Southeast

Colliers Arranges $7.5M Sale of Multifamily Development Site in Metro Miami

by John Nelson August 17, 2023

HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.

August 17, 2023

Leasing Activity Louisiana Office Southeast

Feil Organization Signs Accounting Firm to 15,508 SF Office Lease in Metro New Orleans

by John Nelson August 17, 2023

METAIRIE, LA. — The Feil Organization has signed Carr, Riggs and Ingram CPAs and Advisors, an accounting and advisory services firm, to a 15,508-square-foot office lease in metro New Orleans. The office building, Two Lakeway, is a 19-story, 449,309-square-foot property located within the three-tower Lakeway Complex in Metairie. The accounting firm, which is headquartered in Enterprise, Ala., signed a 10-year lease to occupy the 14th floor. The company’s office space will include a combination of private offices, open work areas, a wellness room, conference rooms, Zoom rooms with video conferencing capabilities and a recreation area with café-style tables, lounge areas, large-screen TV and ping pong and foosball tables. Bruce Sossaman of Corporate Realty represented Feil Organization in the lease negotiations, and Dale Kahhr of Newmark represented the tenant, which has offices in 12 states and Mexico.

August 17, 2023

Alabama Company News Loans Regions Real Estate Capital Markets Southeast

Regions Bank Rebrands Sabal Capital Partners Business Line

by John Nelson August 17, 2023

BIRMINGHAM, ALA. — Birmingham-based Regions Bank has rebranded Sabal Capital Partners, bringing the affiliate under the Regions Real Estate Capital Markets umbrella. The Birmingham-based bank acquired Sabal, a commercial real estate and multifamily lender, in 2021. Regions Real Estate Capital Markets executes origination and financial servicing solutions for its real estate clients, including both agency and non-agency financing. The brand’s clients include brokers and borrowers in multifamily and commercial real estate spaces ranging from single assets to property portfolios. “The brand change for Sabal Capital Partners reflects the continued integration of Sabal’s lending business into the Regions business and family of offerings,” says Troy Marek, head of Regions Real Estate Capital Markets. “We have seen well over a year of successfully building new and deeper client relationships; by fully integrating Sabal Capital Partners into our Real Estate Capital Markets team, Regions is poised to build even greater success moving forward.”

August 17, 2023

Alabama California Development Hospitality Southeast Top Stories Western

Hyatt Announces First Two Locations for Upper-Midscale Extended-Stay Brand

by Katie Sloan August 17, 2023

TILLMAN’S CORNER, ALA. AND MARYSVILLE, CALIF. — Hyatt Hotels Corp. (NYSE: H) has announced the first two locations for its upper-midscale extended-stay banner, Hyatt Studios. The company has letters of interest for over 100 Hyatt Studios developments across the U.S. Each Hyatt Studios location will be sized to fit approximately 122 rooms, and will offer grab-and-go breakfast and a 24-hour market with snacks and ready-made meals that can be prepared in each guest room’s kitchen. The Chicago-based company has entered into a franchise agreement with 3H Group Inc. to develop the first Hyatt Studios hotel in Tillman’s Corner, roughly 10 miles southeast of Mobile. The property is set to open in late 2024. Presidio Hotel Development has entered into a franchise agreement with Hyatt for the second location, a 113-room hotel in downtown Marysville, approximately 45 miles north of Sacramento. The property is expected to open in 2025 and will feature dedicated meeting spaces. Extended-stay hotels have grown in demand over the past several years, in part due to the asset’s popularity during the COVID-19 pandemic. Bask Development recently announced plans to develop eight Extended Stay America-branded hotels in Florida, and the development of 15 new hotels under the same …

August 17, 2023

Bohler Content Partner Features Industrial Midwest Mixed-Use Multifamily Northeast Retail Southeast Texas Western

Improved Land Surveys, Due Diligence Can Ensure Development Project Success

by Sarah Daniels August 17, 2023

Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …

August 17, 2023

Development Florida Loans Multifamily Seniors Housing Southeast

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Development Georgia Multifamily Southeast

Joint Venture to Develop 330-Unit Apartment Community in Acworth, Georgia

by John Nelson August 16, 2023

ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.

August 16, 2023

Acquisitions Georgia Multifamily Southeast

CBRE Negotiates Sale of 256-Unit Latitude at Godley Station Apartments Near Savannah

by John Nelson August 16, 2023

POOLER, GA. — CBRE has negotiated the sale of Latitude at Godley Station, a 256-unit apartment community located at 1502 Benton Blvd. in Pooler, a suburb of Savannah. The property was built in 2015 and features one-, two- and three-bedroom apartments ranging in size from 734 to 1,494 square feet, according to Apartments.com. Amenities include a clubhouse, coffee bar, business center, pool, fitness center, lounge, game room, picnic area, car wash area, laundry facilities and a pet play area. Jim Sewell and Dave Lansbury of CBRE’s Charleston office, along with Erika Maston of the firm’s Savannah office, brokered the transaction. Atlas Real Estate Partners purchased Latitude at Godley Station and plans to invest in capital improvements. The seller and sales price were not disclosed.

August 16, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.9M Sale of Miami Store Leased to Walgreens

by John Nelson August 16, 2023

MIAMI — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction. The store, which is located directly across the street from LoanDepot Park, the home ballpark for the Miami Marlins, is situated on land zoned for 180 multifamily units up to eight stories.

August 16, 2023

Acquisitions Georgia Industrial Southeast

Atlanta Property Group Purchases 50,000 SF Industrial Building in Marietta, Georgia

by John Nelson August 16, 2023

MARIETTA, GA. — Atlanta Property Group (APG) has purchased 1900 West Oak, a 50,000-square-foot industrial building located at 1900 W. Oak Circle in Marietta, a northern suburb of Atlanta. Built in 1990 roughly two miles from I-75, the facility was 50 percent leased at the time of sale and features 12 dock-high doors and 20-foot clear heights. The property is APG’s 12th distribution facility purchased since 2022. The seller and sales price were not disclosed.

August 16, 2023

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