Southeast

Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami

by John Nelson June 27, 2023

MIAMI — Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months. Units at Oak Plaza range from 800 to 1,213 square feet, according to Apartments.com. Amenities include a clubhouse, pool, fitness center, controlled access and a business center.

June 27, 2023

Georgia Loans Office Southeast

CBRE Arranges Refinancing of 312,591 SF Platinum Tower Office Building in Atlanta

by John Nelson June 27, 2023

ATLANTA — CBRE has arranged a loan for the refinancing of Platinum Tower, a 312,591-square-foot office building located at 400 Interstate N. Parkway in Atlanta’s Cumberland/Galleria submarket. The 17-story office tower is situated near the intersection of I-75 and I-285 and within walking distance of the Chattahoochee River and The Battery, a mixed-use development surrounding Truist Park, the home ballpark of the Atlanta Braves. Brian Linnihan, Mike Ryan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, Accesso, in the deal. An undisclosed financial services firm provided the five-year CMBS loan, the amount of which was not disclosed.

June 27, 2023

Brian Cornell Hotel to Mulitfamily conversion

Affordable Housing Content Partner Features Hospitality Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Underutilized Hotel Properties Present Conversion Opportunities for Multifamily, Affordable Housing

by Sarah Daniels June 27, 2023

Walker & Dunlop is finding financial success while helping to provide high-demand, affordable housing in key markets by converting hotel assets into multifamily buildings. Brian Cornell, managing director at Walker & Dunlop Investment Partners (WDIP), says his firm is identifying hotels that are already built out and can accommodate market-rate multifamily use. Extended-stay hotels have the best layout for this type of conversion because their footprint already includes the floor plans and many of the amenities that multifamily residents expect. “The units are typically one-bedroom, but with some two-bedroom suites and studios,” he outlines. “This creates a variety of unit types within the existing physical build-out of the property, and these assets can operate as true multifamily without having to combine walls and do extensive capital renovations.” When it comes to location, Cornell explains, “We prefer infill locations that have strong employment drivers and a dearth of affordable housing.” Underutilized Properties, Multifamily Strategies The three investments Walker & Dunlop has done in the past two years are in the heart of commercial corridors, in areas where there are limited multifamily projects within a two-to-three-mile radius offering rents that can support an 80 percent area median income (AMI) threshold. One is …

June 27, 2023

Georgia Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 234,200 SF Industrial Lease in Locust Grove, Georgia

by John Nelson June 26, 2023

LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 234,200-square-foot lease at Gardner Logistics Park, an industrial development located at 381 Davis Lake Road in Locust Grove, roughly 40 miles southeast of Atlanta. Tenant NVH Korea, an acoustic and thermal management company, will occupy Building 2 at the property, which was built as part of Phase II of the three-phase development. James Phillpott, Ray Stache, Lisa Pittman and Helen Cauthen of Cushman & Wakefield represented the landlord, Indianapolis-based Scannell Properties, in the leasing negotiations. NVH Korea marks the sixth major tenant to lease space at Gardner Logistics Park.

June 26, 2023

Development Georgia Restaurant Retail Southeast

200 Peachtree Group Underway on Two Restaurant Developments in Downtown Atlanta

by John Nelson June 26, 2023

ATLANTA — 200 Peachtree Group , an Atlanta-based owner and operator of food-and-beverage/entertainment brands, is underway on the development of two restaurants located at 200 Peachtree St. in downtown Atlanta. SKOL Brewing Co., a craft brewery, will comprise 5,000 square feet and is expected to open later this year. Food, beverage and entertainment hall Valhalla Social is scheduled to open in spring or summer 2024 and will total 15,000 square feet, with seating for roughly 300 people. CNNA Architects is the architect for both projects, which hope to capitalize on major tourism events coming to downtown Atlanta, including the 2025 College Football Playoff National Championship and the 2026 FIFA World Cup.

June 26, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 53,559 SF Retail Center in Metro Atlanta

by John Nelson June 26, 2023

MARIETTA, GA. — JLL Capital Markets has brokered the sale of Merchant’s Festival, a 53,559-square-foot retail center located at 1401 Johnson Ferry Road in Marietta, roughly 20 miles northwest of Atlanta. Target shadow-anchors the center. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller, a real estate fund advised by Crow Holdings Capital. Last Mile Investments acquired the property for an undisclosed price. Tenants at Merchant’s Festival, which was 85 percent leased at the time of sale, include Which Wich, Leslie’s Swimming Pool Supplies, Verizon Wiresless, Orangetheory Fitness, Pearle Vision Express and Learning Express Gifts.

June 26, 2023

Leasing Activity Mississippi Retail Southeast

Marshalls to Open 21,160 SF Store at Outlet Mall in Pearl, Mississippi

by John Nelson June 26, 2023

PEARL, MISS. — Marshalls will open a new, 21,160-square-foot store at Outlets of Mississippi, a an outlet mall located in Pearl, roughly five miles outside Jackson, Miss. Scheduled to open later this summer and marking the eighth location in the state, the store will be situated in a space formerly occupied by Saks OFF 5TH. Scott Ferguson of FFO Real Estate Advisors oversees leasing at the property, which is part of the 166-acre The Connection mixed-use development. Other tenants at Outlets of Mississippi, which totals 325,000 square feet, include Polo Ralph Lauren Factory Store, Nike Factory, Cole Haan, Coach Outlet, Levi’s, Michael Kors, Gap Factory Store and Under Armour.

June 26, 2023

Florida Leasing Activity Office Southeast

Law Firm Signs 121,032 SF Office Lease Renewal in Miami

by John Nelson June 26, 2023

MIAMI — Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Todd Lippman and Shay Pope of CBRE represented the tenant.

June 26, 2023

Florida Market Reports Office Southeast Southeast Market Reports

Miami Continues to See Flight to Class A Offices Amid Record Rental Rates

by John Nelson June 26, 2023

A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over 81,000 square feet (compared to 76,000 square feet in the first quarter of 2022), marking the third-highest quarterly total since 2020. Most leasing activity occurred in the Central Business District (CBD) and in Class A product in Wynwood and Coral Gables as tenants continue to lease high-quality space. However, the lack of availability in quality product, as well as the overall economic uncertainty, has led to a slowdown in leasing volume to start 2023 — particularly among new-to-market tenants. Leasing activity totaled 750,000 square feet in the first quarter compared to 1.5 million in fourth-quarter 2022. The quarter closed with a 16.3 percent vacancy rate, the lowest level since the onset of the pandemic in early 2020. Class A availability fell 260 basis points to 21.1 percent year-over-year with the largest drops recorded in downtown Miami, which fell 540 basis …

June 26, 2023

Acquisitions Florida Multifamily Southeast

Waterton Buys 321-Unit Apartment Community in Plantation, Florida for $88M

by Hayden Spiess June 23, 2023

PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community located at 1650 Southwest 78th Ave. in the Broward County city of Plantation. South Florida Business Journal reports that Stiles and PGIM Real Estate sold the property for $88 million. Built in 2013 as part of the 860-acre Plantation Midtown master planned development, the community features one-, two- and three-bedroom residences within a 12-story tower. Amenities at the property include a business center, private work rooms, movie theater, resident lounge areas, dog park, catering kitchen and fitness center. The new owner plans to renovate the clubhouse and convert existing parking garage rooftop tennis courts to pickleball courts. Newmark’s South Florida team brokered the transaction.

June 23, 2023

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