Southeast

Proffitt Dixon Partners to Break Ground on Apartment Community in Nashville

by John Nelson February 16, 2015

NASHVILLE, TENN. — Proffitt Dixon Partners will soon begin construction on Fountains Germantown, a 249-unit luxury apartment community located at 1407 Third Ave. North in Nashville’s Germantown neighborhood. The multifamily developer will break ground on Feb. 26 with an estimated completion date set for summer 2016. Nashville-based Smith Gee Studio designed the five-story community to standards set by the National Association of Home Builder’s Green Building Program. HFF arranged construction financing through Synovus Bank on behalf of Proffitt Dixon. The project team includes general contractor Doster Construction Co., management firm Matrix Residential and landscape architects Land Design and Civil Site. Civil Site is also the project’s civil engineer.

February 16, 2015

Bay Park Florida RADCO City Park Clearwater

Florida Multifamily Southeast

RADCO Enters Florida Market with $29.6M Purchase of Apartment Community in Clearwater

by John Nelson February 16, 2015

CLEARWATER, FLA. — The RADCO Cos. has purchased the 228-unit Bay Park Apartments in Clearwater for $29.6 million. This is the first transaction for the Atlanta-based multifamily investor in 2015, as well as the company’s first asset in Florida. RADCO financed the acquisition with a mixture of private capital and Freddie Mac financing arranged by Walker & Dunlop. Constructed in 1990 by Atlanta-based REIT Post Property, the apartment units average 1,010 square feet and the property’s amenities include a pool, putting green, dog park, lake, tennis courts, movie theater, meeting rooms and a fitness center. RADCO plans to invest $2.1 million to upgrade the complex, which will be rebranded as City Park Clearwater.

February 16, 2015

Florida Healthcare Southeast

Bauman & Co. Purchases Medical Office Building in Florida

by John Nelson February 16, 2015

VERO BEACH, FLA. — Bauman & Co., a commercial real estate owner and operator based in Atlanta, has purchased the Vero Beach Physicians Building for an undisclosed price. The seller was an unnamed real estate investment trust (REIT). The two-story, 40,000-square-foot medical office building is located on the campus of the 335-bed Indian River Medical Center in Vero Beach. The Class A asset is fully leased to independent medical practice groups and physicians. Bauman & Co. investors and GE Capital Healthcare Financial Services provided funding for the transaction.

February 16, 2015

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s Office Market Embraces Millennials, Emerging Industries

by John Nelson February 16, 2015

In a city known for its fast-shifting real estate cycles and ever-changing demographics, it’s becoming clear that change is the only real constant in Miami. Examples are everywhere — from the construction cranes dotting the skyline and trendy neighborhoods emerging throughout the region, to a fresh crop of international investors and the launch of entirely new industries. The makeup of our people is also evolving. A report by the Miami Downtown Development Authority (DDA) found that the city’s urban core has experienced 100 percent population growth since 2000 as its population becomes younger and more educated. Residents ages 25 to 44 make up 46 percent of the population and 58 percent of residents over the age of 25 have a college degree. It’s easy to overlook the impact these trends are having on commercial real estate in favor of Miami’s headline-grabbing residential market, but the demographic shifts taking place are also impacting the office market as employers cultivate a workforce increasingly dominated by Millennials drawn to growth-oriented jobs. This change has been in the making for years as Miami’s public and private sectors invest in creating new business opportunities for young professionals across industries less prone to economic swings, such …

February 16, 2015

Florida Georgia Multifamily Seniors Housing Southeast

Dominion Partners to Develop Seniors Housing Facilities in Florida, Georgia

by John Nelson February 13, 2015

BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.

February 13, 2015

Florida Multifamily Southeast

13th Floor Investments Sells Luxury Apartment Community in Naples for $44.3M

by John Nelson February 13, 2015

NAPLES, FLA. — Miami-based 13th Floor Investments has sold Sierra Grande, a 273-unit luxury apartment community located at 6975 Sierra Club Circle in Naples, for $44.3 million. 13th Floor and The Estate Cos. purchased the asset, which was under construction as a condominium project, out of distress in 2011 for $5.2 million. Construction was completed approximately two years after the purchase and the first tenants moved into the complex in March 2014. The community was approximately 95 percent occupied at the time of sale. Sierra Grande’s amenities include a clubhouse, lakefront pool, fitness center, yoga and pilates wellness center, Wi-Fi lounge, tennis courts, a children’s play room, sand volleyball court, barbecue and picnic areas and a dog park. Hampton Beebe and Avery Klann of ARA’s Boca Raton office represented the seller in the transaction. The buyer was Continental Realty Corp., a REIT based in Maryland.

February 13, 2015

Loans Multifamily Southeast

Grandbridge Arranges $17.9M Acquisition Loan for Multifamily Community in Florida

by John Nelson February 13, 2015

BRANDON, FLA. — Grandbridge Real Estate Capital has arranged a $17.9 million loan and arranged joint venture equity for Camden Lakeside, a 228-unit, garden-style apartment community in Brandon, part of the Tampa metropolitan area. Taylor Williams and Purvesh Gosalia of Grandbridge arranged the 10-year Fannie Mae DUS loan with a 30-year amortization schedule and two years of interest-only payments. The community comprises one- and two-bedroom apartments with private patios, walk-in closets and breakfast bars. Camden Lakeside’s amenity package includes two natural lakes on the grounds, a lakeside gazebo, fitness center, tennis courts and a racquetball court.

February 13, 2015

Florida Retail Southeast

Devonshire REIT Acquires $10.8M Publix-Anchored Shopping Center in Florida

by John Nelson February 13, 2015

BRADENTON, FLA. — Devonshire REIT Inc., a private real estate investment trust (REIT), has acquired 12 Oaks Shopping Center, a Publix-anchored shopping center in Bradenton, for $10.8 million. 12 Oaks is an 80,499-square-foot neighborhood center located at the intersection of State Road 70 (Oneco-Myakka City Road) and I-75. The center was fully leased at the time of sale. The property was updated in 2013 with a new parking lot, lights and landscaping. Allowance for a new roof was included in the purchase price by the seller. This acquisition increases Devonshire’s total assets under management to $475 million and pushes total GLA past 4.7 million square feet.

February 13, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Old Time Pottery-Anchored Shopping Center

by John Nelson February 13, 2015

OCOEE, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Towne Square shopping center, a 126,163-square-foot Old Time Pottery-anchored retail center at 11029 W. Colonial Drive in Ocoee, a city in Orange County. Old Time Pottery occupies 67 percent of the center, and the property was 100 percent occupied at the time of the sale, according to Marcus & Millichap. A Mobil gas station, McDonald’s, BMO Harris Bank and Arby’s are outparcels at Towne Square, and its major tenants include ACE Cash Express, Chokshi Dental, Jackson Hewitt Tax Service, Opti-Works, Papa John’s Pizza and Yoshi Steakhouse & Sushi Bar. Ray Turchi and Chris Travis of Marcus & Millichap’s Orlando office represented the undisclosed seller in the transaction. Turchi and Travis also procured the buyer.

February 13, 2015

Georgia Multifamily Southeast

Trillist Cos. Breaks Ground on YOO on the Park in Midtown Atlanta

by John Nelson February 12, 2015

ATLANTA — The Trillist Cos. Inc. has begun construction on YOO on the Park, a 25-story apartment tower located adjacent to Piedmont Park in Midtown Atlanta. The Trillist Cos. partnered with London-based YOO Studio on the 245-unit multifamily project, which will be located at 207 13th St. between Juniper Street and Piedmont Avenue. The property’s amenity package will include multiple resident lounges, game rooms, a virtual golf simulator, indoor and outdoor fitness facilities, resort-style pool and lounge, 24-hour concierge services, bike fix-it station and pet facilities with dog grooming stations. Trillist Cos. and YOO Studio are expecting a summer 2016 completion.

February 12, 2015

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