Southeast

Westminster to Build $10M Memory Care Community in Metro Atlanta

by John Nelson November 15, 2016

NEWNAN, GA. — Westminster Memory Care has planned a new, $10 million memory care community in the Atlanta suburb of Newnan. The Coweta Community Board of Commissioners approved a rezoning of the plot to allow the memory care development to proceed. Developer James Deupree plans to break ground on the community in early 2017 for completion in early 2018. Deupree, of Birmingham, Ala., recently opened a Westminster Memory Care community in nearby Dallas, Ga. He is planning eight more communities for Georgia and South Carolina. Riverwood Retirement Management, a Florida-based operator, will manage all Westminster communities.

November 15, 2016

Florida Office Southeast

CBRE Brokers $8.5M Sale of Office Building in East Orlando

by John Nelson November 15, 2016

ORLANDO, FLA. — CBRE has arranged the $8.5 million sale of Baldwin III, a three-story office building located on New Broad Street within Village City Center in east Orlando’s Baldwin Park submarket. Owens Realty Capital purchased the 44,478-square-foot property from Baldwin III LLC. Built in 2008 by Lincoln Property Co., Baldwin III is the newest of four office buildings within Village City Center and has averaged 93 percent occupancy over the last five years. Ron Rogg and Chip Wooten of CBRE represented the seller in the transaction.

November 15, 2016

Florida Loans Multifamily Southeast

Trillium Capital Arranges $4.1M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson November 15, 2016

JACKSONVILLE, FLA. — Trillium Capital Resources has arranged a $4.1 million acquisition loan for Southside Square Apartments, a 108-unit community located in Jacksonville. Trillium Capital arranged the 10-year, fixed-rate loan through one of the company’s affiliate Freddie Mac Small Balance Lenders on behalf of the New York-based borrower. The loan features 80 percent loan-to-value and three years of interest-only payments.

November 15, 2016

Florida Retail Southeast Top Stories

Regency Centers to Purchase Equity One in $5B Shopping Center REIT Merger

by Katie Sloan November 15, 2016

JACKSONVILLE, FLA. — Jacksonville-based Regency Centers Corp. (NYSE: REG) has agreed to acquire Equity One Inc. (NYSE: EQY), creating one of the largest shopping center REITs in the U.S. The all-stock merger will convert each share of Equity One stock into 0.45 shares of Regency stock. Based on Regency’s closing stock price on Monday, Nov. 14, that equates to $31.44 per share, for a total acquisition price of nearly $5 billion, according to the Wall Street Journal. At the close of the deal, Regency shareholders are expected to own approximately 62 percent of the combined company’s equity, and former Equity One shareholders are expected to own approximately 38 percent. The company will retain the Regency name and will continue to trade under the ticker symbol REG. The headquarters will also remain in Jacksonville. The combined company is expected to have a total market capitalization of $15.6 billion, making it the largest REIT by equity value in the shopping center index. The merger will create a national portfolio of 429 properties encompassing more than 57 million square feet. Regency’s Board of Directors will be increased from nine to 12 members, including two directors designated by Equity One and one director designated …

November 15, 2016

Maryland Multifamily Southeast

Ares, TruAmerica Acquire Multifamily Portfolio in Suburban Baltimore for $236M

by John Nelson November 14, 2016

BALTIMORE — A partnership between funds managed by Ares Management and TruAmerica Multifamily has purchased a 1,402-unit multifamily portfolio in suburban Baltimore for $236 million. The acquisition included Dominion at Eden Brook and Dominion Kings Place in Columbia, Lakeside Mill in Owings Mills, Ellicott Grove in Ellicott City, Arborview at Riverside & Liriope in Belcamp and Dominion Constant Friendship in Abingdon. The partnership will implement a multimillion-dollar renovation and repositioning program across the portfolio. Exterior upgrades will consist of landscaping, painting, updated signage and common area updates. Approximately half of the residential units will be renovated to include new appliance packages, faux-wood hard-surface flooring, new countertops and upgrades to existing cabinets.

November 14, 2016

District of Columbia Loans Office Southeast

New York Life Originates Two Loans Totaling $90M for Office Buildings in D.C.

by John Nelson November 14, 2016

WASHINGTON, D.C. — New York Life Real Estate Investors has originated two 15-year loans totaling $90 million for a pair of office buildings in downtown Washington, D.C.’s central business district. The properties include a recently renovated, 10-story building at 1620 Eye St. N.W. and a 12-story building at 1156 15th St. N.W. New York Life Real Estate Investors originated the loans on behalf of the borrower, TF Cornerstone Inc.

November 14, 2016

Office South Carolina Southeast

Holder Properties to Develop Blackbaud’s New Corporate Campus in Charleston

by John Nelson November 14, 2016

CHARLESTON, S.C. — Blackbaud, a Charleston-based cloud software provider for nonprofits and similar organizations, has selected Holder Properties to develop the company’s new corporate campus in Charleston. Blackbaud’s new campus will consist of a two-phase project situated on 13 acres in the Daniel Island community. Phase I will consist of a four-story, 172,000-square-foot office building and a 650-space surface parking lot located at the corner of Fairchild and Central Island streets. The site is planned to accommodate a second phase expansion for up to 175,000 square feet of additional office space. Construction began in October and Blackbaud will occupy the building upon its completion in the first quarter of 2018. The project team includes architect ASD and general contractor Balfour Beatty. Lee Allen, Chase Monroe, Graham Summers, Denice Michel and John Robinson of JLL represented Blackbaud in the transaction.

November 14, 2016

Mississippi Southeast Student Housing

Joint Venture to Develop Student Housing Community Near Ole Miss in Oxford

by John Nelson November 14, 2016

OXFORD, MISS. — A joint venture between Homestead Development Partners, Columbus Pacific and Kayne Anderson Real Estate Advisors is set to develop HELiX Oxford, a 790-bed student housing community located near the University of Mississippi in Oxford. The property will offer one-, two- and four-bedroom, fully furnished flats and townhomes. Community amenities will include a circular, beach-entry pool; a health and fitness center with cross fit space, multipurpose yoga studio and cardio and weight equipment; study labs devoted to individual, small and large group study; an interactive gaming center; media center; event space; and a summer kitchen. The project is scheduled for completion in fall 2018. The architect for the development is Charlan Brock and Associates, and Childs Dreyfus Group will be in charge of interior design. The project team includes general contractor The Construction Enterprises Inc., engineer Williams Engineering Consultants and landscape architect Dalhoff Thomas Design Studio. Asset Campus Housing has been tapped to manage the property upon completion.

November 14, 2016

Florida Multifamily Southeast

CREC Brokers $36.2M Sale of The Ellington in Miami Gardens

by John Nelson November 14, 2016

MIAMI GARDENS, FLA. — CREC has brokered the $36.2 million sale of The Ellington, an apartment and condominium residential property located on County Line Road in Miami Gardens. Included in the sale were 260 apartments and 87 condominiums with the 412-unit community, which was built in 1974. Peter Mekras represented the undisclosed seller, a repeat client of CREC’s. The buyer, a private investor, was self-represented in the transaction.

November 14, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Demand for Orlando’s Class A Office Space is Outpacing Supply

by John Nelson November 14, 2016

The Orlando office market is strong and continues to grow stronger. Vacancy rates are declining, rents are increasing and new developments are in the works. While many large office markets around the country seem to have reached or are approaching the peak of this real estate cycle, the market in the Orlando area still has great potential for expansion. According to the Orlando Economic Development Commission (EDC), there is currently an unprecedented level of office, multifamily and mixed-use development planned for downtown Orlando. This is largely thanks to Tremont Plaza, a 28-story mixed-use development being built by Lincoln Property Co. and Tremont Realty Capital. The $81 million development will have seven floors of office space totaling over 200,000 square feet, along with a 180-room hotel, making it the first large-scale Class A office project for Orlando in 10 years. With several other major multi-use commercial projects on the drawing board, the EDC calculates that more than 1 million additional square feet of construction is planned for Orlando’s downtown business district. There are several factors contributing to the office market’s prosperity, including Florida’s improving economy and business-friendly atmosphere. The state offers a favorable business tax structure, pro-business legislature and access to …

November 14, 2016

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