Southeast

One Commerce Square is First Downtown Memphis Office Building to Earn LEED Gold Status

by John Nelson December 17, 2015

MEMPHIS, TENN. — The U.S. Green Building Council (USGBC) has awarded One Commerce Square in downtown Memphis LEED Gold certification. The office building is the first property in downtown Memphis to earn the distinction. Built in 1972, the 29-story office building is located at 40 S. Main St. Memphis-based Looney Ricks Kiss spearheaded the renovation, which resulted in 45 percent in energy savings, or roughly $138,000 per year. The office building has also experienced 33 percent water savings over the LEED baseline and features a 20 percent parking rebate offered to building patrons who have a qualified low-emitting or fuel-efficient vehicle. Cushman & Wakefield | Commercial Advisors leases and manages the building. Memphis Commerce Square Partners LLC, which is managed by Worthington Hyde Partners, owns the office tower.

December 17, 2015

Alabama Florida Loans Mississippi Multifamily Southeast

CBRE Arranges Four Loans Totaling $67.3M for Multifamily Properties in the Southeast

by John Nelson December 16, 2015

ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.

December 16, 2015

Industrial Maryland Southeast

Matan Cos. Breaks Ground on 675,000 SF Industrial Park in Maryland

by John Nelson December 16, 2015

FREDERICK, MD. — Matan Cos. has begun construction on Wedgewood West Business Park, a six-building, 675,000-square-foot industrial park in Frederick. The 30-foot clear warehouse facilities are situated at the corner of New Design Road and English Muffin Way. Phase I of construction comprises Buildings B and F totaling 180,000 square feet. Matan expects to complete Phase I in the summer of 2016 and deliver the remaining four facilities beginning in early 2017. M&T Bank provided construction financing for the development, and Morgan Keller is providing general contracting services.

December 16, 2015

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $53.9M Sale of Apartment Community in Metro Atlanta

by John Nelson December 16, 2015

DULUTH, GA. — Moran & Co. Southeast has brokered the $53.9 million sale of Century Park, a 440-unit apartment community located at 2110 Preston Park Drive N.W. in Duluth, a suburb of Atlanta. The property’s units average 1,220 square feet and include black GE appliances, crown molding, 9-foot ceilings, private balconies/patios, walk-in closets and garden tubs. Select units have sunrooms, wood-burning fireplaces, built-in media desks and vaulted ceilings. Community amenities include gated access, a swimming pool, fitness center, DVD library, lighted tennis court, sand volleyball court, playground area, car care center, clubhouse and detached garages. Atlanta-based Cortland Partners purchased the asset from Atlanta-based Centennial Holding Co. for roughly $122,500 per unit. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.

December 16, 2015

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51.4M

by John Nelson December 16, 2015

SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.

December 16, 2015

Kentucky Multifamily Southeast

Silvestri-Craig Realtors Brokers $11M Sale of Apartment Community in Lexington

by John Nelson December 16, 2015

LEXINGTON, KY. — Silvestri-Craig Realtors has brokered the $11 million sale of Turfland Apartments, a 314-unit apartment community located at 2070 Garden Springs Drive in Lexington. Ken Silvestri of Silvestri-Craig Realtors brokered the transaction. The buyer, a Philadelphia-based investment firm, plans to invest $7 million in upgrades at the property. The seller built Turfland Apartments in 1973 and managed the community up until the sale.

December 16, 2015

Industrial Kentucky Southeast

Molto Properties, Verus Break Ground on 645,840 SF Spec Industrial Facility in Louisville

by John Nelson December 15, 2015

LOUISVILLE, KY. — Molto Properties and Verus Partners have broken ground on Phase II of a 1.2 million-square-foot industrial complex in Air Commerce Business Park in Louisville. Phase II will consist of a 645,840-square-foot cross-dock industrial facility featuring 36-foot clear heights, trailer parking and car parking. Molto Properties pre-leased 74 percent of Phase I to Hillsdale Furniture and is seeking to lease the balance of the 622,426-square-foot building. Doug Butcher and Kevin Grove of CBRE are handling leasing for Molto, Pepper Construction is the general contractor on the project and Verus Partners is the local development partner. Phase I is scheduled to be completed by year-end, and Phase II is set to be delivered by October 2016.

December 15, 2015

Florida Loans Retail Southeast

HFF Arranges $20M Loan for Retail Center in Miami

by John Nelson December 15, 2015

MIAMI — HFF has arranged a $20 million loan for the refinancing of Vista Shopping Center, an 88,699-square-foot retail center located at 6400 N.W. 186th St. in Miami’s Miami Lakes neighborhood. Sedano’s Supermarket and Navarro Pharmacy anchor the center. Other tenants of the 97 percent-leased center include Catherine’s Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone, Miral Jewelry, Jiffy Lube, Checkers and La Brasa Miami Gardens. Chris Drew and Jose Carrazana of HFF arranged the 10-year, fixed-rate loan through TD Bank on behalf of the borrower, an affiliate of Saglo Development Corp., a Miami-based developer. Loan proceeds will be used to retire the existing mortgage and make capital improvements to the property.

December 15, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.3M Sale of Multifamily Community in Tampa

by John Nelson December 15, 2015

TAMPA, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Garden Isles Apartment Homes, a 300-unit apartment complex located at 6919 Bonair Drive in Tampa. Blue Rock Partners LLC purchased the multifamily community from Garden Isles Management Inc. for roughly $47,700 per unit. Built in 1971, the property’s community amenities include gated access, covered parking spaces, an onsite leasing office, 12 laundry facilities, fitness center, two swimming pools and a dog park. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

December 15, 2015

Georgia Industrial Southeast

Reliant Real Estate Brokers $9.9M Sale of 201,403 SF Distribution Center in Metro Atlanta

by John Nelson December 15, 2015

CONYERS, GA. — Atlanta-based Reliant Real Estate Partners has brokered the $9.9 million sale of Conyers Logistics Center, a 201,403-square foot distribution facility in Conyers. The property is located at 2107 Eastview Parkway. Conyers Logistics Center was 100 percent leased at the time of sale to Cellofoam North America and Pioneer Plastics. An affiliate of STAG Industrial Inc. purchased the distribution center from Kansas City-based Block Real Estate Funds. Bob Burdell and J.R. Wright of Reliant Real Estate Partners represented both the buyer and seller in the transaction.

December 15, 2015

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