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Southeast

Roswell Market Place
AcquisitionsGeorgiaRetailSoutheast

JLL Brokers $37.6M Sale of Sprouts-Anchored Shopping Center in Roswell, Georgia

by Julia Sanders

ROSWELL, GA. — JLL Capital Markets has brokered the $37.6 million sale of Roswell Market Place, a fully leased, 95,522-square-foot shopping center in the metro Atlanta city of Roswell. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the locally based seller, Branch Properties LLC, in the sale. East Coast Acquisitions acquired the property. Roswell Market Place is located at 10800 Alpharetta Highway. Built in 1986 and most recently renovated in 2015 and 2016, the retail property is anchored by Sprouts Farmers Market. The property’s tenant roster also includes Starbucks, Chipotle, Subway, Hollywood Feed, Another Broken Egg Cafe, Bad Daddy’s Burger Bar and Tin Drum. Branch Properties LLC is a private real estate investment firm primarily focused on the acquisition and development of high-quality, grocery anchored shopping centers located in the Southeastern United States. East Coast Acquisitions (ECA) is a Tampa-based real estate investment firm focused on the acquisition of grocery-anchored retail centers in core and robust secondary markets.

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Hurstbourne Heights
KentuckyLoansMultifamilySoutheast

NorthMarq Provides $10.8M HUD-Insured Loan for Hurstbourne Heights Apartments in Louisville

by Julia Sanders

LOUISVILLE, KY. — NorthMarq has provided a $10.8 million HUD-insured loan for the refinancing of Hurstbourne Heights Apartments, an 84-unit multifamily property located at 7603 Downs Farm Place in Louisville. The transaction was structured with a fully-amortizing 35-year term. Randall Waddell of NorthMarq originated the non-recourse, fixed-rate loan on behalf of the undisclosed borrower. Hurstbourne Heights is located in the Highview area of Jefferson County, and situated close to GE’s Appliance Park, Ford’s SUV assembly plant and the Louisville Muhammad Ali International Airport. Constructed in 2019, the property is managed by PMR Cos. NorthMarq Finance LLC, a fully licensed Federal Housing Administration (FHA) lender and approved Ginnie Mae seller/servicer through HUD’s 223(f) program, funded the loan. The borrower received benefits from the program including the highest loan-to-value ratio available in the market, low fixed interest rates based on Ginnie Mae securities, greater cash flow due to the 35-year amortization schedule and a borrower-friendly prepayment provision.

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Delray Commons
AcquisitionsFloridaRetailSoutheast

PEBB Enterprises, Topvalco Acquire Delray Commons Shopping Center in South Florida for $10.5M

by Julia Sanders

DELRAY BEACH, FLA. — PEBB Enterprises has acquired Delray Commons, a 71,000-square-foot shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. The Boca Raton, Fla.-based company formed a joint venture dubbed KP Delray LLC with the center’s existing owner, Cincinnati-based Topvalco Inc., for the acquisition. The sales price was $10.5 million. Built in 1981, Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King outparcel and an approximately 2,000-square-foot Taco Bell outparcel. Sprouts Farmers Market has committed to anchor the center with a 23,256-square-foot store. PEBB previously owned Delray Commons before selling the property to a local venture in 2015, Topvalco acquired the center three years later. The partnership plans to completely redevelop the center with a new façade, roof, parking lot, site lighting, signage and landscaping. The new ownership also has the ability to add another outparcel building along West Atlantic Avenue.

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Infield Apartments
DevelopmentFloridaMultifamilySoutheast

Latigo Group to Develop $82M Multifamily Project in Metro Orlando

by Julia Sanders

KISSIMMEE, FLA. — Los Angeles-based The Latigo Group plans to develop Infield Apartments, a 384-unit multifamily community in Kissimmee. The $82 million property will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Community amenities will include a two-story clubhouse, fitness center with a dry sauna, golf simulator and a resort-style pool. The property will be built on the site of a former county softball field at 1900 Ball Park Road. Construction will begin in July and initial occupancy is expected for late summer 2022. Greystar, a multifamily development and management firm based in Charleston, will manage the property. Principal Life Insurance Co. provided $45 million in construction debt for the project. Additionally, there was $22.6 million in investor equity, with $10 million coming from 207 individual CrowdStreet investors. There was also $15.7 million in preferred equity provided. The Latigo Group is a privately owned residential and mixed-use development and investment company. Latigo acquired the 25-acre site for Infield Apartments with an option to develop a second phase of apartments. The firm has two other ground-up projects under development in Central Florida, and currently owns an apartment property in Orlando.

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Ariel Springs
FloridaLoansMultifamilySoutheast

JLL Secures $15.9M Freddie Mac Loan for Ariel Springs Apartments in Spring Hill, Florida

by Julia Sanders

SPRING HILL, FLA. — JLL Capital Markets has secured a $15.9 million Freddie Mac loan for Ariel Springs, a garden-style multifamily property located at 3454 Suncoast Villa Way in Spring Hill, about 50 miles north of downtown Tampa. The apartment complex is currently 97.7 percent occupied and includes 470 one-, two- and three-bedroom units. Elliott Throne, Mona Carlton, Jesse Wright and Kenny Cutler of JLL arranged the fixed-rate financing on behalf of the borrower, Beachwold Residential, which acquired the property in December 2018 using $44 million in acquisition financing, also through Freddie Mac. The financing is the first supplemental loan on the property. Since acquiring the property, Beachwold Residential has invested about $3 million in renovations to both the interior and exterior of the property. Ariel Springs’ community amenities include a clubhouse, community car wash, entertainment area with a full kitchen, fitness center, swimming pool, business center, shuffleboard and basketball courts and direct access to the 42-mile Suncoast Bike Trail.

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Industrial building
AcquisitionsGeorgiaIndustrialSoutheast

Industrial Properties Group Arranges Sale of 143,590 SF Spec Building in Hartwell, Georgia

by Julia Sanders

HARTWELL, GA. — Industrial Properties Group Inc. has arranged the sale of a 143,590-square-foot speculative industrial building located at 2052 Knox Bridge Crossing Road in Hartwell. Developed in 2020 by Adams Hart Partners I LLC, the building is situated on 14.8 acres within Gateway Industrial Park, located one exit south of the Georgia-South Carolina border along Interstate 85. Industrial Properties Group represented the seller and Russell D. Dye of Avison Young (formerly The Simpson Co.) represented the buyer. Richard R. Holdings LLC, a regional manufacturer, bought the property for an undisclosed price. The seller plans to build a second 120,000-square-foot building within Gateway Industrial Park, which Industrial Properties Group will market.

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Two Addison Place
AcquisitionsGeorgiaMultifamilySoutheast

Continental Realty Corp. Acquires Two Addison Place Apartments Near Savannah

by Julia Sanders

POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …

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District of ColumbiaSoutheast

First-Time Claims for Unemployment Insurance Decrease to 376,000, Inflation Up to 13-Year High

by Julia Sanders

WASHINGTON, D.C. — A total of 376,000 Americans filed for first-time unemployment insurance assistance for the week that ended June 5, the U.S. Department of Labor reported Thursday. These claims were a decrease of 9,000 from the previous week’s unrevised unemployment claims of 385,000. Still, the claims were higher than the Dow Jones economists’ estimates of 370,000, according to CNBC. The most recent nonfarm payroll employment report showed the economy added 559,000 jobs in May, which was lower than what economists expected. With enhanced unemployment assistance in most states still available until September, some officials are worried about inflation. The U.S. Department of Labor reported that consumer prices in May increased at a faster pace than at any point since August 2008. Compared to one year ago, the consumer price index (CPI), which tracks the movement in prices for food, groceries, housing costs, energy and other commodities, increased 5 percent. The CPI was higher than the 4.7 percent prediction from Dow Jones economists, according to CNBC. The news outlet also says that inflation has not been a huge problem for the U.S. economy since the early 1980s, and that central bank officials are hopeful that the current inflationary pressures are …

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Watergate
MarylandMultifamilySoutheastTop Stories

TPG Real Estate, Bainbridge Acquire Waterfront Multifamily Community in Annapolis for $154M

by Katie Sloan

ANNAPOLIS, MD. — A joint venture between TPG Real Estate and The Bainbridge Cos. has acquired Watergate Pointe, a 608-unit waterfront multifamily community located at 655 Americana Drive in Annapolis, for $154 million or $253,290 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the seller, Castle Lanterra Properties, in the disposition of the community. The 31.2-acre property sits on a peninsula connected to the Chesapeake Bay and was recently rebranded Nautilus Point. The community offers studio, one-, two- and three-bedroom units in seven mid-rise and 13 garden-style buildings. Shared amenities include a 160-slip income-producing marina; paddleboards and kayaks; a swimming pool and sundeck; dog park; renovated clubhouse; business center; dock access for crabbing; an outdoor lounge space; a state-of-the-art fitness center; playground; tennis court; laundry facilities; a bike share program; and recycling center.  “The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” says Williams of Transwestern. According to Transwestern’s research affiliate Delta Associates, the Annapolis apartment market is one of the best performers in the region …

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Pinnacle Corporate Park
AcquisitionsFloridaOfficeSoutheast

Avison Young Brokers $58.9M Sale of Pinnacle Corporate Park in Fort Lauderdale

by Julia Sanders

FORT LAUDERDALE, FLA. — Avison Young has brokered the $58.9 million sale of Pinnacle Corporate Park, a two-building, Class A office portfolio located at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 square feet on 14.3 acres in Broward County’s Cypress Creek submarket. Avison Young arranged the sale on behalf of the seller, a joint venture between a fund managed by DRA Advisors LLC and Banyan Street Capital. The buyer, an affiliate of St. Petersburg, Fla.-based Feldman Equities doing business as Pinnacle Corporate Park LLC, purchased the property with capital raised through online crowdfunding platform called Crowdstreet.com. Pinnacle Corporate Park is Feldman’s first investment property in South Florida. The buyer plans to invest over $3 million in renovations. Pinnacle Corporate Park’s tenants include Vertiv, Jacobs Engineering, Trustbridge, I Pipeline and AmTrust. The property is in the center of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a mixed-use neighborhood. The offices are less than one mile from Interstate 95 and close to the Cypress Creek Tri-Rail station. John Crotty, David Duckworth, Michael Fay, Greg Martin, George Vail, Brian de la Fé and Berkley Bloodworth of Avison Young led the …

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