Southeast

Early Site Work Begins for ONE DAYTONA Development

by John Nelson November 26, 2014

DAYTONA BEACH, FLA. — P&S Paving has commenced construction on the early site work for ONE DAYTONA, a premier mixed-use and entertainment development across from Daytona International Speedway in Daytona Beach. P&S Paving was awarded the contract for infrastructure improvements for Phase I, which includes site development, drainage and underground utility work. ONE DAYTONA is a joint venture between Jacoby Development and International Speedway Corp. (ISC). P&S Paving is also the subcontractor for ISC’s $400 million DAYTONA Rising project underway at Daytona International Speedway.

November 26, 2014

Georgia Multifamily Southeast

Passco Cos. Acquires Metro Atlanta Apartment Community for $38.8M

by John Nelson November 26, 2014

KENNESAW, GA. — Passco Cos. LLC has acquired the recently completed Twenty25 Barrett, a 238-unit apartment community, for $38.8 million. The LEED Gold-certified property is located at 2025 Barrett Lakes Blvd. in Kennesaw, a northern suburb of Atlanta. The property includes a clubhouse/business center, fitness center, executive club lounge, swimming pool with sunning shelf, dog park and lakefront trail. Developed by AMLI, the property’s units average 990 square feet.

November 26, 2014

Florida Office Southeast

Chambers Street Sells Orlando Office Building for $26.5M

by John Nelson November 26, 2014

ORLANDO, FLA. — Chambers Street Properties, an industrial and office REIT, has sold a 124,500-square-foot office building in Orlando for $26.5 million. The property is located at 12650 Ingenuity Drive. The disposition is part of the REIT’s strategy to sell its non-core office assets and purchase industrial assets in the United States, according to Martin Reid, executive vice president and CFO of Chambers Street.

November 26, 2014

Georgia Loans Southeast

IPA Capital Markets Arranges $17.2M Acquisition Loan for Atlanta High-Rise

by John Nelson November 26, 2014

ATLANTA — Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $17.2 million in acquisition financing for The Waterford on Piedmont, a 153-unit high-rise apartment community in Atlanta. The residential tower is located at 530 Piedmont Ave. in Atlanta’s Midtown district. Jake Roberts and Anita Paryani of IPA Capital Markets’ West Los Angeles office arranged the 12-year loan with seven years of interest-only payments and a 30-year amortization schedule. The loan has a fixed interest rate of 4.04 percent.

November 26, 2014

Alabama Retail Southeast

GBT Realty Signs Sprouts to Phase II of Strong Station in Huntsville

by John Nelson November 26, 2014

HUNTSVILLE, ALA. — GBT Realty Corp. has signed Sprouts Farmers Market as part of the $16 million Phase II of Strong Station, a neighborhood retail center in Huntsville. The property is located at the intersection of US Highway 72 and Nance Road. Phase II, which spans 95,000 square feet, is nearly 96 percent leased to Sprouts, Hobby Lobby and Another Broken Egg. Phase I, which opened in 2012, includes Academy Sports + Outdoors. Phase II is currently under construction.

November 26, 2014

Georgia Mixed-Use Southeast

Krog Street Market in Atlanta’s Inman Park Opens to the Public

by John Nelson November 25, 2014

ATLANTA — Paces Properties has opened its Krog Street Market (KSM), a 30,000-square-foot mixed-use development in Atlanta’s Inman Park neighborhood. KSM is located at 99 Krog St. at the southeast corner of the intersection between Krog and Irwin streets. The property is structured as a food hall and urban market with 16 food and retail market stalls, five chef-driven restaurants and two freestanding retail buildings. Retailers currently open for business include The Collective, a co-op local artist establishment; French Market Flowers; Krog Street Pet Works; Mama Bath + Body; The Spotted Trotter Charcuterie, a butcher and cheese shop; and Small Batch Chocolate. The food stalls include Grand Champion BBQ; Jeni’s Splendid Ice Creams; Little Tart Bakeshop, which serves coffee from Octane; Fred’s Meat & Bread; and Yalla. Craft Izakaya and The Luminary, two chef-driven restaurants, have been open since August. Additional restaurants and food stalls are slated to open in the coming months. KSM also features bike racks, electric car charging stations, water stations for dogs and a communal dining area. Lily Heimburger of SRS Real Estate Partners handles KSM’s leasing responsibilities on behalf of Paces Properties.

November 25, 2014

Florida Seniors Housing Southeast

Big Rock Partners Unveils Plans for $60M Seniors Housing Facility in Celebration

by John Nelson November 25, 2014

CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.

November 25, 2014

Kentucky Loans Southeast

HFF Arranges $57.5M Refinancing for Office Portfolio in Louisville

by John Nelson November 25, 2014

LOUISVILLE, KY. — HFF has arranged a $57.5 million refinance for an eight-property office portfolio in suburban Louisville. The portfolio is comprised of Bluegrass Business Center I and II; Plainview Point I, II and III; Thornton Park Plaza; Atrium Center; Plainview Center; and NTS Center. The approximately 780,000-square-foot portfolio is 86 percent leased. The properties are all located within suburban office submarkets along the I-64 corridor east of Louisville’s central business district. Leasing and property management of the office portfolio is provided by NTS. John Ahmed and Rex Cruz of HFF arranged the floating-rate loan through Prime Finance Partners on behalf of the borrower, Ascent Properties. The loan will recapitalize the current portfolio and provide leasing costs for the ongoing stabilization of the properties. The financing also facilitated the acquisition of one of the buildings.

November 25, 2014

Georgia Multifamily Southeast

Brasfield & Gorrie Tops Out Cyan on Peachtree in Buckhead

by John Nelson November 25, 2014

ATLANTA — Brasfield & Gorrie has completed vertical construction on Cyan on Peachtree, a luxury multifamily development in Atlanta’s Buckhead district. The 23-story high-rise will offer 329 rental units with high-end finishes and amenities. Located on Peachtree Road, the community will also feature a seven-level parking structure with controlled access. Brasfield & Gorrie plans to deliver the property in 2015. The project team includes owner Monogram Residential Trust, developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates.

November 25, 2014

Loans North Carolina Southeast

NorthMarq Capital Arranges $11.9M Acquisition Loan for Wilmington Apartment Community

by John Nelson November 25, 2014

WILMINGTON, N.C. — NorthMarq Capital has arranged $11.9 million in acquisition financing for Governours Square, a 219-unit apartment community in Wilmington. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender on behalf of the unnamed borrower.

November 25, 2014

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