Southeast

O’Connor Capital Partners Sells Tupperware Headquarters Campus in Central Florida for $43M

by Julia Sanders April 27, 2021

KISSIMMEE, FLA. — New York-based O’Connor Capital Partners has sold the Tupperware Brands corporate headquarters campus in Kissimmee Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $43 million sale of the 43-acre property. The buyer was Spirit Realty. The campus is 100 percent triple-net leased to Tupperware Brands, as it relocated its headquarters to the area in 1951. In 2020, Tupperware Brands executed a new 11-year lease with options enabling them to remain on the campus for up to 25 years. The eight-building campus is located on Orange Blossom Trail, just west of the Florida Turnpike and 10 miles south of Orlando International Airport. Douglas Mandel and Barry Wolfe of IPA represented O’Connor Capital Partners in the sale. The duo also procured the buyer, an unnamed investor based in Dallas. O’Connor is currently developing a mixed-use project on the land surrounding the Tupperware campus that will include residential, medical office and retail space.

April 27, 2021

Florida Loans Retail Southeast

Aztec Group Secures $7.6M Refinancing for South Florida Shopping Center Leased to Aldi, 7-Eleven

by Julia Sanders April 27, 2021

DANIA BEACH, FLA. — Aztec Group Inc. has arranged a $7.6 million loan for the refinancing of Stirling Square, a 25,515-square-foot shopping center located in Dania Beach. Located at 700 Stirling Road, Stirling Square is ground-leased to Aldi and 7-Eleven. The 22,000-square-foot Aldi was built in 2018, and the 3,515-square-foot 7-Eleven will be completed in May. The 4.1-acre property is situated at the northwest corner of Stirling and Phippen Waiters roads. Howard Taft and Joel Zusman of Aztec Group originated the financing through an unnamed life insurance company based in Idaho on behalf of the borrower, an affiliate of Salzman Real Estate Advisors. The 15-year loan featured a fixed interest rate below 3.8 percent and was structured at 60 percent loan-to-value.

April 27, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $7.2M Sale of Food Lion-Anchored Shopping Center in Henderson, North Carolina

by Julia Sanders April 27, 2021

HENDERSON, N.C. — Marcus & Millichap has arranged the $7.2 million sale of a Food Lion-anchored, 182,646-square-foot shopping center located at 1263 Dabney Drive in Henderson. David Gant and Lori Schneider of Marcus & Millichap represented the undisclosed seller, a limited liability company. The duo also represented the undisclosed buyer, another limited liability company. In addition to the Food Lion, the tenant roster includes a new Harbor Freight, Badcock Furniture and the flagship store of Roses, which is headquartered in Henderson.

April 27, 2021

Acquisitions Florida Industrial Self-Storage Southeast

Ackerman, Trout Daniel Broker Sale of CubeSmart Self Storage Facility in West Melbourne, Florida

by Julia Sanders April 27, 2021

WEST MELBOURNE, FLA. — Ackerman & Co. and Trout Daniel & Associates have arranged the sale of a CubeSmart Self Storage facility located at 1060 Polo Drive in West Melbourne. Missouri-based StorageMart acquired the facility, which features 397 climate-controlled storage units and 288 drive-up units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co. and Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates represented StorageMart, which plans to rebrand the self-storage property into a StorageMart. The seller and sales price were not disclosed. The new StorageMart spans more than 70,000 rentable square feet. Planned upgrades to the property include improvements to loading accessibility and enhancements to security systems.

April 27, 2021

Data Centers Development Georgia Industrial Southeast

American Tower Expands Data Center in Downtown Atlanta

by Julia Sanders April 27, 2021

ATLANTA — American Tower, a data center REIT based in Boston, has expanded its American Tower Metro Data Center facility at 55 Marietta St. in downtown Atlanta. The addition brings nearly 20,000 square feet and 2 additional megawatts of capacity to the facility. American Tower has fully integrated the data center, formerly known as Colo Atl, into the American Tower brand. American Tower hopes with the expansion to provide its customers with more power and capacity, giving them a vehicle to provide stronger connectivity options. With the completion of the expansion, American Tower Metro Data Center now has a total of about 44,500 square feet across its second, fifth and eighth floors, while the added capacity brings the total to 4 megawatts. In 2020, additional improvements were completed, including renovations on the fifth floor, the addition of a new dedicated “meet-me-area,” upgrades to the security and surveillance systems and revamped workspaces on each floor for customers.

April 27, 2021

Content Partner Features Leasing Activity Midwest Multifamily Office Retail Southeast Texas Walker & Dunlop Western

Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth

by Sarah Daniels April 27, 2021

Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …

April 27, 2021

Acquisitions Florida Multifamily Southeast

Sentinel Real Estate Purchases Miami Beach Multifamily Portfolio for $96.6M

by Julia Sanders April 26, 2021

MIAMI BEACH, FLA. — Sentinel Real Estate Corp. has purchased a 452-unit multifamily portfolio in Miami Beach for $96.6 million. The portfolio includes a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the submarket of Bay Harbor in north Miami Beach. Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction. Located between 7th and 16th Streets, the South Beach properties are close to Lincoln Road, Ocean Drive, Collins and Washington Avenues and the Miami Beach Convention Center. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor. The previous ownership had invested approximately $10 million into the structures within the portfolio over the last six years. In acquiring the assets, Sentinel intends to capitalize on the opportunity to upgrade the interiors to feature high-quality finishes, and drive up rent growth. The portfolio will be rebranded as Helios Apartments Miami Beach. Sentinel Real Estate Corp. is an independently owned real estate investment management firm based in New York City.

April 26, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Spaxel Acquires Workforce Housing Property in Marietta, Georgia for $45M

by Julia Sanders April 26, 2021

MARIETTA, GA. — New York City-based Spaxel has acquired the Hills at East Cobb, a 266-unit workforce housing property in Marietta, for $45 million. The multifamily residential complex is located at 1716 Terrell Mill Road, just 1.5 miles from Truist Park, home to the Atlanta Braves. John Kevill, Wes Boatwright, Dean Sands and Casey Keitchen of Avison Young arranged $16.4 million in limited partner equity from Sound Mark Partners, a Greenwich, Conn.-based commercial real estate investment firm. The Hills at East Cobb is a residential community with one-, two- and three-bedroom apartments. Community amenities include a swimming pool, dog park, fitness center, picnic area and clubhouse.

April 26, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $43M in HUD-Insured Financing for Multifamily Property in Port St. Lucie, Florida

by Julia Sanders April 26, 2021

PORT ST. LUCIE, FLA. — Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie known as Kitterman Woods. Reuben Dolny of Greystone’s New York office originated the loan on behalf of K&J Residential Group. The non-recourse loan carries a 35-year term and 35-year amortization schedule, along with a sub-3 percent fixed interest rate. The property is Energy Star-certified and qualified for HUD’s Green MIP program. Kitterman Woods includes 25 three-floor buildings with one-, two- and three-bedroom units. The property was built in 2007 by Florida-based KD Construction, an affiliate of K&J. Community amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground and a car care center.

April 26, 2021

Acquisitions Florida Industrial Southeast

Boutique National Arranges Sale of 407,500 SF Industrial Facility in Winter Haven, Florida

by Julia Sanders April 26, 2021

WINTER HAVEN, FLA. — Boutique National has arranged the sale of a 407,500-square-foot industrial facility in Winter Haven. The property is situated on 22.3 acres and includes an adjacent 15.1 acres. Bobby Sampson with Boutique National represented the undisclosed buyer. David Murphy with CBRE represented the undisclosed seller.

April 26, 2021

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