Southeast

Rosewood Realty Sells Multifamily Property in Metro Tampa for $71M

by John Nelson May 6, 2022

LAND O’ LAKES, FLA. — New York City-based brokerage firm Rosewood Realty Group has arranged the $71 million sale of The Lakes at Collier Commons, a 252-unit multifamily property in Land O’ Lakes. Rosewood Realty represented the buyer, Triwest Development, a multifamily investment company based in El Segundo, Calif. Rosewood Realty also represented the seller, Primerica Group One, a Tampa-based real estate development firm. Located approximately 20 miles north of downtown Tampa, Lakes at Collier Commons was built in 2004 and consists of 10 buildings spanning more than 200,000 square feet. The average unit size is over 1,100 square feet. The development features a pool, fitness center, business center, spa, playground, clubhouse, volleyball court and a pond.

May 6, 2022

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

by John Nelson May 6, 2022

NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …

May 6, 2022

Development Hospitality South Carolina Southeast

Jalaram Hotels Opens 81-Room Holiday Inn Express Gaffney in South Carolina

by John Nelson May 6, 2022

GAFFNEY, S.C. — Jalaram Hotels Inc. has opened the Holiday Inn Express Gaffney, an 81-room hotel located in Gaffney, a South Carolina town along Interstate 85 that is equidistant between Greenville and Charlotte. Providence, R.I.-based TPG Hotels, Resorts & Marinas operates the hotel, which is situated across from the Gaffney Outlet Mall. The Holiday Inn Express Gaffney features meeting space, complimentary breakfast, Wi-Fi, a business center, fitness center and an outdoor swimming pool. Jalaram Hotels is based in St. Augustine, Fla., and has several hotels in northeast Florida in its ownership and management portfolio.

May 6, 2022

Acquisitions Georgia Retail Southeast

Palomar Group Arranges $2.9M Sale of Retail Strip Center in Macon, Georgia

by John Nelson May 6, 2022

MACON, GA. — The Palomar Group has arranged the $2.9 million sale of a 32,676-square-foot retail strip center located at 888 Pierce Ave. in Macon. The fully leased property includes tenants Dollar General, Buddy’s Furniture and Mattress Barn. Robbie Romeiser of Spencer/Hines Properties represented the buyer, an unnamed private investor based in South Carolina, in the transaction. The seller was an unnamed regional shopping center developer and owner based in Georgia.

May 6, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Development Florida Leasing Activity Retail Southeast

Elev8 Fun to Replace Former Sears at Simon’s Treasure Coast Square Mall in Jensen Beach, Florida

by John Nelson May 5, 2022

JENSEN BEACH, FLA. — Simon Property Group has signed Elev8 Fun to a 115,000-square-foot lease to backfill a former Sears department store at Treasure Coast Square Mall in Jensen Beach, a suburb of Port St. Lucie. The entertainment venue will feature go-carts, arcade games, laser tag, 12 bowling lanes and axe throwing, as well as party rooms, meeting space and a restaurant with a full bar. This location will be the third Florida venue for Elev8 Fun, which has identified 15 potential locations at malls and shopping centers around the state for its expansion. PrimeTime Amusements, a gaming machine supplier based in Fort Lauderdale, is a partner in the new Elev8 Fun location at Treasure Coast Square Mall.

May 5, 2022

Acquisitions Georgia Loans Multifamily Southeast

Eastern Union Arranges $48M Acquisition Loan for Optimist Lofts in Atlanta

by John Nelson May 5, 2022

ATLANTA — Eastern Union has arranged a $48 million bridge loan for the acquisition of Optimist Lofts, a 212-unit multifamily property situated at 2115 Piedmont Road NE in Atlanta’s Midtown district. The two-year, interest-only loan carries an interest rate underwritten at SOFR (secured overnight financing rate) plus 345 basis points, and features three one-year extension options. Completed in 2008, the property consists of 203 conventional units and nine “live/work” units housed in four three- and four-story buildings. The property also includes six ground-floor retail spaces totaling 8,026 square feet. The unidentified borrower and property owner is planning to undertake a multimillion-dollar capital expenditure initiative for improvements to approximately half of the units, as well as various exterior and common area renovations and site upgrades.

May 5, 2022

Development Georgia Industrial Leasing Activity Southeast

Duke Realty Signs Newline Interactive to 113,400 SF Industrial Lease Near Port of Savannah

by John Nelson May 5, 2022

GARDEN CITY, GA. — Duke Realty Corp. has signed Newline Interactive, a manufacturer of touch display screens and other interactive communication hardware, to a 113,400-square-foot industrial lease approximately two miles from the Port of Savannah. The tenant will fully occupy a speculative facility currently under development at 15 Aviation Court in Garden City, which is situated on a nearly 10-acre site. The facility is designed to achieve LEED certification and will feature a clear height of 30 feet, 30 dock doors and 32 trailer parking spots. Cushman & Wakefield | Gilbert & Ezelle served as the tenant representative for the lease negotiations, and Brian Sutton represented Duke Realty internally. The lease with Newline brings Duke Realty’s 8.2 million-square-foot portfolio in the Savannah area to full occupancy.

May 5, 2022

Leasing Activity Life Sciences North Carolina Southeast

Medical Device Manufacturer Leases 50,255 SF at Life Sciences Campus in Durham

by John Nelson May 5, 2022

DURHAM, N.C. — Restor3d, a locally based medical device manufacturer specializing in 3D-printed implants, has signed a 50,255 lease at Park Point, a 100-acre life sciences and creative campus within Research Triangle Park (RTP) in Durham. Restor3d will occupy 22,716 square feet on the first floor of the Edge West building and 27,509 square feet at the Grid building. The tenant aims to move into its space in the first quarter of 2023. Doug Cook of Cushman & Wakefield leads leasing efforts at Park Point on behalf of the landlord, Trinity Capital Advisors. Tucker Shade of Savills represented Restor3d in the lease negotiations.

May 5, 2022

Acquisitions Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $8.8M Fannie Mae Loan for Tindall Park Apartments in Charlotte

by John Nelson May 5, 2022

CHARLOTTE, N.C. — Colliers Mortgage has provided an $8.8 million Fannie Mae loan for the acquisition of Tindall Park at South Park Apartment Homes, a 37-unit, market-rate multifamily property located at 6023 Tindall Park Road in Charlotte. The loan carries a five-year term and a 30-year amortization schedule. The borrower is Los Angeles-based Summit Equity Investments. Built in 2017, Tindall Park at South Park is a pet-friendly property featuring conference rooms, a library, 24/7 gym, onsite property management, community-wide Wi-Fi, elevator and a lounge.

May 5, 2022

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