Southeast

Elevation Financial Sells Apartment Community in Greenville for $9.3M

by John Nelson May 27, 2016

GREENVILLE, S.C. — Elevation Financial Group LLC has sold the 200-unit Serenity Apartments in Greenville for $9.3 million through its Elevation Real Property Fund IV investment fund. The South Carolina office of Berkadia Real Estate Advisors LLC brokered the transaction. Elevation Financial purchased the asset in 2014 for $3.8 million and increased the property’s net operating income by 320 percent after 15 months of ownership. Elevation Financial invested in capital improvements to Serenity Apartments prior to the sale, including replacing all the property’s windows and creating a new leasing office.

May 27, 2016

Florida Multifamily Seniors Housing Southeast

Brookdale Plans $8M Expansion to Seniors Housing Community in Florida

by John Nelson May 27, 2016

DELAND, FLA. — Brookdale Senior Living has announced plans to add 32 memory care units and 42 assisted living units to Brookdale DeLand, the company’s community in DeLand, approximately 40 miles north of Orlando. The cost of the expansion will be $8 million. In addition to the new units, the project will add an onsite therapy gym to the community. Brookdale is the largest owner and operator of seniors housing properties in the United States.

May 27, 2016

Maryland Office Southeast Top Stories

Carr Properties Acquires Office Property in Metro D.C. For $105M

by Christina Cannon May 27, 2016

BETHESDA, MD. — Carr Properties has acquired a 163,000-square-foot office building in the Central Business District of Bethesda for $105 million. The seller was an entity controlled by American Society of Health-System Pharmacists. Carr intends to redevelop and expand the four-story building into a mixed-use property that will include over 900,000 square feet of office, residential and retail space. The project will also include the addition of the Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below-grade tunnel for the Capital Crescent Trail. The property is located at 7272 Wisconsin Ave. “We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with unparalleled access to public transportation, bike trails and the thriving restaurant and retail of Bethesda Row,” says Oliver Carr III, CEO of Carr Properties. “We could not be more excited about this opportunity for our company.” In a related transaction, the American Society of Health-System Pharmacists will relocate its headquarters to Carr’s recently developed LEED Platinum-certified office building located at 4500 East West Highway in Bethesda. Carr Properties is a private REIT that owns, acquires and develops commercial real estate, predominately office properties, in …

May 27, 2016

Georgia Office Southeast

Avison Young Assists Adventus Realty Trust in $38.9M Purchase of Office Building in Atlanta

by John Nelson May 26, 2016

ATLANTA — Avison Young has advised Adventus Realty Trust in its off-market acquisition of 1000 Parkwood, a 212,500-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. The seller, Atlanta Property Group, sold the 10-story property to Adventus for $38.9 million. Built in 1985, 1000 Parkwood was 92 percent leased at the time of sale to tenants including global chemical company Kemira. Matt Tritschler of Avison Young advised Adventus in the transaction, and CBRE represented Atlanta Property Group.

May 26, 2016

Florida Multifamily Southeast

Berkadia Arranges $24.6M Sale of Multifamily Portfolio in Orlando

by John Nelson May 26, 2016

ORLANDO, FLA. — Berkadia has brokered the $24.6 million sale of a two-property multifamily portfolio in southeast Orlando. Located across Curry Ford Road from one another, the portfolio includes the 210-unit Pendelton Park Villas and the 100-unit Carlyle Court Apartments. At the time of sale, Pendelton Park Villas was 97 percent occupied and Carlyle Court was 94 percent occupied. Both properties have undergone capital improvements totaling more than $1.2 million since 2012. Cole Whitaker and Hal Warren of Berkadia represented the seller, West Springfield, Mass.-based Florida Pendelton LP, in the transaction. The buyer was Miami-based Lloyd Jones Capital LLC.

May 26, 2016

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $8.5M Sale of Affordable Housing Community in Cape Coral

by John Nelson May 26, 2016

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $8.5 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. The property was constructed and placed into the Low Income Housing Tax Credit program in 2000. The community comprises eight three-story buildings and a freestanding clubhouse. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, an institutional owner based in New York City, and the private, Florida-based buyer in the transaction.

May 26, 2016

Florida Industrial Southeast

Cushman & Wakefield Arranges 150,000 SF Industrial Lease in Metro Miami

by John Nelson May 26, 2016

MEDLEY, FLA. — Cushman & Wakefield has arranged a 149,980-square-foot industrial lease at Airport North Logistics Park, bringing Building One to full occupancy. The 45-acre industrial park is located at 8502 N.W. 80th St. in Medley, part of Miami’s Airport North submarket. The tenant, Eco Window Systems, is a privately owned manufacturer of affordable impact-resistant doors and windows. The company is relocating from Medley International Business Park and is doubling the size of its distribution center. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord, Airport North Industrial Inc., in the lease deal. Americas Commercial Real Estate LLC represented Eco Window Systems. Buildings Two and Three at Airport North Logistics Park are under construction and are expected to be delivered by mid-2017.

May 26, 2016

Retail Southeast Tennessee

Trademark Property Adds Three New Retailers to Saddle Creek in Metro Memphis

by John Nelson May 26, 2016

GERMANTOWN, TENN. — Trademark Property Co. has signed three new retailers to join Saddle Creek, a 173,000-square-foot outdoor lifestyle retail center in Germantown, roughly 22 miles east of Memphis. The new tenants include Atlanta-based American Threads, Sephora and Sur La Table. American Threads will open its 1,995-square-foot store next to Janie and Jack later this year; Sephora will open its 5,701-square-foot store next to Michael Kors later this year; and Sur La Table will open its 5,807-square-foot store next to Brooks Brothers in 2017. Saddle Creek is currently home to 40 retailers, including Apple, Anthropologie, J. Crew and Banana Republic. Other retailers opening this summer include Grimaldi’s Pizzeria, Paper Source and Sleep Number.

May 26, 2016

Georgia Mixed-Use Multifamily Southeast

Mill Creek Residential to Develop Mixed-Use Project in Atlanta’s Vinings Neighborhood

by John Nelson May 25, 2016

SMYRNA, GA. — Mill Creek Residential plans to develop Modera by Mill Creek-Vinings, a mixed-use multifamily project in Smyrna’s Vinings neighborhood. Designed by Lord Aeck Sargent, the property will feature 269 luxury apartment homes, below-grade parking, upscale amenities, retail space and a chef-driven restaurant. Mill Creek Residential purchased the 3.5-acre site at 3205 Cumberland Blvd. from Pope & Land Enterprises. The property will be located along a pond near the start of the Silver Comet Trail, a 61.5-mile walking and biking trail that stretches from Smyrna to central Alabama. Pre-leasing for Modera by Mill Creek-Vinings is slated to begin in summer 2017 with initial move-ins targeted for fall 2017. As of March 31, 2016, Mill Creek Residential’s portfolio comprised 54 communities spanning 15,600 apartment homes that are operating and/or under construction.

May 25, 2016

The Woodlands John Knox Village Pompano Beach

Florida Multifamily Seniors Housing Southeast

John Knox Village CCRC in Broward County Set to Open $34M Expansion

by John Nelson May 25, 2016

POMPANO BEACH, FLA. — John Knox Village, a 70-acre continuing care retirement community (CCRC) in Broward County, will open the doors this week on The Woodlands, a 144-unit expansion of the Pompano Beach community. Development costs for The Woodlands are estimated at $34 million. In addition to the new residential units, the project adds a bistro, rehabilitation services, salon/spa, wellness center and a “life enrichment center” for social gatherings. The CCRC’s board of directors approved the seven-story facility in 2013 and construction began in 2014. RDG Planning & Design, led by architects John Birge, Scott Pfeifer and Kevin Ruff, designed the expansion. The Weitz Co. served as the construction manager, and William Gallo of Gallo Herbert Architects served as the owner’s authorization representative.

May 25, 2016

Newer Posts

Older Posts