Southeast

Pillar Provides $18M Loan for The Flats at Atlantic Station Near Georgia Tech

by John Nelson August 16, 2016

ATLANTA — Pillar has originated an $18 million Freddie Mac loan to refinance The Flats at Atlantic Station, an 86-unit multifamily property located adjacent to the Georgia Tech campus in Atlanta. The community offers a mix of two-, three- and four-bedroom, fully furnished apartments. Amenities at the complex include a swimming pool, rooftop lounge and a fitness center. Colin Whittier of Pillar originated the floating rate, 7-year term loan with a 30-year amortization schedule. IPA Capital Markets presented the financing opportunity to Pillar.

August 16, 2016

Georgia Multifamily Southeast Top Stories

Simpson Housing Acquires 370-Unit Luxury Apartment Complex in Atlanta for $136.5M

by Katie Sloan August 16, 2016

ATLANTA — Simpson Housing LLLP has acquired The Residence Buckhead Atlanta, a 370-unit, high-rise apartment complex located in the Buckhead neighborhood of Atlanta, for $136.5 million. OliverMcMillan developed the property in conjunction with the company’s 300,000-square-foot mixed-use project, Buckhead Atlanta. The Residence encompasses two 20-story towers featuring a resort-style pool, fitness center, theater, study, conference room, demonstration kitchen and concierge service. The Buckhead Atlanta mixed-use development, located just around the corner, is largely focused on high-end fashion. Tenants include Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. The project also contains 100,000 square feet of boutique office space serving as the corporate headquarters for Spanx Inc. Jason Nettles, Trey Morsbach and Megan Thompson of HFF represented the seller, OliverMcMillan, in the transaction. HFF previously worked on behalf of the developer to arrange construction financing for the project in 2013. OliverMcMillan has designed and developed more than 8 million square feet of projects, and currently has approximately $3 billion under development. Simpson Housing LLLP is a privately held developer and manager of residential properties throughout the U.S. — Katie Sloan

August 16, 2016

Conference Coverage Features Georgia Retail Southeast Top Stories

Retailers Embracing Mixed-Use Projects, Technology to Reach Their Customers, Says CREW Atlanta Panel

by John Nelson August 16, 2016

Around Atlanta and the rest of the country, there are few retail developments in the pipeline that aren’t attached to office or residential uses. During CREW Atlanta’s panel discussion titled “The Evolution of Retail,” experts agreed that retailers are embracing mixed-use projects out of necessity. “I’m not sure if in the near-term there will be any more retail-only projects. Retail alone can’t sustain a single development, it needs other users,” said Tisha Maley, founder and principal of The Maley Co., a retail real estate advisory company that spearheads the leasing efforts for Ponce City Market in Atlanta’s Old Fourth Ward district. The 2 million-square-foot adaptive reuse project is the gold standard of how retailers are integrating into larger multi-use developments to great effect. “Ponce City Market as an anchor of the BeltLine has changed Old Fourth Ward forever. What retailers are attracted to is that shoppers show up to Ponce City Market for one reason or another multiple times a week,” said Maley, referring to the office component of the development, as well as The Suzuki School and Core Power Yoga. “It’s about creating a place where retailers and restaurants can feel that they can do business.” In addition to …

August 16, 2016

District of Columbia Multifamily Southeast

UIP Acquires Former George Washington University Dorms for $36M

by John Nelson August 15, 2016

WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired a 10-story building at 2601 Virginia Ave. N.W. across from the Watergate mixed-use complex in Washington, D.C., for $36 million. The seller, George Washington University (GWU), formerly used the building as student housing for 17 years. GWU demolished the property’s interior about a year ago, planning to create new student and faculty housing, but decided to sell the property instead. Bobby Meehling, Andy Wimsatt, and Peter Larkin of CBRE represented GWU in the sale. UIP plans to develop Boathouse on the site, which will feature about 200 rental apartments within the existing 97,300-square-foot core and shell, as well as an additional 50 units in a new 40,000-square-foot addition on the building’s east side. UIP will also develop an 8,000- to 10,000-square-foot restaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors. The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers. Boathouse will also feature a rooftop recreational area with river views and a deck, swimming pool, fire pits, gourmet kitchen, and 2,000-square-foot fitness center. Other amenities will include a bike share program, library, multimedia theater and a …

August 15, 2016

Florida Retail Southeast

Colliers Brokers $14.9M Sale of Retail Space in 57-Story Marinablue Tower in Downtown Miami

by John Nelson August 15, 2016

MIAMI — Colliers International South Florida has brokered the $14.9 million sale of ground-level retail space within Marinablue, a 57-story mixed-use skyscraper in downtown Miami. Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay. Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the upcoming Miami Worldcenter development. CVS moved into its new location in mid-July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease. Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.

August 15, 2016

Florida Office Southeast

Cushman & Wakefield Acquires Taylor & Mathis of Florida

by John Nelson August 15, 2016

TAMPA, FLA. — Cushman & Wakefield has acquired Taylor & Mathis of Florida LLC, a Tampa-based commercial real estate company specializing in agency leasing and property management. Over the past six years, Taylor & Mathis of Florida has developed more than 600,000 square feet of office and retail product valued in excess of $250 million. The firm currently manages and leases a portfolio of office and industrial properties totaling 12.5 million square feet for both private and institutional property owners. The acquisition makes Cushman & Wakefield the second largest property management firm in Florida. The company currently manages nearly 32 million square feet in the state. The Taylor & Mathis of Florida acquisition creates a combined portfolio of 41 million square feet, employing 270 property management professionals throughout Florida.

August 15, 2016

Alabama Retail Southeast

Dollar General Celebrates 13,000th Store Opening With New Birmingham Location

by John Nelson August 15, 2016

BIRMINGHAM, ALA. — Dollar General has opened the company’s 13,000th location with a new store in Birmingham. The new store is located at 4132 Jefferson Ave. S.W. The Goodlettsville, Tenn.-based discount retail chain employs more than 6,500 employees in Alabama through 675 stores and its distribution center in Bessemer, which opened in 2012. The new Birmingham location is one of the planned 900 new stores that Dollar General has opened or will open in 2016 throughout the 43 states that the retailer currently serves.

August 15, 2016

Arkansas Multifamily Southeast

Abode Properties Buys Luxury Apartment Community in Little Rock

by John Nelson August 15, 2016

LITTLE ROCK, ARK. — Abode Properties, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased Metropolitan, a 260-unit luxury mid-rise apartment community situated along Arkansas River in Little Rock. As part of the transaction, Abode assumed an existing HUD loan on the property. Metropolitan’s amenities include two resort-style pools, courtyards, a recreation and billiards room, 24-hour fitness center, internet coffee café, garage parking and onsite security. Each unit boasts granite countertops, alarm systems, walk-in closets and full-size washer and dryers. The seller and sales price were undisclosed.

August 15, 2016

Georgia Multifamily Southeast Tennessee Top Stories

Mid-America Apartment Communities to Acquire Post Properties in $4B Multifamily REIT Merger

by Nellie Day August 15, 2016

MEMPHIS, TENN., AND ATLANTA — Mid-America Apartment Communities (NYSE: MAA) has agreed to acquire Post Properties (NYSE: PPS) in an all-stock deal that values Post, a developer and operator of upscale multifamily communities, at nearly $4 billion. The merger will create a Sunbelt-focused, publicly traded multifamily REIT. The acquisition brings together two multifamily portfolios totaling approximately 105,000 multifamily units in 317 properties. The combined company plans to focus on urban and suburban locations in large and secondary markets within the Sunbelt region, which stretches from coast to coast along the southern United States. The combined company’s 10 largest markets by unit count will be Atlanta; Dallas, Fort Worth, Austin and Houston, Texas; Charlotte and Raleigh, N.C.; Orlando and Tampa, Fla.; and Washington, DC. Each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock, per the agreement. Former MAA equity holders will maintain about 67.7 percent of the combined company’s equity, while former Post equity holders will hold the remaining 32.3 percent on a pro-forma basis. The all-stock merger is intended to be a tax-deferred transaction. The combined company is expected to have a pro-forma equity market capitalization of about $12 billion, as …

August 15, 2016

Florida Market Reports Retail Southeast Southeast Market Reports

Miami’s Overall Growth Fuels Major Retail Projects in City’s Development Pipeline

by John Nelson August 15, 2016

Miami is coming into its own as an increasingly international city that continues to attract new residents, visitors and investment and development activity. The city’s urban core is flourishing, with residents gravitating toward a downtown area that allows them to live, work and play in the same neighborhood. The Miami retail market is experiencing a development surge to accommodate the city’s growth. Through the end of the first quarter of 2016, about 2.3 million square feet of retail space was under construction, according to CoStar. The developments are bringing a new class of retailers to the market. Major projects include Brickell City Centre, a 500,000-square-foot shopping center with a roster of tenants that includes Armani Collezioni, anchor tenant Saks Fifth Avenue and Valentino. North of downtown Miami, the $1.7 billion Miami Worldcenter project will introduce a high-street retail concept that is similar to the popular Lincoln Road open-air mall in Miami Beach. In Miami’s Design District, the $1 billion redevelopment of the neighborhood is attracting luxury retailers like Hermès, Louis Vuitton and Cartier. Downtown residents will have easy access to all of these retail destinations. Retail operating fundamentals remain strong in the Miami market. Vacancies closed the first quarter of …

August 15, 2016

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