Southeast

CA Student Living Acquires Two Student Housing Communities in Georgia, Florida Totaling 972 Beds

by Alex Tostado January 18, 2021

ATHENS, GA. AND BOCA RATON, FLA. — CA Student Living has acquired two student housing communities in Georgia and Florida for an undisclosed price. The acquisitions include Ikon at Athens, a 374-bed property located near the University of Georgia campus in Athens, and University Park, a 598-bed community located near Florida Atlantic University in Boca Raton. Ikon at Athens offers two-, three- and four-bedroom units with bed-to-bath parity. Communal amenities include a pool, outdoor spa, 24-hour fitness center, business center and a coffee cafe. University Park offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity alongside shared amenities such as a pool, fitness center, a clubhouse and study rooms. CA’s in-house property management platform will manage both properties. Ryan Lang of Newmark represented the buyer in the transaction. Chicago-based law firm Polsinelli provided legal assistance to the Chicago-based buyer. The seller(s) was not disclosed.

January 18, 2021

Development Multifamily Seniors Housing Southeast Tennessee

McShane to Build 138-Unit Seniors Housing Property Near Nashville for Avenida Partners

by Alex Tostado January 18, 2021

HENDERSONVILLE, TENN. — Avenida Partners has selected McShane Construction Co. to build Avenida Hendersonville, a 138-unit active adult community in the Nashville suburb of Hendersonville. The three-story building will be positioned on a five-acre site. The community will offer 6,000 square feet of amenities. Completion of Avenida Hendersonville is slated for May 2022. This will be Newport Beach, Calif-based Avenida’s third active adult community in Tennessee and seventh overall in five states. The architect of record is Poole & Poole Architecture.

January 18, 2021

Florida Hospitality Loans Southeast

Sonnenblick-Eichner Arranges $30.5M Refinancing Loan for Resort Near Florida Keys

by Alex Tostado January 18, 2021

LITTLE TORCH KEY, FLA. — Sonnenblick-Eichner Co. has arranged a $30.5 million interim first mortgage loan for Little Palm Island Resort & Spa, a 30-unit hotel in Little Torch Key. The property is situated on a four-acre island 30 miles east of Key West. Mast Capital and RWN Management provided the loan to the undisclosed borrower. Amenities at the property include a fitness center, pool and oceanfront restaurant SpaTerre. The resort also has three boat docks that can accommodate up to 120-foot yachts. Elliott Eichner and Patrick Brown of Sonnenblick-Eichner arranged the loan on behalf of the borrower.

January 18, 2021

Loans Maryland Office Southeast

Ready Capital Closes $19.8M Refinancing Loan for Office Building in Annapolis

by Alex Tostado January 18, 2021

ANNAPOLIS, MD. — Ready Capital has closed a $19.8 million refinancing loan for the renovation and lease-up of a 120,000-square-foot office building in Annapolis. The financing will be used to retire existing debt, execute a tenant improvement plan and fund light capital improvements. The non-recourse loan features a 36-month term with interest-only payments and a floating interest rate. The borrower was not disclosed.

January 18, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast Top Stories

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by John Nelson January 18, 2021

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …

January 18, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $20.4M Sale of Industrial Property in Metro Orlando

by Alex Tostado January 15, 2021

ALTAMONTE SPRINGS, FLA. — Cushman & Wakefield has arranged the $20.4 million sale of Altamonte Commerce Center, an eight-building, 185,600-square-foot industrial property in Altamonte Springs. The buildings are situated on 13.2 acres, one half-mile from Interstate 4 and 11 miles north of downtown Orlando. The portfolio was 96 percent leased at the time of sale. The buildings offer 1,000- to 14,800-square-foot spaces. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi, with support from Jared Bonshire, David Perez, Zachary Eicholtz, Ryan Jenkins and Jordan Stenholm of Cushman & Wakefield represented the seller, SunCap Opportunity Fund LLC. Longpoint Realty Partners acquired the property for $110 per square foot.

January 15, 2021

District of Columbia Retail Southeast

NRF: Holiday Sales Jumped 8.3 Percent over Previous Year

by Alex Tostado January 15, 2021

WASHINGTON, D.C. — Retail sales during the 2020 holiday season — the period from Nov. 1 to Dec. 31 — grew 8.3 percent year-over-year and beat expectations, according to the National Retail Federation (NRF). The association had predicted holiday shopping sales to grow between 3.6 and 5.2 percent year-over-year. “Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” says NRF president and CEO Matthew Shay. “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year.” In a separate report released Friday, the U.S. Commerce Department reported that retail sales in December totaled $540.9 billion, a 0.7 percent decrease from November 2020’s revised level of $544.6 billion.

January 15, 2021

Acquisitions Florida Multifamily Seniors Housing Southeast

Colliers Negotiates $13.7M Sale of Seniors Housing Portfolio in Central Florida

by Alex Tostado January 15, 2021

PORT RICHEY, ZEPHYRHILLS AND CASSELBERRY, FLA. — Colliers International has negotiated the $13.7 million sale of a three-property assisted living facility portfolio in Port Richey, Zephyrhills and Casselberry. Florida Seniors Properties Inc. sold the portfolio, which was 66 percent occupied at the time of sale. Best Care Senior Living LLC acquired The Cottages in Port Richey, which is located about 37 miles northwest of downtown Tampa. A joint venture between 201 Sunset Drive LLC and 6701 Dairy Road LLC acquired Westbrook Manor in Zephyrhills and Eastbrook Gardens in Casselberry. Westbrook Manor is located 31 miles northeast of downtown Tampa, and Eastbrook Gardens is situated 13 miles north of downtown Orlando. Ken Carriero and Damien Carriero of Colliers represented the seller in the transactions, which both closed Jan. 12.

January 15, 2021

Florida Leasing Activity Retail Southeast

Conn’s HomePlus to Open Two Stores in Metro Tampa

by Alex Tostado January 15, 2021

TAMPA AND BRANDENTON, FLA. — Conn’s HomePlus, a furniture, mattress and home appliances retailer, will open a store in Tampa’s Horizon Park shopping center and Bradenton’s Cortez Plaza on Feb. 5. The stores will combine to span more than 87,000 square feet. Horizon Park is located at 3908 W. Hillsborough Ave., six miles northeast of downtown Tampa. Cortez Plaza is situated at 4495 14th St. W., 43 miles south of downtown Tampa. Conn’s plans to host grand opening events at each store this spring. The Woodlands, Texas-based retailer operates 149 locations in 15 states.

January 15, 2021

Industrial Loans South Carolina Southeast

Ready Capital Closes $9.7M in Acquisition, Renovation Financing for Industrial Property in Greenville

by Alex Tostado January 15, 2021

GREENVILLE, S.C. — Ready Capital has closed $9.7 million in acquisition and renovation financing for a 320,000-square-foot industrial property in Greenville. The 36-month, non-recourse loan features a floating interest rate and interest-only payments. The Class B asset is situated along Interstate 385. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade and subsequently lease-up the property. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades and fresh paint.

January 15, 2021

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