ATLANTA — Isakson Living, an Atlanta-based developer, will move forward with developing Peachtree Hills Place. Isakson Living and Foley Design Associates Architects will be refining the plans for the south Buckhead community over the next several months. Peachtree Hills Place, a residential community offering a full continuum of care, was first introduced in 2006. However, in 2009, the development of the 20-plus acre site in the historic Peachtree Hills neighborhood was put on hold during the recession. More than 150 buyers originally reserved a home at Peachtree Hills Place. Many of the initial buyers, along with 40 new prospective buyers already on the priority list, are expected to reserve a new home in the community. Amenities will include a clubhouse with multiple dining venues, a fitness center and a health center. The first phase of development will include 84 condominiums and eight custom single-family homes. The condominiums at Peachtree Hills Place will include one-, two- and three- bedroom plans ranging in size from 1,400 square feet to more than 3,000 square feet. Upon completion, there will be 192 condominiums and 12 single-family homes. Services include security, transportation, assisted living, memory care and skilled nursing. Pre-sales will commence in 2016.
ORLANDO, FLA. — ARA Newmark has arranged the sale of Reserve at Conway, a 220-unit Class B property located near downtown Orlando. The property was 94 percent occupied at the time of the sale. Kevin Judd, Scott Ramey, Patrick Dufour, Richard Donnellan and Marc deBaptiste of ARA Newmark represented the seller, an affiliate of Chicago-based Oak Residential Partners, in the transaction. Oak Residential is a privately owned company that invests in, develops and manages commercial and multifamily real estate across the Midwest, Southwest and Southeastern United States. Chicago-based Redwood Capital Group was the buyer. Constructed in 1983, the Reserve at Conway includes a unit mix of one- and two-bedroom apartments in six floor plans. Community amenities include a swimming pool, fitness center, outdoor kitchen, sports court, bark park, business center, laundry facility, car care center, clubhouse and resident lounge, Wi-Fi and a Starbucks. The Reserve at Conway is located six miles southeast of downtown Orlando in the Southeast/Airport submarket.
MEMPHIS, TENN. — Cushman & Wakefield has brokered a lease renewal and expansion for DYK Automotive’s distribution operations at 4500 Malone Road in Memphis. The 316,666-square-foot transaction represents an increase in Class A industrial activity in the regional market. DYK Automotive, a national aftermarket automobile parts and accessories distributor, initially leased 150,000 square feet at 4500 Malone Road. An operating unit of Dobbs Management Service, the company provides branded and private label packaged oil, chemicals, parts and accessories to various customer channels and markets. Its divisions include AP Auto, Keltner Enterprises and Superior Automotive, each with more than 50 years of operating history. Kemp Conrad of Cushman & Wakefield orchestrated DYK Automotive’s renewal/expansion. Tim Mashburn of Colliers International represented the property owner.
The industrial market in Orlando has undoubtedly experienced robust leasing activity over the first half of 2015, especially among the smaller users ranging from 3,000 to 10,000 square feet. With an average industrial vacancy rate of 9.3 percent throughout Southeast / Southwest Orlando according to second quarter 2015 market reports, quality space for smaller tenants is becoming more and more scarce and available dock-high small space is virtually nonexistent. Industrial is Rebounding Two specific factors can be directly linked to the current industrial shifts in Central Florida: construction spending and theme park growth. The construction industry is booming, in particular within the single-family and multifamily sectors, allowing construction companies of all sizes market share due to high demand for services. Industrial parks are welcoming back smaller construction business owners that may have downsized and operated out of their homes during the downturn but are now looking for larger warehouses and mixed-use spaces for business. Secondly, theme park expansions, spurred by the record year of tourism in Orlando in 2014, have caused many businesses that were on the back lots of the parks to be pushed back out into the marketplace. Higher tourism rates represent a boost in consumer confidence and …
ATLANTA — Cushman & Wakefield’s equity, debt and structured finance group in Atlanta has arranged a $90 million joint venture recapitalization of a five-property multifamily portfolio. The borrower, Peak Capital Partners, owns and operates the portfolio, which spans 1,249 units in Atlanta, Charlotte, Denver and Dallas. Mike Ryan, Telly Fathaly, John Alascio, Jeff Walker and Brian Linnihan of Cushman & Wakefield arranged the financing, which includes joint venture equity provided by an institutional investor and debt from GSE and conduit lenders.
ATLANTA — Winter Construction has finished vertical construction on the AC Marriott Hotel at Phipps Plaza. The new six-story, 166-room hotel is located on the Phipps Plaza campus in Atlanta’s Buckhead district. Noble Investment is developing the property, which is the first AC Marriott in Georgia. The hotel will feature the AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center, an indoor pool and a two-level parking deck that will connect to Phipps Plaza via a pedestrian walkway.
SOUTH PASADENA, FLA. — Berkadia has arranged a $27.1 million loan for Waters Pointe Apartments, a multifamily community located at 1885 Shore Drive S. in South Pasadena, roughly 30 miles southwest of Tampa. The property was more than 97 percent occupied at the time of financing. Waters Pointe’s amenities include an Internet café, Olympic-sized swimming pool, fitness center, fishing pier, lounge area and a covered veranda. Mitch Sinberg and Michael Wallace of Berkadia’s South Florida office closed the 10-year, floating-rate loan through Freddie Mac on behalf of the borrower, Robbins Property Associates. Robbins will use the loan to refinance existing debt on the property and return equity to the sponsorship.
FAIRFAX CITY, VA. — NAI KLNB has brokered the $15.3 million sale of Mosby Tower, a six-story, 114,000-square-foot office building located in Fairfax City in northern Virginia. The seller, Premier Suites LLC, recently invested $250,000 to transform the former apartment community into a small office suite complex. The buyer, Korth Investment Properties Group, was self-represented. Christopher Kubler, Brad Berzins and Josh Simon of NAI KLNB represented the seller in the transaction.
CHARLESTON, S.C. — VW Multifamily has purchased Haddon Hall Apartments, a 71-unit multifamily community located in Charleston’s West Ashley submarket, for $8 million. The property is located at 1801 Haddon Hall Drive within the Grand Oaks Plantation development. The value-add multifamily investor plans to upgrade Haddon Hall’s units with plank hardwood flooring, stainless steel appliances, washer and dryer units and upgraded fixtures.
HERNDON, VA. — Federal Capital Partners (FCP) has purchased One Dulles Tower, a 400,000-square-foot, Class A office building located at 13200 Woodland Park Drive in Herndon, for $84 million. The property is located two miles east of Dulles Airport and a half-mile from both the future Herndon and Innovation Center Silver Line Metro stations. The office tower is fully leased by Booz Allen Hamilton, a business management consultant that will vacate the property before the end of the year. Bill Collins, Paul Collins, James Cassidy, Jud Ryan and Drew Flood of Cushman & Wakefield represented the seller, Corporate Office Properties Trust, in the transaction.