Southeast

Joint Venture Acquires Fresh Market Village in South Florida for $25.5M

by Julia Sanders October 19, 2021

JUPITER, FLA. — A joint venture between JB Capital Management and Royce Properties has acquired Fresh Market Village, a shopping center in Jupiter, for $25.5 million. Justin Smith of Atlantic Retail represented the seller, an entity doing business as Adar Jupiter LLC, in the transaction. The Fresh Market Village is a 55,046-square-foot center that was 97 percent leased at the time of sale to tenants including The Fresh Market, 2 Vinez Restaurant & Wine Bar, Starbucks Coffee, Casa Mia and Gretchen Scott Designs. Located at 311 E. Indiantown Road, the center is about 2.6 miles from Jupiter Beach, approximately 16.3 miles from West Palm Beach and about 20.7 miles from Palm Beach International Airport.

October 19, 2021

Acquisitions Alabama Retail Southeast

Franklin Street Arranges $16M Sale of Shopping Center in Gulf Shores, Alabama

by Julia Sanders October 19, 2021

GULF SHORES, ALA. — Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-square-foot shopping center in Gulf Shores. Bryan Belk and John Tennant of Franklin Street’s Atlanta-based Retail Investment Sales Team represented the seller, an affiliate of RCG Ventures, in the transaction. Atlanta-based Octave Holdings purchased the property for $16 million. Pelican Place at Craft Farms was 82.9 percent leased at the time of sale to tenants such as CMX Cinemas movie theater, Books-A-Million, Bed Bath & Beyond and Dollar Tree. The property is shadow-anchored by Target and Publix. Located at 3800 Gulf Shores Parkway, Pelican Place at Craft Farms is situated approximately 1.6 miles from the Jack Edwards National Airport. The property is also situated at the entrance of Craft Farms, a 150-acre master-planned community that features a golf course.

October 19, 2021

Acquisitions Louisiana Retail Southeast

Marcus & Millichap Brokers $4.9M Sale of Walgreens-Occupied Retail Property in Franklin, Louisiana

by Julia Sanders October 19, 2021

FRANKLIN, LA. — Marcus & Millichap has arranged the sale of a 14,820-square-foot net-leased retail property located at 2030 Main St. in Franklin. The property, which is net-leased to Walgreens, sold for $4.9 million. Brennan Clegg, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company, in the transaction. David Cutler, Joshua Johnson and Kirk Trammell of Marcus & Millichap represented the buyer, also a limited liability company. Chris Shaheen of Marcus & Millichap assisted in closing this transaction. The Walgreens property is situated 46.6 miles from Lafayette, about 1.3 miles from Franklin Foundation Hospital and within walking distance to a Walmart. Walgreens has 12.5 years left on its lease.

October 19, 2021

Acquisitions Florida Multifamily Southeast

Joint Venture Sells Apartment Community in Tarpon Springs, Florida for $65.7M

by Julia Sanders October 18, 2021

TARPON SPRINGS, FLA. — DDA Development, in partnership with Backstreets Capital and Atlantic American Partners, has sold Icaria on Pinellas, a 236-unit, Class A apartment complex in Tarpon Springs. The sales price was $65.7 million, or $278,179 per unit. Washington, D.C.-based RSE Capital Partners was the buyer. Walker & Dunlop represented the sellers. Located on 6.5 acres at 1185 South Pinellas Ave., Icaria on Pinellas offers a mix of one-, two- and three-bedroom units. The apartments feature nine-foot ceilings, granite countertops, hardwood-style flooring, walk-in closets and stainless steel appliances. Community amenities include a clubhouse, outdoor grilling stations, pool with lounge and veranda spaces, 24-hour emergency maintenance, fitness center, bike storage and poolside yoga lawn and a fire pit. Built in October 2020, the property is fully leased.

October 18, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $57.5M Sale of Offices at Plantation Walk in South Florida

by Julia Sanders October 18, 2021

PLANTATION, FLA. — CBRE has arranged the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot office building in Plantation, to Vision Properties. Christian Lee, José Lobón and Marcos Minaya of CBRE, along with Jay Adams of Newmark, represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property. Offices at Plantation Walk is a seven-story office building located within the Plantation Walk, a $350 million, 27-acre mixed-use development that includes a hotel, approximately 131,000 square feet of retail space and 404 multifamily units. Offices at Plantation Walk, which was 92 percent leased at the time of sale, has a five-story parking structure with a parking ratio of five spaces per 1,000 square feet. The office building recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

October 18, 2021

Georgia Loans Multifamily Southeast

Berkadia Secures $49.7M Refinancing for Apartment Community in Metro Atlanta

by Julia Sanders October 18, 2021

NORCROSS, GA. — Berkadia has secured approximately $49.7 million in debt and equity for the refinancing of The Carter @ 4250, a 300-unit apartment community in Norcross. The financing includes a $33.1 million Freddie Mac loan that Mitch Sinberg and Brad Williamson of Berkadia arranged on behalf of the borrower, Miami-based One Real Estate Investment (OREI). The 10-year, floating-rate loan includes five years of interest-only payments. Addtionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital secured $16.6 million in equity from MLG Capital to complete the capital stack for OREI. Built in 1985, The Carter @ 4250 offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Units feature hardwood-style flooring, stainless steel appliances, a gas range, carpeting, electronic thermostats, washer and dryer hookups and patio and balconies. Community amenities include a saltwater swimming pool, fitness center with free weights, playground, dog park, laundry center and a barbecue and picnic area. The property was 97.7 percent occupied at the time of financing. Located at 4250 Jimmy Carter Blvd., The Carter @ 4250 is situated near Interstate 85 and Jimmy Carter Boulevard. The property is also 21.8 miles from downtown Atlanta …

October 18, 2021

Acquisitions Mississippi Office Southeast

Concord Capital Acquires Majority Stake in 75,000 SF Office Building in Ridgeland, Mississippi

by Julia Sanders October 18, 2021

RIDGELAND, MISS. — Concord Capital LLC has acquired a 58 percent controlling interest in 300 Concourse, a 75,000-square-foot, three-story office building in Ridgeland. First National Bankers Bank, Glacier Holdings LLC and FEI Building LLC sold their stakes to Concord Capital for an undisclosed price. Concord Capital purchased three of the office building’s five condominiums. Located at 300 Concourse Blvd., 300 Concourse is situated within Colony Park, a 430-acre, mixed-use property with four office campuses, a 95-acre neighborhood development, two hotels and a 500,000-square-foot retail center. Built in 2007, 300 Concourse includes tenants such as Hub International, an insurance brokerage company, Wells Marble & Hurst, a law firm and First National Bankers Bank, a commercial bank. Concord Capital is the acquisition and development arm for commercial real estate industry veterans Breck Hines, Ted Duckworth and John Michael Holtmann. Concord and its affiliates also own the 200, 400 and 600 Concourse buildings. With the acquisition of 300 Concourse, the company’s total owned square footage in the Colony Park development spans 237,000 square feet. Leigh Pace of Hancock Whitney Bank originated acquisition financing, and Robert Hutchison of Butler Snow LLP provided legal counsel for Concord Capital in the transaction.

October 18, 2021

Acquisitions Multifamily South Carolina Southeast

Aline Capital Brokers $21.5M Sale of Apartment Complex in Charleston

by Julia Sanders October 18, 2021

CHARLESTON, S.C. — Aline Capital’s Multifamily Advisory Group has brokered the sale of Forest Cove Apartments, a 184-unit apartment community in Charleston. Greenville, S.C.-based Aline Capital represented the seller, Edac Enterprises, in the transaction. Eskay Management purchased the property for $21.5 million. Forest Cove offers one- and two-bedroom floorplans with a rental range of $950 to $1,075. The units range in size from 650 to 900 square feet with features including walk-in closets, hardwood floors, air conditioning, granite countertops and washer and dryer hookups. Community amenities include an onsite property manager, pool with a grill and an onsite laundry center. Located at 1092 Berkeley St., the apartment community is situated close to Interstates 26 and 526. The property is also located 13.1 miles from downtown Charleston, approximately 5.9 miles from Charleston International Airport and 5.4 miles from Tanger Outlets Charleston.

October 18, 2021

Florida Life Sciences Market Reports Retail Southeast Southeast Market Reports

Orlando Retail Market Experiencing Record Investor Demand and Pricing

by John Nelson October 18, 2021

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows. According to data from CoStar Group, the metro’s average rental rate of $15.84 per square foot in the second quarter is more than 7 percent higher than the pre-pandemic peak. And occupancy rates are 40 basis point higher than the pre-COVID-19 peak, currently standing at 96.4 percent. With escalating land prices and shortages in raw materials and labor, we anticipate overall construction costs will continue to increase, stalling deliveries and further advancing rental and occupancy rates. Last year, some retail owners (sellers) and investors (buyers) focused on asset management within their portfolios and reevaluated the perceived investment risk due to the pandemic, which caused a sharp dropoff in 2020 investment activity, despite an abundance of capital available to invest. After a couple quarters of fundamentals bottoming out, owners and investors had confidence in their …

October 18, 2021

Florida Hospitality Loans Mixed-Use Multifamily Retail Southeast Top Stories

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders October 15, 2021

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

October 15, 2021

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