Southeast

Eastern Union Funding Arranges $39.1M Acquisition Loan for Metro Atlanta Apartment Community

by John Nelson May 3, 2017

TUCKER, GA. — Eastern Union Funding has arranged a $39.1 million acquisition loan for Landmark at Mountain View, a 989-unit apartment community located at 110 Wood Bend Drive in Tucker, a suburb of Atlanta in DeKalb County. Marc Belsky and Jonathan Singer of Eastern Union Funding arranged the three-year loan through Arbor Commercial Mortgage on behalf of the borrower, a private investment group based in New York that purchased the property for $38 million. Built in 1986, Landmark at Mountain View was 92 percent occupied at the time of sale. Berkadia Real Estate Advisors represented the seller in the sale.

May 3, 2017

Alabama Arkansas Georgia Hospitality Kentucky Louisiana Mississippi South Carolina Southeast

R&R REIT Acquires 1,020-Room Hotel Portfolio for $35M

by John Nelson May 3, 2017

MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.

May 3, 2017

Multifamily North Carolina Southeast

Colliers Brokers $20.8M Sale of Apartment Community in Greensboro

by John Nelson May 3, 2017

GREENSBORO, N.C. — Colliers International has brokered the $20.8 million sale of Hidden Lakes Apartments, a 483-unit multifamily community located in Greensboro. Living Well Homes purchased the asset from CORE Realty Holdings Management Inc. Will Mathews and Brooks Colquitt of Colliers represented CORE Realty in the transaction. Colliers has brokered five sales on behalf of CORE Realty in the past 10 months.

May 3, 2017

Loans Louisiana Multifamily Southeast

Arbor Provides $13.5M Fannie Mae Loan for Apartment Community in Hammond, Louisiana

by John Nelson May 3, 2017

HAMMOND, LA. — Arbor Realty Trust Inc. has funded a $13.5 million Fannie Mae loan for the refinancing of Tangi Lakes Townhomes, a 185-unit apartment community located in Hammond, roughly 45 miles east of Baton Rouge. Austin Walker of Arbor’s New York office originated the 10-year loan with a 30-year amortization schedule. Built in 1999, the property features barbeque grills, controlled access gates, a fitness center, laundry facility, on-site security, park/play area and a swimming pool.

May 3, 2017

Florida Retail Southeast

Crossman Adds Toys “R” Us to Tenant Lineup at The LOOP in Central Florida

by John Nelson May 3, 2017

KISSIMMEE, FLA. — Crossman & Co. has added Toys “R” Us at The LOOP, an open-air shopping destination located at 3208 N. John Young Parkway in Kissimmee. Toys “R” Us will join The LOOP’s existing tenants including Kohl’s, Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Old Navy, CVS/pharmacy, Famous Footwear, LensCrafters, T-Mobile, Kay Jewelers, Chili’s Bar & Grill, Chick-fil-A, Noodles & Co., Ben & Jerry’s, Chipotle Mexican Grill and Regal Stadium 16. Katherine Rush of Crossman & Co. represented the landlord in the lease transaction, and Steve Friedman of Strategic Retail Advisors represented Toys “R” Us. The new lease brings The LOOP’s occupancy rate to 96 percent. Toy “R” Us operates 879 Toys “R” Us and Babies “R” Us stores in the United States, Puerto Rico and Guam, as well as 810 international stores and 255 licensed stores in 37 countries and jurisdictions.

May 3, 2017

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $57M Sale of ADP Building in Downtown Norfolk

by John Nelson May 2, 2017

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.

May 2, 2017

Georgia Industrial Southeast

American Realty Advisors Buys 846,496 SF Distribution Center in Metro Atlanta from TCC, Allstate

by John Nelson May 2, 2017

MCDONOUGH, GA. — American Realty Advisors has purchased Phase I of King Mill Distribution Park, an 846,496-square-foot distribution center in the south Atlanta suburb of McDonough. Trammell Crow Co. (TCC) and Allstate sold the asset to American Realty Advisors for an undisclosed price. Wayfair, a furniture and décor e-commerce retailer based in Boston, fully leases the distribution center, which is being built on spec. The building will feature 36-foot clear heights, trailer storage, employee vehicle parking, ingress/egress at two separate entrances and a flexible design that can accommodate multiple tenants served by separate entrances. Frank Fallon and Chris Riley of CBRE’s Atlanta office represented the sellers in the sale.

May 2, 2017

Georgia Industrial Southeast

Duke Realty Expands Metro Atlanta Industrial Portfolio by 600,000 SF

by John Nelson May 2, 2017

ATLANTA — Duke Realty Corp. has expanded its metro Atlanta industrial portfolio by nearly 600,000 square feet. The Indianapolis-based REIT broke ground on Camp Creek 4505, a 336,960-square-foot warehouse within Camp Creek Business Center in East Point near Hartsfield-Jackson Atlanta International Airport. Camp Creek 4505 will be the 10th warehouse Duke Realty has developed in its 400-acre industrial park. Duke Realty also purchased a 250,000-square-foot industrial facility at 2601 Skyview Drive in Lithia Springs for an undisclosed price. With these transactions, Duke Realty now owns and manages more than 11.3 million square feet of industrial properties in the Atlanta metro area.

May 2, 2017

Georgia Industrial Southeast

Colliers Arranges $30M Sale of Industrial Park in Metro Atlanta

by John Nelson May 2, 2017

DECATUR, GA. — Colliers International has arranged the $30 million sale of Perimeter East Industrial Park, an eight-building, 775,339-square-foot development situated near Interstate 285 in Decatur. Shreveport, La.-based Sealy & Co. purchased the property from Boston-based High Street Realty Co. Dennis Mitchell and Matt Wirth of Colliers represented High Street Realty in the transaction.

May 2, 2017

Florida Multifamily Southeast

Marcus & Millichap Secures $24M Sale of Multifamily Community in Central Florida

by John Nelson May 2, 2017

WINTER HAVEN, FLA. — Marcus & Millichap has brokered the $24 million sale of Cypress Gardens Apartments, a 278-unit multifamily community located at 4200 Mahogany Run in Winter Haven, about two miles from the Legoland Florida Resort. Community amenities include two swimming pools with sundecks, a dedicated parking lot for boats and trailers and a paved picnic area with a pergola. All of the apartment interiors have received upgrades, including new or resurfaced countertops, stainless steel appliances and new bedroom carpeting. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer. Cypress Gardens was 93 percent occupied when the seller listed the property for sale.

May 2, 2017

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