Southeast

JLL Arranges $26.8M Construction Loan for Build-to-Rent Residential Project in Loganville, Georgia

by John Nelson September 7, 2023

139-home build-to-rent (BTR) residential community located at 2882 Rosebud Road in Loganville. Matthew Putterman, Danny Kaufman, Chris Knight and Ware Shipman of JLL represented the sponsor, a joint venture between Landeavor and LAMB Properties, to secure the five-year, floating-rate loan through a regional bank. Upon completion, Rosebud Place will include three- and four-bedroom homes ranging from 1,833 to 1,854 square feet. Homes will feature stainless steel appliances, in-home washers and dryers and attached two-car garages, and community amenities will include a resort-style pool, large dog park, children’s play area and walking trails.

September 7, 2023

Acquisitions Hospitality South Carolina Southeast

MCR Acquires 138-Room Courtyard by Marriott North Charleston Hotel

by John Nelson September 7, 2023

NORTH CHARLESTON, S.C. — New York City-based MCR has purchased Courtyard by Marriott North Charleston, a 138-room hotel located at 7465 Northside Drive in North Charleston. The four-story property represents MCR’s fourth hotel in South Carolina. The seller and sales price were not disclosed. Built in 2019, the hotel is situated near Charleston International Airport and features The Bistro restaurant and bar, a grab-and-go market, outdoor pool and fire pit, fitness center, 24-hour business center and 1,184 square feet of meeting space.

September 7, 2023

Acquisitions Single-Family Rental South Carolina Southeast

Cushman & Wakefield Brokers $10.3M Sale of Single-Family Rental Community on Hilton Head Island

by John Nelson September 7, 2023

HILTON HEAD ISLAND, S.C. — Cushman & Wakefield has brokered the $10.3 million sale of Tidal Bluff, a 30-unit single-family rental (SFR) residential community on Hilton Head Island. Built in 2003, the gated property is situated along tidal marshes with proximity to the beach, Publix, Harris Teeter and Starbucks. Louis Smart, Taylor Bird and Austin Green of Cushman & Wakefield represented the seller, Singerman Real Estate LLC, in the transaction. The buyer was an unnamed private investor.

September 7, 2023

Leasing Activity North Carolina Office Southeast

KBS Signs Three Tenants to Leases Totaling 49,135 SF at Carillon Office Tower in Uptown Charlotte

by John Nelson September 7, 2023

CHARLOTTE, N.C. — KBS has signed three tenants to leases totaling 49,135 square feet at Carillon, a 24-story office tower in Uptown Charlotte. The landlord has signed a 37,909-square-foot lease renewal with the U.S. General Services Administration (GSA), on behalf of the U.S. Attorney’s Office; an expansion with Lazard, a global financial services firm; and an 1,836-square-foot lease with Moffatt & Nichol Inc., a global infrastructure advisory firm that renewed its lease. Jennifer Kurz, Rhea Greene and Tim Arnold of Trinity Partners represented KBS in the lease transactions. Carillon shares a newly revamped courtyard with the Grand Bohemian Hotel next door. Common amenities include a conference center, onsite Bright Horizons childcare center, fitness center with showers, car wash and Morton’s Steakhouse.

September 7, 2023

Conference Coverage Features Georgia Multifamily Seniors Housing Southeast

InterFace Panel: Seniors Housing Developers Must Get Creative in Sourcing Financing, Changing Up Product Mix

by Kristin Harlow September 7, 2023

ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to turn the lights back on,” said Jennings. “Our industry will continue to grow, push forward and be innovative, and build relationships outside the normal REIT and private equity model that we’ve all grown accustomed to.” Jennings’ remarks came during the development outlook panel at the 10th annual InterFace Seniors Housing Southeast, a conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business on Wednesday, Aug. 16 at the Westin Buckhead in Atlanta. Todd Hudgins, senior vice president of senior living for Madison, Wisconsin-based ERDMAN, moderated the panel. Jennings went on to say that while it is tough to get a deal done right now, eventually it will get …

September 7, 2023

Georgia Loans Office Southeast

Morning Calm Originates $59M Refinancing for 8West Office Building in West Midtown Atlanta

by John Nelson September 6, 2023

ATLANTA — Morning Calm Office Finance, a joint venture between Morning Calm Management and an unnamed global investment manager, has originated a $59 million loan for the refinancing of 8West, a new creative office building in Atlanta’s West Midtown district. Completed in 2020, the 193,000-square, nine-story building is located at 889 Howell Mill Road. The borrower, The Atlantic Cos., is using the loan to refinance the maturing construction debt on the property. The property features a fitness facility, rooftop deck and catering kitchen, common collaborative spaces and conference facilities and an outdoor public plaza. Ford Motor Co. is a major tenant at 8West.

September 6, 2023

Development Industrial North Carolina Southeast

Crescent Communities Breaks Ground on 449,000 SF Spec Industrial Facility in Charlotte

by John Nelson September 6, 2023

CHARLOTTE, N.C. — Crescent Communities has broken ground on AXIAL Rapid Commerce, a 449,000-square-foot speculative industrial facility in Charlotte. The infill, Class A building will be located at 500 Rhyne Road, a half-mile from I-485 and 2.5 miles from I-85. AXIAL Rapid Commerce will include 36-foot clear heights and 3,850 square feet of office space, as well as 338 auto parking spaces, 106 trailer parking spaces and two drive-in doors. The design-build team includes development partner Fortius Capital Partners, joint venture equity partner Pacolet Milliken, DMA Architecture, Orsborn Engineering, Evans General Contractors, lender TD Bank and leasing agency Colliers. The development team expects to deliver AXIAL Rapid Commerce in third-quarter 2024.

September 6, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $47.8M Financing for Affordable Housing Development in Hollywood, Florida

by John Nelson September 6, 2023

HOLLYWOOD, FLA. — Pinnacle has obtained $47.8 million in financing for the development of the second phase of Pinnacle 441, a 100-unit affordable housing project in Hollywood. The eight-story building will be situated at 6028 Johnson St., a site that previously housed a trailer park and sits adjacent to Phase I of Pinnacle 441. Pinnacle plans to break ground on Phase II this month and wrap up construction in approximately 16 months. The property will feature one-, two- and three-bedroom units, as well as one live-work space with commercial frontage along Johnson Street. Units will be reserved for individuals and families earning up to 60 percent of Broward County’s median income. Amenities for both phases will include a fitness facility, virtual reality gaming room and indoor/covered outdoor lounge. Amenities unique to Phase II will include indoor meeting space and a cyber lounge. Funding sources for Phase II of Pinnacle 41 include tax credit equity financing and construction debt from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million from the City of Hollywood and $6.6 million from Florida Housing Finance Corp.

September 6, 2023

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 128,450 SF Office Lease Renewal at Wells Fargo Center in Downtown Miami

by John Nelson September 6, 2023

MIAMI — Cushman & Wakefield has arranged a 128,450-square-foot office lease renewal at Wells Fargo Center in downtown Miami on behalf of the landlord, an affiliate of MetLife Inc. The tenant is global law firm Greenberg Traurig, which occupies five floors at the 47-story tower. The lease renewal is the largest office lease in Miami over the past five years, according to Cushman & Wakefield. Brian Gale, Ryan Holtzman, Andrew Trench and Edward Quinon of Cushman & Wakefield represented the landlord in the lease negotiations. Michael Shuler, Jeremy Hakala and Clay Sidner of Newmark represented the tenant. Over the past nine months, the Cushman & Wakefield team has executed over 250,000 square feet of leasing transactions, bringing Wells Fargo Center to 93 percent occupancy.

September 6, 2023

Acquisitions Alabama Leasing Activity Office Southeast

Marcus & Millichap Brokers $4.9M Sale-Leaseback of Office Building in Metro Birmingham

by John Nelson September 6, 2023

HOOVER, ALA. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of 5 Inverness Center Parkway, a 15,851-square-foot office building in Hoover. Built in 2005, the three-story office building was fully leased at the time of sale to eQRP Inc., a self-directed 401k company. The property features common areas, conference rooms, a fitness center and a podcast studio. The tenant, an entity doing business as Fuden LLC, sold the property to Wakefield Enterprises LLC and leased the property back. Brian Higdon and Nick Neuroth of Marcus & Millichap’s Birmingham office represented the seller in the transaction.

September 6, 2023

Newer Posts

Older Posts