Southeast

Cushman & Wakefield Arranges Lease Renewal, Expansion on Emory Saint Joseph’s Campus in Atlanta

by Camren Skelton August 15, 2017

ATLANTA — Cushman & Wakefield has secured a 58,558-square-foot lease renewal and 18,339-square-foot lease expansion with Resurgens Orthopaedics at Doctors Center I-III located on the Emory Saint Joseph’s Hospital campus in Atlanta. George Olmstead of Cushman & Wakefield represented the landlord, Lillibridge Heathcare Services, a wholly owned subsidiary of Ventas Inc., in the lease transaction. Michael Lipton and Andrew Walker of Colliers International represented Resurgens Orthopaedics. In addition to the lease expansion and renewal, Cushman & Wakefield arranged a 17,068-square-foot lease with an affiliated surgery center entity at Doctors Center. In conjunction with the transactions, Lillibridge has plans for a multimillion-dollar renovation of the healthcare property that will begin in the second half of the year. The landlord expects to complete the renovation by early 2019.

August 15, 2017

Georgia Multifamily Southeast

CF Real Estate Services Opens 283-Unit Apartment Community in North Atlanta

by Camren Skelton August 14, 2017

CHAMBLEE, GA. — CF Real Estate Services has opened Olmsted Chamblee Apartments, a 283-unit multifamily community located at 5193 Peachtree Blvd. in Chamblee, roughly 15 miles north of downtown Atlanta. The asset is situated across the street from the Chamblee MARTA rail station and two blocks from a new Whole Foods Market opening at Peachtree Station. The apartment community includes one-, two- and three-bedroom units with granite countertops, energy-efficient appliances and windows, Nest thermostats and walk-in closets. Community amenities include co-working office space, a swimming pool, outdoor grills, 24-hour fitness facility, indoor bocce ball court, movie room, community kitchen, artist studio, mailroom, bike storage and The Workshop, which features tables and sinks for DIY projects. The property also features a 37-foot wide marquee sign. Olmsted Chamblee Apartments was 50 percent occupied at opening.

August 14, 2017

Florida Retail Southeast

The Shopping Center Group Signs Tenants to Retail Center in Palm Beach County

by Camren Skelton August 14, 2017

DELRAY BEACH, FLA. — The Shopping Center Group (TSCG) has signed the initial tenants for Delray Square, a 150,000-square-foot shopping center situated at the intersection of West Atlantic Avenue and South Military Trail in Delray Beach. Constructed in the 1970s, the property is undergoing a redevelopment led by The Keith Corp. The shopping center will be anchored by a 45,600-square-foot Publix that is slated to open in the fourth quarter of 2018. The grocer will take the place of a former movie theater. In addition to Publix, the property is leased to Pet Supermarket, Chick-fil-A and Chipotle Mexican Grill. As part of the redevelopment, Keith Corp. will add 17,000 square feet of retail space and will modernize the existing space. Approximately 85,000 square feet of retail space is available to lease, including a 51,700-square-foot anchor box. Michael Fetherston of TSCG and Knox Cambell of Keith Corp. will handle the property’s leasing assignment. The redevelopment is slated for completion in mid-2018.

August 14, 2017

Maryland Office Southeast

Merritt Properties Acquires 121,414 SF Office Building in Metro Baltimore for $24.6M

by Camren Skelton August 14, 2017

TOWSON, MD. — Merritt Properties has purchased 100 West Road, a 121,414-square-foot office building located at West Road and the Baltimore Beltway in Towson, roughly 15 miles north of Baltimore, for $24.6 million. The five-story, Class A building is LEED-EB Gold-certified and features open-air balconies, free surface parking, a conference center, onsite café and a fitness center. At the time of sale, the building was fully leased to tenants including Comcast, Robert W. Baird & Co., Regus and Liberty Mutual.

August 14, 2017

Georgia Loans Office Southeast

Walker & Dunlop Arranges $59M in Financing for Office Property in Metro Atlanta

by Camren Skelton August 14, 2017

MARIETTA, GA. — Walker & Dunlop has arranged $59 million in bridge and equity financing for Newmarket Business Park, a 471,486-square-foot office park in Marietta, roughly 20 miles north of Atlanta. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the floating-rate bridge loan with full-term, interest-only payments through a debt fund on behalf of the borrowers, Praelium Commercial Real Estate and South Street Partners. A hedge fund invested the equity portion. Newmarket Business Park includes four single-story and two two-story office buildings constructed between 1983 and 1985. The asset was 85 percent leased at the time of closing to tenants including The Home Depot.

August 14, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group to Develop $36M Affordable Housing Community in Miami

by Camren Skelton August 14, 2017

MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from the Florida Housing Finance Corp., a $3.5 million loan from Column Financial and a $23.3 million construction loan and $7.3 million permanent loan from KeyBank Real Estate Capital. Princeton Park will include a mix of one-, two- and three-bedroom floor plans. The 150-unit property will provide residents with literary training, family support coordinators and an employment assistance program.

August 14, 2017

Florida Market Reports Multifamily Southeast Southeast Market Reports

Miami Multifamily Market Remains Strong, But Where are the Deals?

by John Nelson August 14, 2017

The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond the usual period as immense demand from investors is causing an incredible scarcity of Class A product, and the lifestyle preferences of millennials are intersecting with the luxury condo boom. Opportunities, Challenges In 2005 and 2006, adequate inventory kept the multifamily market in balance. Today, buyers are plentiful, capital is available and interest rates are affordable. What we don’t have is product, a phenomenon not exclusive to Miami and Fort Lauderdale. Why? Sellers have few options. They’re thinking, “If I sell at a premium and I want to stay in a similar market, I’m going to pay a premium. So, what’s the point of selling?” Therefore, owners are putting properties on the market …

August 14, 2017

Georgia Mixed-Use Southeast

Selig Unveils Plans for $1B Mixed-Use Development in Atlanta’s West Midtown District

by Camren Skelton August 11, 2017

ATLANTA — Selig Development, an affiliate of Atlanta-based Selig Enterprises Inc., has unveiled plans for The Works at Chattahoochee, an 80-acre, mixed-use development located on Chattahoochee Industrial Avenue in Atlanta’s West Midtown district. The project will cost approximately $1 billion, according to the Atlanta Business Chronicle. Upon completion, the multi-phased development will span more than 1.5 million square feet and more than 40 structures, including 500,000 square feet of retail, 600,000 square feet of office space, 500 residences, a 200-room boutique hotel and 13 acres of green space. Phase I of the project is slated for delivery in 2018 and will include a mix of dining, office, residential, entertainment and public green space, in addition to 200,000 square feet of adaptive reuse within three warehouses. Subsequent phases will be delivered in the next five to 10 years.

August 11, 2017

Florida Industrial Loans Southeast

Walker & Dunlop Closes $96M in Loans for Industrial Portfolio in South Florida

by Camren Skelton August 11, 2017

MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.

August 11, 2017

Georgia Hospitality Southeast

Peachtree Hotel Group Sells AC Hotel by Marriott in Downtown Atlanta for $57.5M

by Camren Skelton August 11, 2017

ATLANTA — Atlanta-based Peachtree Hotel Group has sold the AC Hotel by Marriott in downtown Atlanta to Austin, Texas-based Summit Hotel Properties Inc. for $57.5 million. The 255-room hotel — a redevelopment of a former Holiday Inn — opened in May 2017 after undergoing approximately $20 million in renovations. The hotel features a health and fitness studio, outdoor patio, swimming pool and an enclosed Zen garden with greenery walls. Interstate Hotels & Resorts will manage the property. Situated at 101 Andrew Young International Blvd. in the heart of downtown Atlanta, the hotel is within walking distance to CNN Studios, Centennial Olympic Park, the Georgia Aquarium, the College Football Hall of Fame and the World of Coca-Cola.

August 11, 2017

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