Southeast

Red Oak Capital Provides $5.8M Loan for D.C. Affordable Housing Acquisition, Rehab

by John Nelson January 11, 2024

WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing property located at 89 and 93 Hawaii Ave. NE in Washington, D.C.’s Brookland neighborhood. The borrower, an entity doing business as Legacy Lofts II & III, will use the funds to acquire and rehabilitate the property into 22 apartments that will be rented under the D.C. Housing Authority’s Choice Voucher Program. The project involves converting the vacant units at the two buildings into 12 two-bedroom and 10 three-bedroom apartments with projected monthly rents of $2,439 and $3,256, respectively. The rehabilitation is expected to be finished within a year, with full stabilization by late 2025, according to Red Oak Capital. The interest-only loan carries a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million.

January 11, 2024

Acquisitions Georgia Restaurant Retail Southeast

Ackerman Retail Facilitates Sale of 4,200 SF Chick-fil-A Ground Lease in Metro Atlanta

by John Nelson January 11, 2024

NORCROSS, GA. — Ackerman Retail, a division of Atlanta-based Ackerman & Co., has facilitated the sale of a 4,200-square-foot absolute triple-net Chick-fil-A ground lease located in Norcross, roughly 20 miles outside Atlanta in Gwinnett County. Constructed in 1998, the property was renovated in 2018. Sean Patrick of Ackerman Retail represented the seller, an entity doing business as WB Holdings-Jimmy Carter Boulevard, in the transaction. A local private buyer acquired the ground lease.

January 11, 2024

David Braun Managed IT Services Pavlov Media

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Managed IT Services Simplify Multifamily Operations

by Sarah Daniels January 11, 2024

The multifamily industry has its hands full: finance in adverse economic conditions, rapidly rising operation costs, as well as the challenge of attracting and keeping quality tenants as the biggest jump in new inventory creates more competition than the industry has seen in decades. Technology is an enabling and defining tool in the midst of these challenges. Tenants often expect services like internet access, telephone, television and Wi-Fi hotspots throughout a complex. Multifamily property staff need data access, speciality software, as well as the ability to schedule prospective resident visits, remote viewing, maintenance and more. Relatively few multifamily operations have the scope, scale and economics for an IT staff that can handle the support and repair requirements necessary to install systems, keep them working, protect data and networks while assisting tenant and staff users, particulary 24 hours a day, 7 days a week. Managed IT services are third-party companies that remotely provide the IT expertise and the help a company requires. “If a resident can’t get on Wi-Fi, if a phone stops working, if there’s an issue with the network or if there’s a problem with the ability to share or store or retrieve data — that’s where we step …

January 11, 2024

Development Industrial South Carolina Southeast

Robinson Weeks Breaks Ground on 635,328 SF Industrial Building in North Charleston

by John Nelson January 10, 2024

NORTH CHARLESTON, S.C. — Atlanta-based Robinson Weeks Partners has broken ground on Charleston Global Crossing, a 635,328-square-foot industrial building located at 4601 Franchise St. in North Charleston. Situated near Dorchester Road, the site is in close proximity to I-26 and I-526, as well as within six miles of Charleston International Airport and 14 miles from the Port of Charleston. Matt Davis with Robinson Weeks is handling the leasing assignment for Charleston Global Crossing along with Hagood Morrison, Hagood Morrison II and John Beam of Bridge Commercial. Upon completion, the cross-dock building will include 2,238 square feet of modern office space and high-quality warehouse lighting. The construction timeline was not disclosed.

January 10, 2024

Affordable Housing Florida Loans Seniors Housing Southeast

CREI Holdings Receives $41M Refinancing for Affordable Seniors Housing Community in Sweetwater, Florida

by John Nelson January 10, 2024

SWEETWATER, FLA. — Development firm CREI Holdings has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, a South Florida city just west of Miami. Marc Suarez led the Lument team that provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, Fla., the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, 40 percent cater to low-income seniors, while the remainder is allocated to residents earning up to 120 percent of the area’s median income (AMI). The building is near full occupancy, according to CREI Holdings.

January 10, 2024

Georgia Loans Mixed-Use Southeast Student Housing

Landmark Properties Recapitalizes 1,364-Bed Student Housing Community Near University of Georgia

by John Nelson January 10, 2024

ATHENS, GA. — Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing property located at 130 Hickory St. near the University of Georgia campus. The property was developed in two phases, with the first phase completed in 2017 and the second phase completed in 2022. The community offers studio through six-bedroom apartments, alongside 67,000 square feet of retail space and 46,734 square feet of offices, with locally based Landmark occupying over 90 percent of the office space. The Mark also features 55,000 square feet of shared amenity space, including a rooftop pool and sundeck with views of the university’s campus, Sanford Stadium and downtown Athens; study spaces; a fitness center; golf simulator; racquetball court; and an indoor basketball court. Details of the refinancing were not disclosed.

January 10, 2024

Acquisitions Georgia Retail Southeast

IPA Brokers $16M Sale of Publix-Anchored Shopping Center in LaGrange, Georgia

by John Nelson January 10, 2024

LAGRANGE, GA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16 million sale of a newly built shopping center located in LaGrange, a Georgia city near the Georgia-Alabama border along I-85. The center’s anchor, Publix, has a 10-year lease on the store. Taylor represented the seller, a developer based in Atlanta, as well as sourced the 1031 exchange buyer in the transaction. Both parties requested anonymity. “This sale faced the market headwinds of increasing interest rates and low transactional velocity,” says Taylor. “Thankfully, we found a 1031 buyer attracted to the quality of the tenant mix and the growth of the submarket. We were able to clear the market at a very attractive cap rate.”

January 10, 2024

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 141,246 SF Office Building at Doral Square in Metro Miami

by John Nelson January 10, 2024

DORAL, FLA. — CBRE has arranged the sale of The Offices at Doral Square, a 141,246-square-foot office building located at 8600 N.W. 36th St. in Doral, a suburb of Miami. The Class A property is the office component of Doral Square, a mixed-use development that also features 150,000 square feet of shops and restaurants. A partnership comprising “several Miami families” purchased the asset from the undisclosed seller. The sales price was also not disclosed. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the seller in the transaction.

January 10, 2024

Affordable Housing Development Florida Mixed-Use Multifamily Southeast Top Stories

Whitman Family Development Unveils Plans for Mixed-Use Expansion at Bal Harbour Shops in Miami

by Kristin Harlow January 10, 2024

MIAMI — Whitman Family Development has submitted plans for a mixed-use project at its Bal Harbour Shops in Miami’s Bal Harbour village. Plans call for 600 apartment units, 40 percent of which are earmarked for workforce housing and 60 percent of which will be luxury housing. There will also be a 70-room, 20-story hotel and an additional 45,700 square feet of retail space. Bal Harbour Shops comprises more than 100 shops, restaurants and entertainment options. The open-air, luxury retail center, which is home to brands such as Chanel, Gucci, Tiffany & Co. and Valentino, is currently undergoing a $550 million retail expansion that will add about 250,000 square feet, nearly doubling the center’s current retail space. The expansion will accommodate the addition of 35 new upscale stores and restaurants. The new housing development is made possible by Florida’s Live Local Act, a bipartisan bill passed by the Florida legislature last year in response to the critical need for affordable and attainable housing statewide. The legislation enables developers to build at higher density and building heights, so long as they commit to including attainable housing units. The law requires that local municipalities approve mixed-use residential projects in any area zoned commercial …

January 10, 2024

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $55.6M Sale of Tampa Airport Logistics Industrial Park

by John Nelson January 9, 2024

TAMPA, FLA. — Cushman & Wakefield has brokered the $55.6 million sale of Tampa Airport Logistics, a newly constructed industrial park in Tampa’s Airport submarket spanning nearly 300,000 square feet. The two-building property is located at 5450 Johns Road and 5416 W. Sligh Ave., about six miles north of Tampa International Airport. Tampa Airport Logistics was fully leased at the time of sale and features 32- to 36-foot clear heights, 52- by 50-foot column spacing, ESFR fire protection and a 192-foot shared truck court. Clarion Partners purchased the property on behalf of a separate client from PCCP LLC. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Ryan Jenkins and Chloe Strada of Cushman & Wakefield represented the seller in the transaction.

January 9, 2024

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