Southeast

Miami Multifamily Market Remains Strong, But Where are the Deals?

by John Nelson August 14, 2017

The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond the usual period as immense demand from investors is causing an incredible scarcity of Class A product, and the lifestyle preferences of millennials are intersecting with the luxury condo boom. Opportunities, Challenges In 2005 and 2006, adequate inventory kept the multifamily market in balance. Today, buyers are plentiful, capital is available and interest rates are affordable. What we don’t have is product, a phenomenon not exclusive to Miami and Fort Lauderdale. Why? Sellers have few options. They’re thinking, “If I sell at a premium and I want to stay in a similar market, I’m going to pay a premium. So, what’s the point of selling?” Therefore, owners are putting properties on the market …

August 14, 2017

Georgia Mixed-Use Southeast

Selig Unveils Plans for $1B Mixed-Use Development in Atlanta’s West Midtown District

by Camren Skelton August 11, 2017

ATLANTA — Selig Development, an affiliate of Atlanta-based Selig Enterprises Inc., has unveiled plans for The Works at Chattahoochee, an 80-acre, mixed-use development located on Chattahoochee Industrial Avenue in Atlanta’s West Midtown district. The project will cost approximately $1 billion, according to the Atlanta Business Chronicle. Upon completion, the multi-phased development will span more than 1.5 million square feet and more than 40 structures, including 500,000 square feet of retail, 600,000 square feet of office space, 500 residences, a 200-room boutique hotel and 13 acres of green space. Phase I of the project is slated for delivery in 2018 and will include a mix of dining, office, residential, entertainment and public green space, in addition to 200,000 square feet of adaptive reuse within three warehouses. Subsequent phases will be delivered in the next five to 10 years.

August 11, 2017

Florida Industrial Loans Southeast

Walker & Dunlop Closes $96M in Loans for Industrial Portfolio in South Florida

by Camren Skelton August 11, 2017

MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.

August 11, 2017

Georgia Hospitality Southeast

Peachtree Hotel Group Sells AC Hotel by Marriott in Downtown Atlanta for $57.5M

by Camren Skelton August 11, 2017

ATLANTA — Atlanta-based Peachtree Hotel Group has sold the AC Hotel by Marriott in downtown Atlanta to Austin, Texas-based Summit Hotel Properties Inc. for $57.5 million. The 255-room hotel — a redevelopment of a former Holiday Inn — opened in May 2017 after undergoing approximately $20 million in renovations. The hotel features a health and fitness studio, outdoor patio, swimming pool and an enclosed Zen garden with greenery walls. Interstate Hotels & Resorts will manage the property. Situated at 101 Andrew Young International Blvd. in the heart of downtown Atlanta, the hotel is within walking distance to CNN Studios, Centennial Olympic Park, the Georgia Aquarium, the College Football Hall of Fame and the World of Coca-Cola.

August 11, 2017

Florida Loans Multifamily Southeast

Related Development Secures $52M in Construction Financing for Multifamily Project in Tampa

by Camren Skelton August 11, 2017

TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.

August 11, 2017

Georgia Office Southeast

Wealth Management Firm to Relocate Headquarters to Three Alliance Center in Buckhead

by Camren Skelton August 11, 2017

ATLANTA — Homrich Berg, an Atlanta-based wealth management firm, will relocate its headquarters to Three Alliance Center in Atlanta’s Buckhead district. Andy Ghertner and Carla Williams of Cushman & Wakefield represented the tenant, and Chris Ahrenkiel represented the landlord, Tishman Speyer, internally in the lease transaction. Homrich Berg will lease 26,126 square feet in the 30-story tower. Constructed in 2016, Three Alliance Center is the final phase of the Alliance Center office complex and features an on-site fitness center, conference center, 24-hour security, covered parking, a glass curtain wall system and 360-degree, floor-to-ceiling windows.

August 11, 2017

Florida Mixed-Use Southeast Top Stories

Kimco Begins Phase I of $1B Mixed-Use Development in South Florida

by Kristin Harlow August 11, 2017

DANIA BEACH, FLA. — Kimco Realty Corp. (NYSE: KIM) has broken ground on the Phase I retail portion of Dania Pointe, a mixed-use project in Dania Beach, a beachside suburb of Fort Lauderdale in Broward County. Total project costs are estimated at $1 billion, according to local media reports. Slated to open in time for the 2018 holiday season, the $109 million Phase I comprises 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx, Hobby Lobby, BrandsMart and Ulta Beauty. Upon completion, Dania Pointe will be a 1 million-square-foot, open-air lifestyle community incorporating over 100 retail tenants and restaurants. Future phases will include up to 500,000 square feet of Class A office space, 1,000 luxury apartment and condominium units and two hotels. Dania Pointe is located near the Fort Lauderdale-Hollywood International Airport and adjacent to Oakwood Plaza, which Kimco also owns. Hoar Construction and locally based developer Salzman Real Estate Advisors also make up the project team. New York-based Kimco is a real estate investment trust focused on owning and operating open-air shopping centers. As of June of this year, the company’s portfolio spanned 510 shopping centers and 84 million square …

August 11, 2017

Georgia Industrial Southeast

Paper Product Manufacturer to Build $400M Tissue Plant in Macon, Georgia

by Camren Skelton August 10, 2017

MACON, GA. — Irving Consumer Products, a manufacturer of paper products, has unveiled plans to develop a $400 million tissue manufacturing facility in Macon, creating over 200 jobs. The 700,000-square-foot facility will be built on 136 acres in the Sofkee Industrial Park off Ga. 247 and Allen Road, according to The Telegraph. The Canadian company is one of North America’s leading producers of household paper and baby diaper products. Irving’s brands include Scotties, Royale and Majesta. Engineering and planning of the new facility are underway, and construction is expected to begin this summer. The project is slated for completion in 2019.

August 10, 2017

Florida Multifamily Southeast

TruAmerica, MSD Capital Acquire Multifamily Property in Fort Myers for $66M

by Camren Skelton August 10, 2017

FORT MYERS, FLA. — TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit apartment community located at 3701 Winkler Ave. in Fort Myers, for approximately $66 million. Constructed as two communities on adjacent parcels in 1991, the property was combined and rebranded in 2010. The garden-style community is situated on 35 acres and offers a mix of one- and two-bedroom units. Amenities include two resident clubhouses, two swimming pools, a spa, fitness center, dog park, basketball court, tennis court, sand volleyball court and a jogging trail. TruAmerica will update the apartment units with stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts. HFF secured a seven-year, floating-rate loan through Freddie Mac’s Green Up program for the acquisition. Yitzi Karasick and Ido Gelerman of New Jersey-based Liquid Real Estate Capital were investors in the transaction.

August 10, 2017

Office South Carolina Southeast

Holder Properties Sells 18-Story Office Building in Downtown Columbia for $65M

by Camren Skelton August 10, 2017

COLUMBIA, S.C. — Holder Properties has sold Main and Gervais, an 18-story, 186,000-square-foot office building located at 1221 Main St. in downtown Columbia. The sales price was not disclosed, but The State reports California-based KBS Realty Advisors purchased the asset for $65 million. Patrick Gildea, Matt Smith, Justin Parsonnet, Martin Moore and Aaron Dupree of CBRE represented Holder Properties in the transaction. The Class A office tower is Energy Star-certified and features The Oak Table restaurant and a fitness center. At the time of sale, Main and Gervais was 98 percent leased to tenants including Edens, NBSC/Synovus Bank, McNair Law Firm, Womble Carlyle, Rogers Townsend and Parker Poe. Holder Properties will continue to manage the property and handle the leasing assignment on behalf of KBS Realty Advisors.

August 10, 2017

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