Southeast

Blue Rock Partners Buys Two Multifamily Communities in Atlanta, Orlando for $44.4M

by John Nelson September 13, 2016

ORLANDO, FLA. AND ATLANTA — Blue Rock Partners LLC has purchased two apartment communities in Orlando and Atlanta totaling $44.4 million. The acquisitions included the $21 million purchase of the 320-unit Silver Oaks Apartments in Orlando and the $23.4 million purchase of the 450-unit Landings at Oak Hill in Atlanta. Blue Rock Partners purchased the Orlando asset from Madison Exchange LLC and the Atlanta complex from Chartwell Multifamily LLC. The Tampa-based company purchased both assets in partnership with Canadian investor Rosdev Group. Blue Rock plans to invest $5.8 million in interior and exterior upgrades at the two apartment communities. The company will also rebrand Silver Oaks as The Park at Highgate and Landings at Oak Hill as The Park at Morella. Marcus & Millichap brokered the sale of the Orlando community, and Cushman & Wakefield brokered the sale of the Atlanta project. Pembrook Capital Group provided acquisition financing for the Orlando community, and Wells Fargo Multifamily Capital provided acquisition financing for the Atlanta complex.

September 13, 2016

Georgia Office Southeast

Honeywell to Develop $20M Software Center in Midtown Atlanta

by John Nelson September 13, 2016

ATLANTA — Honeywell International Inc., a global technology company with ties to the aerospace and homebuilding industries, plans to build its Software Center in Midtown Atlanta, bringing more than 730 jobs software-focused jobs to the area over the next five years. The $20 million development will also house the company’s Home and Building Technologies headquarters, which will bring an additional 100 jobs to Atlanta while continuing to maintain a presence in Minnesota. Honeywell intends to invest $19 million in the site, which is set to open in the fourth quarter of this year. The company will also use $2 million in grants from the state of Georgia and Invest Atlanta, the city of Atlanta’s economic development arm. Honeywell also expects to use tax credits totaling more than $10 million, assuming the company hires as scheduled.

September 13, 2016

Alabama Retail Southeast

Branch Properties Acquires Two Retail Centers in Metro Birmingham

by John Nelson September 13, 2016

INVERNESS, ALA. — Branch Properties LLC has acquired two shopping centers in the Birmingham suburb of Inverness from Bayer Properties. The acquisitions include Inverness Corners, a 242,635-square-foot shopping center anchored by Winn-Dixie and Kohl’s; and Inverness Plaza, a 74,818-square-foot shopping center anchored by PGA Superstore and Planet Fitness. The adjacent centers were renovated last year. The sales price was not disclosed.

September 13, 2016

Alabama Office Southeast

Daniel Corp. Buys 18-Story Office Building in Downtown Birmingham

by John Nelson September 12, 2016

BIRMINGHAM, ALA. — Daniel Corp. has purchased the Financial Center office building, an 18-story, 311,201-square-foot tower located in downtown Birmingham’s Financial District. As part of the acquisition, Daniel Corp. will relocate its headquarters to the office building. Built in 1982, Financial Center is located at 505 20th St. North at the intersection of 20th Street and 5th Avenue. The seller was undisclosed, but AL.com reports Allegiance Realty Corp. purchased the asset in 2013 for an undisclosed price.

September 12, 2016

Hospitality Southeast Tennessee

HREC Brokers $31.6M Sale of Holiday Inn Nashville Airport Hotel

by John Nelson September 12, 2016

NASHVILLE, TENN. — HREC Investment Advisors has brokered the $31.6 million sale of the Holiday Inn Nashville Airport, a 383-room hotel located in Nashville. The hotel is situated two miles east of Nashville International Airport and eight miles from downtown Nashville. An affiliate of Fairwood Capital LLC purchased the hotel from FelCor Lodging Trust. Monty Levy, Bill Murney and Scott Stephens of HREC represented FelCor in the transaction. Fairwood Capital plans to rebrand the hotel.

September 12, 2016

Georgia Industrial Loans Southeast

NorthMarq Capital Arranges $27.8M Acquisition Loan for 2 MSF Distribution Center in Metro Atlanta

by John Nelson September 12, 2016

NEWNAN, GA. — NorthMarq Capital has arranged a $27.8 million acquisition loan for a 2 million-square-foot distribution center located in Newnan, roughly 20 miles south of Hartsfield-Jackson Atlanta International Airport. The property was built, owned and occupied by Kmart for more than 30 years. Keith Braddish of NorthMarq Capital’s New York City office and Will James of the firm’s Atlanta office arranged the three-year loan through Ladder Capital on behalf of the undisclosed buyer.

September 12, 2016

Loans Multifamily Southeast Tennessee

Dougherty Mortgage Closes $21.2M Fannie Mae Loan for Apartment Community in Chattanooga

by John Nelson September 12, 2016

CHATTANOOGA, TENN. — Dougherty Mortgage has arranged a $21.2 million Fannie Mae loan for the acquisition of The District at Hamilton, a 300-unit, market-rate apartment complex located in Chattanooga. The gated, pet-friendly property features a swimming pool, sundeck, grilling area, business center, athletic center and two lighted tennis courts. The interiors include Whirlpool appliances, window coverings, decks or sunrooms and built-in microwaves. Dougherty Mortgage’s Nashville office arranged the 15-year loan with a 30-year amortization schedule on behalf of the borrowers, Calhoun Shores LLC, Fremount House LLP and Hamilton Place CAG LLC.

September 12, 2016

Florida Mixed-Use 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

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