Southeast

Monument Capital Management Acquires Apartment Community in Athens for $13.5M

by John Nelson February 4, 2016

ATHENS, GA. — Monument Capital Management has purchased Legacy of Athens, a 240-unit apartment community located at 100 Ashley Circle in Athens, for $13.5 million. Built in 1970, the apartment community features a clubhouse, pool, playground, picnic area and a tennis court. The property is the third acquisition for Monument Capital’s recently launched Monument Opportunity Fund III. Monument Capital’s sister company, Monument Real Estate Services, will manage the property. Robert Stickel of Multi Housing Advisors’ coastal Georgia team represented the sellers, Hawthorne Residential Partners and IBUS USA Inc., in the transaction.

February 4, 2016

Retail Southeast Virginia

Publix Announces Entry into Virginia with Two New Leases

by John Nelson February 3, 2016

BRISTOL AND GLEN ALLEN, VA. — Publix Super Markets Inc. has signed two leases for stores in Virginia, which will be the first two stores in the state for the Lakeland, Fla.-based grocer. Publix has leased 54,000 square feet of space at the northeast corner of Lee Highway and Clear Creek Road in Bristol and 49,000 square feet at the northeast corner of Nuckols and Twin Hickory roads in Glen Allen. Grand opening dates for both locations have yet to be determined, but the Bristol store is tentatively planned to open in the fourth quarter of 2017, and the Glen Allen store will follow in 2018. David Crawford and Kevin South of CBRE|Richmond assisted Publix with market analysis, site selection and leasing for the Glen Allen location. Virginia will mark Publix’s seventh state of operation, and the company is looking ahead to aggressive growth within the state and in its current operating areas of Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.

February 3, 2016

Multifamily South Carolina Southeast

RADCO Acquires Two Apartment Communities in Spartanburg for $60.9M

by John Nelson February 3, 2016

SPARTANBURG, S.C. — The RADCO Cos. has purchased two apartment communities in Spartanburg totaling 700 units for a combined $60.9 million. The properties, formerly named Chartwell at North End and Chartwell Oak Forest, have been renamed to Willows at North End and Parkside at Laurel West, respectively. RADCO financed the acquisition of the Class B portfolio using private capital and by assuming existing long-term financing from Fannie Mae. Cushman & Wakefield brokered the transaction. RADCO plans to spend an estimated $6.4 million to upgrade the amenity spaces, landscaping, paths and interior finishes at the two properties. The same developer built the two communities in several phases between 1996 and 2003. With these recent acquisitions, RADCO now owns 15,077 multifamily units in eight states, including five properties in Upstate South Carolina.

February 3, 2016

Maryland Retail Southeast

Greysteel Brokers Sale of Federal Hill Station in Baltimore

by John Nelson February 3, 2016

BALTIMORE, MD. — Greysteel has brokered the sale of Federal Hill Station, an 11,450-square-foot urban retail building located at 1024-1030 Light St. in Baltimore’s historic Federal Hill neighborhood. The property is currently 100 percent leased to Blue Moon Café, Himalayan Bistro and Yoga Works on a triple-net basis. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, KL Light Street LLC, and procuring the buyer, Conflux Light Street LLC.

February 3, 2016

Loans Multifamily North Carolina Southeast

KeyBank Provides $15.3M Acquisition Loan for Apartment Community in Charlotte

by John Nelson February 3, 2016

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a $15.3 million Fannie Mae loan for the acquisition of Ashton Reserve at Northlake, a 151-unit apartment community in Charlotte. The property is Phase II of a larger apartment development. Chris Black of KeyBank’s commercial mortgage group arranged the fixed-rate loan.

February 3, 2016

Georgia Office Southeast

Grady Health System Expands Footprint at Hurt Building in Downtown Atlanta

by John Nelson February 3, 2016

ATLANTA — Grady Health Systems has expanded its lease by 23,970 square feet at Hurt Building, a 17-story, 436,340-square-foot office building located at 50 Hurt Plaza in downtown Atlanta. Grady’s footprint at Hurt Building totals more than 80,000 square feet. Grady Health System consists of the 953-bed Grady Hospital, six neighborhood health centers, Crestview Health & Rehabilitation Center and Children’s Healthcare of Atlanta at Hughes Spalding, which is operated as a Children’s affiliate. David Barry and Adam Blue of Boxer Property represented Grady in the lease transaction.

February 3, 2016

Florida Loans Southeast

Commercial/Multifamily Mortgage Banker Originations to Hit Record High in 2016, Forecasts MBA

by John Nelson February 2, 2016

ORLANDO, FLA. — The Mortgage Bankers Association (MBA) projects that originations of commercial and multifamily mortgages will grow to $511 billion in 2016, a 3 percent increase in volume on a year-over-year basis and slightly more than the previous record of $508 billion originated in 2007. More specifically, the volume of mortgage banker originations for multifamily mortgages is projected to reach $202 billion in 2016, with total multifamily lending expected to reach $262 billion. MBA unveiled its forecast during the second day of the organization’s Commercial Real Estate/Multifamily Housing Finance Convention in Orlando, which runs through Wednesday and has attracted 3,000 attendees. “This past year was extremely strong for commercial real estate finance,” says Jamie Woodwell, vice president of commercial real estate research for MBA headquartered in Washington, D.C. “Property incomes are rising, interest rates are low and property values are up. We expect the momentum to continue into 2016 and to support both the demand for, and supply of, commercial and multifamily mortgage capital.” A growing U.S. economy and expectations of only gradual increases in interest rates will combine to support a strong commercial property market, emphasizes Woodwell. “But there is a chance that cap rates could increase more …

February 2, 2016

District of Columbia Hospitality Southeast

TPG Hotels & Resorts, Douglas Development to Co-Develop, Operate Moxy Hotel in D.C.

by John Nelson February 2, 2016

WASHINGTON, D.C. — Douglas Development Corp. has selected TPG Hotels & Resorts to co-develop and operate the first Moxy hotel in Washington, D.C. Moxy is a brand of Marriott International. Set to open in the first quarter of 2017, the 200-room Moxy DC Hotel will be located on the corner of 11th and K streets in Washington, D.C. The 13-story hotel will feature a rooftop lounge, street-level patio and a live Instragram wall that features images from Moxy travelers worldwide.

February 2, 2016

Georgia Office Southeast

Avison Young Brokers $30.1M Sale of 303,000 SF Office Building in Metro Atlanta

by John Nelson February 2, 2016

KENNESAW, GA. — Avison Young has arranged the $30.1 million sale of Chastain Center, a 303,000-square-foot office building located on Chastain Boulevard in Kennesaw’s Town Center submarket. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, Parthenon Realty, in the transaction. The buyer was TerraCap Management LLC. Built in 1987, Chastain Center was 67 percent leased at the time of sale to tenants such as Aaron’s Inc., Applied Global Technologies, First Arkansas Bank & Trust/Card Assets and Markem-Imaje.

February 2, 2016

Pure Foods Gateway Commerce Park Kingsport

Industrial Southeast Tennessee

Pure Foods Opens $22M Headquarters, Manufacturing Plant in Tennessee

by John Nelson February 2, 2016

KINGSPORT, TENN. — Pure Foods, a specialty snack company, has opened its global headquarters and a manufacturing plant at Gateway Commerce Park in Kingsport. The $22 million project will house 50 to 75 employees, with room to grow to 275 employees over the next five years. The 88,000-square-foot manufacturing facility will be where Pure Foods produces its healthy snacks, which are sourced from non-GMO fruits and vegetables. The opening ceremony of the headquarters and manufacturing plant was attended by Tennessee Gov. Bill Haslam; Lt. Gov. Ron Ramsey; John Dreyzehner, commissioner of the Tennessee Department of Health; Miles Burdine, president and CEO of the Kingsport Chamber of Commerce; Kingsport Mayor John Clark; and Sullivan County Mayor Richard Venable. As part of the opening, Pure Foods has also announced its acquisition of the Guiltless Gourmet brand from Manischewitz Co.

February 2, 2016

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