Southeast

Blake Management Opens Two Seniors Housing Facilities in Mississippi

by John Nelson January 5, 2016

STARKVILLE AND OXFORD, MISS. — Blake Management Group has opened The Claiborne at Adelaide, an independent living, assisted living and memory care community in Starkville, near the Alabama border. Blake manages the 82,000-square-foot community, which includes 14 independent living units, 43 assisted living units and 25 memory care units. The Mississippi-based seniors housing operator has also opened The Blake at Oxford, a 100-unit assisted living and memory care community in Oxford. The 85,000-square-foot community features 66 assisted living units and 34 memory care units. Cardinal Ventures Inc., a Mississippi-based developer, built The Blake at Oxford. Based in central Mississippi, Blake operates communities in Alabama, Louisiana, Mississippi, Tennessee and South Carolina.

January 5, 2016

Florida Retail Southeast

Marcus & Millichap Arranges $9.8M Sale of Retail Center in Florida

by John Nelson January 5, 2016

PORT ST. LUCIE, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Village Shoppes at St. Lucie West, a 25,607-square-foot retail center located at 1718-1748 S.W. St. Lucie West Blvd. in Port St. Lucie. Situated on a 2.9-acre lot near I-95, the shopping center is fully leased to nine tenants including Sprint, Fresenius Medical and Sports Clips. Adam Tiktin of Marcus & Millichap’s Miami office represented the seller, Ross Realty, a partnership based in Davie, Fla. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office secured and represented the buyer, a partnership based in Salem, Mass.

January 5, 2016

Florida Loans Multifamily Southeast

Related Group, Rabina Close $105M Construction Loan from SunTrust for High-Rise in Fort Lauderdale

by John Nelson January 4, 2016

FORT LAUDERDALE, FLA. — The Related Group and Rabina Properties have closed a $105 million construction loan from SunTrust Bank for a high-rise apartment tower in Fort Lauderdale. The 45-story, 272-unit tower will be located at 500 E. Las Olas Blvd. and is set for completion in the second quarter of 2017. The project, known as Icon Las Olas, is the third Related Group development under construction in Broward County.

January 4, 2016

South Carolina Southeast Student Housing

Haven to Develop $55M Student Housing Project Near University of South Carolina

by John Nelson January 4, 2016

COLUMBIA, S.C. — Atlanta-based Haven Campus Communities will develop a $55 million, six-building student housing project in the Bull Street development near the University of South Carolina in Columbia. The 234-unit project will go up on nearly 6.5 acres in the proposed BullStreet Common development and feature apartment residences and townhomes. The project includes a 608-space parking deck and 104 street spaces, as well as a pool, courtyard and covered pavilion. The site is adjacent to a city-owned baseball stadium that will open this year.

January 4, 2016

Florida Multifamily Southeast

Greystone, ALTA Developers Sell The Mile in Miami to Monogram Residential Trust for $48M

by John Nelson January 4, 2016

MIAMI — Greystone and ALTA Developers have jointly sold The Mile, a 13-story, 120-unit luxury apartment development in Miami, to Monogram Residential Trust Inc., an owner, operator and developer of luxury apartment communities. The sales price was $48 million, according to several media outlets. The Mile is located at 3622 S.W. Coral Way near Miami’s Miracle Mile shopping district. The Mile was topped off in July 2015 and is set to open in the first quarter of 2016. Behar Font & Partners designed the apartment project, which will feature an indoor/outdoor social deck, fitness center, GE stainless steel appliances, white quartz countertops, designer cabinets, balconies and patios, swimming and soaking pools, gated parking and controlled electronic access. Jaret Turkell, Jeff Julien and Maurice Habif of HFF represented the sellers in the off-market transaction.

January 4, 2016

Florida Loans Mixed-Use Southeast

Silver Arch Closes $21M Loan for 1M SF Hotel, Residential Development in Miami

by John Nelson January 4, 2016

MIAMI — Silver Arch Capital Partners, a private lender based in Hackensack, N.J., has closed a $21 million loan for Apeiron at the Jockey Club in Miami. Once the site of the popular Jockey Club in the 1960s, the new hotel and residential development will span 1 million square feet at 111 Biscayne Blvd. David Larson of NGKF Capital Markets arranged the 2-year loan through Silver Arch Capital on behalf of Apeiron Miami LLC, a partnership headed by Ritz-Carlton Group co-founder Horst Schulze, former chairman of HBA International Michael Bedner and former vice president of Related International Muayad Abbas. The partnership will use the loan for engineering, architecture and planning purposes for the development, which will be built in two phases. Phase I is a 41-story tower that will feature 120 residential condominium units, 90 hotel rooms, a restaurant, fitness center and amenities. Phase I will also comprise a 417-space, two-story parking garage and the reconstruction of a 38-slip marina. Phase II will be a 120-unit residential condominium building and a 346-space parking structure.

January 4, 2016

North Carolina Retail Southeast

Crosland Southeast, Childress Klein Add CycleBar, PetPeople to Waverly’s Tenant Roster

by John Nelson January 4, 2016

CHARLOTTE, N.C. — Developers Crosland Southeast and Childress Klein have added two new retailers to the 90-acre Waverly development located near the intersection of Providence and Ardrey Kell roads in south Charlotte. CycleBar, an indoor cycling fitness studio, will lease 3,246 square feet, and PetPeople, a pet foods and supplies retailer, will lease 4,900 square feet. CycleBar plans to reach 100 locations by the end of 2016, with eight planned for the Charlotte metro area. In addition to the Waverly location, PetPeople, which currently operates 28 stores in the Midwest, is adding a location in Cornelius, N.C. Whole Foods Market will anchor Waverly’s 250,000-square-foot retail portion. The development will also feature the 375-unit Solis Waverly apartment community and 150 single-family homes and townhomes.

January 4, 2016

Kentucky Market Reports Retail Southeast Southeast Market Reports

Major Infrastructure Projects Will Benefit Louisville’s Two-State Retail Market

by John Nelson January 4, 2016

The retail market for Louisville has continued to improve over the past year. New ground-up developments, which have been virtually nonexistent the past five years, are now open for business. Vacancy rates are falling, new tenants are entering the market, and retail investment sales continue to be in high demand. The $2.5 billion Louisville- Southern Indiana Ohio River bridges project is on track for a 2016 opening. New developments in downtown and northeast Louisville, as well as Southern Indiana, are looking to capitalize on the new infrastructure. GBT Realty is looking to expand its presence in the market with a proposed 220,000-square-foot joint venture project across the river in Jeffersonville, Ind. The site is located within in the 170-acre master-planned Jefferson Town Center on Veterans Parkway. Menards is opening a new 200,000-square-foot property this fall across the street from GBT’s proposed development. In addition to GBT Realty’s newly opened Middletown Commons and Jefferson Commons in Louisville, the three projects are from developments that were planned before the Great Recession and now have new life. The Outlet Shoppes of the Bluegrass, located in Simpsonville, Ky., has been a major success since opening in late 2014. After just six months, an expansion …

January 4, 2016

Kentucky Market Reports Retail Southeast Southeast Market Reports

Louisville Sees Wealth of Retail Leasing, Development Activity Across Metro Area

by John Nelson December 28, 2015

Louisville’s retail market continues to experience a shortage of space in high-demand markets in spite of several new developments opening over the past year. During this period, two major retail developments have been completed with several smaller projects under construction or in the planning stages. Second-generation big box vacancy is virtually non-existent and finding quality shop space is becoming equally challenging. As a result, rents have escalated to historic highs. The most notable additions to the Louisville market are two neighborhood centers developed by Brentwood, Tenn.-based GBT Realty Corp. Nestled amongst a rapidly expanding residential community and PGA’s notable Valhalla Golf Club in eastern Louisville, the 240,000-square-foot Middletown Commons is anchored by Hobby Lobby, Academy Sports + Outdoor, Ross Dress for Less and Liquor Barn. Jefferson Commons, located in south Louisville, is anchored by Academy Sports + Outdoor, Hancock Fabrics, HH Gregg, Michael’s, Liquor Barn and several fast-casual restaurant concepts. In western Louisville, BC Wood Properties added Hobby Lobby and Goody’s stores at the 350,000-square foot Dixie Manor Shopping Center. Southwest of the city’s central business district, the redevelopment of Dixie Valley Shopping Center expanded its footprint to include additional soft goods retailers such as Marshalls, Ross Dress for Less, …

December 28, 2015

Florida Multifamily Southeast

RADCO Acquires Apartment Community in Metro Tampa for $33.5M

by John Nelson December 24, 2015

PALM HARBOR, FLA. — The RADCO Cos. has purchased Lakes of Palm Harbor, a 292-unit, Class B apartment community in Palm Harbor, for $33.5 million. The Atlanta-based multifamily investment and management firm funded the acquisition using private capital and a Fannie Mae loan. ARA Newmark brokered the sale. RADCO plans to spend an estimated $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes. Built in 1984, Lakes of Palm Harbor’s residences feature open layouts, floor-to-ceiling windows, washer/dryers and modernized kitchens. Community amenities include a newly renovated clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The property fronts the 60-acre Lake St. George.

December 24, 2015

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