Southeast

GoPro, Other Tenants Lease Space in Mixed-Use Building in Miami’s Wynwood District

by John Nelson September 12, 2016

MIAMI — CBRE has arranged multiple leases at a retail, showroom and office development located at 48 N.W. 25th St. in Miami’s Wynwood district. The lease transactions include GoPro leasing 4,469 square feet, Scripps Network leasing 4,640 square feet and Cooltech Inc. leasing 3,713 square feet. Existing tenants at the recently renovated building include Revlon, Shorecrest Construction and Bieffe Designs. Each suite in the Wynwood property features 22-foot ceilings, updated restrooms, new HVAC and polished cement floors. Zach Winkler and Kevin Gonzalez of CBRE represented the landlord, Forte Capital Management, in each transaction. Will Morrison of JLL represented GoPro, and Dave Steinfeld of JLL represented Scripps Network.

September 12, 2016

Maryland Multifamily North Carolina Northeast Pennsylvania South Carolina Southeast Top Stories

Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

by Nellie Day September 12, 2016

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …

September 12, 2016

Georgia Mixed-Use Southeast

Federal Capital, Westbridge Break Ground on Stockyards Adaptive Reuse Project in Atlanta

by John Nelson September 9, 2016

ATLANTA — Federal Capital Partners (FCP) and Westbridge Partners have broken ground on Stockyards, an adaptive renovation of three historic warehouses in Atlanta’s West Midtown district. Expected to open in the first quarter of 2017, Stockyards is more than 65 percent pre-leased to office and retail tenants including The Painted Duck, a sister entertainment concept to The Painted Pin; Fitzgerald & Co., an Atlanta-based advertising agency; Momentum Worldwide, an Atlanta-based sports marketing firm; Weber Shandwick, a global communications firm; Mannington Mills Inc., a flooring and carpeting showroom; and a new restaurant concept from Charleston-based The Indigo Road. Stockyards will occupy three acres on the corner of 10th Street and Brady Avenue. Designed by architectural firm ai3, the development will total 95,000 square feet of Class A office space, 13,000 square feet of street-level restaurant space, 25,000 square feet of retail space on the lower level and a 400-space parking deck. Gay Construction is Stockyards’ general contractor, Cushman & Wakefield is handling the office leasing and SunTrust Bank, represented internally by Mark Hancock, is the project’s senior lender.

September 9, 2016

Florida Multifamily Southeast

Crescent Communities Opens Apartment Development in Tampa’s Westshore District

by John Nelson September 9, 2016

TAMPA, FLA. — Crescent Communities has opened Crescent Westshore, a new 374-unit luxury apartment community located at 2202 N. Lois Ave. in Tampa’s Westshore district. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.

September 9, 2016

Georgia Multifamily Southeast

Milestone Apartments REIT to Buy Community in Metro Atlanta for $47M

by John Nelson September 9, 2016

WOODSTOCK, GA. — Milestone Apartments REIT has agreed to purchase Park 9 Apartments, a 275-unit, Class A apartment community located on Ridgewalk Parkway in Woodstock, a northwest suburb of Atlanta. The property is situated near The Outlet Shoppes at Atlanta and I-575. The undisclosed seller has agreed to sell Park 9 to Milestone for $47 million. Built in 2016, Park 9 is currently 95 percent occupied with average monthly rents of approximately $1,200. The community features nine-foot ceilings, stainless steel appliances, granite countertops and direct-access garages. Amenities include a clubhouse with a cyber café, a salt-water swimming pool with beach entry and resort-style cabanas, fitness center, outdoor grilling area, bocce ball court, dog park, storage units and electric vehicle charging stations.

September 9, 2016

Multifamily North Carolina Southeast

Armada Hoffler, Southern Apartment Group to Develop $45M Project in Midtown Charlotte

by John Nelson September 9, 2016

CHARLOTTE, N.C. — Armada Hoffler Properties, a publicly traded REIT based in Virginia Beach, Va., has entered into a joint venture with Southern Apartment Group to develop and own a new $45 million apartment community in Midtown Charlotte. The eight-story project will feature 225 apartment residences and a 350-space parking structure. Armada Hoffler and Southern Apartment Group plan to break ground on the property in the fourth quarter for a targeted completion date in mid-2018.

September 9, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Arranges $39.9M Fannie Mae Facility to Harmony Housing for Affordable Housing Portfolio

by John Nelson September 9, 2016

CLEVELAND — KeyBank has structured and arranged a $39.9 million Fannie Mae master credit facility for Harmony Housing, a 501(c)(3) nonprofit that focuses on preserving affordable housing rental properties. Harmony Housing will use the facility for a five-property affordable housing portfolio in Florida and Wisconsin. The properties include Centre Court Apartments in Bradenton, Fla.; Villas at Cove Crossing in Lantana, Fla.; The Overlook at Monroe in Sanford, Fla.; Foxbrook Senior Apartments in Brookfield, Wis.; and Prairie Ridge Senior Apartments in Pleasant Prairie, Wis. The facility structure allows Harmony Housing to add properties to the facility, accounting for future acquisitions, and to refinance assets in its existing portfolio.

September 9, 2016

Georgia Industrial Southeast Top Stories

Sentury Tire to Build $530M Manufacturing Plant in Georgia

by Jeff Shaw September 9, 2016

LAGRANGE, GA. — Sentury Tire, a China-based tire manufacturer, has announced plans to build a $530 million tire factory in LaGrange, approximately 65 miles southwest of Atlanta. Sentury expects the plant to create more than 1,000 jobs in production, sales, marketing, warehousing and distribution, and support the company’s U.S. operations. The company expects to start production in 2018, with a projected output of 12 million passenger and light truck tires per year. Sentury was drawn to Georgia by a tax incentive package, but details were not disclosed, according to the Atlanta Journal-Constitution. Sentury Tire products are sold under the Sentury, Landsail and Delinte brands. The company focuses on light truck and airplane tires. Approximately 70 percent of the company’s sales are in the European and U.S. markets. Sentury Tire’s parent company, Qingdao Sentury Tire Co., is based in Qingdao, China. “The state of Georgia has had a strategic office in China since 2007 and an office in Qingdao since 2013, helping foster business connections between Georgians and Chinese professionals,” says Chris Carr, commissioner of the Georgia Department of Economic Development. “This project is a great example of the relationships that have been forged through active communication and engagement in China.” …

September 9, 2016

Florida Industrial Loans Southeast

BankUnited Provides $65M Loan to McCraney for 1 MSF Industrial Portfolio in Florida

by John Nelson September 8, 2016

WEST PALM BEACH, FLA. — BankUnited has provided a $65 million loan to McCraney Property Co. to refinance its 1 million-square-foot industrial portfolio in Florida. The assets include Vista Business Center and Belvedere Business Park in West Palm Beach, Orlando Central Park and Discovery Lakes in Orlando and Treasure Coast Commerce Center in Stuart. Robert Hummel led BankUnited’s Miami office in providing the long-term loan.

September 8, 2016

Georgia Industrial Southeast

Dollar General Breaks Ground on 1 MSF Distribution Center in Georgia

by John Nelson September 8, 2016

JACKSON, GA. – Construction is underway on Dollar General’s 15th distribution center in the United States in Jackson, which straddles both Butts and Spalding counties. The 1 million-square-foot industrial facility is expected to create more than 500 new jobs at full capacity and to be operational by fall 2017. Dollar General has more than 13,000 retail locations and 119,000 employees, with more than 700 stores and over 5,000 employees in Georgia. The new distribution center is expected to serve more than 1,000 stores in the Southeast. Dollar General’s 14 other distribution centers are located in Alabama, California, Florida, Indiana, Kentucky, Mississippi, Missouri, Ohio, Oklahoma, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.

September 8, 2016

Newer Posts

Older Posts