Southeast

Timberland Partners Acquires Multifamily Portfolio in Nashville Area for $57.5M

by John Nelson December 8, 2016

LEBANON, CLARKSVILLE AND COLUMBIA, TENN. — Minneapolis-based Timberland Partners has acquired a three-property multifamily portfolio totaling 548 units in metro Nashville for $57.5 million. The communities include the 210-unit Falls at 109 in Lebanon, the 184-unit Fountains at Meadow Wood in Clarksville and the 154-unit Lakes of Columbia in Columbia. As part of the transaction, Timberland Partners assumed three existing HUD loans. Steve Massey and Russ Oldham of CBRE’s Nashville office represented the undisclosed seller in the transaction. Timberland Partners now owns and manages five multifamily assets in the Nashville area totaling 960 units.

December 8, 2016

Industrial South Carolina Southeast

CenterPoint Properties Acquires 615,090 SF Industrial Development in Metro Charleston for $41M

by John Nelson December 8, 2016

SUMMERVILLE, S.C. — CenterPoint Properties has acquired Charleston Gateway Distribution Center, a 615,090-square-foot, three-building development that features 473,124 square feet of bulk warehouse space, 121,466 square feet of cold storage space and 21,060 square feet of truck maintenance and storage space. CenterPoint purchased the asset from J.L. Woode Ltd. for $41 million. Chris Norvell of HFF represented the seller in the transaction. Situated on 109 acres at 1125 Newton Way in Summerville, Charleston Gateway Distribution Center was fully leased at the time of sale to three port-related tenants — Zinus Inc., Argo Merchants Group and H&E Equipment Services. The industrial complex features up to 42-foot clear heights, 64 dock-high loading positions, a 205-foot truck court and 94 trailer storage spaces. The property fronts I-26 and provides easy access to the Port of Charleston.

December 8, 2016

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $41M Construction Loan for Seniors Community Adjacent to Disney World

by John Nelson December 8, 2016

ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.

December 8, 2016

North Carolina Retail Southeast Virginia

Armada Hoffler Acquires Two Retail Properties in Metro Charlotte, Virginia Beach

by John Nelson December 8, 2016

DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.

December 8, 2016

Florida Hospitality Southeast Top Stories

Tavistock Purchases Pier Sixty-Six Marina and Hyatt Regency Hotel in Fort Lauderdale for $163.3M

by John Nelson December 8, 2016

FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …

December 8, 2016

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Pace of Apartment Construction Slows Due to Growing Supply, Cautious Bankers, Say InterFace Panelists

by John Nelson December 8, 2016

The multifamily industry has entered a phase in the development cycle where the velocity of starts and completions is decreasing. Through the first 10 months of 2016, multifamily starts nationally are down 1.8 percent year-over-year, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Completions are down 3.1 percent during the same period. One of the governors on construction today is the ample supply of existing multifamily product in the top markets nationally, according to the development panel at the seventh-annual InterFace Multifamily Southeast conference. Alan Dean, region president of multifamily development firm Terwilliger Pappas Multifamily Partners, cited Nashville as an example of an overheated market. “Nashville delivered a record 5,300 units in the past 12 months. Next year, they’re going to deliver 10,000 units,” said Dean at the conference, which was held on Thursday, Dec. 1 at the Westin Buckhead in Atlanta. “Nashville in large part has been redlined by the financing community because of those supply numbers. Looking at it, it’s probably a healthy thing that the pipeline is slowing down and banks are pulling back.” Michael Blair, managing director of development at Atlanta-based Pollack Shores Real Estate Group, doesn’t believe overbuilding is …

December 8, 2016

Florida Seniors Housing Southeast

Bayshore Retirement Sells Seniors Housing Property in Tampa to Allegro for $74M

by John Nelson December 7, 2016

TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million. HFF represented Bayshore in the transaction and arranged a $48.6 million acquisition loan on behalf of the borrowers. Horizon Bay at Hyde Park features one- and two-bedroom independent and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres at 800 W. Azeele St. near Tampa’s Westshore Business District and downtown Tampa. The property was 98 percent leased at the time of sale and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge services. Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.

December 7, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Arranges $28.8M Acquisition Loan for Shopping Center in Metro Nashville

by John Nelson December 7, 2016

SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.

December 7, 2016

Retail South Carolina Southeast

Ziff Properties Buys Shopping Center in Greenville for Self Storage Conversion

by John Nelson December 7, 2016

GREENVILLE, S.C. — Ziff Properties Inc. has purchased Buncombe Plaza, a mostly vacant, 52,000-square-foot shopping center located in Greenville’s Water Tower district. Ziff Properties will convert the asset to a 67,500-square-foot self storage facility comprising 777 controlled climate and non-controlled climate units. The property will also provide RV and boat parking. Ziff Properties will begin the redevelopment project in spring 2017.

December 7, 2016

Florida Industrial Southeast

Transwestern Arranges 93,000 SF Industrial Lease for Clarion Partners in Metro Miami

by John Nelson December 7, 2016

DORAL, FLA. — Transwestern has arranged a 93,000-square-foot industrial lease at Westpointe Business Park, a 285,000-square-foot, Class A industrial park located at 8901 N.W. 33rd St. in Doral, a suburb of Miami. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern’s South Florida industrial team represented the landlord, New York-based Clarion Partners, in the lease deal. Clarion is acting on behalf of a commingled fund managed by the firm. Carlos Velasquez and Tommy Gil of Vivo Real Estate Group Inc. represented the tenant, Colour Republic, a flower distributor.

December 7, 2016

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