Southeast

Faris Lee Brokers $7.9M Sale of Hobby Lobby Store in North Carolina

by John Nelson April 13, 2015

JACKSONVILLE, N.C. — Faris Lee Investments has brokered the $7.9 million sale of a single-tenant retail property occupied by Hobby Lobby at 1290 Western Blvd. in Jacksonville. Hobby Lobby has just begun its triple-net, 15-year lease at the newly constructed 55,000-square-foot property. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private equity fund based in New York, in the transaction. Mousavi and Luther also represented the seller, the North Carolina-based developer of the Hobby Lobby store. The buyer purchased the store at a 6.5 percent cap rate.

April 13, 2015

Market Reports Office Southeast Southeast Market Reports Tennessee

Memphis Office Market’s Pecking Order is Easily Visible During the Current Upturn

by John Nelson April 12, 2015

When it comes to grading commercial office space, there is no doubt that location is still king — and other factors such as price, architecture, functionality and amenities all take a back seat to the property’s location. Since we assign buildings letter grades (A and B), let’s take a look at what these letter combinations mean and the relationship of quality to location. In these scenarios, the first letter describes the building’s class (A or B) and the second letter represents the desirability of its location (A or B). The A/A designation refers to Class A buildings in Class A locations. It’s no surprise that this is the first category of office space absorbed when a market heats up and leasing volume intensifies. During this stage of the cycle, rental rates to inch upward, and more importantly, lease renewal terms tighten as landlords sense a shift toward the middle. For Memphis, Tenn., the total vacancy for Class A space in the East Memphis submarket decreased from 2.9 percent during third quarter 2014 to 2 percent in fourth quarter 2014. Almost 24,000 square feet of Class A office space in the East submarket was leased during fourth quarter 2014, and this …

April 12, 2015

Florida Multifamily Seniors Housing Southeast

Index Living to Develop Two Apartment Communities in Metro Orlando

by John Nelson April 10, 2015

ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.

April 10, 2015

Loans North Carolina Retail Southeast

Grandbridge Arranges $8.9M Acquisition Loan for Shopping Center in Charlotte

by John Nelson April 10, 2015

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed an $8.9 million acquisition loan for Camfield Corners, a 69,857-square-foot shopping center in Charlotte’s Ballantyne area. The Bi-Lo-anchored center was 97 percent leased at the time of financing. Wesley Fricks of Grandbridge’s Raleigh office originated the loan through Starwood Mortgage Capital, a CMBS lender, on behalf of the New York-based borrower. The fixed-rate loan has a 10-year term and a 30-year amortization schedule.

April 10, 2015

Florida Loans Retail Southeast

Dockerty Romer & Co. Arranges $6.8M Acquisition Loan for Shopping Center in Broward County

by John Nelson April 10, 2015

DEERFIELD BEACH, FLA. — Dockerty Romer & Co. has arranged a $6.8 million acquisition loan for The Shoppes of Hillsboro, a 61,165-square-foot shopping center located along Hillsboro Boulevard in Deerfield Beach, a town in Broward County. The shopping center was 99 percent leased at the time of financing to tenants including Optimum Bank, Gentle Dental and Bank United. Bob Dockerty of Dockerty Romer arranged the 10-year loan through a New York-based CMBS lender on behalf of the borrower, BREF Hillsboro LLC. The loan was structured at an interest rate fixed below 4 percent and with five years of interest-only payments.

April 10, 2015

Florida Industrial Southeast

CBRE Arranges 230,600 SF Distribution Center Lease in Broward County

by John Nelson April 10, 2015

WESTON, FLA. — CBRE has arranged a long-term 230,600-square-foot industrial lease in Weston. The tenant, Gold Coast Freightways, originally occupied half of the Class A distribution center but will now lease the entire facility. Tom O’Loughlin and Larry Genet of CBRE represented the landlord, Clarion Partners, in the lease transaction. Luis Marquez of the Casal Group represented Gold Coast Freightways, a less-than-truck-load carrier based in Miami.

April 10, 2015

Multifamily South Carolina Southeast

URS Capital Partners Buys Charleston Apartment Complex

by John Nelson April 10, 2015

CHARLESTON, S.C. — URS Capital Partners, a private real estate investment firm based in New York, has purchased Palmetto Point, a value-add apartment complex in Charleston. The property is URS Capital’s ninth apartment purchase in the last five years and brings its portfolio to more than 1,100 units. The investor purchased the asset using a combination of bridge financing and equity raised from a network of private investors. URS Capital is planning to invest $2 million to renovate unit interiors and add a new pool with a sundeck and outdoor kitchen. The property will also be renamed Oasis @ West Ashley.

April 10, 2015

Georgia Office Southeast

Parkway Properties Completes $78M Sale of Office Building in Atlanta

by John Nelson April 9, 2015

ATLANTA — Parkway Properties Inc. has completed the $78 million sale of Two Ravinia, a 390,000-square-foot office building in Atlanta’s Central Perimeter submarket. Parkway had a 30 percent ownership interest in the property, which was owned by Parkway Properties Office Fund II LP. The 17-story office tower was 80.5 percent leased at the time of sale. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented Parkway in the transaction. The buyer, Franklin Street Properties Corp., a publicly traded REIT, plans to invest $4.8 million over the next three to four years to upgrade the office property.

April 9, 2015

Loans Multifamily North Carolina Southeast

Capstone Capital Closes $35M Refinancing of Greensboro Apartment Community

by John Nelson April 9, 2015

GREENSBORO, N.C. — Capstone Capital has arranged a $35 million loan to refinance Hayleigh Village Apartments, a 360-unit apartment community in Greensboro. Capstone arranged the 10-year loan with a fixed 4.13 percent interest rate through Fannie Mae on behalf of the borrower, an undisclosed multifamily owner and developer based in the Southeast. The loan features three years of interest-only payments and a 30-year amortization schedule for the remaining seven years of the term. Hayleigh Village Apartments recently appraised for $46.7 million.

April 9, 2015

Florida Loans Multifamily Southeast

KeyBank Arranges $17M Acquisition Loan for Orlando Apartment Community

by John Nelson April 9, 2015

ORLANDO, FLA. — KeyBank Real Estate Capital has secured a $17 million acquisition loan for Falcon Trace Apartments, a 252-unit garden-style community in Orlando. The apartment complex was built in 1999. Jane Harrison of KeyBank’s commercial mortgage group secured the financing through Freddie Mac’s CME program.

April 9, 2015

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