Southeast

Courtelis, Kislak, HMG/Courtland to Break Ground on $33.6M Apartment Community in Orlando

by John Nelson May 21, 2015

ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties will break ground next week on Murano at Grande Lakes, a $33.6 million luxury apartment community in Orlando. The trio of South Florida-based developers will build the 240-unit property on a 9.5-acre site at the southeast corner of John Young Parkway and Taft-Vineland Road. The design team includes architect Forum Architecture and Interior Design and general contractor Roger B. Kennedy Inc. Wells Fargo provided construction financing to the development team for the project, which is slated for a summer 2016 completion.

May 21, 2015

Georgia Office Southeast

Atlanta Property Group Buys Office Campus in Buckhead

by John Nelson May 21, 2015

ATLANTA — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has closed on its acquisition of Securities Centre, a two-building, 531,000-square-foot office campus in Atlanta’s Buckhead submarket. The campus is located at 3490 and 3500 Piedmont Road near the intersection of Piedmont and Lenox roads. APG purchased the office complex from LNR Partners, which had foreclosed on the property in November 2011. APG has purchased 10 office properties spanning 3 million square feet in the metro Atlanta area since mid-2010. APG will lease and manage Securities Centre, with plans to complete a multi-million dollar renovation to the property during its first year of ownership. JLL represented LNR Partners in the transaction.

May 21, 2015

Georgia Healthcare Southeast

MB Real Estate, McWhirter Realty Break Ground on Medical Office Building in Metro Atlanta

by John Nelson May 21, 2015

CONYERS, GA. — MB Real Estate Healthcare Group and McWhirter Realty Partners have broken ground on a 30,000-square-foot medical office building in Conyers Medical Park. Conyers Medical Park is an 11-acre campus situated at 1301 Sigman Road in Conyers, a suburb of Atlanta. The lead tenant for the property is Rockdale Medical Center, a subsidiary of LifePoint Health. Additional tenants include Piedmont Hospital and MD Pain Management. The design team includes general contractor Benning Construction Co. and architect Robertson Loia Roof. The development team expects to deliver the medical office building in the fourth quarter of 2015.

May 21, 2015

Wynview Apartments Parc Central Stone Mountain

Georgia Multifamily Southeast

Crown Bay Group Buys Multifamily Community in Stone Mountain for $3.9M

by John Nelson May 21, 2015

STONE MOUNTAIN, GA. — Crown Bay Group LLC, a Boca Raton, Fla.-based real estate investment and management firm, has purchased Wynview Apartments on Central Drive in Stone Mountain for $3.9 million. This is the company’s first acquisition in the Atlanta area. The garden-style apartment community is situated on a park-like lot and features a swimming pool. Crown Bay Group plans to renovate the property and rebrand it as Parc Central. The renovation will include the upgrade of unit interiors, the addition of new amenities including a playground, picnic area near the pool and a community room that will also house a business center.

May 21, 2015

Industrial Louisiana Southeast

W.R. Grace, Chevron to Build $135M Production Plant in Louisiana

by John Nelson May 20, 2015

LAKE CHARLES, LA. — A joint venture between W.R. Grace & Co. and Chevron Products Co. will invest $135 million to build a residue hydroprocessing catalyst production plant at the existing Grace manufacturing plant in Lake Charles. The joint venture, known as Advanced Refining Technologies (ART), expects to create roughly 30 new direct jobs with the expansion, and Louisiana Economic Development (LED) expects approximately 88 new indirect jobs will be created. Additionally, 190 construction jobs will be created. Grace’s existing 120-acre manufacturing site is located on the Calcasieu River. The facility produces alumina, sodium silicate, fluid-cracking catalysts, hydroprocessing catalysts and zeolites. The state of Louisiana facilitated the investment with an incentive package including a $2.4 million Modernization Tax Credit. ART will also use the LED FastStart workforce development program, as well as Louisiana’s Quality Jobs and Industrial Tax Exemption programs. ART will begin hiring when construction kicks off in late 2015. Completion is slated for early 2018.

May 20, 2015

Florida Multifamily Southeast

Berkadia Brokers Sale of Two Apartment Communities in Metro Tampa Totaling $96.4M

by John Nelson May 20, 2015

BRANDON AND TAMPA, FLA. — Berkadia has brokered the sale of two apartment communities in the Tampa area for a combined $96.4 million. Hamilton Bay Apartments, located at 1801 Princeton Lakes Drive in Brandon, sold for $43.6 million. Tampa-based Blue Rock Partners purchased the 444-unit asset from Nashville-based Covenant Capital Group. Built in 1989, the apartment community’s amenities include two swimming pools, a clubhouse, tennis court, recreation room, playground, laundry facility, controlled-access gate, child care center, complimentary coffee bar, community garden and a dog park. Viera at Westchase Apartments, located at 12401 W. Hillsborough Ave. in Tampa, sold for $52.8 million. Glendale, Colo.-based Forum Real Estate Group purchased the 390-unit property from Covenant Capital Group. Built in 1999, the property’s community amenities include two resort-style swimming pools, a hot tub with a waterfall and grotto, cabana lounges, clubhouse, business center, fitness center, tennis courts and a controlled-access gate.

May 20, 2015

Crowne at Galleria Woods Apartments Hoover

Alabama Multifamily Southeast

Rock Apartment Advisors Brokers Sale of Two Apartment Communities in Hoover

by John Nelson May 20, 2015

HOOVER, ALA. — Rock Apartment Advisors has brokered the sale of two apartment communities in Hoover. Cleveland-based Zaremba Management Co. purchased the assets, known as Crowne Falls and Crowne at Galleria Woods Apartments, from Birmingham-based Vista Communities LLC. The two properties are Zaremba’s first multifamily properties in the state of Alabama. Bo Flurry and Justin Uffinger of Birmingham-based Rock Apartment Advisors brokered the transaction. The transaction is the second portion of a $75 million portfolio deal totaling 696 apartment units.

May 20, 2015

Florida Office Southeast

Atlantic Commercial Group Brokers $14.2M Sale of Office Building in Clearwater

by John Nelson May 20, 2015

CLEARWATER, FLA. — Delray Beach, Fla.-based Atlantic Commercial Group Inc. has brokered the $14.2 million sale of Bayview Pavilion, a 94,144-square-foot, three-story office building in Clearwater. The Class A office building is located on Lightwave Drive immediately west of the St. Pete-Clearwater International Airport. YMP Real Estate Management purchased the property from an undisclosed seller. Cliff Weisner of Atlantic Commercial Group brokered the transaction.

May 20, 2015

Georgia Office Southeast

Franklin Street Brokers $4.7M Sale of Vacant Office Building in Downtown Atlanta

by John Nelson May 20, 2015

ATLANTA — Franklin Street Real Estate Services has brokered the $4.7 million sale of the vacant 13-story Forty One Marietta office building in downtown Atlanta. The property offers a repositioning opportunity within walking distance to Georgia State University, the Atlanta Streetcar and the Five Points MARTA station. 41 Marietta Investments LLC purchased the property from a private owner for a little over $36 per square foot. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller in the transaction.

May 20, 2015

Florida Mixed-Use Southeast

City of Miami Approves Site Plan for $2B Miami Worldcenter

by John Nelson May 19, 2015

MIAMI — The city of Miami has given its approval to the development team of Miami Worldcenter, a $2 billion, 27-acre mixed-use development in downtown Miami. The green light allows the development team to apply for building permits. Miami Worldcenter is a collaboration between master developer Miami Worldcenter Associates and a team of development firms following a master plan created by Elkus Manfredi Architects. The Forbes Co. and Taubman will deliver a 765,000-square-foot shopping mall, which will be anchored by Bloomingdale’s and Macy’s alongside high-end dining and entertainment options. The team behind the PARAMOUNT Miami Worldcenter condo, the project’s signature residential tower, includes Miami-based developer Daniel Kodsi in partnership with Art Falcone and Nitin Motwani. Nearby, a 429-unit luxury apartment building developed by ZOM will rise adjacent to Bloomingdale’s. Two blocks west, Miami-based MDM Group will develop a new Marriott Marquis hotel, which will feature 1,800 hotel rooms and 600,000 square feet of meeting and event space. The groundbreaking for these components of Miami Worldcenter is scheduled to take place in the third quarter of 2015.

May 19, 2015

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