Southeast

Co-Developers Open Residential Component of Annapolis Junction Town Center in Maryland

by Camren Skelton August 15, 2017

ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and Armada Hoffler Properties, the developers behind Annapolis Junction Town Center, have opened the development’s multifamily component, The Residences at Annapolis Junction. The five-story, 416-unit apartment community includes a mix of studio, one- and two-bedroom units ranging in size from 520 square feet to 1,629 square feet. The LEED Gold-certified property features energy-efficient heating, ventilating and air-conditioning and central hot water systems, low-flow plumbing fixtures and Energy Star-rated appliances. Community amenities include a fitness center, media center, community kitchen, business center, pet spa and a saltwater swimming pool with cabanas, grills and gazebos. S.L. Nusbaum Realty Co. will manage the property. Annapolis Junction Town Center is a 19-acre mixed-use, transit-oriented development and is situated adjacent to the Savage Maryland Rail Commuter Rail Station roughly halfway between Baltimore and Washington, D.C. The property is approximately 25 miles northwest of the United States Naval Academy. St. John Properties is partnering with Somerset Construction to develop the office and retail space within Annapolis Junction Town Center.

August 15, 2017

Florida Multifamily Southeast

CBRE Arranges $49.5M Sale of Multifamily Property Near Orlando

by Camren Skelton August 15, 2017

KISSIMMEE, FLA. — CBRE has brokered the $49.5 million sale of Lake Tivoli Apartments, a 384-unit multifamily property located at 851 Lake Tivoli Blvd. in Kissimmee, roughly 22 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lake Tivoli Apartments LLC. Newport News, Va.-based Chandler Residential acquired the asset. The property comprises 36 two- and three-story buildings. Community amenities include a lakeside sundeck, pool, tennis, racquetball and basketball courts, clubhouse, fitness center and a spa. Lake Tivoli Apartments was 97 percent occupied at the time of sale.

August 15, 2017

Industrial Maryland Southeast

Terreno Realty Sells Industrial Portfolio in Metro Baltimore for $40.5M

by Camren Skelton August 15, 2017

SAVAGE AND ELKRIDGE, MD. — Terreno Realty Corp. has sold two industrial properties in metro Baltimore for $40.5 million. The portfolio includes a 99,000-square-foot industrial building situated on roughly 12.6 acres at 8730 Bollman Place in Savage, roughly 18 miles southwest of Baltimore, and two industrial buildings totaling 349,000 square feet that are situated on approximately 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road in Elkridge, roughly 11 miles southwest of Baltimore. Both properties were 100 percent leased at the time of sale. The buyer was not disclosed.

August 15, 2017

Florida Loans Multifamily Southeast

KeyBank Provides $50M Bridge Loan for Apartment Community in Naples

by Camren Skelton August 15, 2017

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $50 million bridge loan for the acquisition of Alvista at Laguna Bay Apartments, a 426-unit multifamily community in Naples. Alan Isenstadt of KeyBank originated the 90-day loan on behalf of the borrower, Axonic Properties LLC, a New York City-based real estate private equity firm. KeyBank plans to refinance the bridge loan through agency permanent financing. Constructed in 1990, Alvista at Laguna Bay Apartments is situated on 38 acres and comprises 28 two-story buildings. Community amenities include two pools, a fitness center, lighted tennis courts, dog park and an outdoor grilling area.

August 15, 2017

Georgia Healthcare Southeast

Cushman & Wakefield Arranges Lease Renewal, Expansion on Emory Saint Joseph’s Campus in Atlanta

by Camren Skelton August 15, 2017

ATLANTA — Cushman & Wakefield has secured a 58,558-square-foot lease renewal and 18,339-square-foot lease expansion with Resurgens Orthopaedics at Doctors Center I-III located on the Emory Saint Joseph’s Hospital campus in Atlanta. George Olmstead of Cushman & Wakefield represented the landlord, Lillibridge Heathcare Services, a wholly owned subsidiary of Ventas Inc., in the lease transaction. Michael Lipton and Andrew Walker of Colliers International represented Resurgens Orthopaedics. In addition to the lease expansion and renewal, Cushman & Wakefield arranged a 17,068-square-foot lease with an affiliated surgery center entity at Doctors Center. In conjunction with the transactions, Lillibridge has plans for a multimillion-dollar renovation of the healthcare property that will begin in the second half of the year. The landlord expects to complete the renovation by early 2019.

August 15, 2017

Georgia Multifamily Southeast

CF Real Estate Services Opens 283-Unit Apartment Community in North Atlanta

by Camren Skelton August 14, 2017

CHAMBLEE, GA. — CF Real Estate Services has opened Olmsted Chamblee Apartments, a 283-unit multifamily community located at 5193 Peachtree Blvd. in Chamblee, roughly 15 miles north of downtown Atlanta. The asset is situated across the street from the Chamblee MARTA rail station and two blocks from a new Whole Foods Market opening at Peachtree Station. The apartment community includes one-, two- and three-bedroom units with granite countertops, energy-efficient appliances and windows, Nest thermostats and walk-in closets. Community amenities include co-working office space, a swimming pool, outdoor grills, 24-hour fitness facility, indoor bocce ball court, movie room, community kitchen, artist studio, mailroom, bike storage and The Workshop, which features tables and sinks for DIY projects. The property also features a 37-foot wide marquee sign. Olmsted Chamblee Apartments was 50 percent occupied at opening.

August 14, 2017

Florida Retail Southeast

The Shopping Center Group Signs Tenants to Retail Center in Palm Beach County

by Camren Skelton August 14, 2017

DELRAY BEACH, FLA. — The Shopping Center Group (TSCG) has signed the initial tenants for Delray Square, a 150,000-square-foot shopping center situated at the intersection of West Atlantic Avenue and South Military Trail in Delray Beach. Constructed in the 1970s, the property is undergoing a redevelopment led by The Keith Corp. The shopping center will be anchored by a 45,600-square-foot Publix that is slated to open in the fourth quarter of 2018. The grocer will take the place of a former movie theater. In addition to Publix, the property is leased to Pet Supermarket, Chick-fil-A and Chipotle Mexican Grill. As part of the redevelopment, Keith Corp. will add 17,000 square feet of retail space and will modernize the existing space. Approximately 85,000 square feet of retail space is available to lease, including a 51,700-square-foot anchor box. Michael Fetherston of TSCG and Knox Cambell of Keith Corp. will handle the property’s leasing assignment. The redevelopment is slated for completion in mid-2018.

August 14, 2017

Maryland Office Southeast

Merritt Properties Acquires 121,414 SF Office Building in Metro Baltimore for $24.6M

by Camren Skelton August 14, 2017

TOWSON, MD. — Merritt Properties has purchased 100 West Road, a 121,414-square-foot office building located at West Road and the Baltimore Beltway in Towson, roughly 15 miles north of Baltimore, for $24.6 million. The five-story, Class A building is LEED-EB Gold-certified and features open-air balconies, free surface parking, a conference center, onsite café and a fitness center. At the time of sale, the building was fully leased to tenants including Comcast, Robert W. Baird & Co., Regus and Liberty Mutual.

August 14, 2017

Georgia Loans Office Southeast

Walker & Dunlop Arranges $59M in Financing for Office Property in Metro Atlanta

by Camren Skelton August 14, 2017

MARIETTA, GA. — Walker & Dunlop has arranged $59 million in bridge and equity financing for Newmarket Business Park, a 471,486-square-foot office park in Marietta, roughly 20 miles north of Atlanta. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the floating-rate bridge loan with full-term, interest-only payments through a debt fund on behalf of the borrowers, Praelium Commercial Real Estate and South Street Partners. A hedge fund invested the equity portion. Newmarket Business Park includes four single-story and two two-story office buildings constructed between 1983 and 1985. The asset was 85 percent leased at the time of closing to tenants including The Home Depot.

August 14, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group to Develop $36M Affordable Housing Community in Miami

by Camren Skelton August 14, 2017

MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from the Florida Housing Finance Corp., a $3.5 million loan from Column Financial and a $23.3 million construction loan and $7.3 million permanent loan from KeyBank Real Estate Capital. Princeton Park will include a mix of one-, two- and three-bedroom floor plans. The 150-unit property will provide residents with literary training, family support coordinators and an employment assistance program.

August 14, 2017

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