Southeast

Franklin Street Arranges $7M Sale of Shopping Center in Metro Atlanta

by John Nelson May 24, 2016

MARIETTA, GA. — Franklin Street has brokered the $7 million sale of Whitlock Village, a 61,180-square-foot shopping center in Marietta. The center was 96 percent leased at the time of sale to tenants such as Goodwill, Dollar Tree and Hibbett Sporting Goods. John Tennant and Bryan Belk of Franklin Street represented the seller, American National Insurance Co., in the transaction. The buyer is a private local investor, Snellville Plaza LLLP, a partnership controlled by Atlanta-based M&P Shopping Centers. The buyer was represented internally by Simon Engler and Jeremy Rosenthal.

May 24, 2016

Healthcare Multifamily Seniors Housing Southeast Tennessee Top Stories

NHI to Acquire Five Bickford Seniors Housing Communities in the Midwest for $87.5M

by Katie Sloan May 24, 2016

MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living. The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years. NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator. The acquisition was funded with available cash and borrowings on the company’s revolving credit facility. “We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI. National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s stock price …

May 24, 2016

Mixed-Use South Carolina Southeast

North American Properties Plans to Develop Mixed-Use Project on Charleston’s Laurel Island

by John Nelson May 23, 2016

CHARLESTON, S.C. — North American Properties – Atlanta has unveiled plans to develop Lorelei, a 160-acre, upscale mixed-use project located on Laurel Island in Charleston. The project’s estimated value totals more than $1 billion, according to sources familiar with the development. The waterfront property is central to the Port of Charleston and offers views of the Arthur Ravenel Jr. Bridge. Plans for Lorelei include retail, chef-driven restaurants with waterfront patios, a hotel, meeting space, loft and Class A offices, multifamily residences, condominiums and single-family homes, a community gathering space, biking and hiking trails and entertainment venues. A food hall is planned for the project, and will be designed and curated in collaboration with local restaurateur Steve Palmer. Boat access will also be available to visitors. Fred Kent, founder of Project for Public Spaces, and Jeff Speck, author of “Walkable City,” have been tapped to help with the design of the project. Project construction is expected to begin upon clearing regulatory and financing hurdles.

May 23, 2016

Georgia Mixed-Use Restaurant Retail Southeast

Braves, Fuqua Reveal Eight New Concepts Coming to The Battery Atlanta Near SunTrust Park

by John Nelson May 23, 2016

ATLANTA — The Atlanta Braves and development partner Fuqua Development have revealed eight new retail, dining and entertainment concepts coming to The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park. The concepts are set to open by Opening Day 2017, when the Atlanta Braves will first take the field at their new 41,500-seat ballpark, which is situated in Cobb County near the intersection of I-75 and I-285. The new concepts include Wahlburgers, a chef-driven burger concept from Mark, Donnie and Paul Wahlberg; Kings Bowl, a retro bowling and entertainment destination; Live!, a dining and entertainment destination developed by The Cordish Cos. and and designed by Jeffrey Beers International; Goldbergs Bagel Co. & Deli, an Atlanta-based bagel and sandwich shop; Mountain High Outfitters, an outdoor specialty store; Sugarboo Designs, a household items and gifts retailer; DressUp, a women’s fashion boutique retailer; and a retail-only Harley-Davidson store. Cordish operates Live! venues at major ballparks across the country, including Xfinity Live! at the Philadelphia Flyers’ Philadelphia Stadium Complex and Ballpark Village with the St. Louis Cardinals. At The Battery Atlanta, Cordish will develop a two-level venue that will feature a 40-foot diagonal, high-definition LED screen as a back-drop for social games …

May 23, 2016

Florida Multifamily Southeast

CBRE Brokers $17.6M Sale of Apartment Community in Orlando

by John Nelson May 23, 2016

ORLANDO, FLA. — CBRE has brokered the $17.6 million sale of Cadence Crossing, a 184-unit apartment community located at 6203 Curry Ford Road in Orlando’s Airport submarket. Capital Vision Management purchased the recently renovated property from Aspen Square. Built in 1973, the apartment community features a clubhouse, tennis court, picnic areas, playground, fitness center and a business center. The property was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Aspen Square in the transaction.

May 23, 2016

Florida Multifamily Southeast

Colliers Arranges $17M Sale of Apartment Complex in Jacksonville

by John Nelson May 23, 2016

JACKSONVILLE, FLA. — Colliers International has brokered the $17 million sale of Villas at Dames Point, a 180-unit apartment complex located at 8291 Dames Point Crossing Blvd. in Jacksonville. VMHF Jacksonville LLC, an entity controlled by Washington, D.C.-based The Republic Family of Cos., purchased the asset from Dames Point Partners LLC. Built in 2007, the gated complex features four floor plans ranging in size from 844 to 1,151 square feet. The community was 93 percent occupied at the time of sale. Bradley Coe and Douglas Blair of Colliers International’s Northeast Florida office brokered the transaction.

May 23, 2016

Mississippi Multifamily Southeast Student Housing

Capstone Real Estate Acquires Student Housing Community Near Ole Miss

by John Nelson May 23, 2016

OXFORD, MISS. — Capstone Real Estate Investments LLC has acquired Old Taylor Place Apartments, a 224-bed student housing community located 0.3 miles away from the University of Mississippi campus in Oxford. The newly renovated property consists of 112 two-bedroom units and features community amenities including a fully equipped fitness center, swimming pool, outdoor lounge and grilling pavilion and an outdoor gaming area with basketball and volleyball courts, shuffleboard and horseshoes. Over the coming weeks, Capstone intends to convert the property from an apartment complex into a condominium community. Old Taylor Place was acquired in an off-market transaction for an undisclosed price.

May 23, 2016

Multifamily Southeast Tennessee

Steadfast Apartment REIT Buys Multifamily Community in Metro Nashville for $110M

by John Nelson May 20, 2016

BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …

May 20, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $41M Sale of Apartment Portfolio in Central Florida

by John Nelson May 20, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a three-property multifamily portfolio in Central Florida. The portfolio includes the 400-unit Royal Oaks in Tampa’s Westshore district, the 138-unit Royal Ridge in St. Petersburg and the 151-unit Royal Springs in Orlando. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction. Marcus & Millichap Capital Corp. provided acquisition financing for the portfolio purchase.

May 20, 2016

Mixed-Use Southeast Virginia

Armada Hoffler to Develop $32M Mixed-Use Project in Town Center of Virginia Beach

by John Nelson May 20, 2016

VIRGINA BEACH, VA. — Armada Hoffler Properties Inc. plans to develop a $32 million mixed-use project within the 17-block Town Center of Virginia Beach. The project is part of an ongoing public-private partnership with Armada Hoffler and the city of Virginia Beach. The development will include 33,000 square feet of street-level retail space, 5,000 square feet of restaurant space and 120 luxury apartment homes. In addition, Zeiders American Dream Theater will invest roughly $8 million in a 17,000-square-foot performing arts theater, and the city of Virginia Beach will invest roughly $3 million in public infrastructure including an open-air public plaza on the second level and a pedestrian bridge connecting the development to an adjacent parking garage. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the project. Armada Hoffler expects to break ground in the second half of the year.

May 20, 2016

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