Sunday, January 12, 2025
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AcquisitionsAffordable HousingDevelopmentGeorgiaHospitalityMultifamilySoutheast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

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GeorgiaIndustrialLeasing ActivitySoutheast

Colliers Arranges 215,822 SF Industrial Lease in Newnan, Georgia

by John Nelson

NEWNAN, GA. — Colliers has arranged a 10-year, full-building lease at Scout 85 Logistics, a 215,822-square-foot industrial building situated within Coweta Industrial Park in Newnan, a southwest suburb of Atlanta. Andrea Hopper and Jimmy Cohoat of Colliers’ Indianapolis office, along with Scott Plomgren of the firm’s Atlanta office, represented the tenant, Integrated Distribution Services (IDS), in the lease transaction. The landlord is Miami-based Scout Cold Logistics. Situated at 495 Coweta Industrial Parkway, the property offers proximity to the CSX Palmetto Industrial Facility and Hartsfield-Jackson Atlanta International Airport for IDS, a third-party logistics provider.

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AcquisitionsMississippiSelf-StorageSoutheast

Marcus & Millichap Closes Sale of 314-Unit Self-Storage Facility in Columbus, Mississippi

by John Nelson

COLUMBUS, MISS. — Marcus & Millichap has closed the sale of Friendly City Mini Warehouses, a 314-unit self-storage property located on a 3.3-acre site at 7627 Highway 45 N in Columbus. Phase II of the property is currently in lease-up. Matthew Porter of Marcus & Millichap’s Memphis office represented the seller, Peter Imes, in the sale. The buyer and sales price were not disclosed. Mickey Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction. Built in 2022 and expanded earlier this year, Friendly City Mini Warehouses features 163 climate-controlled units and 145 non-climate-controlled units across 47,720 net rentable square feet. The facility, which was 91 percent leased at the time of sale, features 24-hour digital surveillance and gated entry with coded access.

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DevelopmentIndustrialKentuckySoutheast

Philip Morris to Invest $232M to Expand Zyn Manufacturing Facility in Western Kentucky

by John Nelson

OWENSBORO, KY. — Philip Morris International plans to invest $232 million via one of its Swedish Match affiliates for the expansion of its Owensboro manufacturing facility in western Kentucky. The direct investment into this facility, which produces Zyn nicotine pouches, will increase production capacity by 40 percent (around 900 million cans of capacity for 2025). The expansion is currently underway and is expected to create an additional 450 direct jobs with an ongoing annual economic impact of $277 million, as well as an additional 410 indirect jobs. The Swedish Match Owensboro facility currently has about 1,100 employees. Philip Morris expects to complete the expansion by second-quarter 2025. In July, Philip Morris announced plans to invest $600 million to open a Zyn manufacturing plant in Aurora, Colo.

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DevelopmentKentuckySoutheastStudent Housing

Public-Private Partnership to Develop 649-Bed Residence Hall at University of Kentucky

by John Nelson

LEXINGTON, KY. — A public-private partnership between Harrison Street, Greystar Real Estate Partners and the University of Kentucky is set to break ground on a 649-bed residence hall project on the university’s campus in Lexington. The community will replace the university’s former Kirwan-Blanding Complex and offer 344 units. The project is being developed to support the institution’s enrollment growth, as a record number of first-year students were admitted to the university at the start of the past academic year. Further details on the community, which is expected for completion in 2026, were not disclosed. This development is the latest by this partnership, joining 14 existing residence halls consisting of 6,850 beds on the university’s campus.

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AcquisitionsFloridaIndustrialSoutheastTennessee

Faropoint Purchases Industrial Portfolio in Jacksonville, Memphis for $105M

by John Nelson

JACKSONVILLE, FLA. AND MEMPHIS, TENN. — Faropoint has purchased a 16-building industrial portfolio in two Southeast markets: Jacksonville and Memphis. The Hoboken, N.J.-based firm acquired the 1.7 million-square-foot portfolio from New York-based Brookfield Asset Management for $105 million. Eastdil Secured brokered the off-market transaction. The names and addresses of the assets were not disclosed, but the portfolio comprises 45 suites across four Jacksonville properties and 12 buildings in Memphis.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Merritt Properties Acquires 200,328 SF Office Park in Jacksonville for Industrial Conversion

by John Nelson

JACKSONVILLE, FLA. — Merritt Properties has acquired a five-building, single-story office park located at 5022 Gate Parkway in Jacksonville for $19.6 million. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the seller, Boston-based Taurus Investment Group, in the transaction. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway and is being converted to light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. Situated within St. Johns Town Center, the 200,328-square-foot park is located directly off J. Turner Butler Boulevard in south Duval County. Space is available beginning at 3,500 square feet. Merritt at Gate Parkway’s existing tenants include DB Structured Products and MMI. Since entering the market in 2021, Merritt Properties’ Jacksonville portfolio now exceeds 500,000 square feet.

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AcquisitionsLoansMultifamilySoutheastTennessee

Colliers Mortgage Provides $8.1M Agency Acquisition Loan for Apartment Community in Clarksville, Tennessee

by John Nelson

CLARKSVILLE, TENN. — Colliers Mortgage has provided an $8.1 million Fannie Mae loan for the acquisition of East Johnson Apartments, an 86-unit market-rate community in Clarksville, about 50 miles northwest of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the five-year loan on behalf of the borrower, an entity doing business as East Johnson LLC. Built in 2023, East Johnson Apartments features amenities including electric vehicle charging stations and a dog park.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Careful Balance of Business Fundamentals, Quality Care Is Key to Seniors Housing Success, Say InterFace Panelists

by John Nelson

By John Nelson Seniors housing is a sector that has a long track record of carefully balancing care for its residents with the fundamentals of real estate, namely the return on investment in the form of monthly rental rates. Equity and debt partners have appreciated the sector as an investment vehicle for decades, but are now fully grasping how important operators are to realizing those gains. This was the topic of discussion among the “power panel” of executives at InterFace Seniors Southeast, an annual conference that was held at Westin Buckhead Atlanta on Wednesday, Aug. 28. Panelists were asked by moderator John Lariccia, CEO and founder of WelcomeHome Software, to summarize the state of the seniors housing industry in a single word. Doug Schiffer, president and chief operating officer of Allegro Senior Living, selected “encouraged” as the best term to describe the current mood of the sector. “The encouragement comes into the fact that both versions of capital, whether it was equity or debt, have actually recognized now the importance of the operator,” said Schiffer. “For quite some time, it was about the importance of the real estate and how the buildings were designed, and then ‘we’ll go find an …

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FloridaLoansOfficeSoutheast

CBRE Arranges $96M Refinancing for Office Building in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — CBRE has arranged a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower located at 515 N. Flagler Drive in West Palm Beach. The 21-story property was 92 percent leased to 48 tenants at the time of financing. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. The investment group has maintained and renovated the office building with over $18 million of recent capital investments, including multi-tenant floor renovations, speculative suite build-outs, elevator and lobby renovations and exterior upgrades. Since the start of 2022, the owners have executed 88,000 square feet of leases at Northbridge Centre.

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