properties in Florida, North Carolina, South Carolina and Pennsylvania. The deal marks Atlanta Property Group’s first acquisitions outside metro Atlanta and adds nearly 1.3 million square feet of space to its portfolio. The properties include the 164,766-square-foot Baldwin Point and the 226,548-square-foot 11950 Corporate Blvd. in Orlando, Fla.; the 254,808-square-foot Tampa Commons in Tampa, Fla.; the 226,865-square-foot LakePointe Corporate Center, Buildings 3 and 5 in Charlotte, N.C.; the 175,145-square-foot Edgewater Corporate Center One in Fort Mill, S.C.; and the 234,859-square-foot 2000 Park Lane in Pittsburgh. The buildings were acquired in a single transaction, the terms of which were not disclosed.

July 6, 2017

Florida Retail Southeast

Avison Young Brokers $20M Sale of Retail Center in Daytona Beach

by Camren Skelton July 6, 2017

DAYTONA BEACH, FLA. — Avison Young has brokered the $20 million sale of Volusia Marketplace, a 131,361-square-foot shopping center located at 2400 W. International Speedway Blvd. in Daytona Beach, across from the Daytona International Speedway. John Crotty, Joshua Ladle, Steve Tanner and Ray Hayhurst of Avison Young arranged the sale to Festival Properties Inc. on behalf of the undisclosed seller. Volusia Marketplace’s tenant roster includes Big Lots, Cost Plus World Market, T-Mobile, Panera Bread, Chipotle Mexican Grill, Ashley Furniture HomeStore, Jo-Ann Stores and Batteries + Bulbs. The property was 100 percent occupied at the time of sale.

July 6, 2017

Kentucky Multifamily Seniors Housing Southeast

Kindred to Sell Entire Skilled Nursing Business to BM Eagle for $910M

by Camren Skelton July 5, 2017

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) has announced plans to sell the entire skilled nursing portion of its business to BM Eagle Holdings for a total value of $910 million. Kindred is a Louisville-based owner-operator of transitional hospitals, skilled nursing centers, home care, hospice, assisted living and other medical services. The company has been working toward an exit of its skilled nursing business since it posted a $671.3 million loss during third-quarter 2016. The price includes the $700 million that will immediately go to Ventas as part of a previously announced deal. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, will turn over its ownership of 36 Kindred-operated facilities to BM Eagle Holdings, leaving Kindred with a total value of $210 million. BM Eagle Holdings is a joint venture led by affiliates of BlueMountain Capital Management. The Kindred portfolio spans 18 states and includes 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds. The buyer did not disclose plans for the future operations of the portfolio. The deal will reduce Kindred’s annual rent expense by approximately $88 million, annual capital expenditures by approximately $30 million, and interest …

July 5, 2017

Georgia Hospitality Southeast

Ashford Hospitality Trust Completes $88.7M Sale of Hotel in Atlanta

by Camren Skelton July 5, 2017

ATLANTA — Ashford Hospitality Trust Inc. has completed the $88.7 million sale of the Crowne Plaza Ravinia, a 495-room hotel located at 4355 Ashford Dunwoody Road in Atlanta. The sales price represents a trailing 12-month cap rate of 5.6 percent ending on May 31, 2017. The hotel had an existing allocated debt balance of roughly $65.6 million that was paid off, along with an additional $13.1 million of debt pay down used to release the asset from the loan pool. After debt payoff and transaction costs, the net proceeds were approximately $9 million. The hotel features an indoor pool, fitness center, four on-site restaurants, business center and complimentary shuttle service.

July 5, 2017

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