Southeast

TREO Group to Construct Office Building in South Miami

by John Nelson September 19, 2016

SOUTH MIAMI, FLA. — TREO Group plans to build an eight-story office building at the corner of US 1 and Sunset Drive in South Miami. The Class A, transit-oriented project will connect directly to the Metrorail at the South Miami station. TREO Group has selected Tony Puente and Jose Juncadella of Fairchild Partners to handle leasing the building, known as SoMi Station. Perkins + Will designed the property to feature ground-floor shops and restaurants. TREO Group plans to deliver the office building in the fall of 2018.

September 19, 2016

Florida Loans Multifamily Southeast

Pembrook Capital Management Provides $20.5M Financing for Apartment Complex in Orlando

by John Nelson September 19, 2016

ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.

September 19, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $13.1M Sale of Affordable Housing Community in Jacksonville

by John Nelson September 19, 2016

JACKSONVILLE, FLA. — Berkadia has arranged the $13.1 million sale of Deer Meadow, a 200-unit affordable housing community located at 8859 Old Kings Road South. Built in 2000, Deer Meadow includes one-, two- and three-bedroom floor plans with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, clubhouse and a swimming and wading pool. Cole Whitaker of Berkadia’s Orlando office, Greg Rainey of the firm’s Jacksonville office and Jason Stanton of the firm’s Tampa office brokered the sale. Springfield, Mass.-based Aspen Square Management Inc. purchased the property from Rockville, Md.-based Deer Meadow Associates Ltd.

September 19, 2016

Healthcare Southeast Tennessee

Marcus & Millichap Arranges $12.4M Sale of Medical Office Building in Metro Nashville

by John Nelson September 19, 2016

MURFREESBORO, TENN. — Marcus & Millichap has arranged the $12.4 million sale of the Saint Thomas Health medical office building in Murfreesboro, about 34 miles south of Nashville. The 32,400-square-foot property is under construction and expected to open in December. Located at the intersection of Highway 99 and St. Andrews Drive, the asset will serve as an extension of the Saint Thomas Rutherford Hospital. Justin Sturdivant, S. Regan Holcombe and Kat Butler of Marcus & Millichap represented the seller in the transaction. Georgia Krewson, Wes Tiner, Kelley Deibler and Zach Moore of Marcus & Millichap procured the buyer.

September 19, 2016

North Carolina Office Southeast

Norvell Real Estate Group Brokers $7M Sale of Office Building in Raleigh

by John Nelson September 19, 2016

RALEIGH, N.C. — Norvell Real Estate Group has brokered the $7 million sale of Shannon Oaks Office Building, a 57,000-square-foot property located at 201 Shannon Oaks Circle in Raleigh. Frank Norvell of Norvell Real Estate Group, along with Paul Hartley of NAI Avant, represented the buyer, REVA Kay Shannon Oaks LLC. Avison Young represented the seller, Shannon Oaks Holdings LLC.

September 19, 2016

Industrial Market Reports North Carolina Southeast Southeast Market Reports

New Industrial Construction is Easing the Supply Squeeze in Charlotte

by John Nelson September 19, 2016

In recent years, the fundamentals in Charlotte’s industrial real estate market have continued to improve. Overall, the market can be characterized by an increase in tenant activity and the emergence of new submarkets more active on the development front than in the past. Tenant growth can be attributed to organic growth from users expanding, velocity of new deals, as well as emerging submarkets within the market. Charlotte’s central location near the transportation arteries of I-77 and I-85 continues to make the city’s industrial space very attractive to logistics and distribution companies. Charlotte is growing by approximately 20,000 residents per year, according to U.S. Census Bureau data. The population growth, coupled with the trend of brick-and-mortar retailers transitioning portions of their business to e-commerce, makes for a positive outlook on Charlotte’s industrial fundamentals. The strongest tenant activity is in the 25,000- to 75,000-square-foot range, with tenants looking to upgrade the quality and functionality of their space. Beginning in fourth-quarter 2015 and continuing into first-quarter 2016, there was noticeable activity among tenants relocating from owner-occupied facilities to leased spaces. This trend has been driven by a limited supply of options for purchase, historically high construction prices and a steady economy. Furthermore, the …

September 19, 2016

Florida Loans Seniors Housing Southeast

KeyBank Provides $116.6M in Financing to Recapitalize Sentio Seniors Housing Portfolio

by John Nelson September 16, 2016

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.

September 16, 2016

Florida Multifamily Southeast

Alexander Investments Breaks Ground on $102M Multifamily Portfolio in Central Florida

by John Nelson September 16, 2016

CLEARWATER AND LONGWOOD, FLA. — Alexander Investments International has begun construction on The Alexander at Countryside in Clearwater and The Alexander at Sabal Point in Longwood. The $102 million investment will total 616 apartment units featuring one-, two- and three-bedroom layouts with nine-foot ceilings, 42-inch cabinets, quartz or granite countertops, wood-style plank flooring and screened verandas. Both projects will feature clubhouses with fitness centers, game rooms, bar areas, resort-style pools with gazebos, fire pits and grilling stations. The 330-unit Alexander at Countryside will rent from $1,100 to $2,000 per month, and the 286-unit Alexander at Sabal Point will rent from $980 to $1,800 per month. Alexander Investments plans to deliver both assets by the end of 2017.

September 16, 2016

Loans Louisiana Multifamily Southeast

G.S. Wilcox Arranges $44.2M Financing for Two Multifamily Assets in Louisiana

by John Nelson September 16, 2016

HARVEY AND ALGIERS, LA. — G.S. Wilcox & Co. has arranged two loans totaling $44.2 million for apartment communities in Harvey and Algiers. David Fryer of G.S. Wilcox arranged the two loans through Legacy Texas Bank on behalf of an unnamed, repeat client of G.S. Wilcox. The financing includes a $24.2 million loan for the refinancing of a 408-unit garden-style community in Harvey and a $20 million acquisition loan for a 442-unit garden-style community in Algiers.

September 16, 2016

Florida Office Southeast

Gladstone Commercial Buys Five-Story Office Building in Fort Lauderdale for $23.9M

by John Nelson September 16, 2016

FORT LAUDERDALE, FLA. — Gladstone Commercial Corp. has purchased Park Center, a five-story, 119,224-square-foot office building located at 6363 N.W. 6th Way in Fort Lauderdale’s Cypress Creek submarket. Gladstone Commercial purchased the office building from RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners and Realty Financial Partners, for $23.9 million free and clear of debt. The asset is fully leased to Citrix Systems, a digital app and data systems solutions provider with annual revenue exceeding $3 billion. Hermen Rodriguez, Jorge Portela and Ike Ojala of HFF represented the seller and procured the buyer in the transaction.

September 16, 2016

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