Thursday, July 17, 2025
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Southeast

AcquisitionsGeorgiaIndustrialSoutheast

JLL Negotiates $38.5M Sale of Industrial Campus in North Atlanta

by Alex Tostado

ATLANTA — JLL has negotiated the $38.5 million sale of a four-building, 281,677-square-foot industrial campus in Atlanta’s Cumberland-Galleria submarket. The property was 87 percent leased to 36 tenants at the time of sale. The asset is situated on 23 acres at 120 Interstate NW, less than one mile from the Interstate 75-285 interchange and 23 miles north of Hartsfield-Jackson Atlanta International Airport. The buildings feature 14- to 18-foot clear heights, new roofs, 34 dock-high doors and 39 grade-level roll ups. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, a joint venture between The Ardent Cos., Taconic Capital Advisors and Axonic Capital, in the transaction. Albany Road Real Estate acquired the property through its Albany Road Fund III.

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Stonebridge, Rockefeller to Redevelop 400,000 SF Office Building in D.C.

by Alex Tostado

WASHINGTON, D.C. — Stonebridge and Rockefeller Group will redevelop the Jackson Graham Building, a 400,000-square-foot office property in Washington, D.C.’s Penn Quarter district. Redevelopment costs are expected to total more than $300 million. The building currently serves as the Washington Metropolitan Area Transit Authority’s (WMATA) headquarters. The development team expects to break ground on the project in 2023, allowing WMATA to remain at the site through 2022. Upon completion, which is slated for 2025, WMATA will not return to the space. However, WMATA will continue to own the land, which Stonebridge and Rockefeller will control on a 99-year ground lease. The Jackson Graham Building has served as WMATA’s headquarters since 1974. The asset is situated at 600 Fifth St. NW, between the White House and U.S. Capitol Building. The office building will feature a rooftop deck and a penthouse conference center.

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FloridaLoansMultifamilySoutheast

NorthMarq Provides $270.5M Refinancing Loan for Multifamily Portfolio in Jacksonville

by Alex Tostado

JACKSONVILLE, FLA. — NorthMarq has provided a $270.5 million Freddie Mac refinancing loan package for a portfolio of five multifamily communities in Jacksonville. The 10-year loans feature fixed 2.72 percent interest rates, five years of interest-only payments and 30-year amortization schedules. The borrower, Jacksonville-based Fort Family Investments, has owned the 1,604-unit portfolio since 1972 and manages it under affiliate Perimeter Realty Inc. Jeffrey Lethig of NorthMarq originated the loans on behalf of the borrower. The largest loan was for Luxor Club, which comprises 464 units and was built in early 2019. The fully occupied asset received an $82.3 million loan. Communal amenities include a pool, outdoor cross-fit area, dog park and a pool for dogs. Palm Bay Club, which has 416 units, received a $68.6 million loan. The asset was built in 2017 and features two pools, outdoor lounge spaces, grilling areas, a 24-hour fitness center, playground, tennis court and a business center. Cabana Club, built in 2012 as Phase I of a two-phase development with Galleria Club, received $42 million in financing. Amenities at the 252-unit community include a pool, semi-private cabanas, 24-hour fitness center and a clubroom. The adjacent Galleria Club, which was delivered in 2015, received a …

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AcquisitionsMultifamilySoutheastVirginia

Investment Partnership Acquires Multifamily Community in Northern Virginia for $84M

by Alex Tostado

ANNANDALE, VA. — A partnership between The Donaldson Group, Declaration Partners and DRA Advisors has acquired Fairmont Garden Apartments, a 388-unit property in Annandale, for $84 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a barbecue area, pool and a playground. The asset is located at 4137 Wadsworth Court, 18 miles west of downtown Washington, D.C. The buyers plan to upgrade the HVAC units in each apartment. Jonathan Greenberg of CBRE represented the seller, Capital Investment Advisors, in the transaction. Maxi Leachmann of CBRE originated a Fannie Mae acquisition loan on behalf of the buyers. The loan amount was not disclosed.

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AcquisitionsAlabamaIndustrialSoutheast

Russell Brands Sells Former 891,000 SF Manufacturing Plant Near Montgomery

by Alex Tostado

WETUMPKA, ALA. — Russell Brands LLC has sold its former manufacturing facility in Wetumpka. An affiliate of Phoenix Investors acquired the 891,000-square-foot building for an undisclosed price. Prior to closing the plant in 2013, Russell Brands manufactured sports equipment and clothing at the site, marketing its products under many brands and subsidiaries, including Russell Athletic and Spalding. The property spans 102 acres and features 41-foot clear heights, 100 slots for trailer storage, 29 loading docks and five drive-in doors. Built between 1995 and 1997, the asset is situated at 3145 Elmore Road, 18 miles north of downtown Montgomery. Philip Yost of CBRE brokered the transaction of the vacant property.

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AcquisitionsGeorgiaMultifamilySoutheastStudent Housing

Vesper Holdings Purchases 543-Bed Student Housing Community Near Kennesaw State University

by Alex Tostado

KENNESAW, GA. — Vesper Holdings has purchased The Indy, a 543-bed student housing community near Kennesaw State University (KSU). Delivered earlier this year, the property offers one- to five-bedroom floor plans with bed-to-bath parity. Unit interiors feature granite countertops, stainless steel appliances, washers and dryers and 55-inch smart TVs. Communal amenities include a fitness center, rooftop lounges, clubhouse and a pool. The community is situated on 4.2 acres at 3011 Hidden Forest Court in Kennesaw, two miles from KSU’s campus. The seller and sales price were not disclosed.

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AcquisitionsDevelopmentFloridaHospitalityMultifamilySoutheast

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

by Alex Tostado

MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Dwight Capital Provides $35M Construction HUD Loan for Multifamily Community in Wilmington, North Carolina

by Alex Tostado

WILMINGTON, N.C. — Dwight Capital LLC has provided a $35 million HUD 221 (d)(4) loan for the construction of Renaissance Apartments, a 198-unit multifamily community in Wilmington’s Wayfaire neighborhood. The property will comprise two four-story buildings offering 2,530 square feet of ground-floor retail space. Communal amenities will include a courtyard, clubhouse, fitness center and a pool. The lender says the community will be built in compliance with the National Green Building Standard’s Bronze Level, which resulted in a 25 basis-point reduction in the loan interest rate through the Green Mortgage Insurance Premium. Brandon Baksh of Dwight Capital originated the 40-year term loan on behalf of the undisclosed borrower.

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AlabamaDevelopmentMultifamilySoutheastStudent Housing

The Opus Group, McKinney Fund Deliver 520-Bed Student Housing Community Near UAB

by Alex Tostado

BIRMINGHAM, ALA. — The Opus Group and The McKinney Fund have delivered Ascend Five Points South, a 520-bed student housing community near the University of Alabama at Birmingham (UAB). The property offers studio to four-bedroom floor plans with rents starting at $739 per month. Communal amenities include a pool, fitness center, study rooms and a spa. The asset is situated at 1001 20th St. S., adjacent to the UAB campus. The design team for Ascend Five Points South included Rabren General Contractors, Myefski Architects and Creative License International. Asset Living manages the community.

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GeorgiaHealthcareLoansOfficeSoutheast

Atlanta Hawks Refinance Sports Medicine Clinic in Brookhaven with $35M Syndicate Loan from Black-Owned Banks

by Alex Tostado

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …

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