Southeast

Marcus & Millichap Brokers $10.4M Sale of Apartment Community in Tampa

by John Nelson August 23, 2016

TAMPA, FLA. — Marcus & Millichap has brokered the $10.4 million sale of The Mirasol, a 58-unit apartment community located at 84 Davis Blvd. in Tampa. The waterfront property is situated within a mile of downtown Tampa and near Channelside Drive and Ybor City. Built in 1925 as a luxury hotel, The Mirasol was converted to apartments in 1962. The Mediterranean Revival-style community features a grand lobby, pointed Venetian archways, ceiling woodwork, Gothic-inspired French doors and windows and original chandeliers. Community amenities include a swimming pool overlook the property’s 15-slip marina, a three-tiered back patio and a covered waterfront pavilion. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, a local multifamily investor.

August 23, 2016

Georgia Office Southeast

Atlanta Property Group Acquires Two Office Buildings in Metro Atlanta

by John Nelson August 23, 2016

ATLANTA AND DULUTH, GA. — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has acquired two office buildings in metro Atlanta totaling 151,000 square feet. The sales price was not disclosed. The projects include the 65,000-square-foot 5871 Glenridge Building in Atlanta’s Central Perimeter submarket and the 86,000-square-foot Waterford Centre building located at 5555 Triangle Parkway in Duluth’s Peachtree Corners submarket. Both assets span four stories and were built in 1985. Waterford Centre was 88 percent leased at the time of sale, and 5871 Glenridge was 61 percent leased. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the single seller in the transaction. These acquisitions bring APG’s total portfolio of owned and third-party assignments to 12 properties spanning over 3.3 million square feet.

August 23, 2016

Hospitality Louisiana Southeast Top Stories

Laguna Development Corp., Eagle Holdings to Acquire Isle of Capri Casino Hotel Lake Charles in Louisiana for $134.5M

by Katie Sloan August 23, 2016

WESTLAKE, LA. — Kicks Entertainment LLC, a newly formed entity owned by Albuquerque, N.M.-based Laguna Development Corp. and Eagle Holdings LLLP, has agreed to acquire Isle of Capri Casino Hotel Lake Charles in Westlake for $134.5 million. The casino is located in Southwest Louisiana, approximately midway between New Orleans and Houston, Texas. The property — to be acquired from Isle of Capri Casinos Inc. (NASDAQ: ISLE) — includes a 50,000-square-foot riverboat casino, a 493-room hotel, a variety of dining and beverage outlets and covered parking, according to reports by Albuquerque Business First. Isle of Capri Casinos has owned and operated the Lake Charles location for over 20 years. The sale is expected to close in late 2017 or early 2018. Isle of Capri Casino Hotel Lake Charles features 1,150 slot machines, 35 table games, 13 poker tables, two hotels totaling 490 rooms, three restaurants, 14,000 square feet of meeting/banquet space, an RV park and a concert venue. Laguna Development Corp. is a wholly owned subsidiary of Pueblo of Laguna. The Native American Pueblo also owns Dancing Eagle Casino, Route 66 Casino and Casino Xpress in New Mexico. Isle of Capri Casinos Inc. owns or operates a portfolio of 14 casinos …

August 23, 2016

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Secures $54.3M Fannie Mae Green Loan for Apartment Community in D.C.

by John Nelson August 22, 2016

WASHINGTON, D.C. — Walker & Dunlop Inc. has structured a $54.3 million Fannie Mae loan to refinance The Esplanade at National Harbor, a 262-unit, Class A apartment community located in National Harbor, just south of Washington, D.C. The property’s LEED certification qualified the loan for Fannie Mae’s Green MBS program, which enabled the borrower, The Peterson Cos., to receive lower pricing. The 10-year, refinance loan term includes five years of interest-only payments followed by a 30-year amortization schedule. Dan Martin and Brendan Coleman led the Walker & Dunlop team in originating the loan. The property is situated within National Harbor, the Peterson Cos.’ flagship master-planned development across the Potomac River from Alexandria, Va., and just south of the Capital Beltway (I-495). Anchored by the Gaylord National Resort and Convention Center, National Harbor features five additional hotels, 150 stores and over 30 dining locations. National Harbor is also the site of the Tanger Outlet Mall and the upcoming MGM Casino National Harbor. Amenities include a courtyard area, resort-style pool, fitness center, virtual golf and walkable access to the Potomac River waterfront.

August 22, 2016

Georgia Seniors Housing Southeast

McShane, IBG to Build 102-Unit Affordable Seniors Community in Metro Atlanta

by John Nelson August 22, 2016

ROSWELL, GA. — The Integral Group has selected a joint venture between McShane Construction Co. and IBG Construction to build The Veranda at Groveway, a 102-unit affordable seniors housing community in the Atlanta suburb of Roswell. The four-story. 109,714-square-foot apartment building is under construction on a three-acre site. The Integral Group, which is developing the project, is aiming for a July 2017 opening. Each unit will include an emergency call system. Amenities at the property will include a wellness center, fitness center, yoga/aerobics room, business center, game room, sunroom and a rooftop deck. The U.S. Department of Housing and Urban Development (HUD) and the Georgia Department of Community Affairs are partially funding the construction. REES Architects is providing the architectural services. This is the second affordable community in the Atlanta area for which Integral, McShane and IBG have partnered.

August 22, 2016

Georgia Multifamily Southeast

PointOne Holdings Acquires Apartment Community in Metro Atlanta for $29.1M

by John Nelson August 22, 2016

LITHIA SPRINGS, GA. — PointOne Holdings has purchased Crestmark Apartments, a 334-unit garden-style apartment community in Lithia Springs, a suburb of Atlanta. The South Florida investor purchased the asset for $29.1 million. Built in two phases in 1993 and 1997 along Thornton Road, Crestmark Apartments was 97 percent occupied at the time of sale. The property’s apartment units average 1,079 square feet and feature garden tubs, a laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets. Community amenities include two swimming pools, a resort-style clubhouse and business center, fitness center, outdoor kitchens, sports court, children’s playground and a walking trail. PointOne Holdings plans to invest $1.4 million in capital improvements to the property, including upgrades to unit interiors and adding a children’s playground, dog park and outdoor barbecue grills to the second pool area. PointOne Holdings assumed an existing Freddie Mac loan and obtained a supplemental loan from Freddie Mac to complete the acquisition.

August 22, 2016

Healthcare South Carolina Southeast

NAI Avant Arranges $22.5M Sale of Medical Office Portfolio in South Carolina, Tennessee

by John Nelson August 22, 2016

COLUMBIA, S.C. — NAI Avant has brokered the $22.5 million sale of a portfolio of nine Doctors Care facilities throughout South Carolina and Tennessee. Doctors Care, a wholly owned subsidiary of Blue Cross Blue Shield of South Carolina, operates more than 50 urgent and family care facilities with nearly 200 providers focused on providing urgent care, family care, occupational medicine and employee wellness services. Dail Longaker of NAI Avant represented the sellers, Medical Investment Holdings LLC and Port Royal Medical Investments LLC, in the transaction.

August 22, 2016

District of Columbia Retail Southeast

Harris Teeter to Expand in Mid-Atlantic

by John Nelson August 22, 2016

WASHINGTON, D.C. — Harris Teeter is set to expand in northern Virginia, Maryland and Washington, D.C. The grocer, which is owned by Kroger, has retained Arlington, Va.-based Next Realty Mid-Atlantic to handle the expansion. George Galloway of Next Realty Mid-Atlantic will be the lead contact for the account, supported by team members Andrew Rose, Andrew Tkach, Mellisa Peterson and Kelsey Beerman. Harris Teeter currently has 44 stores open, one under construction and two planned.

August 22, 2016

Multifamily Southeast Top Stories Virginia

22 Capital Partners Launches 2.5 MSF, $500M Gramercy District Mixed-Use Project Near Washington, D.C.

by Nellie Day August 22, 2016

CHANTILLY, VA. — 22 Capital Partners has announced plans to build the $500 million Gramercy District, a “smart city” mixed-use project in Chantilly, just outside of Washington, D.C. The 2.5-million-square-foot development will include apartments, retail, hotels, offices, outdoor plazas and public spaces. Phase I of Gramercy District will include a 268-unit apartment building, 25,800 square feet of ground-floor retail space and 25,000 square feet of open plaza space for pop-up retail stores. The project will eventually include a 250-room hotel and two office buildings. Trinity Group Construction and the Tishman Construction unit of AECOM will build the project, which DVA Architects will design. Greystar will provide pre-construction consulting and property management services. The four firms join existing development partners, including Bowman Consulting Group, McGuire Woods, Benton Potter & Murdock, Microsoft, the Center for Innovative Technology and the George Washington University. This announcement follows the formation of 22 CityLink, a technology company developing the “smart city” platform that will be used for the development of Gramercy District. — Nellie Day

August 22, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s Office Rents Continue to Rise, Create New Opportunities for Investment

by John Nelson August 22, 2016

Miami’s four major office submarkets — Brickell, Downtown, Coral Gables, and Airport West Dade — are enjoying record growth in Class A asking rental rates, an emerging trend that is further strengthening the city’s positioning as a highly desirable market for local, national and foreign investors. In the city’s Brickell/Downtown business district, Class A office rents have skyrocketed more than an average of 14 percent per square foot during the past year — a significant difference from the historic average annual increases of 2 to 3 percent per square foot. In fact, the disparity in Class A and B rents in the urban core, where Class A rents range from 40 to 70 percent higher per square foot than Class B rents, is much greater than in submarkets, where Class A rents are approximately 24 percent higher than Class B rents. This creates further incentive for Class B buildings in the urban core to raise asking rental rates and stay apace with Class A, making it a strong business case for investors who are looking for a long-term play with maximum ROI. The rent growth is attributed to several factors. While we have seen strong net absorption by local companies …

August 22, 2016

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