Southeast

RCP Cos. Plans to Develop $300M Mixed-Use Project in South Atlanta

by John Nelson February 18, 2016

STOCKBRIDGE, GA. — RCP Cos., a Huntsville, Ala.-based real estate investor and developer, plans to develop a $300 million mixed-use project, known as Jodeco|Atlanta South, in Henry County. Preliminary plans for the mixed-use development in the southern Atlanta suburb of Stockbridge include retail and restaurants, an entertainment hub, amphitheater, outdoor fitness and recreation areas and apartment residences within an urban setting. “Our intention is to craft a new, vibrant community that brings the energy of a high-density, urban design — as well as the options that a larger city might provide — to South Atlanta,” says Max Grelier, chief development officer of RCP Cos. Jodeco will sit adjacent to I-75 at exit 222, one of the first exits south of the I-675 interchange. Situated in the southwest quadrant of the I-75 and Jodeco Road intersection and bordered by Chambers and Mt. Olive roads, the development will include more than 500,000 square feet of local, regional and national retailers, including an organic grocer. A 12,000-square-foot food hall, known as Mt. Olive Market, will be a dining venue within Jodeco where local and regional chefs will serve guests at counters and communal tables. Plans also call for two upscale hotels and an …

February 18, 2016

Georgia Industrial Southeast

Hillwood Acquires 2.2M SF Industrial Park in Metro Atlanta

by John Nelson February 17, 2016

LAWRENCEVILLE, GA. — Hillwood, a Perot company, has purchased Gwinnett 316, a 15-building distribution park totaling 2.2 million square feet, for an undisclosed price. The park is situated one mile off GA Highway 316 in Lawrenceville within Atlanta’s I-85 Northeast submarket. The acquisition consists of rear- and front-loading distribution buildings ranging from 70,000 to 200,000 square feet. The buildings have an average construction date of 1992 with an average 24-foot clear height, ESFR sprinkler systems, T-5 lighting, ample parking and some office space. Hillwood has begun major capital improvements that include enhanced landscaping, parking lot and roof refurbishments and upgrades to vacant space. Hillwood recently opened an office in Atlanta, with Todd Parker leading the division as senior vice president.

February 17, 2016

Georgia Mixed-Use Southeast

Hotel Development Partners Breaks Ground on Residence Inn in Atlanta’s Central Perimeter

by John Nelson February 17, 2016

ATLANTA — Hotel Development Partners has commenced construction on a new 128-room Residence Inn on a 4.8-acre site located at the intersection of Ashford Dunwoody and Meadow Lane roads in Atlanta’s Central Perimeter submarket. The site surrounds the existing Spruill Center for the Arts and will feature the hotel, Fogo de Chao Brazilian Steakhouse and other dining and shopping amenities in early 2017. Alan Shaw of The Shopping Center Group is leasing the site on behalf of Hotel Development Partners, which purchased the site in 2015. The developer is also underway on a Hampton Inn-anchored mixed-use project on Ashford Dunwoody Road.

February 17, 2016

Kerner Ridge Assisted Living Kernersville

North Carolina Seniors Housing Southeast West Virginia

KeyBank Provides $47.7M in Financing for Assisted Living Portfolio in Southeast

by John Nelson February 17, 2016

CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.

February 17, 2016

Multifamily South Carolina Southeast

Kettler, Stillman Group Acquire North Charleston Apartment Community for $22.5M

by John Nelson February 17, 2016

NORTH CHARLESTON, S.C. — Kettler and The Stillman Group have purchased Jamison Park in North Charleston from Middle Street Partners for $22.5 million. The apartment complex is located near the Joint Force Air Force Base, the Charleston International Airport and The Boeing Co. Phil Brosseau and Kevin Kempf of CBRE represented the buyers in the transaction. The acquisition increases the number of apartment units that Kettler manages to roughly 33,000.

February 17, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Georgia for $9.9M

by John Nelson February 17, 2016

NEWNAN, GA. — The RADCO Cos. has purchased the 114-unit Park Manor Apartments in Newnan from LivCor for $9.9 million. The Atlanta-based apartment investor has renamed the apartment complex Woodlands at White Oak, which is located adjacent to another RADCO property, the 561-unit Creekside at White Oak. RADCO financed the acquisition using private capital and debt financing from Mutual of Omaha. HFF’s Atlanta office brokered the transaction. RADCO plans to invest more than $1.3 million on capital improvements for the property’s clubhouse, fitness center, pools, landscaping and building exteriors. Interior renovations will include upgraded flooring, lighting, countertops and appliances.

February 17, 2016

Retail South Carolina Southeast

MPV Properties Breaks Ground on RedStone Development in South Carolina

by John Nelson February 16, 2016

INDIAN LAND, S.C. — MPV Properties has broken ground on RedStone, a retail development located in Indian Land. Phase I of the property will feature a 14-screen Stone Theatre and 54,900 square feet of retail shop space. Upon completion, the shopping center will total 310,000 square feet. The property will be situated at the intersection of Highway 521 and Highway 160 in northern Lancaster County. MPV’s team for the RedStone project includes developer Mike Bilodeau and leasing agent Keely (Simerville) Hines.

February 16, 2016

Kentucky Loans Seniors Housing Southeast

Cain Brothers Arranges $49.9M in Bond Financing for Christian Care Communities

by John Nelson February 16, 2016

LOUISVILLE, KY. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville. CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare. The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt. Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.

February 16, 2016

Multifamily Southeast Tennessee

Southeastern Development Associates Brokers $49.6M Sale of Apartment Complex in Metro Nashville

by John Nelson February 16, 2016

SMYRNA, TENN. — Southeastern Development Associates has brokered the $49.6 million sale of Grand Oak at Town Park, a 300-unit, Class A multifamily development located in Nashville’s Smyrna suburb. Completed in 2014, the property was 98 percent occupied at the time of sale. Community amenities include a clubhouse, cyber café, 24/7 cardio wellness center, saltwater pool, outdoor fireplace and a poolside entertainment area with stainless steel grills. An undisclosed international investor purchased the property from an undisclosed seller. Ryan McArdle, Steve Collins and David Rivers of Southeastern Development Associates represented the seller.

February 16, 2016

Florida Retail Southeast

365 by Whole Foods Market to Anchor Butler Town Center in Gainesville

by John Nelson February 16, 2016

GAINESVILLE, FLA. — The first 365 by Whole Foods Market announced for the state of Florida is set to anchor Butler Town Center, a 350,000-square-foot mixed-use addition to Butler Plaza located in Gainesville. The shopping center is located at the Archer Road (State Road 24) exit of I-75. The 365 by Whole Foods Market is scheduled to open in advance of the Town Center, which is set to open in 2018. Butler Town Center will consist of retail, restaurant, hospitality and multifamily components upon completion. The new 365 by Whole Foods Market concept will offer shoppers low prices on natural and organic products that meet Whole Foods Market’s standards for quality.

February 16, 2016

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