Southeast

Cushman & Wakefield Brokers $21.3M Sale of Business Park in Metro Orlando

by John Nelson June 29, 2016

LAKE MARY, FLA. — Cushman & Wakefield has arranged the $21.3 million sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse park in Lake Mary, a suburb of Orlando. The single-story buildings are located at 100, 200, 250, 255 and 525 Technology Parkway. Buildings 250 and 255 were recently converted to Class A office space. The portfolio was 58 percent leased at the time of sale to tenants such as FARO Technologies and CuraScript. Michael Lerner, Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller, Toronto-based Sun Life Assurance Co. of Canada, in the transaction. Colorado-based Real Capital Solutions purchased the portfolio for roughly $72 per square foot.

June 29, 2016

Loans Louisiana Seniors Housing Southeast

KeyBank Arranges $16.7M Acquisition Loan for Seniors Housing Community in Louisiana

by John Nelson June 29, 2016

COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.

June 29, 2016

Florida Industrial Southeast

Cushman & Wakefield Brokers $103.6M Sale of Industrial Asset in Metro Tampa

by John Nelson June 28, 2016

RUSKIN, FLA. — Cushman & Wakefield has brokered the sale of a 1 million-square-foot distribution center located at 3350 Laurel Ridge Ave. in Ruskin, a suburb of Tampa. The transaction was the largest industrial sale in Tampa history in terms of both size and value, according to Cushman & Wakefield research. The price was undisclosed, but public records set the sale price at $103.6 million. USAA Real Estate Co. sold the LEED Silver-certified asset to Cole Office & Industrial REIT Inc., a non-listed REIT sponsored by Cole Capital, the investment management business of Phoenix-based VEREIT. Built in 2014, the property is fully leased to a Fortune 50 retailer and features 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54- by 50-foot column spacing, an ESFR sprinkler system and trailer parking. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented USAA Real Estate in the transaction.

June 28, 2016

Multifamily South Carolina Southeast

Miller-Valentine to Develop Upscale Apartment Community in Metro Charlotte

by John Nelson June 28, 2016

FORT MILL, S.C. — Miller-Valentine Group plans to develop Beckett Farms, a 280-unit luxury apartment community in Fort Mill, a southern suburb of Charlotte in South Carolina. The asset will be situated on 44 acres near the intersection of Gold Hill Road and I-77. The property will feature one-, two- and three-bedroom units, as well as carriage units with garages underneath. Interiors will feature wood-style flooring, farmhouse-inspired fixtures and lighting, washers and dryers, stainless steel appliances, granite countertops, freestanding islands and tiled backsplashes. Amenities will include a salt water/ mineral pool with sun shelves, covered cabanas, palm trees, gas fire pit lounge area, outdoor kitchen and grill station, cyber café and a fitness center. The design team includes architects Axiom Architecture, Design Resource Group and Vignette Interior Design; general contractor CF Evans Construction; construction manager Miller-Valentine Construction; and marketing firm Yellow Duck Marketing. Miller-Valentine expects to deliver the first units of Beckett Farms by May 2017.

June 28, 2016

Georgia Industrial Southeast

Lockheed Martin Sells Four Buildings, 52 Acres in Metro Atlanta to Georgia Tech

by John Nelson June 28, 2016

MARIETTA, GA. — Lockheed Martin has sold four buildings and 52 acres on its south campus in Marietta to the Georgia Institute of Technology. Collocated with five buildings occupied by the Georgia Tech Research Institute, the school will use the additional buildings and land to expand its research and development enterprise. The buildings previously housed the offices and operation of the F-22 Raptor program, which shuttered in 2013. The transaction between Lockheed Martin and Georgia Tech could bring as many as 500 jobs to Cobb County.

June 28, 2016

Loans Mixed-Use North Carolina Southeast

Bellwether Enterprise Closes Refinancing for AvidXchange Music Factory in Charlotte

by John Nelson June 28, 2016

CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital has closed a loan for the refinancing of AvidXchange Music Factory, a mixed-use development in downtown Charlotte. The property features 120,000 square feet of office space; 140,000 square feet of restaurant, bar and entertainment space; and a 5,000-person, open-air amphitheater. Live Nation operates the amphitheater and two indoor venues at the Music Factory. Bellwether Enterprise arranged the loan through Cantor Commercial Real Estate Lending LP. Terms of the loan were not disclosed.

June 28, 2016

Georgia Southeast

GoldOller Buys 610-Unit Apartment Community in Atlanta’s Vinings District

by John Nelson June 28, 2016

ATLANTA — GoldOller Real Estate Investments has purchased Westhaven at Vinings Apartments, a 610-unit community located in Atlanta’s Vinings district. The gated property features four swimming pools, fitness center, outdoor kitchens, recently upgraded interiors, Wi-Fi business center café and a treetop clubhouse and resident lounge. Westaven at Vinings is the 10th multifamily acquisition in the Atlanta area since 2012 for the Philadelphia-based apartment owner-operator, which has more than 3,000 units in its Atlanta apartment portfolio. The sales price was undisclosed.

June 28, 2016

Hospitality Maryland Restaurant Retail Southeast Top Stories

Cordish Companies Unveils Plans for $200M Expansion at Maryland Live! Casino

by Katie Sloan June 28, 2016

HANOVER, MD. — The Cordish Companies has unveiled plans for a $200 million expansion at Maryland Live! Casino in Hanover. The expansion will include a 17-story, flagship Live! Hotel tower; an event center; meeting spaces; new dining options; a Live! Retail store; approximately 1,000 additional parking spaces; and a day spa and fitness center. The hotel will offer 310 luxury guest rooms, 52 of which will be suites. The Grand Event Center will feature a 1,500-seat concert venue with a built-in performance stage. The development’s event center will also offer flexible pre-function and meeting space, an executive boardroom and banquet seating capable of hosting up to 800 guests. New dining options will include a 24-hour café, a gelato bar and a signature lobby bar with more than 50 seats. Contractors, project architects and designers tapped by The Cordish Cos. for the project include Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Assoc. and EDSA. Tutor Perini Corp. will be the project’s general contractor. The project is expected to create approximately 400 new jobs and 550 construction jobs for the region, according to the developers. …

June 28, 2016

Florida Multifamily Southeast

Praedium Group Buys Apartment Community in Orlando for $60.4M

by John Nelson June 27, 2016

ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.

June 27, 2016

North Carolina Office Southeast

Joint Venture Sells Two Office Properties in Metro Raleigh for $35.2M

by John Nelson June 27, 2016

CARY, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold two office buildings in Cary for a combined $35.2 million The office assets are located at 100 and 200 Regency Forest Drive within Regency Park. Totaling 207,347 square feet, the properties are leased to tenants such as Cadence Design, MicroMass Communication, MercuryGate International, Crown Castle and Garmin International. Scot Humphrey, Ryan Clutter and Chris Norvell of HFF represented the joint venture in the transaction and procured the buyer, True North Management Group LLC.

June 27, 2016

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