Southeast

Big Rock Partners Unveils Plans for $60M Seniors Housing Facility in Celebration

by John Nelson November 25, 2014

CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.

November 25, 2014

Kentucky Loans Southeast

HFF Arranges $57.5M Refinancing for Office Portfolio in Louisville

by John Nelson November 25, 2014

LOUISVILLE, KY. — HFF has arranged a $57.5 million refinance for an eight-property office portfolio in suburban Louisville. The portfolio is comprised of Bluegrass Business Center I and II; Plainview Point I, II and III; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. The approximately 780,000-square-foot portfolio is 86 percent leased. The properties are all located within suburban office submarkets along the I-64 corridor east of Louisville’s central business district. Leasing and property management of the office portfolio is provided by NTS. John Ahmed and Rex Cruz of HFF arranged the floating-rate loan through Prime Finance Partners on behalf of the borrower, Ascent Properties. The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties. The financing also facilitated the acquisition of one of the buildings.

November 25, 2014

Georgia Multifamily Southeast

Brasfield & Gorrie Tops Out Cyan on Peachtree in Buckhead

by John Nelson November 25, 2014

ATLANTA — Brasfield & Gorrie has completed vertical construction on Cyan on Peachtree, a luxury multifamily development in Atlanta’s Buckhead district. The 23-story high-rise will offer 329 rental units with high-end finishes and amenities. Located on Peachtree Road, the community will also feature a seven-level parking structure with controlled access. Brasfield & Gorrie plans to deliver the property in 2015. The project team includes owner Monogram Residential Trust, developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates.

November 25, 2014

Loans North Carolina Southeast

NorthMarq Capital Arranges $11.9M Acquisition Loan for Wilmington Apartment Community

by John Nelson November 25, 2014

WILMINGTON, N.C. — NorthMarq Capital has arranged $11.9 million in acquisition financing for Governours Square, a 219-unit apartment community in Wilmington. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender on behalf of the unnamed borrower.

November 25, 2014

Alabama Office Southeast

PointOne Holdings, ESJ Capital Buy Three Office Buildings in Birmingham for $51M

by John Nelson November 24, 2014

BIRMINGHAM, ALA. — PointOne Holdings and ESJ Capital Partners have partnered up to acquire three Class A office buildings totaling 377,921 square feet in Birmingham for $51 million. The properties, known as International Park and Blue Lake Center, have a blended occupancy of 90 percent. International Park and Blue Lake are leased to tenants such as Tyco, Prudential, Hoffman Media, Command Alkon, BE&K, Martin Marietta Materials, Principal Financial, RxBenefits, EBSCO, BASS, McKesson Corp., Home Mortgage of America and IBM. The office portfolio will be managed and leased by CBRE’s Birmingham office, which is also one of its current tenants. PointOne Holdings obtained a non-recourse, fixed-rate CMBS loan with a 10-year term from Starwood Mortgage Capital to complete the acquisition. Charles Foschini and Jason Hochman of CBRE Capital Markets arranged the acquisition loan.

November 24, 2014

Multifamily Southeast Virginia

ARA Brokers Sale of Apartment Community in Virginia Beach

by John Nelson November 24, 2014

VIRGINIA BEACH, VA. — ARA has brokered the sale of Woodshire Apartment Homes, a 288-unit apartment community in Virginia Beach. Built in 1975, the property was 95 percent occupied at the time of sale. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Chandler Management Corp., in the transaction. The Bainbridge Cos. purchased the asset for an undisclosed price.

November 24, 2014

Kentucky Restaurant Southeast

PRG Investments Brokers Sale-Leaseback of Three Restaurants in Kentucky, South Carolina

by John Nelson November 24, 2014

LOUISVILLE, KY. — Louisville-based PRG Investments has brokered the sale of three restaurants in Kentucky and South Carolina. PRG brokered the sale-leaseback of two Raising Cane restaurants in central Kentucky: 551 Keene Center Drive in Nicholasville and 2555 Nicholasville Road in Lexington. Fred Sutterlin and Reed Weinberg of PRG represented the buyer, an individual investor based in Louisville, in the transaction. David Graves of Cypress Property Group represented the seller. Sutterlin also brokered the franchise sale-leaseback of a Dunkin’ Donuts located at 754 Folly Road in Charleston, S.C. on behalf of the buyer, a private investor based in Louisville.

November 24, 2014

Georgia Office Southeast

Lincoln Property Co. Southeast Brokers $1.2M Sale of Metro Atlanta Office Building

by John Nelson November 24, 2014

NORCROSS, GA. — Lincoln Property Co. Southeast has brokered the $1.2 million sale of a 16,983-square-foot office building located at 3135 Avalon Ridge Place in Norcross, an eastern suburb of Atlanta. Denton Shamburger and Jeff Henson of Lincoln Property represented the undisclosed seller in the transaction. Paul Hanna of JLL represented the buyer, Custard Insurance Adjusters, which currently occupies 6,000 square feet at the property. Custard plans to expand its presence at the building in the near future.

November 24, 2014

Alabama Retail Southeast

Marcus & Millichap Brokers $17M Sale of Birmingham Power Retail Center

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.

November 21, 2014

Alabama Multifamily Southeast

Blue Rock Partners, Rose Group Buy Birmingham Apartment Community for $11.1M

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — An affiliate of Tampa-based Blue Rock Partners LLC and Boca Raton-based Rose Group have purchased Forest Ridge Apartments in Birmingham for $11.1 million. The 268-unit apartment community is located at 660 Valley Crest Drive. Financing for the project involved the assumption of a senior mortgage in the amount of $8.3 million, and Berkadia was the lender/servicer for a Fannie Mae loan.

November 21, 2014

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