Southeast

Parmenter Receives $84M Loan for Acquisition of Primera Towers Office Park Near Orlando

by Nellie Day November 28, 2016

LAKE MARY, FLA. — Parmenter Realty Partners has received $84 million in financing to partially fund the company’s acquisition of Primera Towers I–V, a five-building office park in Lake Mary. The 772,000-square-foot park is located at 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Blvd. just north of Orlando. Holliday Fenoglio Fowler (HFF) arranged the financing. Primera Towers is 89 percent leased to tenants like Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB. The park features on-site fitness centers and a café with patio seating. The suburban mid-rise buildings were developed between 1997 and 2000 immediately east of Interstate 4. HFF’s Ed Coco and Matt Casey worked on behalf of Parmenter Realty Partners investment fund and an institutional equity partner to secure the funds through JPMorgan Chase Bank NA. Parmenter acquired Primera Towers for $130 million. The seller was a joint venture between Banyan Street Capital, Oaktree Capital Management and Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the JV in the sales transaction. This sale was the first time in the park’s history that ownership has ever been consolidated. Parmenter plans to expand the …

November 28, 2016

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Louisville Industrial Market Sparks National Investment Appetite

by John Nelson November 28, 2016

Industrial activity in Louisville is growing at an exponential clip and doesn’t appear to be slowing anytime soon. As famously quoted in Field of Dreams, “If you build it, they will come.” And indeed they have. In Louisville and extending into southern Indiana, more than 3 million square feet of new construction has already been delivered this year. What’s more, the current pipeline of projects under construction — coupled with proposed construction — could deliver as much as 3 million square feet or more in the next nine to 12 months. The real estate landscape in Louisville is forever changed. Historically, institutional investors expressed interest in the region but were reluctant to take action. Now, with robust projects on the horizon, the pool of institutional owners making large-scale investments continues to grow. New players like The Opus Group, Dermody Properties Inc., Browning Investments LLC, Molto Properties LLC and VanTrust Real Estate LLC have all established projects in Louisville in the last two years. But why Louisville? Investors are setting sight on Kentucky for more than just new construction. Prime Locations Even during the economic downturn between 2008 and 2011, Louisville was never a victim of the extreme fallout experienced by …

November 28, 2016

District of Columbia Georgia Seniors Housing Southeast

Arcapita Acquires Three-Property Seniors Housing Portfolio in Atlanta, D.C. for $110M

by John Nelson November 23, 2016

ATLANTA AND WASHINGTON, D.C. — Arcapita, a global investment management firm based in Bahrain, has acquired a portfolio of three senior living communities near Atlanta and Washington, D.C., for $110 million. The Arbor Co. will operate the three communities following the sale. Although Arcapita did not disclose details on the properties, CBRE recently arranged Arcapita’s purchase of two Atlanta-area properties — Arbor Terrace Peachtree City and Arbor Terrace at East Cobb. Combined with an $87 million portfolio purchase in Colorado earlier this year, Arcapita has invested nearly $200 million in U.S. seniors housing in 2016, totaling six properties and 506 units of independent living, assisted living and memory care.

November 23, 2016

Maryland Multifamily Southeast

Klein Enterprises Delivers Apartment Community in Maryland

by John Nelson November 23, 2016

BEL AIR, MD. — Klein Enterprises has delivered The Park at Winters Run, a 288-unit apartment community located on a 17-acre parcel in Bel Air. Units feature 9-foot ceilings, walk-in closets, Energy Star appliances, granite countertops, washers and dryers, patios or balconies, elevator access and internal access to garage parking for many units. Community amenities include a 24-hour fitness center; saltwater swimming pool; pet wash area; clubhouse with an entertainment kitchen; game room with billiards, shuffleboard and card tables; playground; outdoor patio with a grill and fire pit; 24-hour business center; free Wi-Fi in common areas; and 24-hour maintenance. A future retail component is planned for the property. The Dolben Co. Inc. manages The Park at Winters Run on behalf of Klein Enterprises.

November 23, 2016

Loans Retail South Carolina Southeast

Grandbridge Arranges $38M Refinancing of Shopping Center in Hilton Head

by John Nelson November 23, 2016

HILTON HEAD, S.C. — Grandbridge Real Estate Capital has closed a $38 million loan for the refinancing of Shelter Cove Towne Centre, a 271,721-square-foot lifestyle and grocery-anchored shopping center in Hilton Head. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office originated the 10-year loan through New York Life on behalf of the borrower, Augusta, Ga.-based Southeastern Development Associates. The loan features two years of interest-only payments and a 30-year amortization schedule.

November 23, 2016

Georgia Loans Multifamily Southeast Student Housing

HFF Secures $33.5M Loan for Student Housing Community Near Georgia Southern University

by John Nelson November 23, 2016

STATESBORO, GA. — HFF has arranged a $33.5 million permanent loan for The Hamptons, a recently built, 668-bed student housing community located within walking distance of Georgia Southern University in Statesboro. Delivered in fall 2015, The Hamptons features 117 Tudor-style cottages with a mix of two-, three-, four- and five-bedroom floor plans, as well as 120 one- and two-bedroom residential flats. Community amenities include a 10,000-square-foot clubhouse with a café, business center, study room, fitness center, steam rooms, cardio room, game room, bicycle rentals and tanning beds. Other amenities include a resort-style swimming pool with an 80-yard lazy river, sand volleyball court, bocce ball court, two dog parks and a separate study lounge. Jeremy Sain led HFF’s debt placement team in arranging the 10-year, fixed-rate loan through a national bank on behalf of the borrower, IMS Development.

November 23, 2016

Florida Loans Retail Southeast

FirstBank Florida Provides $13.5M Refinancing Loan for Best Buy-Leased Property in Metro Miami

by John Nelson November 23, 2016

DORAL, FLA. — FirstBank Florida has provided a $13.5 million loan for the refinancing of a single-tenant retail property in Doral that is currently leased to Best Buy. The electronics and entertainment retailer’s lease at the store, located at 10760 N.W. 17th St., is up for renewal in 2019. Mahesh Pattabhiraman of FirstBank Florida originated the loan, which the borrower, Shops at 107th LLC, will use to refinance and cash out the store and other nearby commercial properties.

November 23, 2016

Florida Multifamily Southeast Student Housing

Colliers Arranges $24M Sale of Student Housing Community Near the University of South Florida

by John Nelson November 22, 2016

TAMPA, FLA. — Colliers International has arranged the $24 million sale of University Lake Apartments, a 401-bed student housing community located near the University of South Florida campus in Tampa. The property offers one- and two-bedroom units with bed-to-bath parity, granite countertops and washers and dryers. Community amenities include a 24-hour fitness center, three saltwater pools, a five-acre lake, sundeck with lounge chairs and a technology center. Travis Prince of Colliers represented the seller, CREI-Tampa LLC, in the disposition of the property to FPA Multifamily LLC.

November 22, 2016

South Carolina Southeast Student Housing

Campus First, CF Real Estate Services Buy Student Housing Property Near University of South Carolina

by John Nelson November 22, 2016

COLUMBIA, S.C. — Campus First Student Living and CF Real Estate Services LLC have formed a joint venture with a private commingled fund to purchase Club at Carolina Stadium, a 486-bed student housing property situated less than one mile from the main campus of the University of South Carolina in Columbia. The community is located adjacent to the Congaree River and across from the university’s new ballpark. Campus First will be overseeing a $2.7 million renovation and rebranding of Club at Carolina Stadium, which will be renamed Rivers Edge at Carolina Stadium. The renovations will include a new clubhouse with a fitness center, private and shared study lounges, gaming area, café and a deck overlooking the swimming pool and terrace area. Other improvements will include a new outdoor kitchen, renovated dog park with dog washing station, two fire pit areas, enhanced landscaping, new signage, kayaks and canoes for residents and a new shuttle bus and electric bikes for students to get to class. The overhaul will also include upgraded internet and cable packages, as well as the addition of VIP premium suites that will include gray faux-wood floors, painted interiors and renovated kitchens with subway tile backsplashes, stainless steel appliances, …

November 22, 2016

Florida Retail Southeast

Equinox to Develop $18M Wawa-Anchored Retail Project in Orlando

by John Nelson November 22, 2016

ORLANDO, FLA. — Equinox Development Properties Inc. plans to develop an $18 million retail project located at the corner of Kirkman Road and Raleigh Street in Orlando’s MetroWest area. Situated on a 9.5-acre parcel, the property will feature a new Wawa gas station and convenience store; a two-story, 38,000-square-foot 24-Hour Fitness location; a quick-service restaurant and 11,000 square feet of additional retail space. Equinox plans to break ground on the project in the first quarter of 2017.

November 22, 2016

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