Southeast

Eden Multifamily Breaks Ground on $87M Apartment Community in North Miami Beach

by John Nelson May 5, 2017

NORTH MIAMI BEACH, FLA. — Eden Multifamily has broken ground on NOMA North Miami Beach, an $87 million apartment community located at 2145 N.E. 164th St. in North Miami Beach. The 354-unit property will be situated on a 2.6-acre site near Biscayne Boulevard, Laurenzo’s Italian Market, Snake Creek Canal and the City of North Miami Beach greenway. The eight-story project is a joint venture between Eden Multifamily and Florida Value Partners. The joint venture will finance the development with debt from JPMorgan Chase and preferred equity from Related Real Estate Debt Strategies LLC. NOMA North Miami Beach will feature studio, one-, two- and three-bedroom units, as well as an inner courtyard pool, community rooms, fitness center, cyber café, gathering areas and fiber-connected Wi-Fi throughout the community. NOMA will also include seven adjacent two- and three-bedroom townhomes along the greenway and commercial space along N.E. 164th Street. The project is the first component of a mixed-use development that will serve as the new urban town center for the eastern part of North Miami Beach. The design team includes general contractor Coastal Construction, architect MSA Architects, landscape architect Bruce Howard Associates and interior designer IDDI Design International. Eden Multifamily expects to deliver …

May 5, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $82.4M Sale of Multifamily Community in Metro Tampa

by John Nelson May 5, 2017

PALM HARBOR, FLA. — ARA Newmark has brokered the $82.4 million sale of Lansbrook Village, a 774-unit apartment community located in the Tampa suburb of Palm Harbor. The property features 152 individually owned units that weren’t part of the transaction. Pritzker Realty Group developed Lansbrook Village in three phases — Windsor in 1998, Cambridge in 2002 and Hampton in 2004. The development’s amenities include three swimming pools, two expansive clubhouses and gathering areas, a fitness center, business center, three new outdoor kitchens, two tennis courts, volleyball court, pet playground and a car-care station. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers, Atlanta-based Carroll Organization and New York-based Bluerock Real Estate, in the transaction, which involved a loan assumption. Carroll Organization decided to buy back into the acquisition by replacing Bluerock as the equity. The company will continue to pursue buying Lansbrook Village’s individually owned units.

May 5, 2017

Industrial Kentucky Southeast

Kroger Buys 674,500 SF Spec Industrial Building Near Cincinnati for $33.8M

by John Nelson May 5, 2017

INDEPENDENCE, KY. — The Kroger Co. has acquired Park 536, a 674,500-square-foot industrial property located at 251 Mt. Zion Road in Independence, a town in Kentucky roughly 13 miles south of Kroger’s hometown of Cincinnati. Kroger purchased the asset, which was built on a speculative basis, from VanTrust Real Estate for $33.8 million. Built in late 2016, Park 536 is situated on 45 acres and features 36-foot clear heights, 68 docks and 336 parking spaces. John Gartner III and Norm Khoury of Colliers International’s Cincinnati office represented VanTrust in the sale, and Brian Leonard of JLL represented Kroger, which plans to create nearly 100 new jobs at the facility and will move in upon building out the interior to its liking. The grocer will use Park 536 as a “replenishment center” for the company’s distribution centers in the eastern part of the United States.

May 5, 2017

Mixed-Use Southeast Tennessee

PEBB Enterprises Acquires Mixed-Use Center in Memphis for $28M

by John Nelson May 5, 2017

MEMPHIS, TENN. — PEBB Enterprises has acquired Germantown Village Square, a 199,629-square-foot mixed-use development in Memphis. The Boca Raton, Fla.-based investor purchased the asset from Memphis-based Boyle Investment Co. for $28 million. The purchase of Germantown Village is PEBB’s largest acquisition to date by both dollar amount and square footage. Germantown Village Square features nearly 140,000 square feet of retail space leased to tenants such as T.J. Maxx, DSW and Petco, and more than 60,000 square feet of second-floor office space anchored by The West Clinic, a subsidiary of Baptist Memorial Health Services.

May 5, 2017

North Carolina Office Southeast

Education Tech Firm Expands Office Footprint in Downtown Raleigh

by John Nelson May 5, 2017

RALEIGH, N.C. — VitalSource Technologies, an education and technology firm, has expanded its footprint at 227 Fayetteville in downtown Raleigh. VitalSource, which moved into the mixed-use office building in 2015, will occupy an additional 11,163 square feet, resulting in a total of 33,151 square feet on three full floors. Other tenants at the office building include RATIO Architects, Cohera Medical, Indy Week and a newly announced, 26,000-square-foot YMCA. The owner of 227 Fayetteville, LRC Properties, recently completed a $14.5 million renovation of the 10-story building. Robin Roseberry Anders of NAI Carolantic represented the landlord in the lease deal.

May 5, 2017

Georgia Mixed-Use Southeast

Cousins, Gables Residential Sell Emory Point Development in Atlanta for $199M

by John Nelson May 4, 2017

ATLANTA — Cousins Properties and Gables Residential have sold Emory Point I and II, a mixed-use property in Atlanta’s Druid Hills area comprising the 750-unit Gables Emory Point and 125,000 square feet of retail space. Blackstone purchased the development for a gross price of $199 million. The project was owned through a 75/25 joint venture between Cousins and Gables Residential, and Cousins’ portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. Tenants at Emory Point include American Threads, Fab’rik, Francesca’s, Lizard Thicket, Loft, Fresh to Order, Marlow’s Tavern, Tin Lizzy’s, CVS/pharmacy, Earth Fare, Orangetheory Fitness, Empower Yoga and Pink Barre. Paul Berry, John Whitlow, Chris Decoufle and Kevin Hurley of CBRE represented Cousins Properties and Gables Residential in the transaction. CBRE’s Robert Kadoori secured acquisition funding on behalf of Blackstone. Atlanta-based Cousins plans to sell another $150 million to $175 million worth of assets for the remainder of 2017.

May 4, 2017

Georgia Multifamily Seniors Housing Southeast

Greystar to Develop Apartment Community, Seniors Housing at $370M Halcyon Project in Metro Atlanta

by John Nelson May 4, 2017

FORSYTH COUNTY, GA. — Greystar plans to develop a 300-unit apartment community and a 160-unit seniors housing property within Halcyon, a $370 million mixed-use development located off exit 12 on Ga. 400 in Forsyth County. The multifamily community, known as Elan Halcyon, will feature top-of-market amenities and 11,000 square feet of ground-floor retail space. The seniors housing property will feature 12,000 square feet of resort-style amenities, including a resident clubhouse, pool and spa, demonstration kitchen, game room, theater room, fitness center and a golf simulator. RocaPoint Partners, an Atlanta-based affiliate of The Georgetown Co., is the master developer of Halcyon. Set to open in 2018, the development will include more than 500,000 square feet of office and retail space, a high-end CMX movie theater, two hotels and 690 residential units, including Greystar’s two projects.

May 4, 2017

Florida Multifamily Southeast

Passco Acquires Apartment Community in Southwest Florida for $53.5M

by John Nelson May 4, 2017

ESTERO, FLA. — Passco Cos. has purchased Springs at Estero, a 260-unit, Class A apartment community located at 11221 Everblades Parkway in Estero, a town in southwest Florida near Fort Myers. Passco acquired the newly built property from Continental Properties for $53.5 million with plans to rebrand the community as Longitude 81. Built in 2016, the property features a 24-hour fitness center, resort-style swimming pool with a sundeck and poolside summer kitchen and a community clubhouse featuring Wi-Fi, coffee bar, fireplace and a catering kitchen. James May of JBM Institutional Multifamily Advisors represented the seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco.

May 4, 2017

Kentucky Retail Southeast

Dahlem, Berkeley Capital Arrange $30.3M Sale of 600,000 SF Shopping Center in Kentucky

by John Nelson May 4, 2017

PAINTSVILLE, KY. — Louisville, Ky.- based Dahlem and partner Berkeley Capital Advisors have brokered the $30.3 million sale of Mayo Plaza, a 600,000-square-foot shopping center in Paintsville. The property’s tenant roster includes Lowe’s Home Improvement, Food City, Dollar Tree, Shoe Show and Big Sandy Superstore. Dahlem and Berkeley Capital represented the seller, the Homer & Mary Short Estate, in the transaction.

May 4, 2017

Georgia Office Southeast

Lincoln Property Executes Four Leases at Former Aaron’s Headquarters Building in Atlanta

by John Nelson May 4, 2017

ATLANTA — Lincoln Property Co. Southeast has executed four lease deals at 309 East Paces, a redevelopment of the former Aaron’s Inc. headquarters office building in Atlanta’s Buckhead district. The new tenants include Chicago-based Industrious, Patterson Real Estate Advisory Group, The Loudermilk Cos. and Atlanta Consulting Group Advisors. Shaun Weinstock of Weinstock Realty & Development LLC represented Industrious in the lease deal. Set to open in June, the property will span 80,000 square feet of office space atop ground-level retail space. The property is currently 60 percent preleased, but Lincoln Property Co. Southeast expects the property will be fully leased upon delivery.

May 4, 2017

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