Southeast

Franklin Street, Neal Realty Broker $9.1M Purchase of Two Shopping Centers in Palm Beach County

by Haisten Willis October 26, 2015

DELRAY BEACH AND BOYNTON BEACH, FLA. — Franklin Street and Neal Realty & Investments Inc. have brokered the purchase of two shopping centers in Palm Beach County totaling $9.1 million. Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. The acquisitions include the $5.1 million purchase of the 23,094-square-foot Shoppes of Delray in Delray Beach and the $4 million acquisition of the 18,311-square-foot Gables End Plaza in Boynton Beach. Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants such as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.

October 26, 2015

Georgia Multifamily Seniors Housing Southeast

Griffin, Canyon Break Ground on New Seniors Housing Community in Metro Atlanta

by Haisten Willis October 26, 2015

ROSWELL, GA. — California-based developer Griffin Real Estate Management and investment firm Canyon Partners Real Estate, in partnership with operator Thrive Senior Living, have started construction of The Georgian Lakeside Assisted Living and Memory Care, a 95-unit community in the Atlanta suburb of Roswell. Thrive will operate the community — which comprises 70 assisted living units and 25 memory care units — when complete.

October 26, 2015

Florida Retail Southeast

RD Management Buys Shopping Center in North Fort Myers for $20.5M

by Haisten Willis October 26, 2015

NORTH FORT MYERS, FLA. — RD Management has purchased Merchants Crossing, a 323,061-square-foot shopping center located at 15201 N. Cleveland Ave. in North Fort Myers, for $20.5 million. The property’s tenants include a 16-screen AMC Theatre, Bealls Outlet and Jo-Ann Fabrics. RD’s plans for the center include a major façade renovation, remodel and re-tenanting of the vacant Sears building, landscape modifications and an upgrade to the courtyard. RD purchased the asset from Noble Properties. HFF brokered the transaction.

October 26, 2015

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Metro Orlando for $33.5M

by Haisten Willis October 26, 2015

SANFORD, FLA. — Bell Partners Inc. has purchased the newly built Integra Village, a 209-unit apartment community located at 101 Integra Village Trail in Sanford, a suburb of Orlando. Bell Partners purchased the property for $33.5 million on behalf of Bell Fund V. Developed by The Integra Land Co. in 2015, the property’s interiors feature kitchen islands, granite countertops, stainless steel appliances, new cabinetry, hard-surface flooring tile baths and screened-in porches. Community amenities include a salt water pool with an outdoor grilling area, fitness center and a clubhouse with a billiards room. Bell Partners will manage the property and will rename it Bell Lake Forest. The purchase of Bell Lake Forest was the sixth multifamily acquisition for Bell in 2015. With this transaction, Bell has completed more than $980 million in total transactions this year.

October 26, 2015

District of Columbia Hospitality Mixed-Use Multifamily Southeast

Lima Hotels to Develop Mixed-Use Project in Downtown D.C.

by Haisten Willis October 26, 2015

WASHINGTON, D.C. — Lima Hotels, a new company established by developer Habte Sequar, plans to develop a 14-story hotel and apartment building in downtown Washington, D.C. The high-rise property will be located at 317 K St. N.W. at the corner of 4th and K streets in the Mount Vernon Triangle neighborhood in Washington’s East End district. A small commercial building and auto body shop on the site will be demolished. The project will feature 200 hotel rooms on the first 11 floors and 30 apartment units on floors 12 through 14. Lima Hotels has selected PGN Architects and Gordon & Greenberg to co-design the project.

October 26, 2015

Florida Market Reports Multifamily Southeast Southeast Market Reports

Job Growth Key to Orlando Apartment Market’s Strong First-Half Performance

by John Nelson October 26, 2015

Orlando’s multifamily market is in the midst of a golden era of sorts, as it sits squarely at the intersection of strong employment growth, an increasing population, a major demographic shift and a variation in lifestyle preferences. Together, these factors provide a tremendous tailwind for future strength in the local apartment market. While the national multifamily market continues to perform at a high level, Orlando is starting to show up on the radar of more institutional investors due to its recent outperformance and tremendous growth prospects. According to recent data from MPF Research, Orlando is on pace to see 5.6 percent rent growth in 2015, followed by 4.7 percent growth in 2016. The strong momentum in the MSA is being driven by a rapidly expanding and increasingly diversified job market. Going forward, the picture looks even brighter. MPF Research ranks Orlando as the No. 1 metro in the nation for job growth through 2020, with a growth rate (2.7 percent), more than twice the national average (1.1 percent). Unlike previous cycles, today’s growth is spread more evenly across employment industries, resulting in a more diverse, dynamic labor market. The highest growth sectors are forecast to be construction, healthcare/bio-tech, business services, …

October 26, 2015

Georgia Mixed-Use Southeast

NAP Signs Eight New Retailers, Restaurants to Avalon in Alpharetta

by John Nelson October 23, 2015

ALPHARETTA, GA. — North American Properties (NAP) has signed eight new retailers and restaurants to join the tenant mix at Avalon, an 86-acre, $600 million mixed-use development in Alpharetta, an affluent northern suburb of Atlanta. The new tenants include Madewell, Peter Millar, Branch and Barrel, AYA Med Spa, Café Intermezzo, Farm to Ladle, The Container Store and Parisian Nail Salon. Phase I of Avalon’s retail space is now 98.1 percent leased. Madewell has recently opened its new store and Peter Millar plans to open its store before the holiday season. The other retailers and restaurants are slated to open by spring 2016. Phase II of Avalon is expected to bring 80,000 additional square feet of retail, 500,000 additional square feet of office, 276 luxury multifamily units, a 325-room hotel and a 65,000-square-foot conference center.

October 23, 2015

Industrial Southeast Tennessee

NAI Knoxville Brokers $10M Sale of 334,024 SF Industrial Property in Tennessee

by John Nelson October 23, 2015

LOUDON, TENN. — NAI Knoxville has arranged the sale of a 334,024-square-foot industrial property situated on a 108-acre lot at 9600 Corporate Park Drive in Loudon. Morgan Olson LLC, a walk-in van body manufacturer, purchased the asset from Astec Underground Inc. for $10 million, according to media outlets. Morgan Olson plans to bring more than 400 jobs to the facility. James Roberson of NAI Knoxville, along with Bryan Rudisill of NAI Charter, brokered the transaction.

October 23, 2015

TownPark Commons 125 TownPark Drive Kennesaw

Georgia Loans Office Southeast

HFF Arranges $41.4M Acquisition Loan for Office Building in Metro Atlanta

by John Nelson October 23, 2015

KENNESAW, GA. — HFF has arranged a $41.4 million acquisition loan for TownPark Commons, a 349,635-square-foot office building located at 125 TownPark Drive in Kennesaw, a northwest suburb of Atlanta. Enercon anchors the property, which is located near I-75 and I-575 and was 99.6 percent leased at the time of financing. TSP Value and Income Fund, a value-add real estate fund managed by Transwestern Investment Group, purchased the office building. Brian Carlton and Gregg Shapiro of HFF arranged the five-year, fixed-rate loan through Ares Management. In addition to the purchase, the buyer will use the loan proceeds for tenant improvements and leasing commissions.

October 23, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $16.1M Acquisition Loan for Apartment Community in Orlando

by John Nelson October 23, 2015

ORLANDO, FLA. — NorthMarq Capital has arranged a $16.1 million acquisition loan for Landmark at Siena Springs, a 252-unit apartment community located at 6101 Westgate Drive in Orlando. The lakefront apartment complex features seven pools, a dog park, Wi-Fi café, outdoor grill and picnic area, business center, recreation center, clubhouse and storage space. Ory Schwartz of NorthMarq’s Los Angeles office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through an unnamed conduit CMBS lender.

October 23, 2015

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