Southeast

Armada Hoffler Acquires 220,000 SF Retail Center in Metro Richmond

by John Nelson May 4, 2016

COLONIAL HEIGHTS, VA. — Armada Hoffler Properties Inc. has closed on the acquisition of Southgate Square, a 220,000-square-foot retail center located in Colonial Heights, roughly 23 miles south of Richmond. The center was fully leased at the time of sale to tenants such as Burlington Coat Factory, Michaels, Staples, PetSmart, Sleepy’s and Jo-Ann Fabric and Craft Stores. Southgate Square is located in close proximity to Southpark Mall, a Walmart Supercenter and Dimmock Square, a 100,000-square-foot retail center that Armada Hoffler purchased in 2014. The Virginia Beach, Va.-based REIT purchased Southgate Square in exchange for approximately $21.1 million of debt and the issuance of roughly 1.6 million units of limited partnership interest in Armada Hoffler’s operating partnership.

May 4, 2016

Kentucky Loans Multifamily Southeast

KeyBank Closes $31.2M Freddie Mac Loan for Apartment Community in Louisville

by John Nelson May 4, 2016

LOUISVILLE, KY. — KeyBank Real Estate Capital has provided $31.2 million in Freddie Mac financing for Apex on Preston Apartments, a 312-unit apartment community in Louisville. The Class A asset was delivered in 2015. Charlie Williams of KeyBank’s commercial mortgage group arranged the acquisition financing, which features an 8-year loan term.

May 4, 2016

Loans Office Southeast Virginia

NXT Capital Provides $22.3M Loan for 184,000 SF Office Building in Metro D.C.

by John Nelson May 4, 2016

HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.

May 4, 2016

Florida Industrial Southeast

Cite Partners Brokers $10.7M Sale of 300,000 SF Industrial Property in Orlando

by John Nelson May 4, 2016

ORLANDO, FLA. — Cite Partners has brokered the $10.7 million sale of Shader Industrial Park, a 300,000-square-foot industrial property in Orlando. The asset was 90 percent leased at the time of sale. Cite Partners represented the undisclosed buyer in the transaction. Cory Kroeger and Greg Rebman of KR Properties represented the seller, an unnamed entity that has owned Shader Industrial Park since 1983.

May 4, 2016

Florida Multifamily Southeast

Passco Cos. Acquires Newly Built Apartment Community in Orlando for $53.5M

by John Nelson May 3, 2016

ORLANDO, FLA. — Passco Cos. LLC has purchased The Ivy, a 248-unit, Class A apartment community within the Florida Hospital Health Village in Orlando, for $53.5 million. The newly built property is located at 2650 Dade Ave. within walking distance of a SunRail station. Constructed in 2015 by Atlanta-based Wood Partners, The Ivy features multi-level pool decks with a resort-style swimming pool, fitness center and a yoga studio. Passco has retained Wood Partners to manage the property. Shelton Granade of CBRE represented Passco and the undisclosed seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae loan to finance the acquisition.

May 3, 2016

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $42M Apartment Community in Metro Orlando

by John Nelson May 3, 2016

WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Construction has started construction on the upscale Venetian Isles Apartments & Townhomes located at 6506 San Francesco Way and 10006 St. Marks Blvd. in Windermere, a suburb of Orlando. The $42 million community will span 302 apartment residences in 19 buildings and 44 townhomes in nine buildings. The townhomes and apartments are scheduled for completion in June 2017 and December 2017, respectively. The design team includes Orlando-based developer UNICORP National Developments Inc. and Orlando-based architect Slocum Platts Architects.

May 3, 2016

Florida Multifamily Southeast

ZOM, Northwestern Mutual to Break Ground on Waterfront Apartment Community in Metro Tampa

by John Nelson May 3, 2016

ROCKY POINT, FLA. — ZOM Florida and Northwestern Mutual plan to break ground on SEAZEN, a 323-unit waterfront apartment community located near Tampa on the island of Rocky Point. Currently home to a Chart House restaurant, the site features 750 linear feet of direct waterfront on Tampa Bay. ZOM and Northwestern Mutual plan to begin construction in August and deliver the asset in summer 2018. The companies plan to begin pre-leasing SEAZEN in late 2017.

May 3, 2016

Florida Georgia Healthcare Southeast Tennessee

Bauman & Co. Buys Three Medical Office Buildings in the Southeast for $25M

by John Nelson May 3, 2016

ATLANTA — Atlanta-based Bauman & Co. has purchased three medical office buildings in Orlando; Macon, Ga., and Chattanooga, Tenn., for a combined $25 million. The properties include the Lake Lurna Professional Center in downtown Orlando, the Coliseum Cancer Center in Macon that is being renamed the Coliseum Drive Physicians Building and the Spring Creek Medical Center in Chattanooga that is being renamed the Spring Creek Physicians Building. The Orlando and Macon buildings were fully leased at the time of sale and the Chattanooga property was 82 percent leased. Bauman & Co., Siemens Financial Services, Capital One Healthcare and a small group of private investors provided acquisition financing for the portfolio transaction.

May 3, 2016

Healthcare Southeast Virginia

Marcus & Millichap Brokers $5.4M Sale of Medical Office Building in Metro Richmond

by John Nelson May 3, 2016

MIDLOTHIAN, VA. — Marcus & Millichap has arranged the $5.4 million sale of Tower Medical, a 20,028-square-foot medical office building located at 13520-13540 Hull St. in the Midlothian suburb of Richmond. Tower Medical’s tenants include Bon Secours Health Systems and Sheltering Arms Hospital. Chandler Pace of Marcus & Millichap led the team in representing the seller, the original developer that built the asset in 2005, and securing the buyer, a 1031 investor based in Washington, D.C. The Marcus & Millichap team included Robert Filley, Christopher Chadwick, Dawson Rinder, Josh Feldman and Ian Ruel.

May 3, 2016

Florida Retail Southeast Top Stories

Whitman Family Development Submits Plans for $400M Expansion of Bal Harbour Shops Near Miami Beach

by Katie Sloan May 3, 2016

BAL HARBOUR, FLA. — Whitman Family Development has submitted updated plans for a $400 million expansion of Bal Harbour Shops, an upscale, 450,000-square-foot, open-air shopping center located in Bal Harbour Village near Miami Beach. Expansion plans include the addition of the first Barneys New York flagship store in the Southeastern U.S., as well as significant upgrades to longtime anchor tenants Neiman Marcus and Saks Fifth Avenue. The expansion will also include the addition of new luxury boutiques and restaurants, expanded vehicle entryways and exits with improved traffic signals, and wider sidewalks with increased landscaping and tree canopy around the shops on 96th Street and Collins Avenue. The new plans are the result of a Bal Harbour Village Council meeting on April 13 during which all council members expressed support for the expansion, but deadlocked 2-2 on the sale of the current Village Hall site that was central to the proposal. The revised plan reduces the proposed footprint by approximately 19 percent, according to reports by the Miami Herald, and will be built entirely on land already owned by Whitman Family Development. “The updated plan meets all of our goals, albeit in a different configuration,” says Matthew Whitman Lazenby, president and CEO of …

May 3, 2016

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