NASHVILLE, TENN. — Grandbridge Real Estate Capital has arranged an $18.5 million first mortgage loan on a five-story, 152,216-square-foot office building in Nashville. Chris Caison and C.J. Webb of Grandbridge’s Charlotte office arranged the fixed-rate loan through one of Grandbridge’s insurance correspondent lenders. The loan is a seven-month forward financing commitment, according to Grandbridge.
Atlanta’s healthy multifamily market exhibits strong fundamentals, such as rising rental rates, and continued job creation. Last year alone, the city added more than 100,000 jobs and 2015 seems to be on track to surpass 2014 based on weekly announcements of companies moving to Atlanta. A decent amount of multifamily inventory hit the for-sale market in the first quarter of 2015, and those deals are now in the process of closing. We are seeing a lull in the number of listings across the market early in the second quarter. As owners attempt to capitalize on top-line collection, an increase in listings is expected in the latter portion of the second quarter in conjunction with the spring leasing months coming to an end. As most know, commercial real estate has peaks and valleys, with our last peak in 2007 and the valley landing somewhere in 2010. From 2010 to early 2015, investors were presented with a great opportunity to capitalize quickly from the rising rental rates even without implementing any value-add platforms. This quick rise in rental rates coupled with historically low interest rates has been the catalyst for the surge in trades. That said, as the REO bucket has all …
MEMPHIS, TENN. — MDH Partners LLC has acquired 22 industrial properties in Memphis totaling 3.1 million square feet. The Atlanta-based investment firm purchased the portfolio from Belz Enterprises for an undisclosed sales price. The portfolio was 95 percent leased at the time of sale. The assets span the Northeast, Southeast,and Desoto County submarkets and are located in the following industrial parks: Shelby Oaks, Southridge, Democrat Square North, Meltech, and Metro (Desoto County). The acquisition marks MDH’s first investment in the Memphis market. With this transaction, MDH has now acquired 51 buildings totaling 6 million square feet since May 2014 with plans to double its assets again over the next year. Hank Hall of Colliers International arranged acquisition financing through MetLife Real Estate Investors on behalf of MDH Partners. Cushman & Wakefield | Commercial Advisors has been tapped to lead the leasing efforts, and JLL will provide property management on behalf of MDH.
SMITHFIELD, N.C. — Carolinas Holdings Inc. has begun developing Smithfield Landing, a two-building, 9,048-square-foot strip retail center. The fully leased center is located at 110 S. Equity Drive in Smithfield, adjacent to Simon Property Group’s Carolina Premium Outlets. The property’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill and Buffalo Wild Wings. The development team comprises architect McMillan Pazdan Smith, civil engineer McKim & Creed and general contractor Spell Construction. Palmetto Bank provided construction financing for Smithfield Landing, which will open in late 2015.
NASHVILLE, TENN. — Duke Realty Corp. has signed UNARCO Material Handling Inc. to lease 155,390 square feet of industrial space in Nashville Business Center II. UNARCO is a national manufacturer and distributor of structural and roll-formed pallet racking and warehouse storage systems. The company will use the building, located at 3438 Briley Park Blvd., as a product distribution center. UNARCO’s lease brings the building to 78 percent occupancy. Nashville Business Center II is a 501,300-square-foot building that features 32-foot clear heights, 42-foot by 50-foot bay spacing and auto and trailer parking around the building. Improvements made on behalf of UNARCO include constructing a demising wall, adding a new building entrance, establishing separate electrical service and reworking the office area. Charley Hankla of DTZ represented UNARCO in the lease transaction. Duke Realty was represented internally by Lonnie Russell.
TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.
LARGO AND CLEARWATER, FLA. — Franklin Street Real Estate Services has brokered the $2.8 million sale of Liv @ Jefferson and Liv @Jasper. Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is located at 55 Jasper St. in Largo. The property contains a unit mix of one-, two- and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located at 121 N. Jefferson Ave. in Clearwater. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet. Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street represented both the seller, DRW Real Estate Management LLC, and the buyer, a private investor from the West Coast. In addition to these properties, the buyer recently bought three other apartment communities of varying sizes in Pinellas County. The buyer plans to operate them all centrally out of one of the larger properties they acquired, according to Franklin Street. Liv @ Jefferson and Liv @Jasper were financed with a newer product being offered by Freddie Mac and Fannie Mae.
BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.
PALM BEACH GARDENS, FLA. — Marcus & Millichap has brokered the $18 million sale of a three-story office building in Palm Beach Gardens that serves as TBC Corp.’s corporate headquarters. Built in 2007, the 44,415-square-foot office building was renovated in 2009 to become TBC Corp.’s headquarters. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Marco Lala and Steven Siegel, also of Marcus & Millichap’s Manhattan office, procured the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s Florida broker of record. Christopher Marks of Marcus & Millichap Capital Corp. arranged a 10-year, $9.2 million acquisition loan on behalf of the buyer. The loan has a fixed interest rate of 4.15 percent and a 25-year amortization schedule.
ATLANTA — Cushman & Wakefield has arranged the $13.5 million refinancing of 109 of the 155 apartment units at ATLofts at Atlantic Station in Atlanta. Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan through GE Capital on behalf of the undisclosed owner, which will use the funding to refinance existing debt on the property, as well as purchase additional units at ATLofts. Atlantic Station is 1.4 million-square-foot mixed-use development in Midtown Atlanta that features Class A office towers, retail space, restaurants, entertainment venues, student housing, apartment residences, condominiums and a hotel.
