Friday, December 27, 2024
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GeorgiaLoansSeniors HousingSoutheast

Newmark Arranges $140M Recapitalization for Corso Atlanta Seniors Housing Community

by John Nelson

ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.

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DevelopmentIndustrialSouth CarolinaSoutheast

Red Rock Delivers 519,792 SF Spec Industrial Facility Near Columbia, South Carolina

by John Nelson

GASTON, S.C. — Red Rock Developments has delivered a 519,792-square-foot speculative industrial facility located at 201 Integrity Way in Gaston, a suburb of Columbia. The cross-dock warehouse is situated along I-26 in Calhoun County within the 760-acre Sandy Run Industrial Park, a portion of which also lies within Lexington County. Chuck Salley, Thomas Beard and John Peebles of Colliers are marketing the property to an industrial user for sale or lease on behalf of Red Rock. Colliers has also been retained for property management services. The design-build team includes Miller Valentine Construction, MCA Architecture, Alliance Consulting Engineers and S&ME. The facility, which is expandable to nearly 1.2 million square feet, is the only available industrial building in Central South Carolina with 40-foot clear heights, according to Red Rock.

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GeorgiaLoansMultifamilyNorth CarolinaSoutheast

Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina

by John Nelson

AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.

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AcquisitionsRetailSouth CarolinaSoutheast

NAI Merin Hunter Codman Sells Shopping Center Near Myrtle Beach for $6.4M

by John Nelson

MURRELLS INLET, S.C. — A fund launched by South Florida-based commercial real estate brokerage services firm NAI Merin Hunter Codman has sold Prince Creek Village, an 18,035-square-foot shopping center located at 11920 SC Highway 707 in Murrells Inlet, a suburb of Myrtle Beach. The fund, named MHCommercial Real Estate Fund, sold the property after five years of ownership to Prince Creek Investments LLC, an affiliate of Zapolski Real Estate LLC, for approximately $6.4 million. Tom Kolarczyk and Andrew Jomantas of JLL Capital Markets’ Charlotte office represented the seller in the transaction. Prince Creek Village was fully leased at the time of sale. The property is shadow-anchored by Publix and is adjacent to TPC Championship Myrtle Beach Golf Club.

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IndustrialLouisianaMarket ReportsSoutheastSoutheast Market Reports

Economic Headwinds, Rising Costs Affect Industrial Market in Greater New Orleans

by John Nelson

Despite healthy local market dynamics, the greater New Orleans industrial market did not perform as strongly as insiders expected it to perform over the past 12 months, which is indicative of wider economic factors suppressing a market with pent-up demand.  The Port of New Orleans and its access to major shipping routes along the Mississippi River has long been the principal component for industrial real estate in the area. The recent 2024 regular session of the Louisiana Legislature committed $230.5 million to Port of New Orleans infrastructure projects, including allocations to the Louisiana International Terminal, a $1.8 billion project in Violet, La., scheduled to be operational in 2028, which will be the Gulf South’s premier container shipping gateway able to accommodate New Panamax- and Post New Panamax-sized vessels.  A bit further up the Mississippi River but still in the greater New Orleans region, Canadian company Woodland Biofuels announced a $1.35 billion investment at the Port of South Louisiana in Reserve, La., to establish the largest renewable natural gas plant in the world. The facility will take waste wood and sugar cane and turn it into natural gas. The process will be carbon-negative, leaving less carbon in the atmosphere than before …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Arranges $41.8M Sale of South Tryon Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Northmarq has arranged the $41.8 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Court in Charlotte. McDowell Properties acquired the asset from MAA. Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq’s Carolinas Multifamily Investment Sales team represented the seller in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq secured a $24.8 million acquisition loan on behalf of the buyer. The permanent, fixed-rate loan features a five-year term with a 35-year amortization schedule. Built in 2002 and renovated in 2022, South Tryon Apartments features units in one-, two- and three-bedroom layouts. Amenities at the property include 36 detached garages, 42 storage spaces, a fitness center, pool, dog park, grilling area, car care center and playground. The community is situated roughly nine miles from both Charlotte Douglas International Airport and Uptown Charlotte.

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AcquisitionsFloridaMultifamilySoutheast

MLG Capital Acquires 180-Unit Venetian at Capri Isles Multifamily Community in Venice, Florida

by John Nelson

VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Cushman & Wakefield Brokers $21M Sale of Flex Office Portfolio in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $21 million sale of a flex office portfolio located in Kissimmee. Comprising two buildings — 3600 and 3700 Commerce Boulevard — the portfolio totals 193,571 square feet. Realife Real Estate Group acquired the properties from the Speer Foundation. Rick Colon, Rick Brugge, Mike Davis and Mark Stratman of Cushman & Wakefield represented the seller in the transaction. Built in 2001, the buildings were 93 percent leased at the time of sale. The properties, which include both office and warehouse space, feature 24- and 28-foot clear heights and a mix of dock-high and grade-level loading.

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AcquisitionsGeorgiaIndustrialSoutheast

Cove Capital Investments Purchases 113,157 SF Industrial Property in Athens, Georgia

by John Nelson

ATHENS, GA. — Cove Capital Investments, a Delaware Statutory Trust (DST) sponsor company, has completed the purchase of an industrial property located in Athens, roughly 70 miles northeast of Atlanta. Situated within the 35-acre General Time mixed-use development, the property totals 113,157 square feet. Originally built in 1990, the asset was redeveloped between 2018 and 2021. The property was acquired as part of Cove Capital’s growing portfolio of debt-free DST real estate assets for 1031 exchange and direct-cash investors, according to Dwight Kay, managing member and founding partner of Cove Capital Investments. The seller and sales price were not disclosed.

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District of ColumbiaSoutheast

US Economy Adds 12,000 Jobs in October, Far Below Expectations

by John Nelson

WASHINGTON, D.C. —  The U.S. economy added 12,000 nonfarm payroll jobs in October, according to the U.S. Bureau of Labor Statistics (BLS). This figure falls drastically short of expectations as CNBC reports that the Dow Jones economists previously predicted an increase of 100,000 jobs for the month. In its report, the BLS noted that strike activity significantly impacted employment in the manufacturing sector, which saw the loss of 46,000 jobs. Of those jobs, 44,000 were within the transportation equipment manufacturing field, reflecting the impact of the Boeing strike. Temporary help services, a subsect of professional and business services, saw a decline of 49,000 jobs in October. Government employment and healthcare added 40,000 and 52,000 jobs, respectively, while construction employment increased by a less significant 8,000 jobs. Other major industries saw little to no change. The BLS report also cited the potential impact of Hurricanes Helene and Milton on October’s employment situation, though it noted that “it is not possible to quantify the net effect on the over-the-month change in national employment, hours or earnings estimate.” The unemployment rate for October remained unchanged at 4.1 percent. According to Lawrence Yun, chief economist of the National Association of Realtors (NAR), the jobs …

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