Southeast

Conn’s Opens First Store in Georgia with New Augusta Location

by John Nelson September 28, 2015

AUGUSTA, GA. — Furniture and specialty home goods retailer Conn’s Inc. has opened its first Georgia store at 270 Bobby Jones Expressway in Augusta. The 50,000-square-foot store has created roughly 30 local jobs. The new location is part of Conn’s national growth strategy to open nearly 20 stores during a 12-month period (February 2015 to February 2016). Conn’s, which has stores in 12 states, will open its 100th location next month. “Augusta is a great community and we are proud that it is the home of our first Georgia store,” said David Trahan, president of Conn’s retail division.

September 28, 2015

Market Reports Maryland Multifamily Southeast Southeast Market Reports

Baltimore’s Resurgence as a City Supports Burgeoning Apartment Market

by John Nelson September 28, 2015

The transformation of downtown Baltimore into a contemporary world-class city began nearly two decades ago, but over the past few years it has irrefutably evolved into a true 24/7 city and a top-tier housing market that is nationally recognized by the investment community. An influx of commercial investment drove job growth, which inevitably boosted downtown Baltimore’s daytime population. But what is remarkable is how many of these individuals also decided to become city residents. The number of degree-holding young people living in downtown Baltimore increased by 92 percent between 2000 and 2010, exceeding the pace of 20-something magnet cities like New York and Boston. Whether it was the chicken or the egg, this new group of residents favored a rental urban lifestyle, and downtown Baltimore delivered nearly 4,700 new apartments between 2000 and 2010. Ambitious developers John Paterakis and Michael S. Beatty paved the way in the late 1990s with the development of Harbor East, which congregates upscale retailers, Class A office space and luxury rental apartments. Its immediate success filled a niche in the market and spurred growth in other communities around the Inner Harbor, including the Ritz-Carlton. As this wave of development continued throughout the 2000s, slowly but …

September 28, 2015

Seniors Housing South Carolina Southeast

ESI Arranges $153.9M Sale of 13 Agapé Senior Living Communities in South Carolina

by John Nelson September 25, 2015

CHICAGO — Evans Senior Investments (ESI), a Chicago-based investment banking firm, has arranged the sale of 13 Agapé Senior Living communities in South Carolina for $153.9 million. The portfolio includes 10 independent living and assisted living communities totaling 856 units, plus three skilled nursing facilities totaling 294 beds. The oldest building in the portfolio was constructed in 1990 and the smallest facility is 58 units. A private equity firm, the name of which was not released, purchased the portfolio at a cost of $156,424 per unit for the independent and assisted living communities, and $68,027 per bed for the skilled nursing facilities.

September 25, 2015

Loans North Carolina Southeast Student Housing

CBRE Arranges $75M Financing for Student Apartments Near NC State

by John Nelson September 25, 2015

RALEIGH, N.C. — CBRE Capital Markets’ debt and structured finance team has arranged a $75 million loan for the Stanhope Student Apartments, a five-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University’s main campus in Raleigh. A joint venture led by managing partner Kane Realty Corp. developed the project. The property features 9-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail space. Deck parking is provided for tenants on the same floor as their unit. Apartments contain a full washer/dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TVs and wood floors. Mark Fisher and Alex Furnary of CBRE’s midtown Manhattan office, along with David Meese and Tom Kobus of CBRE’s Pittsburgh office, facilitated the financing on behalf of the borrower. The CBRE team secured a 20-year, fixed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was committed without any tenants in occupancy and closed with retail space still to-be-leased (half of the retail space is leased to CVS).

September 25, 2015

Florida Seniors Housing Southeast

Big Rock to Build New Seniors Housing Property in South Florida

by John Nelson September 25, 2015

LAKE WORTH, FLA. — Big Rock Partners, a national real estate management and development firm, will begin construction this month on Atria at Villages of Windsor, a Class A seniors housing community in southern Palm Beach County. Big Rock is developing the community on a 22.5-acre site in the Villages of Windsor development. The new community will offer a total of 186 independent living units, 78 assisted living apartments and a 54-unit memory care building. Ventas Inc., one of the largest REITs in seniors housing, will provide equity capital and be the principal owner of the community when finished. Wells Fargo will provide construction financing. The finance advisor is Walker & Dunlop. Gensler is providing architectural services, and Moss & Associates is the construction manager. Atria Senior Living, which operates 180 senior living communities throughout the U.S. and Canada, will operate and market the community. Big Rock expects the community to open in the summer of 2017.

September 25, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Originates $41.2M Loan for Apartment Community in Metro Orlando

by John Nelson September 25, 2015

SANFORD, FLA. — Walker & Dunlop has closed a $41.2 million loan for Elan Towne Center, a 360-unit luxury apartment community in Sanford, roughly 24 miles north of Orlando. Built in 2014, the Class A property features a cyber café, coffee bar, valet door-to-door trash pickup, club room with billiards, private detached garages and a dog park. The community was more than 90 percent occupied at the time of financing. Paul Ahmed led Walker & Dunlop’s team to originate the 15-year loan on behalf of the undisclosed borrower.

September 25, 2015

Florida Retail Southeast

HFF Arranges $14.4M Sale of Two Tampa-Area Shopping Centers

by John Nelson September 25, 2015

TAMPA, FLA. — HFF has arranged the $7.7 million sale of Northwest Plaza, a 46,904-square-foot shopping center located in Tampa’s Citrus Park area; and the $6.7 million sale of Suncoast Crossing, a 29,289-square-foot shopping center located in the Tampa suburb of Odessa. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Redstone Investments, in the transaction. Cole Credit Property Trust IV Inc. (CCPT IV) acquired Northwest Plaza and APTT Investments LLC acquired Suncoast Crossing in two separate transactions. VEREIT Inc. worked on behalf of CCPT IV in the purchase of Northwest Plaza. Both centers were fully occupied at the time of sale.

September 25, 2015

Florida Loans Mixed-Use Southeast

NorthMarq Arranges Financing for Two Florida Properties Totaling $74.6M

by John Nelson September 24, 2015

KEY WEST AND PORT ST. LUCIE, FLA. — NorthMarq Capital’s Boca Raton office has arranged the refinancings of The Westin Key West Resort in Key West and The Atlantic at Tradition Apartments in Port St. Lucie for a combined $74.6 million. Located at 245 Front St., The Westin Key West Resort’s amenities include a swimming pool, marina, two different spa facilities, beach access and a workout fitness studio. Bill Johnson of NorthMarq arranged the 20-year, $50 million loan through a life insurance company on behalf of the borrower. Located at 10297 S.W. Village Parkway, the 252-unit Atlantic at Tradition is in close proximity to the 150-acre Tradition Center of Innovation Research Park and a VA hospital currently under construction. The property’s amenity package includes a clubhouse, swimming pool, sundeck, theater, Jacuzzi, veranda, 24-hour fitness center, business center, tennis court, dog park and lakeside walking trail. Johnson arranged the 10-year, $24.6 million loan for the apartment community through a life insurance company on behalf of the borrower. The loan features two years of interest-only payments followed by a 30-year amortization schedule.

September 24, 2015

Industrial North Carolina Southeast

Beacon Partners to Break Ground on Industrial Facility in Metro Charlotte

by John Nelson September 24, 2015

CONCORD, N.C. — Beacon Partners will soon begin construction on a 143,670-square-foot industrial facility within RiverOaks Corporate Center, a 1.4 million-square-foot industrial park located in Concord, roughly 24 miles north of Charlotte. The new facility will be located one mile east of I-85, five miles north of I-485 and near Concord Regional Airport. Matt Greer and John Cashion of JLL represented an undisclosed tenant in a 73,667-square-foot pre-lease at the facility. The tenant plans to move into the building in spring 2016. The design team for the new facility includes general contractor Choate Construction, architect Merriman Schmitt and civil engineer ColeJenest & Stone.

September 24, 2015

Georgia Retail Southeast

South Coast Commercial Purchases Metro Atlanta Shopping Center for $4.1M

by John Nelson September 24, 2015

SUWANEE, GA. — South Coast Commercial has purchased Laurel Springs Village, a 21,710-square-foot shopping center located at 3590 and 3592 Old Atlanta Road in Suwanee. The South Carolina-based investor acquired the fully occupied asset from Laurel Springs Holdings for $4.1 million. Built in 2004, the property is anchored by Titan Team Sports and leased to nine other tenants. Kevin Markwordt and Fred Victor of Transwestern represented the seller in the transaction.

September 24, 2015

Newer Posts

Older Posts