Southeast

RADCO Sells Two South Atlanta Apartment Communities for $23.4M

by John Nelson March 23, 2016

UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.

March 23, 2016

Retail Southeast Tennessee

Shopping Center Group Arranges Save-A-Lot Lease in Memphis

by John Nelson March 23, 2016

MEMPHIS, TENN. — The Shopping Center Group has arranged a lease transaction that will bring a Save-A-Lot grocery store to Binghampton Gateway, a 48,500-square-foot neighborhood center in Memphis. Shawn Massey of The Shopping Center Group and Steve Bowie of Cor Mundi Investments represented Binghampton Development Corp., a faith-based, nonprofit organization, in the lease transaction. The $6.5 million retail center will be located on a 4.5-acre site that was previously occupied by an apartment complex, which was demolished in January 2015. Binghampton Gatetway will feature the 16,300-square-foot Save-A-Lot, a 10,000-square-foot junior anchor tenant and 22,200 square feet of small shop space. Construction is expected to begin this summer with an anticipated completion date of spring 2017.

March 23, 2016

Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Magic Development Unveils Plans for $3.3B Mixed-Use Project Near Orlando

by Haisten Willis March 23, 2016

KISSIMMEE, FLA. — Magic Development LLC has revealed plans for Magic Place, an 87-acre, $3.3 billion mixed-use development near Walt Disney World Resort in the Orlando suburb of Kissimmee. Rodrigo Cunha and Luis Claudio Sinelli are co-CEOs of Magic Development LCC, which is developing several other projects in Florida. Italian designer Paolo Pininfarina designed the project. At full build-out, the project will include five towers, shops, restaurants and resort amenities. The multifamily portion will be a mix of residential, condo and fractional units as well as nightly rental hotel rooms. Construction will begin on the first phase in July, according to the Orlando Business Journal. Phase I will include a 25-story, 251-unit resort tower, 40,000 square feet of retail and a 20,000-square-foot office building on U.S. Highway 192. Plans call for the finished development to include 250,000 square feet of retail and 1,850 residential units. The residential portion has a construction value of around $1.7 billion, according to the Business Journal. James Mincy, the project’s manager, says the company plans to build one building every four or five years, making a total construction time of between 20 and 25 years. — Haisten Willis

March 23, 2016

Florida Mixed-Use Southeast

Suffolk Construction, Related Group Top Off City Place Doral

by John Nelson March 22, 2016

DORAL, FLA. — Suffolk Construction and The Related Group have topped off Phase II of City Place Doral, a mixed-use and residential development in Doral, a western suburb of Miami. Upon completion at year-end 2016, the project will feature 300,000 square feet of retail including entertainment, dining, spa and fitness components. The project will also feature 280,000 square feet of Class A office space and 322 residential units. Last year, The Related Group secured a $137 million construction loan for the development. In 2014, Suffolk Construction completed Phase I of the project, Manor at City Place Doral.

March 22, 2016

Multifamily North Carolina Southeast Student Housing

Pierce Education Properties Acquires Student Housing Property Near East Carolina University for $42M

by John Nelson March 22, 2016

GREENVILLE, N.C. — Pierce Education Properties LP has acquired The Landing, an 888-bed student housing property located near the East Carolina University campus in Greenville, for $42 million. The 288-unit community offers fully furnished two-, three- and four-bedroom apartments with bed to bath parity, stainless steel appliances and washers and dryers. Community amenities include three resort-style pools, a 24-hour, fitness center, an outdoor basketball court, upgraded game room and high-speed Internet. The community is served by a dedicated university-operated shuttle service.

March 22, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $15.2M Construction Loan for Metro Orlando Apartment Community

by John Nelson March 22, 2016

SANFORD, FLA. — NorthMarq Capital has arranged a $15.2 million construction loan for Residences at Seminole Commons, a 175-unit apartment community in Sanford, a northern suburb of Orlando. The property will be situated on Rinehart Road south of West 1st Street, near the extension of the SunRail subway line. Will James of NorthMarq’s Atlanta office, along with Bill Hardman of the firm’s Orlando office, arranged the three-year, interest-only loan through Synovus Bank of Orlando on behalf of the borrower, Inland Atlantic Development Corp.

March 22, 2016

Florida Retail Southeast

Rosemurgy Properties Acquires Retail Center in Tampa for $10.5M

by John Nelson March 22, 2016

TAMPA, FLA. — Rosemurgy Properties has purchased The Shops on South Howard, a 21,393-square-foot retail center located at 533 S. Howard Ave. in south Tampa, for $10.5 million. The property’s tenant roster includes Chipotle, Jimmy John’s, GNC, The Optic Shop and Edward Jones. Nat Scarmazzi of HFF’s Miami office represented Rosemurgy Properties in the transaction.

March 22, 2016

North Carolina Retail Southeast

Colliers Brokers $10.5M Sale of Lowe’s Store in Metro Charlotte

by John Nelson March 22, 2016

CONCORD, N.C. — Colliers International has brokered the $10.5 million sale of a 135,197-square-foot, freestanding Lowe’s Home Improvement store located at 940 Concord Parkway in Concord, a northern suburb of Charlotte. Built in 1999, the property currently has three-and-a-half years remaining on its 20-year lease. Jon Busse of Colliers International’s San Diego region and Greg Copps of the firm’s Charlotte office represented the seller, Carolina Emerald LLC, in the transaction. Brad Grow of Colliers International’s Charlotte office represented the buyer, Tailwind Charlotte Retail LLC, a private investment group based in Dallas.

March 22, 2016

Courvoisier Centre Brickell Key Island Miami

Florida Loans Office Southeast

KeyBank-Led JV Arranges $106.5M Loan for Courvoisier Centre in Miami

by John Nelson March 21, 2016

MIAMI — A joint venture between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has closed a $106.5 million loan for the recapitalization of Courvoisier Centre in Miami. Built between 1986 and 1990, the two-building, Class A office complex spans 343,000 square feet and features an upscale retail arcade and attached structured parking. The property is situated at 501 and 601 Brickell Key Drive on the upscale Brickell Key Island, a 23-acre manmade island. The loan was arranged on behalf of the borrower, Orlando-based Parkway Properties Inc. KeyBank originated the 10-year loan, which carries a fixed interest-only rate of 4.6 percent through maturity and a 60 percent loan-to-value ratio. KeyBank will service the loan through maturity. Masaveu Corp., a Spanish investment company, bought an 80 percent stake in the asset from Parkway Properties for roughly $175 million, and Parkway Properties still retains a 20 percent interest in the property. Parkway Properties bought Courvoisier Centre in April 2014 from Tishman Speyer for $145.8 million.

March 21, 2016

Georgia Office Southeast

Rothenberg-Rosenfield Acquires Flex Office Complex in Metro Atlanta for $36.6M

by John Nelson March 21, 2016

NORCROSS, GA. — Rothenberg-Rosenfield, a private real estate investment firm based in New York, has acquired Oakbrook North, a 700,000-square-foot flex office complex in Norcross, a northeast suburb of Atlanta. The buyer purchased the 11-building complex from Irvine, Calif.-based Sperry Equities for $36.6 million. The property is situated on a 50-acre parcel along Oakbrook Parkway. Rothenberg-Rosenfield plans to invest $1.5 million to upgrade the property, which was 74 percent leased at the time of sale to tenants such as American Megatrends, PulteGroup and YesVideo. Colliers International represented Sperry Equities in the transaction. Reinsurance Group of America provided acquisition financing. The buyer has hired David Nash of Nash Commercial Real Estate to lease the asset. With the addition of Oakbrook North, Rothenberg-Rosenfield is now operating over 1.2 million square feet of commercial assets in Atlanta.

March 21, 2016

Newer Posts

Older Posts