Southeast

Carrfour, Pride Center to Develop Affordable Housing Community with Focus on Senior LGBT Renters

by John Nelson August 26, 2016

WILTON MANORS, FLA. — Miami-based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing development with a special focus on aging members of the LGBT community. The project, known as The Residences at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apartments, 34 of which will be reserved for low-income seniors living with disabling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earning 60 percent or less of the area median income (AMI), or roughly $35,000 per year according to Carrfour. Phase I will break ground in the fourth quarter of 2017 with an expected completion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project’s developer and operator.

August 26, 2016

Loans Louisiana Multifamily Southeast

Berkadia Arranges $19M Loan for Apartment Community in Baton Rouge

by John Nelson August 26, 2016

BATON ROUGE, LA. — Berkadia has arranged a $19 million Fannie Mae loan for Turnberry Place Apartments, a 272-unit property located at 10720 Linkwood Court in Baton Rouge. Built in 2002, Turnberry Place features one- and two-bedroom units with full-size washer and dryers, patios or balconies and walk-in closets. Community amenities include a 24-hour fitness center, resort-style pool, heated spa, digital business center and video-monitored, controlled access gates. Cameron Hart of Berkadia’s Austin office arranged the 12-year refinancing with a fixed 3.67 percent interest rate and a 30-year amortization schedule on behalf of the borrower, Belcher Management LLC.

August 26, 2016

Industrial Southeast Tennessee

Morgan Construction Breaks Ground on $12.9M Distribution Center in Tennessee

by John Nelson August 26, 2016

SOUTH PITTSBURGH, TENN. — Chattanooga-based Morgan Construction Co. has begun construction on a $12.9 million, 202,000-square-foot distribution center in South Pittsburgh. The tilt-wall project is a build-to-suit for Lodge Manufacturing, a cast iron skillet and cookware manufacturer. The design team includes River Street Architects, A.D. Engineering and Structural Services Inc. Morgan Construction expects to deliver the distribution center in March 2017.

August 26, 2016

Florida Multifamily Southeast

Private Investor Purchases Two Apartment Communities in Tampa Area for $95.6M

by John Nelson August 25, 2016

TAMPA AND BRANDON, FLA. — An unnamed private investor has purchased two apartment communities in Tampa and Brandon for a total of $95.6 million. The portfolio sale included Columns at Brandon West, a 342-unit, Class A apartment community located at 10011 Balaye Run Drive in Tampa. A joint venture between ECI Group and funds managed by Ares Management LP sold the asset for $46 million. Completed in 2001, the 96 percent-occupied property features 10 three-story buildings surrounding two lakes. The one-, two- and three-bedroom units feature nine-foot ceilings, in-unit washers and dryers, walk-in closets and screened-in balconies/patios. Community amenities include a recently updated clubhouse and poolside lounge, resort-style swimming pool, outdoor kitchen, fitness studio, movie screening room, self-service car wash and a nature trail. The buyer also purchased Westbury at Lake Brandon, a 366-unit property located approximately three miles southeast of Columns at Brandon West at 1210 Westbury Pointe Drive in Brandon. An affiliate of Goff Capital Partners sold the property for $49.6 million. Completed in 2001, the 95 percent-occupied, garden-style property features one-, two- and three-bedroom units averaging 988 square feet. Units feature breakfast bars, designer kitchens, crown molding, full-size washers and dryers and walk-in closets. Community amenities include …

August 25, 2016

Georgia Loans Office Southeast

NXT Capital Provides $13.6M Acquisition Loan for Office Building in Atlanta

by John Nelson August 25, 2016

ATLANTA — NXT Capital has provided a $13.6 million acquisition loan for the purchase of Northridge Plaza, a six-story, Class B office building in Atlanta. The 128,000-square-foot property is located at the intersection of GA 400 and Northridge Road.

August 25, 2016

Alabama Hospitality Southeast

Hunter Hotel Advisors Brokers $13.3M Sale of Hilton Birmingham Perimeter Park

by John Nelson August 25, 2016

BIRMINGHAM, ALA. — Hunter Hotel Advisors has brokered the sale of the 205-room Hilton Birmingham Perimeter Park in Birmingham. The buyer, Atlanta-based Peachtree Hotel Group, purchased the eight-story hotel with plans to invest $10.5 million to renovate and reposition the property into a DoubleTree by Hilton hotel. The sales price and seller were undisclosed, but the Birmingham Business Journal reports the sale price as nearly $13.3 million.

August 25, 2016

Maryland Retail Southeast

H&R Retail Arranges Hobby Lobby’s 57,497 SF Lease in Maryland

by John Nelson August 25, 2016

CALIFORNIA, MD. — H&R Retail has represented Hobby Lobby in its 57,497-square-foot lease for a new store at Laurel Glen Shopping Center. The asset is located at 45315 Alton Lane in California. David Ward and Ben Hoskins of H&R Retail, along with The Keith Corp., brokered the transaction. Shanri Holdings Corp. owns the new store, which is set to open in early 2017.

August 25, 2016

Industrial Kentucky Southeast

NAI Isaac Brokers $1.8M Sale of Industrial Facility in Lexington

by John Nelson August 25, 2016

LEXINGTON, KY. — NAI Isaac has brokered the $1.8 million sale of a 33,000-square-foot industrial facility located at 1387 E. New Circle Road in Lexington. The undisclosed buyer plans to renovate and expanding the building. Al Isaac and Jamie Adams of NAI Isaac represented the seller, McLean Properties Inc., in the transaction. David Allen of The Gibson Co. represented the buyer.

August 25, 2016

District of Columbia Mixed-Use Southeast Top Stories

Balfour Beatty to Build $196M North Block Phase of D.C.’s Capitol Crossing Development

by Christina Cannon August 25, 2016

WASHINGTON, D.C. — Balfour Beatty has been awarded a $196 million contract to build the North Block phase of Property Group Partners’ Capitol Crossing development in Washington, D.C. The North Block phase will include the construction of two 12-story, mixed-use office buildings totaling 960,000 square feet that will be connected by a glass connector bridge. Capitol Crossing is a 2.2 million-square-foot project that will span three blocks and seven acres once complete. The project will include 70,000 square feet of retail space, garden promenades, 1,100 parking spaces, a fitness center and 440 bicycle spaces. The average floor plate at Capitol Crossing will be 30,000 square feet. “Property Group Partners has a strong belief in reimagining cityscapes and revitalizing neighborhoods through sustainable building and innovative engineering,” says Leon Blondin, president of Balfour Beatty’s Mid-Atlantic division. “We’re honored to be their construction partner in building this truly historic development in the downtown core that will reconnect long-divided Capitol Hill to the East End. Having already managed the preconstruction, utility relocation and platform construction phases, it’s very gratifying to continue our work to take this project vertical and deliver its first two mixed-use buildings.” Work is scheduled to first begin on the building …

August 25, 2016

Florida Multifamily Southeast

Marcus & Millichap Arranges $63M Sale of Multifamily Portfolio in Central Florida

by John Nelson August 24, 2016

ORLANDO, FLA. — Marcus & Millichap has brokered the $63 million sale of a six-property, 1,244-unit apartment portfolio in Central Florida. The properties include the 200-unit Millennium Eagle in Orlando, the 344-unit Eagle Reserve in Orlando, the 248-unit Eagle Bay in Daytona Beach, the 232-unit Eagle Oaks in South Daytona, the 120-unit Eagle Park in Daytona Beach and the 100-unit Eagle Briar in New Smyrna Beach. The portfolio was 94 percent occupied at the time of sale. Michael Donaldson, Nicholas Meoli and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, a family partnership based in Daytona Beach. The team also procured the buyer, a private investor based in Miami.

August 24, 2016

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