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

Loans Southeast

Berkadia Arranges $26.1M in Financing for Apartment Communities in Maryland, Florida

by John Nelson December 2, 2014

SOUTH PASADENA, FLA. AND BALTIMORE — The Boca Raton, Fla., office of Berkadia Commercial Mortgage has arranged two loans totaling $26.1 million for two multifamily properties in Baltimore and South Pasadena. Michael Wallace and Mitchell Sinberg of Berkadia arranged $18.7 million to refinance the 263-unit Melvin Park in Baltimore and $7.4 million for the borrower to acquire the 210-unit Serenity Towers in South Pasadena. For the Baltimore transaction, Wallace and Sinberg arranged the 10-year, fixed-rate refinance loan through Freddie Mac on behalf of Franklin Melvin LLC. The property was 98 percent occupied at closing. For the South Pasadena transaction, Wallace and Sinberg arranged the seven-year, floating rate acquisition loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Bay Pointe Tower Apartments LLC. Serenity Towers was 97 percent occupied at closing.

December 2, 2014

Maryland Multifamily Southeast

Federal Capital Buys Maryland Apartment Community for $21.8M

by John Nelson December 2, 2014

FORESTVILLE, MD. — Federal Capital Partners has acquired Regency Square, a 366-unit apartment community in Forestville, for $21.8 million in an off-market transaction. Federal Capital will invest roughly $8 million of upgrades to Regency Square’s common areas and building systems after closing. The property is Federal Capital’s ninth apartment community acquisition in 2014. Federal Capital has retained Gates Hudson to manage the property. Robin Williams, Dean Sigmon and Justin Shay of Transwestern represented the undisclosed seller in the transaction. Capital One Bank provided acquisition and renovation financing on behalf of Federal Capital.

December 2, 2014

Georgia Retail Southeast

Avison Young Brokers $15M Sale of Shopping Center in Metro Atlanta

by John Nelson December 2, 2014

CUMMING, GA. — Avison Young has brokered the $15 million sale of Brannon Crossing, a 60,780-square-foot shopping center located at 405-435 Peachtree Parkway in Cumming, roughly 35 miles northeast of Atlanta. Brannon Crossing’s tenant roster includes Starbucks Coffee and T-Mobile. AJ Belt III, Brian Mark and David Duckworth of Avison Young represented the seller, Brannon Crossing LLC, in the transaction.

December 2, 2014

Georgia Healthcare Southeast

SG Property Services Acquires Medical Office Portfolio in Metro Atlanta for $14.5M

by John Nelson December 2, 2014

ATLANTA — SG Property Services has acquired an eight-building medical office portfolio known as the Oak Hill Medical Portfolio for $14.5 million. The properties are located in the Atlanta suburbs of Peachtree City, Blairsville and Newnan. Spanning 70,000 square feet, the eight properties are located at 10 Eastbrook Bend in Peachtree City; 1294 Highway 515 E. in Blairsville; 39 Oak Hill Court Buildings A-D in Newnan; and 60 and 110 Oak Hill Blvd. in Newnan. Lee Asher of CBRE represented the undisclosed sellers in the transaction.

December 2, 2014

Florida Multifamily Southeast

Wood Partners Breaks Ground on Apartment Community in Metro Tampa

by John Nelson December 1, 2014

LAND O’ LAKES, FLA. — Wood Partners has broken ground on Alta Terra Bella, a 19-acre, 311-unit apartment community in Land O’ Lakes, a suburb of Tampa. The developer expects to complete the garden-style property in May 2016 and begin pre-leasing in September 2015. Wood Residential Services, a division of Wood Partners, will manage the property. Alta Terra Bella will feature an 8,939-square-foot clubhouse with a community room, fitness center, kids’ playroom, Wi-Fi café, summer kitchen and swimming pool. The design team includes civil engineer Surak Engineering, landscape architect Libra Design Group, general contractor Wood Florida Builders and architect Charlan Brock & Associates. PNC Bank was the seller for the land deal, which was brokered by Bruce Erhardt of Cushman & Wakefield. NXT Capital and EIG Euroinvestor are the equity partners on the project, and Synovus Bank is providing construction financing.

December 1, 2014

Multifamily South Carolina Southeast

MHA Brokers Sale of Two Apartment Communities in the Carolinas Totaling $20.2M

by John Nelson December 1, 2014

LITTLE RIVER, S.C. AND WINSTON, SALEM, N.C. — Multi Housing Advisors (MHA) has brokered the sale of two apartment communities in North and South Carolina totaling $20.2 million. The 168-unit Summer Chase in Little River sold for $11.1 million. Hudson Capital Investments LLC and Apex One purchased the community from Hemrick Properties LLC. The 168-unit Hawk Ridge in Winston-Salem sold for $9.1 million. Peak Capital purchased Hawk Ridge from Spyglass Capital Partners. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

December 1, 2014

Hospitality Kentucky Southeast

First Hospitality, City Properties Open Hilton Garden Inn in Louisville

by John Nelson December 1, 2014

LOUISVILLE, KY. — First Hospitality Group Inc. and City Properties Group LLC have opened the 162-room Hilton Garden Inn Louisville Downtown. The seven-story, 111,000-square-foot hotel is located at 350 W. Chestnut St. in downtown Louisville’s Clay Commons District. The hotel features a fitness center and a rooftop restaurant/full-service bar known as 8UP. First Hospitality and City Properties co-developed the hotel.

December 1, 2014

Florida Office Southeast

Joint Venture Acquires Office Building in Downtown St. Petersburg

by John Nelson December 1, 2014

ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate has purchased First Central Tower in downtown St. Petersburg. The 17-story, 250,000-square-foot office building is located at 360 Central Ave. Feldman Equities is spearheading leasing and redevelopment efforts, and Tower Realty Partners will handle management responsibilities. The joint venture plans to invest $10 million in building renovations and tenant improvements. First Central Tower was 50 percent leased at the time of sale, accounting for known tenant move-outs. Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms. In addition, the new ownership is planning an amenity package, which will include a concierge desk, state-of-the-art luxury fitness center and conference center. Mechanical/system upgrades will include completely new elevator systems and cabs. The parking garage will be upgraded with a new electronic door entrance and upgraded lighting. In addition, air conditioning systems will be upgraded throughout the building. First Central Tower is anchored by BB&T Bank — whose name tops the building — Abbey Adams Law, Traub Lieberman Law and United Insurance.

December 1, 2014

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