Southeast

JLL Arranges $421.8M Refinancing for Atlanta’s Piedmont Center Office Complex

by Jeff Shaw August 5, 2021

ATLANTA — JLL’s Capital Markets group has arranged a $421.8 million refinancing for Piedmont Center in Atlanta. The 2.2 million square foot, 14-building, Class A office complex is located on Piedmont Road NE in Atlanta’s Buckhead submarket. Proceeds from the loan were used to purchase four additional office buildings within the complex and to refinance the debt of Ardent’s existing holdings within Piedmont Center. The tenant roster includes technology, healthcare and professional services companies. The area is served by a MARTA Station that provides transportation throughout the city of Atlanta, as well as several thoroughfares such as Georgia 400 and Peachtree, Roswell and Lenox roads. The office space is located four miles north of Midtown, which offers amenities from museums to shopping to recreation. JLL’s Capital Markets team represented the borrower, The Ardent Cos., in the transaction to secure the floating-rate loan from a bank lender. Matt Casey and Ed Coco led the JLL Capital Markets team, while JLL’s brokerage team of David Horne and Jeff Taylor won the assignment to lease buildings five through eight. “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace …

August 5, 2021

Acquisitions Multifamily Southeast Tennessee

CBRE Brokers $64M Sale of Apartment Community in Metro Nashville

by John Nelson August 4, 2021

MT. JULIET, TENN. — CBRE has arranged the $64 million sale of Creekside at Providence, a 209-unit apartment community located at 1001 Providence Parkway in Mt. Juliet, about 18 miles east of Nashville. Newport Beach, Calif.-based Olen Properties Corp. purchased the property for $64 million, or $306,220 per unit. Built by Dobbins Group in 2015, Creekside at Providence features a swimming pool, pet play area with washing station, car care center, business center, gym, playground, movie theater, game room, picnic area and walking/biking trails. The community is situated adjacent to Providence Marketplace, a shopping mall housing tenants such as Best Buy, Belk, Books-A-Million, Dick’s Sporting Goods, HomeGoods, Kroger, Old Navy, PetSmart, Regal Cinemas, Taco Bell, Target and The UPS Store. Russ Oldham and Brett Kingman of CBRE’s Nashville office represented the undisclosed seller in the transaction. Olen Properties was self-represented.

August 4, 2021

Acquisitions Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Rethink Community Buys Land in East Nashville, Plans to Develop Mixed-Use Project

by John Nelson August 4, 2021

NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.

August 4, 2021

Development Florida Mixed-Use Southeast

Flaherty & Collins to Build $66M Mixed-Use Development in Downtown Cape Coral, Florida

by John Nelson August 4, 2021

CAPE CORAL, FLA. — Flaherty & Collins Properties plans to develop The Cove at 47th, a $66 million mixed-use multifamily project in downtown Cape Coral. The property will include 285 luxury apartments and 19,000 square feet of commercial space on the ground level, as well as a rooftop pool and lounge. The Cove will prominently feature studios, one- and two-bedroom apartments to attract younger renters. The Cape Coral Community Redevelopment Agency recently approved the development, which is a public-private partnership between the City of Cape Coral and Flaherty & Collins. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. The 3.9-acre site is situated at the corner of Cape Coral Parkway East and SE 8th Court near Corksoakers restaurant. Flaherty & Collins purchased the land from an entity doing business as Downtown Village Square LLC. Paulette duCharme Hansen of Miloff Aubuchon Realty Group negotiated the land sale. Flaherty & Collins is aiming to break ground in early 2022, with first units coming in spring 2023. Full project completion is estimated for fall 2023.

August 4, 2021

Acquisitions Alabama Multifamily Southeast

Arch Cos., Drake Acquire Multifamily Portfolio in Tuscaloosa Totaling 649 Units

by John Nelson August 4, 2021

TUSCALOOSA, ALA. — A partnership between Arch Cos. and Drake Real Estate Partners has purchased a three-property multifamily portfolio in Tuscaloosa totaling 649 units. The communities in the sold portfolio include Broadmoor Gardens, Copper Greek and Woodlawn Manor. The seller(s) and sales price was not disclosed. Arch will be implementing value-add capital improvements to the portfolio through its Arch Builders division and operate the communities in-house. Arch Cos. and Drake have purchased three garden-style portfolios in the past five months. The partners jointly own approximately 2,000 multifamily units. The investment sales brokers for this transaction include Josh Jacobs of Marcus & Millichap and Brian Savage of Colliers International. Walker & Dunlop arranged acquisition financing.

August 4, 2021

Acquisitions Office Southeast Virginia

S.L. Nusbaum Arranges $15.7M Sale of Three Office Buildings in Virginia Beach

by John Nelson August 4, 2021

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Buildings Four, Five and Six within Pembroke Office Park in Virginia Beach. The three buildings total 167,660 square feet of Class B office space. Suburban Capital sold the buildings to the undisclosed buyer for $15.7 million. Pembroke Office Park is a 300,000-square-foot office park with five multi-tenant office buildings. The property is located close to Pembroke Mall, as well as retail, dining, hospitality and entertainment options at Town Center of Virginia Beach, a 25-acre lifestyle center in the city’s downtown district fronting the Atlantic Ocean. Stephanie Sanker and Sam Rapoport of S.L. Nusbaum Realty worked with Ten-X to represent the seller. The new owner has retained S.L. Nusbaum Realty to provide leasing and management services for the property.

August 4, 2021

Acquisitions Development Georgia Industrial Southeast

Seefried Industrial Buys 53 Acres in Metro Atlanta, Plans Spec Industrial Project

by John Nelson August 3, 2021

BUFORD, GA. — Seefried Industrial Properties, along with an unnamed institutional partner, has purchased 53 acres in Buford for the development of a new speculative industrial project near Interstate 85. Stuart Bracey of Hughes Commercial represented Atlanta-based Seefried Industrial in the land acquisition. The two-building development, known as Gravel 85 Distribution Center, will span 626,616 square feet and include 384 parking spaces, 108 trailer spaces and 135- to 180-foot truck courts. The development team includes civil engineer Eberly & Associates and Randall Paulson Architects. Construction is set to begin in October.

August 3, 2021

Development North Carolina Office Southeast

JLL Secures Construction Financing for 533,889 SF Bandwidth Office Headquarters in Raleigh

by John Nelson August 3, 2021

RALEIGH, N.C. — JLL Capital Markets has secured equity and debt financing for the development of a 533,889-square-foot office campus in Raleigh that will serve as the corporate headquarters for Bandwidth Inc., a locally based software firm. The project is slated for completion in first-quarter 2023. Roger Edwards, Travis Anderson, Michael George, Coler Yoakam and Warren Johnson of JLL arranged the financing on behalf of the developer, a joint venture between East West Partners and Capitol Broadcasting Co. USAA Real Estate provided equity for the build-to-suit project, and Wells Fargo provided a construction loan. The loan and equity amount were not disclosed. The new campus will feature 460,073 square feet of Class A office space, a 29,091-square-foot fitness center, 13,425-square-foot recreational area, 31,300-square-foot Montessori School, an onsite amphitheater, walking trails, café, recreation fields and an onsite parking garage that will provide approximately 1,859 spaces. Located at the corner of Reedy Creek and Edwards Mill roads, the office building will be situated on 23.3 acres. Bandwidth plans to consolidate its three existing locations in Raleigh into the new development. The firm also owns 17 adjacent acres suitable for future expansion.

August 3, 2021

Development Florida Retail Southeast

Branch Breaks Ground on Publix-Anchored Shopping Center in Milton, Florida

by John Nelson August 3, 2021

MILTON, FLA. — Branch Properties has broken ground on Merganser Commons at Dogwood Estates, a Publix-anchored shopping center in Milton. The grocer will occupy 46,811 square feet and be the first Publix store in the city. Overall, Merganser Commons will span 66,921 square feet and feature retail, dining and service-oriented tenants. Branch Properties’ partner on the project is Merganser Enterprises LLC, a retail developer based in Smyrna, Ga. Branch Properties plans to deliver the center in spring 2022. Merganser Commons is the sixth shopping center in Branch Properties’ development pipeline, including three in metro Atlanta, one in Huntsville and another in Upstate South Carolina.

August 3, 2021

Acquisitions Georgia Retail Southeast

SRS Arranges $11M Sale of Big Lots-Anchored Shopping Center in Metro Atlanta

by John Nelson August 3, 2021

MARIETTA, GA. — SRS Real Estate Partners has brokered the $11 million sale of Market Square, a 137,889-square-foot shopping center located at 2932 Canton Road in Marietta. The center sits on 13.4 acres and houses tenants such as Big Lots, Ace Hardware and Planet Fitness. A privately held entity doing business as MSQ Realty LLC purchased the asset from an entity doing business as Wood Marietta Center LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented.

August 3, 2021

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