Southeast

TrueRate Services Arranges $42M Refinancing of Reunion Resort in Metro Orlando

by Julia Sanders February 21, 2022

KISSIMMEE, FLA. — TrueRate Services has arranged a $42 million loan on behalf of Kingswood International for the refinancing of The Reunion Resort in Kissimmee, about 22.6 miles from Orlando. Dan Gorczycki and Peter Stobierski of TrueRate Services secured the capital from an undisclosed New York-based finance company. The $42 million financing included a $34 million loan from Hillcrest Finance and an $8 million mezzanine loan from Trawler Capital. Both loans had three-year terms with two one-year options. Located at 7593 Gathering Drive, The Reunion Resort spans over 2,000 acres off Interstate 4. Resort amenities include three golf courses, tennis courts and academy, a spa and fitness center, 25,000 square feet of conference facilities, seven restaurants, 11 swimming pools and a five-acre water park. The Reunion Resort owns 25 villas, but an additional 271 villas and 87 homes participate in the resort’s rental management program. Since purchasing the property in early 2019 from LRA Orlando LLC, the previous owner invested $9 million in renovations. The loan proceeds will be used to pay off the existing acquisition loan, relocate golf holes and expand the water park.

February 21, 2022

Acquisitions Affordable Housing Georgia Multifamily Southeast

Kairos Acquires Affordable Housing Property in Metro Atlanta for $34.6M

by Julia Sanders February 21, 2022

AUSTELL, GA. — Rancho Santa Margarita, Calif.-based Kairos Investment Management Co. has acquired Walton Crossing, a 238-unit affordable housing community in Austell, about 17.8 miles from downtown Atlanta. The undisclosed seller, an affordable housing developer and investor, sold the property for $34.6 million. Built in 1990 on 20.1 acres, Walton Crossing offers one-, two- and three-bedroom floorplans. Unit features include fireplaces, extra storage space, balconies and patios, walk-in closets and energy-efficient kitchen appliances. Community amenities include a pool, private fitness center, playground, tennis and sport court, gazebo, classrooms and community space. The property also includes an adventure center with a kitchen, which offers a complimentary after-school enrichment programs for the residents’ children. Most of the units are reserved for households earning 60 percent or less of the area median income (AMI). Kairos plans to install washers and dryers in the units and deploy Environmental, Social and Governance (ESG) programs to help conserve water at the property. Located at 1820 Mulkey Road, the multifamily community is situated 8.1 miles from Kennesaw State University and 24.8 miles from Hartsfield-Jackson Atlanta International Airport.

February 21, 2022

Development Multifamily Southeast Tennessee

Preiss Breaks Ground on 105-Unit Multifamily Complex in Nashville

by Julia Sanders February 21, 2022

NASHVILLE, TENN. — The Preiss Co. has broken ground on Signature Music Row, a 105-unit multifamily project in Nashville. Raleigh-based Preiss partnered with Speedwagon Capital Partners on the development, and JLL arranged an undisclosed amount of construction financing through Memphis-based First Horizon. The construction timeline for the project was not disclosed. Signature Music Row will include studio, one-, two- and three-bedroom floorplans. The property will have 3,000 square feet of amenity space including a clubhouse, leasing office and fitness area. The property will also feature a sky lounge overlooking Music Row. Unit features will include Corian countertops with tile backsplash, two-tone cabinetry, stainless steel appliances, wood plank flooring throughout the unit and LED ceiling fans in each bedroom and living room. Located in Nashville’s Music Row submarket, the new development is situated near Vanderbilt University and The Vanderbilt University Medical Center. The property is also close to Bridgestone Arena and the Country Music Hall of Fame.

February 21, 2022

Acquisitions Georgia Multifamily Southeast Student Housing

Landmark, Blackstone REIT Purchase 2,248-Bed Student Housing Portfolio

by Julia Sanders February 21, 2022

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and Blackstone Real Estate Income Trust Inc. (BREIT) have purchased 2,248 beds across four student housing properties located in Tier 1 markets. The properties’ locations and other property features were not disclosed. The seller and sales price were also not disclosed. The sale is part of the joint venture announced in August 2021 for the two companies to purchase student housing properties across the United States. With this acquisition, Landmark adds to its portfolio of over 54,000 beds. This transaction builds upon Landmark’s volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.

February 21, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $9.2M Sale of Grocery-Anchored Shopping Center in Lakeland, Florida

by Julia Sanders February 21, 2022

LAKELAND, FLA. — Marcus & Millichap has brokered the $9.2 million sale of Eastside Village, a 76,264-square-foot retail property located in Lakeland. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, Miami-based CF Properties, in the transaction. The undisclosed buyer was a Miami-based private investor. Eastside Village is fully leased to tenants including anchor Harvey’s Supermarket, Subway and Dollar Tree. Located at 2630 US Highway 92 E on 6.8 acres, the property is situated 10.8 miles from Lakeland Linder International Airport and 36.3 miles from Tampa.

February 21, 2022

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Raleigh-Durham’s I-40/I-85 Corridor Emerges as Industrial Tour de Force

by John Nelson February 21, 2022

The I-40/I-85 Corridor is an emerging distribution area with a remarkably strong tenant mix between national manufacturers and distribution users, making it one of the most fundamentally sound corridors in the Sun Belt. The I-40/I-85 Corridor, squarely centered between the Triad (Greensboro, Winston-Salem and High Point) and the Triangle (Raleigh, Durham, Chapel Hill), is home to companies such as Walmart, Lidl, Ford, Kidde, Amazon, Chick-Fil-A, UPS, Lenovo, FedEx, Coca-Cola, among others. This corridor is seeing rapid expansion and is poised to be an epicenter of industrial activity in the region as the logistical significance of the area is attracting larger users and a growing amount of institutional capital. Recently, this submarket has seen significant demand from larger users leading speculative developers to plan large, Class A industrial parks. Historically, the market has been dominated by older manufacturing buildings. The newer development in the area is making these properties more obsolete due to their lower efficiencies, a phenomenon marking a larger shift in the composition of the emerging submarket. The industrial inventory’s makeup is continuing to evolve over time, marking the transition from smaller manufacturing properties to distribution and significantly larger manufacturing operations. Buildings currently under construction are average a footprint …

February 21, 2022

Acquisitions Georgia Multifamily Southeast

Radco Acquires High-Rise Multifamily Building in Midtown Atlanta for $131M

by John Nelson February 18, 2022

ATLANTA — The Radco Cos. has acquired Skyhouse Midtown, a 320-unit, 23-story high-rise multifamily building in Midtown Atlanta, for $131 million. The Atlanta-based investor has rebranded the property The M by Radius. The seller was not disclosed. Jason Nettles and Megan Thompson of Northmarq brokered the transaction. Built in 2013, The M offers studio, one-, two- and three-bedroom apartments. Community amenities include a rooftop pool and lounge, fitness center and grills all with views overlooking Atlanta’s skyline. The M also includes 8,658 square feet of retail space on the ground floor. Located at the corner of West Peachtree and 12th Street, the property is situated close to the Interstate 75/85 connector. The property also is situated directly across from 1105 West Peachtree, a fully-leased, newly constructed office building that is the new regional headquarters for Google. In addition, the property is across the street from the Epicurean Hotel, Northside Hospital’s in-town campus, SCAD and Georgia Tech. Skyhouse was first created by the developer, Novare Group. Last summer, Equity Residential purchased the adjacent Skyhouse South from the developers.

February 18, 2022

Development Industrial South Carolina Southeast

Hunt Midwest Breaks Ground on 476,280 SF Logistics Facility Near Spartanburg

by John Nelson February 18, 2022

LYMAN, S.C. — Hunt Midwest has broken ground on Fort Prince Logistics Center, a 476,280-square-foot distribution building in Lyman, about 11.3 miles west of Spartanburg. The project, which will be situated within the master planned Fort Prince Industrial Park, is slated for completion in the fourth quarter. Fort Prince Logistics Center will include 189 surface parking stalls expandable to 385, up to 125 tractor trailer parking stalls, a 135-foot-deep truck court, 48 dock positions, 36-foot clear heights, mechanical dock equipment, 7-inch concrete slab flooring, an ESFR sprinkler system and motion-sensor LED lighting. The project team includes civil engineer Seamon Whiteside, architect LS3P and general contractor Evans General Contractors. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are leading leasing on the project. Located on 47 acres at 1090 Fort Prince Blvd., Fort Prince Logistics Center has close access to Interstate 85, Inland Port Greer, GSP International Airport and BMW’s mega plant. Adjacent to the development is Walmart’s $450 million distribution facility that is anticipated to complete in 2024.

February 18, 2022

Acquisitions Georgia Retail Southeast

Connolly, Coro Realty Purchase Sprouts-Anchored Shopping Center in Metro Atlanta for $40.5M

by John Nelson February 18, 2022

SANDY SPRINGS, GA. — Connolly, in a joint venture with Coro Realty Advisors, has purchased Sandy Springs Gateway, a 121,370-square-foot, grocery-anchored shopping center in Sandy Springs, about 16.2 miles from downtown Atlanta. The two Atlanta-based firms purchased the center from Atlanta-based Core Property Capital for $40.5 million. Anchored by Sprouts Farmers Market, Sandy Springs Gateway was 82 percent leased at the time of sale to tenants including Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, Blast fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie Shop and CVS. The property also features 28,000 square feet of second-story boutique office space. Conor Lalor and Eric Zimmerman of Eastdil Secured brokered the sale. Walker & Dunlop secured an undisclosed amount of financing through Credit Union Business Services and Georgia’s Own Credit Union. Coro Realty will manage the property, and LaVista Associates Inc. will lease the retail space.

February 18, 2022

Acquisitions Georgia Multifamily Southeast

Crown Bay Group Sells Apartment Community in Southwest Atlanta for $37.1M

by John Nelson February 18, 2022

ATLANTA — Crown Bay Group has sold FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta, for $37.1 million. Chandler Brown, Barden Brown and Taylor Brown of Global Real Estate Advisors represented the seller in the transaction. The Beach Co. was the buyer. Built in 1974, FortyThree 75 offers one-, two- and three-bedroom floorplans. Unit features include hardwood floors, home alarms, walk-in closets and washer and dryer connections. Community amenities include a leasing office, clubhouse, fitness center, swimming pool, grilling/picnic pavilion, laundry center playground and a dog park. The buyer plans to complete interior and exterior renovations, as well as add amenities. Located at 4375 Cascade Road, the property is situated 12.1 miles west from downtown Atlanta and 12.3 miles from the Hartsfield-Jackson Atlanta International Airport.

February 18, 2022

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