Southeast

HFF Brokers $74.4M Sale of Seven-Property Portfolio in Naples

by John Nelson October 13, 2015

NAPLES, FLA. — HFF has brokered the $74.4 million sale of a seven-building portfolio on 5th Avenue in Naples. The portfolio totals 122,276 square feet and comprises 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre, 115-space parking lot at the corner of 4th Avenue and 4th Street. The buildings are 86.2 percent leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks Coffee, Tervis Tumbler and Provident Jewelry. Hoffman Commercial Real Estate purchased the assets free and clear of existing debt. Manuel De Zarraga, Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented the seller, Naples Fifth Avenue Holdings LLC, in the transaction. Rod Castan of Courtelis Co., which provided leasing and management services for Naples Fifth Avenue Holdings, assisted HFF in the marketing process.

October 13, 2015

Multifamily South Carolina Southeast Student Housing

University of South Carolina to Build Housing Towers on South Campus

by John Nelson October 13, 2015

COLUMBIA, S.C. — The University of South Carolina is seeking a private developer to build and operate a residential village on the south side of its campus that includes new student housing towers, according to Wes Hickman, a spokesman for the school. The developer would have the ability to lease the property for up to 40 years, and the school would share in the profits from renting rooms to students. To build the towers, four residence halls with 1,200 beds — Bates House, Bates West, Cliff Apartments and Carolina Gardens — would need to be demolished. Plans call for replacing these halls with three- to six-story towers that could have as many as 4,000 beds. USC hopes to have 1,500 beds on line by July 2018. According to Hickman, the school would likely put little to no money upfront toward the project. The 18-acre village would also include dining facilities, recreation space and parking.

October 13, 2015

Florida Office Southeast

International Management to Break Ground on Office Building in Jacksonville

by John Nelson October 13, 2015

JACKSONVILLE, FLA. — International Management Co. (IMC) will break ground this week on a three-story, 62,751-square-foot office building located at 203 Fort Wade Road in Jacksonville. The property will be situated within the Fort Wade Road Office Park in Jacksonville’s Ponte Vedra/Nocatee submarket. Jacksonville-based IMC has selected CBRE as the landlord representative for the new building. Lou Nutter of CBRE will oversee the listing. IMC expects to complete the property by July 2016.

October 13, 2015

Florida Multifamily Southeast

ARA Newmark Brokers Sale of Apartment Community in Metro Orlando

by John Nelson October 13, 2015

ORLANDO, FLA. — ARA Newmark has brokered the sale of Regency Oaks, a 343-unit, value-add apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. The property was 95 percent occupied at the time of sale. Common area amenities include a barbecue and picnic area, dog park, carports, a lighted tennis court, playground, three laundry facilities, three swimming pools with sundecks, a 24/7 fitness center and a self-serve car wash. Kevin Judd, Patrick Dufour, Richard Donnellan, Marc deBaptiste and Scott Ramey of ARA Newmark represented the Norfolk, Va.-based seller, Harbor Group International LLC, in the transaction. Jacksonville-based Michaelson Real Estate Group LLC purchased the asset for an undisclosed price.

October 13, 2015

Louisiana Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges Sale of Seniors Housing Property in West Louisiana

by John Nelson October 13, 2015

LAKE CHARLES, LA. — Marcus & Millichap has brokered the sale of The Gardens and The Guardian, a 108-bed seniors housing property located at 1401 Country Club Road in Lake Charles. The sales price was undisclosed, but the list price was $9.6 million. Rod Llanos and Doug O’Toole of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. Llanos and O’Toole also secured the buyer, also a limited liability company. William Hoffpauir of Marcus & Millichap assisted in the transaction.

October 13, 2015

Georgia Industrial South Carolina Southeast

Covington Group Sells 900,000 SF of Industrial Space in Spartanburg, Atlanta

by John Nelson October 12, 2015

SPARTANBURG, S.C. AND ATLANTA — Dallas-based Covington Group Inc. and its affiliates have sold more than 900,000 square feet of industrial property in Spartanburg and Atlanta. The real estate development and investment firm sold the 240,000-square-foot Logistics Pointe: Spartanburg to Austin, Texas-based AIC Ventures. Grice Hunt of NAI Earle Furman represented Covington in the sale. Covington also sold the 657,000-square-foot Logistics Pointe: Atlanta to an affiliate of San Francisco-based Glen Una Management. The former SUPERVALU grocery distribution center was 95 percent leased at the time of sale. Brian Budnick of CBRE Capital Markets Atlanta represented Covington in the transaction. The sales prices for both transactions were undisclosed.

October 12, 2015

Florida Multifamily Southeast

Berkadia Brokers Sale of Two Apartment Communities in Florida for $18M

by John Nelson October 12, 2015

MELBOURNE AND PALM BAY, FLA. — Berkadia Real Estate Advisors has brokered the sale of two apartment communities in Brevard County for a combined $18 million. The assets include the 138-unit Park Village located at 3099 Park Village Way in Melbourne and the 112-unit Malabar Lakes located at 1018 Malabar Lakes Drive in Palm Bay. White Eagle Property Group LLC purchased Park Village for $10.1 million and Malabar Lakes for $7.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia represented the seller, Deancurt Melbourne LLC, in the portfolio transaction.

October 12, 2015

Florida Retail Southeast

Avison Young Secures JV Partner for Retail Center in Delray Beach

by John Nelson October 12, 2015

DELRAY BEACH, FLA. — On behalf of Tremont Realty Capital, Avison Young has secured a joint venture operating partner for the existing ownership of Delray Square II, a 150,157-square-foot retail center. The new ownership is a joint venture between Tremont and Isram Realty Group. John Crotty and Joshua Ladle of Avison Young secured Isram, which will soon begin to lease up the property. Located at 14530-14590 Military Trail in Delray Beach, the value-add property was 40 percent leased at the time of the arrangement to tenants such as Planet Fitness, H&R Block, Subway and Express Docs Urgent Care. Built in 1987 on a 15.1-acre lot, Delray Square II features 700 parking spaces and is in a position to accommodate big-box tenants.

October 12, 2015

Kentucky Multifamily Southeast

Commercial Kentucky Brokers $5.9M Sale of Apartment Community in Louisville

by John Nelson October 12, 2015

LOUISVILLE, KY. — Commercial Kentucky Inc., an Alliance member of Cushman & Wakefield, has brokered the $5.9 million sale of Kennedy Place, an 88-unit apartment community in Louisville. Monticello Properties purchased the property from Hall Family Holdings LLC. Craig Collins of Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.

October 12, 2015

Brookwood Terrace Apartments Murfreesboro Tennessee

Loans Multifamily Southeast Tennessee

Walker & Dunlop Originates $4.7M HUD Loan for Apartment Community in Tennessee

by John Nelson October 12, 2015

MURFREESBORO, TENN. — Walker & Dunlop has originated a $4.7 million loan for Brookwood Terrace Apartments located at 2743 S. Rutherford Blvd. in Murfreesboro. Built in 2009, the apartment community features one-, two- and three-bedroom apartment residences with fully equipped kitchens, washer and dryer units and ceramic tiled bathrooms and foyer. Common area amenities include free Wi-Fi, a clubhouse and a business center. All of the residential units are at 60 percent or less of the Area Median Income. David Strange and Keith Melton of Walker & Dunlop structured the loan as a 223(a)(7) HUD refinance of an existing 221(d)(4) HUD loan. The 40-year, fully amortizing loan has a fixed interest rate.

October 12, 2015

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