Southeast

CBRE Brokers $9.6M Multifamily Portfolio Sale in D.C.

by John Nelson June 30, 2015

WASHINGTON, D.C. — CBRE has brokered the $9.6 million sale of a two-property multifamily portfolio located in northwest Washington, D.C. The two assets, The Rockford and The Peabody, total 82 units and are located in D.C.’s Brightwood neighborhood. StoneBridge Investments purchased The Rockford for $8.1 million and The Peabody for $1.5 million from JCR Cos. Robert Meehling, Michael Rudolph and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller. William Roohan, Michael Muldowney, Brian Margerum and Martha Hastings of CBRE assisted in the transaction.

June 30, 2015

Florida Retail Southeast

Calkain Cos. Brokers $1.9M Sale of Verizon Wireless Store in Florida

by John Nelson June 30, 2015

PALM BAY, FLA. — Calkain Cos. has brokered the sale of a freestanding Verizon Wireless store located at 1109 Malabar Road N.E. in Palm Bay. Verizon Wireless has seven years remaining on its initial lease, which is guaranteed by Cellular Sales of Knoxville. Coast Realty represented the unnamed buyer that purchased the asset in cash at a 6.67 percent cap rate.

June 30, 2015

Florida Retail Southeast

Skanska to Renovate, Expand Tampa Airport for $60M

by John Nelson June 29, 2015

TAMPA, FLA. — Skanska has signed a $60 million contract to renovate and expand the Tampa International Airport (TPA) Main Terminal building in Tampa. When completed, the project will add 53,819 square feet to the terminal’s third-floor transfer level, with nearly 15,069 square feet of indoor public seating and large outdoor terraces. Skanska began construction of the expansion in December 2014. The renovation will begin in July 2015, and the total project is slated for completion in November 2017.

June 29, 2015

Georgia Mixed-Use Southeast

Fort McPherson Board OKs 330-Acre Land Sale to Tyler Perry for $30M

by John Nelson June 29, 2015

ATLANTA — The McPherson Implementing Local Redevelopment Authority (MILRA) board has approved a land sale of 330-acres at the former Fort McPherson in southwest Atlanta to media mogul Tyler Perry. MILRA is a civilian authority board tasked with overseeing the redevelopment of the former army post. As part of the agreement, MILRA will purchase the 488-acre former army base for $26 million and subsequently sell 330 acres to Tyler Perry for $30 million for a movie/TV studio. MILRA plans to add a mixed-use development, anchored by the new studio. MILRA is collaborating with the state and city governments, as well as Urban Land Institute (ULI) to determine market needs going forward.

June 29, 2015

Florida Retail Southeast

The Sembler Co. Breaks Ground on Publix-Anchored Shopping Center in Florida

by John Nelson June 29, 2015

TRINITY, FLA. — The Sembler Co. has broken ground on the 65,000-square-foot Shoppes at Trinity Lakes, a Publix-anchored shopping center located in the southeast quadrant of State Road 54 and Trinity Boulevard in Trinity. In addition to the 45,600-square-foot Publix and 1,400-square-foot Publix Liquor Store, Sembler has signed leases with retailers new to the Trinity market, including Orange Theory Fitness, Moe’s Southwest Grill, China Wok, Nail Dior Lounge, Hair Cuttery and Majik Touch Cleaners. The secured leases total nearly 11,000 square feet. The Shoppes at Trinity Lakes also includes three outparcels, two of which are under contract.

June 29, 2015

Florida Hospitality Loans Southeast

Thorofare Capital Provides $12M Acquisition Loan for Four Points by Sheraton Orlando Studio City

by John Nelson June 29, 2015

ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.

June 29, 2015

Georgia Retail Southeast

Bull Realty Brokers $6.9M Sale of Retail Strip Center in Metro Atlanta

by John Nelson June 29, 2015

DULUTH, GA. — Bull Realty has brokered the $6.9 million sale of The Walk at Johns Creek, a 43,112-square-foot retail strip center located in Duluth, a northeast suburb of Atlanta. The property is part of a larger mixed-use development, Johns Creek Walk, which comprises apartments and a bank. The strip center’s tenant roster includes Another Broken Egg, Coldwell Banker, Palomilla’s Grille and Maverick’s Steakhouse. John Harrison of Bull Realty represented the buyer, South Coast Commercial LLC, in the transaction. Jill Tanner of Tanner Real Estate represented the sellers, John’s Walk at John’s Creek LLC and Bob’s Walk at John’s Creek LLC.

June 29, 2015

Florida Multifamily Southeast

Pollack Shores Acquires Multifamily Community in Tampa for $64.5M

by John Nelson June 26, 2015

TAMPA, FLA. — Atlanta-based Pollack Shores Real Estate Group, in a joint venture with a client advised by Heitman LLC, has purchased Lexington Park in Tampa’s Westchase district. The joint venture purchased the 400-unit luxury apartment community for $64.5 million, according to the Tampa Bay Business Journal. The acquisition brings Pollack Shores’ current Florida portfolio to more than 4,400 units totaling more than $550 million. Pollack Shores plans to upgrade Lexington Park’s apartment interiors with wood plank flooring, new cabinetry, granite and quartz countertops, stainless steel appliances, new lighting and plumbing fixtures. The company will also renovate the 12,500-square-foot clubhouse, fitness center and pool areas. Matrix Residential, Pollack Shores’ multifamily residential management division, will manage the property. Pat Jones of Walker & Dunlop represented the undisclosed seller in the transaction. Mark Sixour and Elliott Throne of HFF arranged acquisition financing on behalf of Pollack Shores.

June 26, 2015

Florida Industrial Southeast

Meridian Begins Construction on Distribution Center in West Palm Beach

by John Nelson June 26, 2015

WEST PALM BEACH, FLA. — Meridian Design Build has broken ground on a 225,198-square-foot sorting and distribution facility in West Palm Beach. The project is a build-to-suit for a global shipping and information services firm. SunCap Property Group is developing the asset, which will be located on a 27.2-acre site at the southeast corner of Pike Road and 7th Place North. Meridian is currently demolishing two existing buildings and a significant amount of asphalt and concrete pavement, which will be broken up on-site and incorporated into the new construction. Upon completion, the facility will feature 8,160 square feet of office space, 51 loading docks, 153 interior van loading positions, 390 auto parking stalls and 134 exterior trailer stalls. In addition to Meridian and SunCap, the design team includes architect Ware Malcomb and civil engineer Langan.

June 26, 2015

Alabama Loans Southeast Student Housing

Financial Federal Bank Arranges $18M Acquisition Loan for Student Housing Complex in Mobile

by John Nelson June 26, 2015

MOBILE, ALA. — The Memphis office of Financial Federal Bank has arranged an $18 million acquisition loan for The Campus Quarters Apartments in Mobile. The 533-bed student housing property, located one block from the University of South Alabama campus, was built in 2012. The property’s 165 units were 93 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, fixed-rate loan with 40 months of interest-only payments and a 30-year amortization schedule through their relationship with a national CMBS lender.

June 26, 2015

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