SENOIA, GA. — Walker & Dunlop Inc. has originated a $2.6 million loan for Starr’s Mill Academy Preschool and Childcare in Senoia, roughly 35 miles south of Atlanta. Warren Factor led Walker & Dunlop’s team to originate the refinancing through Wells Fargo’s U.S. Small Business Administration 7A loan program. The 25-year loan was structured at 85 percent loan-to-value and features a fixed 5.05 percent interest rate.
MOORESVILLE, N.C. — Piedmont Properties/CORFAC International has brokered the $2.1 million sale of a 1.5-acre lot of land located at 223 Medical Park Road in Mooresville, a suburb of Raleigh. David Alexander of Mooresville purchased the property from Matthew Johnson of Mount Mourne Springs. Steve Gentry of Piedmont Properties/CORFAC represented the seller in the transaction.
Atlanta is experiencing an influx of human capital, corporate relocations and development of distribution networks that are combining to create a robust expansionary cycle in our real estate markets. One of the most positive elements of this expansion is that it appears the underlying structure of the growth is creating stability for our city and state well into the future. It is the structure of the growth that will be a long-term difference maker. CNBC annually conducts a study and ranks the top states for doing business. These rankings are a result of assessing various criteria, including but not limited to the cost of doing business, workforce quality, access to capital and business friendliness. CNBC’s results in 2014 were very telling. Four of the top 10 states are located in the south. The South’s top 10 finalists in CNBC’s study were Georgia (1), Texas (2), North Carolina (5) and Virginia (8). In addition to these empirical studies, major corporations are voting as well. The verdict is that many organizations are choosing to relocate corporate headquarters to Atlanta. Recently, marquee brands such as Mercedes-Benz USA and State Farm all have made plans to open or expand major corporate centers in our …
HOOVER, ALA. AND MARIETTA, GA. — Steadfast Apartment REIT has acquired two apartment communities in Alabama and Georgia in two separate transactions totaling a combined $88.5 million. The two properties total 900 apartment units and include the 720-unit Ridge Crossings Apartments in Hoover and the 180-unit Rosemont at East Cobb in Marietta, a northern suburb of Atlanta. The REIT purchased Ridge Crossings for $72 million, making it the company’s first acquisition in Alabama. The property’s units average 1,107 square feet with average in-place rents of $862 per month. Ridge Crossings’ amenities include two swimming pools, a tennis court, playground, fitness center, laundry center, car wash area, pet park and walking trail. The property is currently 94 percent leased. Steadfast purchased Rosemont at East Cobb for $16.5 million, making it the company’s fourth acquisition in Georgia. The property is currently 96 percent occupied with in-place rents averaging $824 per month and unit sizes averaging 1,056 square feet. The property’s amenity package includes a fitness center, business center, tennis court, volleyball court, swimming pool and barbecue area. Steadfast is planning to extensively renovate both properties in the near future.
GAINESVILLE, FLA. — Los Angeles-based George Smith Partners has closed a $125 million construction loan for the development of Celebration Pointe, a large-scale mixed-use development underway in Gainesville. George Smith Partners secured the financing on behalf of the project’s developers, comprising Gainesville-based SHD Development, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses, as well as a new 137-room Hotel Indigo. Phase I of Celebration Pointe is slated to open in fall 2016.
BETHESDA, MD. — HFF has brokered the $63.5 million sale of Bethesda Office Center, a 174,449-square-foot, Class A office building located at 4520 East-West Highway in downtown Bethesda. The office property is located at the intersection of East-West Highway and Waverly Street, one block from the Bethesda Metrorail Station. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Robert Jenkins of HFF represented the seller, AEW Capital Management LLC, in the transaction. HFF also arranged acquisition financing on behalf of the undisclosed buyer. Cary Abod and Robert Carey of HFF arranged the fixed-rate loan through JP Morgan Chase Bank, NA.
GREENVILLE, S.C. — RealOp Investments and Terra Capital Partners have partnered to acquire and manage an office portfolio in Greenville totaling 570,000 square feet. The properties in the portfolio include two office parks totaling 12 buildings. Park East comprises nine multi-tenant office assets, and Park Central contains three buildings. RealOp, along with leasing and management partner NAI Earle Furman, will update, rebrand and reposition the office properties in the portfolio, and Terra Capital Partners will provide financing.
ROCK HILL, S.C. — Hamilton Point Investments LLC, a Connecticut-based multifamily owner, has purchased the 168-unit Cushendall Commons for $13.4 million. Built in 2002, the apartment community is located directly off of I-177 in Rock Hill, roughly 24 miles south of downtown Charlotte. The complex’s amenity package includes a swimming pool, business center and 24-hour fitness center. The property was 98.1 percent occupied at the time of sale. Alex Brown of Cushman & Wakefield of Georgia Inc. represented the seller, JMG Realty, in the transaction. Hamilton Point Investments was self-represented.
NEW ORLEANS — Provenance Hotels, GB Lodging and Woodbine Development Corp. have partnered to co-develop and open the Old No. 77 Hotel & Chandlery, a boutique hotel located in New Orleans’ historic Warehouse Arts District. Originally built in 1854, the historic property is located at the intersection of Tchoupitoulas and Lafayette streets, roughly four blocks from the French Quarter. The hotel features hardwood floors, exposed brick walls, an art collection courtesy of the New Orleans Center for the Creative Arts and a new restaurant. Nina Compton is the head chef and owner of the restaurant, known as Compere Lapin. In August 2013, Provenance Hotels and GB Lodging purchased the historic hotel property, then known as the Ambassador Hotel. The companies partnered with Woodbine Development to renovate the hotel and expand the guest room count to 167. According to the hotel’s website, rooms rent for as low as $109 per night.
JULIETTE, GA. — Goodlettsville, Tenn.-based Dollar General Corp. has opened its 12,000th store in the small, historic town of Juliette. Dollar General anticipates opening 730 new stores in 2015 and plans to remodel or relocate an additional 875 stores. “It is exciting to open our 12,000th store and move into new communities where we can serve customers with everyday low prices, convenience and great service,” says Rick Dreiling, Dollar General’s chairman and CEO. With 12,000 stores in 43 states, Dollar General has more retail locations than any retailer in America.
