Southeast

CREC Brokers $19.2M Sale of Office Building in Miami

by John Nelson December 4, 2014

MIAMI — Continental Real Estate Cos. (CREC) has brokered the $19.2 million sale of a 57,406-square-foot office building in Miami’s Edgewater neighborhood. The property is located at 3000 Biscayne Blvd., two blocks from Biscayne Bay. Peter Mekras and Andrew Remick of CREC represented the seller, Legal Services of Greater Miami, a nonprofit organization that has owned and occupied a large portion of the property since 1997. The buyer was 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights. William Bloom and Shawn Amuial of Holland & Knight’s Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services Inc. acted as the owner’s representative.

December 4, 2014

Florida Office Southeast

Riviera Point Development Group Breaks Ground on EB-5 Funded Office Building in Metro Miami

by John Nelson December 4, 2014

DORAL, FLA. — Riviera Point Development Group has begun construction on Riviera Point Business Center at Doral, a $9.5 million, 41,000-square-foot office building in Doral, an affluent suburb of Miami. Corrales Group Architects designed the two-story lakefront property, which is slated for completion in the first quarter of 2016. The office project is fully funded through the U.S. Immigrant Investor program, also known as EB-5. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Business Center at Doral is $500,000.

December 4, 2014

South Carolina Southeast

Landmark Builders to Renovate Historic Nickelodeon Theatre in Columbia

by John Nelson December 4, 2014

COLUMBIA, S.C. — Landmark Builders has been named the general contractor for Phase II of the historic Nickelodeon Theatre on Main Street in Columbia. The 9,700-square-foot renovation project will include renovations to the second floor movie theater, the renovation of existing office space on the second floor and the addition of an elevator. Landmark’s Thomas Brantley will serve as the project manager, and Terry Terranga will serve as the superintendent. The theater is scheduled for a first quarter 2015 completion, in time for the 2015 Indie Grits Film Festival. The design team includes construction manager LCK Construction Services and architect 1X1 Design.

December 4, 2014

Alabama Hospitality Southeast

Banyan, Investra Acquire Homewood Suites Hotel in Mobile

by John Nelson December 4, 2014

MOBILE, ALA. — Banyan Investment Group and Investra Investments have acquired an 86-room Homewood Suites hotel on Providence Park Drive in Mobile. The hotel features a business center, fitness center, outdoor pool, barbecue area, onsite convenience store and 400 square feet of meeting space. Loxi Hospitality provided advisory services with the transaction. Banyan and Investra plan to implement a $2.7 million renovation to upgrade the hotel.

December 4, 2014

Seniors Housing Southeast Tennessee

NHI to Acquire Eight Seniors Housing Communities for $476M

by John Nelson December 3, 2014

MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.

December 3, 2014

Georgia Loans Southeast

HFF Arranges $72.3M in Acquisition Financing for Industrial Park in Metro Atlanta

by John Nelson December 3, 2014

AUSTELL, GA. — HFF has arranged $72.3 million in acquisition financing for Cobb West Business Park, a 16-property industrial campus totaling 1.7 million square feet in Austell, a western suburb of Atlanta. The financing was structured as a $61.3 million senior mortgage through SunTrust Bank and an $11 million mezzanine loan through Principal Global Investors. HFF arranged the financing on behalf of the borrowers, High Street Realty Co. LLC and an institutional joint venture partner. Brian Carlton and Gregg Shapiro led the HFF debt placement team in the deal.

December 3, 2014

Florida Office Southeast

Highwoods Properties Acquires Lincoln Plaza in Orlando’s CBD for $68.3M

by John Nelson December 3, 2014

ORLANDO, FLA. — Highwoods Properties Inc. has acquired Lincoln Plaza, a 16-story, 246,000-square-foot office building in Orlando’s central business district (CBD). Highwoods Properties’ total investment is expected to be $68.3 million, which is financed through equity, its ATM program and borrowings under its revolving credit facility. Highwoods did not assume any debt in the transaction. The property is currently 82 percent leased and features a fitness center and a café. Including Lincoln Plaza, Highwoods owns 1.5 million square feet of office space in Orlando’s CBD.

December 3, 2014

Florida Multifamily Southeast

Trio of Florida-Based Companies Team Up for Multifamily Project in Orlando

by John Nelson December 3, 2014

ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties are partnering to develop, manage and build a 240-unit apartment community in Orlando. The property will be located on a 9.5-acre site at the corner of John Young Parkway and Taft-Vineland Road. The joint venture project between the three Florida-based companies is expected to break ground in the first quarter of 2015, with delivery projected for the first quarter of 2016.

December 3, 2014

Healthcare North Carolina Southeast

JLL Brokers Sale of Pharmaceutical Manufacturing Plant in Metro Charlotte

by John Nelson December 3, 2014

MONROE, N.C. — JLL has brokered the sale of Monroe Corporate Center, a 102,000-square-foot property located at 4275 Corporate Center Drive in Monroe, about 24 miles southeast of Charlotte. Glenmark Pharmaceuticals Ltd. purchased the facility for an undisclosed amount. The company plans to invest more than $15 million in the next five years to develop three separate pharmaceutical manufacturing units at the site. Glenmark expects to begin manufacturing oral solids at the location by mid-2015. John Buckley, Shawn Straka, John Cashion and Matt Treble of JLL represented Glenmark in the transaction. The seller, the city of Monroe, was represented in-house.

December 3, 2014

Georgia Multifamily Southeast

Steadfast Apartment REIT Acquires Metro Atlanta Apartment Community for $49M

by John Nelson December 2, 2014

KENNESAW, GA. — Steadfast Apartment REIT has purchased 1800 Barrett Lakes, a 500-unit apartment community in the northern Atlanta suburb of Kennesaw, for $49 million. The apartment community is located on a 68-acre site and offers one-, two- and three-bedroom units averaging 1,086 square feet. The units’ average rental rate is $827 per month. The property’s amenity offerings include two swimming pools, a sauna, lighted tennis courts, fitness center, clubhouse, playground and internet café. 1800 Barrett Lakes is Steadfast’s second acquisition in Georgia, following its purchase of the Residences at McGinnis Ferry in Suwanee in October.

December 2, 2014

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