Southeast

Spring Arbor of Salisbury Memory Care Midlothian

HHHunt Breaks Ground on New Memory Care Community in Virginia

by John Nelson October 6, 2015

MIDLOTHIAN, VA. — Blacksburg, Va.-based developer HHHunt has broken ground on Spring Arbor of Salisbury Memory Care in Midlothian, about 15 miles west of Richmond. The memory care community will occupy a 48,275-square-foot building adjacent to Spring Arbor of Salisbury, one of HHHunt’s six existing senior living communities in Virginia. HHHunt expects to open the community in the fall of 2016. HHHunt currently owns and manages 21 communities in Virginia, North Carolina and Maryland, with more in various stages of development.

October 6, 2015

Georgia Southeast Student Housing

RREEF Buys University of Georgia Off-Campus Student Housing Property for $27M

by John Nelson October 6, 2015

ATHENS, GA. — RREEF Property Trust Inc. has acquired The Flats at Carrs Hill, a Class A, 138-unit, 316-bed student housing community located within walking distance of the University of Georgia, for $27 million. The fully leased property offers an amenity package including an indoor basketball court, multiple lounges, resort-style pool, 24-hour fitness center and on-site parking. The property is located less than a quarter-mile from the University of Georgia campus and less than one mile from Sanford Stadium in Athens. The university recently approved an expansion of the North Oconee River Greenway trail, a 3.7-mile walking and biking path that will provide The Flats residents direct pedestrian access to additional parts of campus. Travis Prince of Colliers International’s Student Housing team represented the buyer and seller in the transaction.

October 6, 2015

Central Florida Business Park Winter Haven

Florida Industrial Southeast

Colliers Brokers $9.7M Sale of Industrial Park in Central Florida

by John Nelson October 6, 2015

WINTER HAVEN, FLA. — Colliers International has brokered the $9.7 million sale of Central Florida Business Park, a 10-building, 821,000-square-foot industrial park located on 52 acres at 5300 Recker Highway in Winter Haven. Boulder, Colo.-based Legacy Capital Partners purchased the park from an undisclosed, multi-billion dollar global private equity firm. The transaction is the second-largest industrial sale in Central Florida year-to-date, according to Colliers. Central Florida Business Park was 75 percent leased at the time of sale to six different tenants. Fred Beasley of Colliers International’s Central Florida office represented the seller in the transaction.

October 6, 2015

Town Center at Atlantic Station Midtown Atlanta

Georgia Retail Southeast

North American Properties, CBRE Global Investors Sell Town Center at Atlantic Station

by John Nelson October 5, 2015

ATLANTA — North American Properties (NAP) and CBRE Global Investors have sold Town Center at Atlantic Station in Midtown Atlanta to an institutional investor advised by Hines. The Houston-based real estate firm will serve as asset and property manager of the 586,000-square-foot retail center that anchors Atlantic Station, a mixed-use development comprising retail space, restaurants, entertainment venues, three office towers, a hotel and a freestanding Ikea, Target and Dillard’s. The development also houses events such as Cirque du Soleil and Bodies: The Exhibition. The sales price was undisclosed but media outlets value the sale at roughly $200 million. NAP and CBRE Global Investors purchased the retail center, some office space and land for future development in 2010 for $173 million. According to media outlets, the buyer advised by Hines is an investment fund with ties to Morgan Stanley.

October 5, 2015

Hospitality Louisiana Southeast

NewcrestImage Buys 13-Story Office Building in New Orleans for Dual-Branded Hotel Conversion

by John Nelson October 5, 2015

NEW ORLEANS — NewcrestImage, a Dallas-based hotel developer and operator, has purchased a 13-story office building located at 1600 Canal St. in New Orleans. The company plans to repurpose the vacant building into a 105-room TownePlace Suites by Marriott and a 78-room SpringHill Suites by Marriott. Built in 1960 and vacant for the past 10 years, 1600 Canal St. is located at the intersection of Canal Street and I-10, nine blocks from the French Quarter and adjacent to the new 1,500-acre, $1.2 billion BioDistrict development. The asking price for the office building was $6 million, but the sales price was undisclosed. The two hotels will share amenities, including a single lobby, registration desk, breakfast area and indoor bar. There will be a single management and sales team, as well as a single housekeeping staff. The rooftop will be renovated into an 8,000-square-foot garden overlooking Canal Street and will feature an outdoor bar, exercise room and laundry facilities. NewcrestImage plans to open the two hotels by December 2016. Upon completion, the dual-branded hotel building will be the first property to combine the TownePlace Suites and SpringHill Suites brands into one building.

October 5, 2015

Florida Industrial Southeast

MDH Partners to Develop Three Spec Industrial Buildings in Central Florida

by John Nelson October 5, 2015

DAVENPORT, FLA. — Atlanta-based MDH Partners has purchased 52 acres within Four Corners Business Park, an industrial campus located at the intersection of I-4 and U.S. Route 27 in Davenport, roughly 15 miles southwest of Orlando. MDH plans to develop three spec industrial buildings totaling 793,168 square feet at the site. The first two buildings, a 391,928-square-foot cross-dock building and a 112,580-square-foot rear-load building, are slated to begin construction immediately in time for a June 2016 occupancy. The third building, a 288,660-square-foot rear-load facility, will be ready for a late 2016 occupancy or is available earlier subject to potential build-to-suit opportunities. Lee Morris of Colliers International and Dave Buckner of Buckner Commercial Properties will jointly market the buildings for lease. JLL will provide property management on behalf of MDH.

October 5, 2015

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $22.9M

by John Nelson October 5, 2015

SANDY SPRINGS, GA. — The RADCO Cos. has purchased the 192-unit Spalding Bridge apartment community in Sandy Springs, a northern suburb of Atlanta. RADCO purchased the asset from JMG Realty for $22.9 million. JLL brokered the sale. RADCO financed the acquisition with private capital and debt from Community and Southern Bank. Built in 1984, the apartment complex is situated on Trowbridge Road near Sandy Springs’ main thoroughfare Roswell Road and four miles from I-285. The community is also within two miles of Mercedes-Benz USA’s new headquarters in Atlanta’s Central Perimeter office submarket. RADCO plans to invest roughly $2.3 million to renovate the property’s clubhouse and leasing center. Upon completion of the capital improvements, RADCO will rebrand Spalding Bridge with the company’s Ashford moniker. Including this transaction, RADCO owns 46 multifamily assets totaling 13,255 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.

October 5, 2015

Georgia Multifamily Seniors Housing Southeast

Phoenix Breaks Ground on $17M Assisted Living Community in Georgia

by John Nelson October 5, 2015

MILTON, GA. — Phoenix Senior Living has broken ground on Phoenix at Milton, a $17 million assisted living and memory care community in Milton, about 30 miles north of Atlanta. Phoenix at Milton will have 85 apartments — 67 for traditional assisted living and 19 for memory care.

October 5, 2015

Market Reports Maryland Office Southeast Southeast Market Reports

Shifting Blocks of Space, Apartment Conversions Help Shape Baltimore’s Office Market

by John Nelson October 5, 2015

Three major storylines are playing out in Baltimore, the northern part of the one-two city punch that combines for more than 9 million people and forms the fourth-largest metropolitan region of the country. These three sub-plots each contribute to the larger vernacular of the Charm City story. The activity in the office sector is occurring against the backdrop of a robust warehouse/industrial market, as national companies are recognizing the attractiveness of the Port of Baltimore and access to the Eastern Seaboard. Baltimore is also enjoying the healthiest retail environments seen in years, highlighted by the construction of new large-scale shopping centers to service Millennials and empty-nesters moving downtown. 1. Shifting Blocks of Space Two separate 200,000-square-foot blocks of prime office space are moving to the now-under-construction Harbor Point overlooking Baltimore’s Inner Harbor, the development centerpiece of the Constellation Energy Group merger with Exelon Corp. Upon completion, the former industrial brownfield site will feature more than 1.6 million square feet of commercial office space. Add in a separate 200,000-square-foot move by the Baltimore headquarters of M&T Bank from 25 S. Charles St. (with sources indicating the company may back-fill the space themselves) and you have pretty large shoes to fill in …

October 5, 2015

Florida Retail Southeast

Federal Realty Acquires 85 Percent Interest in Mixed-Use Development in Miami for $110M

by John Nelson October 2, 2015

MIAMI — Federal Realty Investment Trust, alongside partners Grass River Property and The Comras Co., has acquired an 85 percent interest in The Shops at Sunset Place, a 515,000-square-foot mixed-use center located in Miami. The $110 million transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6 percent and maturity date of September 2020. The center comprises 408,000 square feet of retail and 107,000 square feet of office space with a 1,700-square-foot parking garage. Tenants at the center include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie.

October 2, 2015

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