Southeast

Palmetto Park Breaks Ground on Inline Space at Walmart-Anchored Shopping Center

by John Nelson March 6, 2015

MIAMI GARDENS, FLA. — Palmetto Park has broken ground on the inline space at Palmetto Gardens Plaza, a 63,000-square-foot shopping center located at 3799 N.W. 167th St. in Miami Gardens. The shopping center is anchored by Walmart Neighborhood Market. The owners of Palmetto Gardens Plaza have secured T-Mobile, Cell Phone Repair and Lee Nails as tenants. Palmetto Park expects to wrap up construction in the third quarter. Palmetto Park is a joint venture between DZD Palmetto, owned by Zvi and Daniel Shiff of DZD Holdings and Alan Macken and Andrew Verzura of VCM Builders to develop the commercial property. VCM Builders is one of several affiliates of Macken Cos.

March 6, 2015

Shandon Crossing Columbia South Carolina

Multifamily South Carolina Southeast

Berkadia Brokers Two Multifamily Sales in South Carolina Totaling $7.3M

by John Nelson March 6, 2015

COLUMBIA AND GREENVILLE, S.C. — Berkadia has brokered the sale of two multifamily communities in Columbia and Greenville totaling $7.3 million. The transactions include the $5.5 million sale of the 152-unit Shandon Crossing in Columbia and the $1.8 million sale of the 37-unit Hampton Harbor in Greenville. Warrendale, Pa.-based DBC Shandon Crossing LP purchased Shandon Crossing from Atlanta-based Varden Capital Properties LLC. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered both transactions.

March 6, 2015

999 Corporate Boulevard Linthicum Maryland

Maryland Office Southeast

DTZ Brokers $6.5M Sale of Class A Office Building in Baltimore-Washington Corridor

by John Nelson March 6, 2015

LINTHICUM, MD. — DTZ has brokered the $6.5 million sale of a Class A office building located at 999 Corporate Blvd. within the Airport Square Business Park in Linthicum, a city in the Baltimore-Washington Corridor. Heritage Properties purchased the 67,384-square-foot property from LNR Partners LLC. Jonathan Carpenter, Nicole Keelty and Graham Savage of DTZ’s capital markets team in Baltimore represented LNR in the transaction.

March 6, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Provides $9M Loan for Florida Retail Center

by John Nelson March 6, 2015

BRADENTON, FLA. — Walker & Dunlop Inc. has originated $9 million in financing for Ranch Lake Plaza, an 85,656-square-foot retail property in Bradenton. The center is anchored by Goodwill Industries Manasota Inc., which recently signed a 15-year lease and will open its store this month. Ranch Lake Plaza was 95 percent leased at the time of the transaction. Alison Williams of Walker & Dunlop’s Tampa office led the team that structured the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender. The loan also featured two years of interest-only payments.

March 6, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Multifamily Closes Two Multifamily Acquisition Loans Totaling $39.5M

by John Nelson March 5, 2015

COLUMBIA, S.C. AND HIGH POINT, N.C. — Capital One Multifamily Finance has closed a total of $39.5 million in agency loans for the acquisition of two apartment communities in the Carolinas. Chad Thomas Hagwood of Capital One originated both agency loans on behalf of the borrowers, affiliates of EBSCO Income Properties. The loans included a $20.5 million Freddie Mac loan for EBSCO’s acquisition of Polo Village, a 312-unit apartment community in Columbia, and a $19 million Fannie Mae loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point. Watson Bryant of Multi Housing Advisors’ Charlotte office brokered the sale of both communities.

March 5, 2015

Georgia Loans Multifamily Southeast

KeyBank Secures $34.5M Acquisition Loan for Metro Atlanta Apartment Community

by John Nelson March 5, 2015

JOHNS CREEK, GA. — KeyBank Real Estate Capital has secured a $34.5 million acquisition loan for Retreat at Johns Creek, a 352-unit, garden-style apartment community in Johns Creek, a suburb of Atlanta. Formerly known as Camden River, the Class B property was built in 1997. Chris Black of KeyBank’s commercial mortgage group arranged the Fannie Mae loan on behalf of the undisclosed borrower.

March 5, 2015

Georgia Multifamily Southeast

Associated Estates Acquires Class A Apartment Community in Metro Atlanta

by John Nelson March 5, 2015

SANDY SPRINGS, GA. — Associated Estates Realty Corp. has acquired 1160 Hammond, a 345-unit apartment community located in Sandy Springs, a suburb of Atlanta. The property is located within walking distance of the Sandy Springs MARTA station. The newly constructed property is in lease up and is currently 44.6 percent leased with rents averaging $1,550 per month. 1160 Hammond features 16,000 square feet of amenity space and its units feature 10-foot ceilings, kitchen islands, granite countertops, tiled backsplashes, upscale cabinetry and plank-style flooring. Associated Estates (NYSE: AEC) is a REIT based in Richmond Heights, Ohio. The company now owns three apartment communities in the Atlanta area.

March 5, 2015

Loans Maryland Mixed-Use Southeast

Cronheim Mortgage Secures $16.2M Loan for Mixed-Use Property in Maryland

by John Nelson March 5, 2015

ELKTON, MD. — Cronheim Mortgage has secured a $16.2 million loan for a mixed-use property located on East Pulaski Highway in Elkton, a town near the Maryland-Delaware border. The property includes a 78,800-square-foot medical office building converted from a former Walmart, a 5,000-square-foot build-to-suit urgent care center and an Olive Garden pad site. David Turley and Janet Proscia of Cronheim Mortgage structured the 10-year loan with a 30-year amortization schedule on behalf of the borrower. The funding retired existing debt on the property and enabled the owner to recover equity.

March 5, 2015

Industrial Southeast

Colliers International Brokers $12.9M Sale of Industrial Portfolio in Metro Atlanta

by John Nelson March 5, 2015

NORCROSS, GA. — Colliers International has brokered the $12.9 million sale of a six-building industrial portfolio totaling 299,174 square feet in Norcross, an eastern suburb of Atlanta in Gwinnett County. The portfolio, located on Oakbrook Drive, is a mix of warehouse and flex product. Dennis Mitchell and Matt Wirth of Colliers International represented the seller, First Industrial Realty Trust Inc., in the transaction.

March 5, 2015

Mixed-Use Southeast Virginia

Transwestern Brokers $53.5M Sale of Atrium Building in Alexandria

by John Nelson March 4, 2015

ALEXANDRIA, VA. — Transwestern has brokered the $53.5 million sale of the Atrium Building located at 277 S. Washington St. in Alexandria, a Virginia suburb of Washington, D.C. The five-story office building was 90 percent leased at the time of sale. The property features a restaurant and market called Society Fair and a two-level underground parking garage with 232 parking spaces. Joe Friedman and Julian Etches of Transwestern represented the Washington, D.C.-based buyer in the 1031 tax-deferred exchange transaction.

March 4, 2015

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