Southeast

StoneBridge Investments Acquires Apartment Community in Durham for $56.2M

by Julia Sanders February 2, 2022

DURHAM, N.C. — StoneBridge Investments has acquired Haven at Patterson Place, a 242-unit apartment community in Durham, for $56.2 million. Howard Jenkins and Kevin Kempf of CBRE’s Southeast Multifamily team represented the seller, an affiliate of Washington, D.C.-based FCP. This property is StoneBridge’s fourth acquisition in the Raleigh-Durham market, and now the company owns a portfolio of more than 1,000 units in the Research Triangle area. Built in 2002, Haven at Patterson Place offers one-, two- and three-bedroom floorplans with an average range of 669 to 1,404 square feet. Community amenities include a swimming pool, fitness center, clubhouse, cyber café, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station and complimentary package service. StoneBridge plans to make renovations to the property including modernizing clubhouse design and decor, adding a 24-hour touchless package locker system and enhancing the pool and outdoor lounge areas. Unit renovations will include the addition of stainless steel appliances, granite countertops, modern Shaker style cabinet fronts, subway tile backsplashes, a modern lighting package, vinyl plank flooring, washer-dryer sets in all units and a tech package. Located at 5110 Old Chapel Hill Road, the property is situated near Interstate 40 and N.C. Highway …

February 2, 2022

Acquisitions Florida Industrial Southeast

Seagis Purchases 60,831 SF Warehouse and Distribution Facility in Miramar, Florida

by Julia Sanders February 2, 2022

MIRAMAR, FLA. — Conshohocken, Penn.-based Seagis Property Group LP has purchased a 60,831-square-foot warehouse and distribution facility in Miramar. Tommy Gil of Vivo Real Estate Group Inc. represented the buyer in the transaction, while the seller, Megacenter US LLC, was self-represented by Bryan Demello. The sales price was $13.3 million. The property, which is being rebranded as Seagis @ Riviera Boulevard, is immediately available for lease and was vacant at the time of sale. Completed in 2021, Seagis @ Riviera Boulevard features 32-foot clear heights, six dock-high doors, five drive-in doors, a 1.4 per 1,000 parking ratio and the flexibility to accommodate tenants from 25,000 to 60,831 square feet. Located at 7481 Riviera Blvd., the property is situated along the Florida Turnpike. Seagis plans to make renovations on the interior of the property including an addition to office space to complement the distribution facility.

February 2, 2022

Development Leasing Activity North Carolina Retail Southeast

BayHaven Restaurant Group to Open Four Restaurant Concepts at Charlotte’s Camp North End

by Julia Sanders February 2, 2022

CHARLOTTE, N.C. — BayHaven Restaurant Group, led by chefs Gregory Collier and Subrina Collier, plans to open four new food concepts at Camp North End in Charlotte. The four concepts — Passage Seafood, The Abyss, Bird Is The Word and B.A.D. (Beyond Amazing Donuts) — are expected to open this summer. Developed by ATCO Properties & Management, Camp North End is a mixed-use development located on 76 acres just north of Uptown Charlotte. The project currently has over 300,000 square feet of space already redeveloped for offices, artistic expression, dining and hospitality, entertainment, recreation and community building use, and another 1.5 million square feet is in the works. Construction on the office, retail and parking garage portions of Phase II are slated for completion by June, while the multifamily component is expected to begin construction this year and be complete in 2024. B.A.D. is a donut concept created by pastry chef Jasmine Macon. Bird is the Word is a chicken counter service concept. Passage Seafood will be a seafood restaurant. The Abyss is a modern speakeasy that will offer craft cocktails, food options from Passage Seafood and a late-night menu. Located at 201 Camp Road, the four concepts will line …

February 2, 2022

Acquisitions Alabama Industrial Southeast

Monmouth Real Estate Acquires Distribution Center Near Birmingham for $51.7M

by Julia Sanders February 1, 2022

VANCE, ALA. — Holmdel, N.J.-based Monmouth Real Estate Investment Corp. has acquired a 530,000-square-foot distribution center in Vance for $51.7 million. The seller was not disclosed. The distribution center is net-leased for 10 years to automobile giant Mercedes-Benz U.S. International Inc. The building will serve Mercedes-Benz’s new electric vehicle assembly line. Located at 11146 Will Walker Road on approximately 53.5 acres, the property is situated 37.3 miles from Birmingham and 21.3 miles from Tuscaloosa. Monmouth specializes in single tenant, net-leased industrial properties. The firm’s portfolio includes 124 properties with a total of approximately 25.7 million rentable square feet and an occupancy rate of 99.7 percent.

February 1, 2022

Florida Loans Multifamily Southeast

JLL Provides $37M Agency Refinancing for Multifamily Portfolio in Gainesville, Florida

by Julia Sanders February 1, 2022

GAINESVILLE, FLA. — JLL Capital Markets has secured $37 million for the refinancing of a four-property, 460-unit multifamily portfolio in Gainesville. Elliott Throne, Kenny Cutler and Karim Khaiboullin of JLL worked on behalf of the borrower, American Commercial Realty, to secure the 10-year, fixed-rate Fannie Mae loans. JLL Real Estate Capital LLC, a Fannie Mae DUS lender and a wholly owned indirect subsidiary of Jones Lang LaSalle Inc., will service the loans. The properties include the 141-unit Hammocks by Butler, the 98-unit Hammocks off 6th, the 69-unit Hammocks on 34th and the 152-unit Hammocks on 20th. American Commercial Realty recently completed renovations on all four properties, including updated amenities and new floors, quartz countertops, stainless steel appliances, modern cabinetry and walk-in closets in the units. Community amenities at the portfolio include swimming pools, outdoor grilling stations and fitness centers. The four multifamily communities are located close to Interstate 75, the University of Florida and Shands Medical Center. Three of the four properties are near Butler Plaza, a shopping center development with over 150 stores and restaurants.

February 1, 2022

Acquisitions Georgia Retail Southeast

Palomar Group Arranges $16.8M Sale of Shopping Center in Metro Atlanta

by Julia Sanders February 1, 2022

STONECREST, GA. — The Palomar Group has arranged the sale of Turner Hill Marketplace, a 124,294-square-foot shopping center in Stonecrest, about 21.4 miles east of downtown Atlanta. A joint venture between Miami-based firms M Street Holdings and Highline Real Estate Capital acquired the property for $16.8 million. The Palomar Group represented the seller, Atlanta-based RCG Ventures, in the transaction. Built in 2001 and renovated in 2017, Turner Hill Marketplace is fully occupied by tenants such as Burlington, American Signature Furniture and Chapel Beauty. There are seven years remaining on the Burlington lease, and the American Signature Furniture and Chapel Beauty locations have new 10-year leases. Located on 2918 Turner Hill Road, Turner Hill Marketplace has access to Interstate 20 is situated 27 miles from Hartsfield-Jackson Atlanta International Airport.

February 1, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $11.9M Sale of Kroger-Anchored Shopping Center in Lake City, Georgia

by Julia Sanders February 1, 2022

LAKE CITY, GA. — Marcus & Millichap has brokered the $11.9 million sale of Lake City Commons, a 91,494-square-foot, Kroger-anchored shopping center in Lake City. Zach Taylor of Marcus & Millichap’s Taylor-McMinn Retail Group represented the seller, New York City-based SomeraRoad. The buyer, Forge Capital, a private real estate fund based in Tampa, completed an assumption of existing CMBS debt on the property. “Selling property with existing CMBS debt that must be assumed is historically difficult, but with the demand for well-located, grocery-anchored centers as high as it has ever been, there were many bidders competing for Lake City Commons,” says Taylor.

February 1, 2022

Acquisitions Retail Southeast Tennessee

Matthews Negotiates $11.8M Sale of Shopping Center in Metro Nashville

by Julia Sanders February 1, 2022

FRANKLIN, TENN. — Matthews Real Estate Investment Services has negotiated the $11.8 million sale of Carothers Crossing, a shopping center located in Franklin. Hutt Cooke and Clay Smith of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. The buyer was also not disclosed. Carothers Crossing is fully occupied by tenants such as Starbucks, FirstBank and Pacific Dental. The property includes an outparcel occupied by Life Time Fitness. The property also includes seven triple net leases. Located at 5040 Carothers Parkway, the property is situated off Interstate 65 and is 21.8 miles from Nashville.

February 1, 2022

Content Partner Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Investment, Financing in Seniors Housing Driven by Property Performance

by Sarah Daniels February 1, 2022

If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …

February 1, 2022

Acquisitions Development Florida Industrial Southeast

Joint Venture Purchases 115-Acre Parcel in Jupiter, Florida for Industrial Development

by Julia Sanders January 31, 2022

JUPITER, FLA. — A joint venture between PCCP LLC, Woodmont Industrial Partners and Butters has purchased 115 acres in Jupiter. The site is situated within Palm Beach Park of Commerce, a 1,200-acre master-planned industrial park located 23 miles northwest of West Palm Beach. The seller and sales price for the land were not disclosed. The parcel is zoned for industrial use and the site plan approval is now in process. The joint venture plans to develop eight industrial buildings totaling approximately 1.5 million square feet at the site. The speculative project will feature concrete tilt-up construction, and the first two buildings for development will include a 301,145-square-foot warehouse with anticipated completion in January 2023 and a 50,094-square-foot warehouse anticipated for completion in July 2023. Palm Beach Park of Commerce is home to more than 70 businesses and 1,400 employees with tenants including Amazon, Walgreens, CSX and McLane. The site is situated close to the Florida Turnpike and Interstate 95.

January 31, 2022

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