Southeast

Eyzenberg & Co. Arranges $7.5M Loan for Acquisition, Renovation of Apartment Community in Memphis

by Alex Tostado November 23, 2020

MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of Eyzenberg & Co. originated the loan on behalf of the borrower, BRR Group LLC. The lender and seller were not disclosed.

November 23, 2020

Acquisitions Georgia Industrial Southeast Top Stories

KKR Acquires 1.6 MSF Industrial Portfolio in Atlanta for $136M

by Taylor Williams November 23, 2020

ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …

November 23, 2020

Acquisitions Industrial Leasing Activity Maryland Southeast

MCB, Artemis Real Estate Acquire Distribution Center Near Baltimore in $65M Sale-Leaseback Deal with Rite Aid

by Alex Tostado November 20, 2020

ABERDEEN, MD. — A joint venture between MCB Real Estate LLC and Artemis Real Estate Partners has acquired an 890,000-square-foot distribution center in Aberdeen for $65 million. A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast. Rite-Aid sold the warehouse to the joint venture in a sale-leaseback transaction. The asset is situated at 601 Chelsea Road, 35 miles northeast of downtown Baltimore and five miles from Interstate 95. Bill Shrader and John Van Buskirk of Lee & Associates represented the buyer in the transaction. Michael Katz of REF Advisory Inc. represented the seller.

November 20, 2020

Development Florida Multifamily Seniors Housing Southeast

Paces Foundation Opens Affordable Seniors Housing Community in Pensacola, Florida

by Alex Tostado November 20, 2020

PENSACOLA, FLA. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property offers 88 one- and two-bedroom units and is over 80 percent leased. The units will feature heating and cooling units, high-efficiency water heaters and water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.

November 20, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Provides $20.6M Acquisition Loan for Mixed-Income Apartment Complex in Southwest Florida

by Alex Tostado November 20, 2020

NAPLES, FLA. — Berkadia has provided a $20.6 million Freddie Mac acquisition loan for Wild Pines of Naples. The 15-year loan features a fixed interest rate and 10 years of interest-only payments. Of the 200 units, 104 are reserved for those earning 60 percent of the area median income (AMI), while the remaining 96 units are being leased at market rate. The property offers one-bedroom floor plans averaging 600 square feet across 19 one- and two-story buildings. Communal amenities include two pools, two laundry rooms, a clubhouse, business center, fitness center and a picnic area. Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land that could be used to add more units or amenities. Mitch Sinberg and Matt Robbins of Berkadia originated the loan on behalf of the borrower, New York City-based GMF Capital.

November 20, 2020

Development Georgia Retail Southeast

Topgolf to Open New Venue in Metro Atlanta This Spring

by Alex Tostado November 20, 2020

BUFORD, GA. — Topgolf Entertainment Group will open a new 72-bay Topgolf venue in Buford in spring 2021. Construction is currently underway at the two-level property, which will feature climate-controlled bays. The asset will be situated within The Exchange at Gwinnett, 35 miles northeast of downtown Atlanta. Topgolf Entertainment expects to hire 250 employees at the new site. This will be the fourth Topgolf in Georgia, joining locations in Alpharetta, Midtown Atlanta and Augusta. Fuqua Development is building The Exchange at Gwinnett, which is located adjacent to the Mall of Georgia. The mixed-use project will include office, retail and residential spaces.

November 20, 2020

Arkansas Loans Multifamily Southeast

Colliers Secures $19.4M Refinancing Loan for Multifamily Community Near Little Rock

by Alex Tostado November 20, 2020

CABOT, ARK. — Colliers Mortgage, a division of Colliers International, has provided a $19.4 million Fannie Mae refinancing loan for The Pointe at Cabot. The 180-unit multifamily community is situated at 3001 W. Main St. in Cabot, 26 miles northeast of downtown Little Rock. The 10-year loan features a 30-year amortization schedule. The Pointe at Cabot comprises 14 two- and three-story buildings, a single-story leasing office and a single-story pool building. Communal amenities include a pool, fitness center, clubhouse, a business center and grilling and picnic areas. The borrower was The Pointe at Cabot LLC.

November 20, 2020

Conference Coverage Features Retail Southeast Southeast Feature Archive

Lenders Bearish on Retail Sector Except for ‘Prime’ Assets, Says Expert Panel

by Alex Tostado November 20, 2020

Since the onset of the COVID-19 pandemic, retail and restaurant space has been severely impacted by government-mandated shutdowns. While some stay-at-home orders have been lifted, the sector has struggled to return to its pre-pandemic norms. As a result, lenders have shied away from retail, whether it be construction, refinancing or acquisition loans, according to an expert panel assembled by France Media, Inc. Retail has “lost a lot of favor” with lenders, said Pierce Mayson, managing principal of SRS Real Estate Partners, during a webinar panel titled “Southeast Retail Investment Outlook: Will Retail Investment Activity Bounce Back in 2021?” Southeast Real Estate Business and Shopping Center Business jointly hosted the webinar on Monday, Nov. 16. “There is still some money out there for retail, but it’s few and far between,” said Mayson. Joining Mayson on the panel were Fred Victor, vice president of capital markets and investment sales at Transwestern; Greg Matus, senior vice president of investment sales at Franklin Street; Jeff Enck, associate director of capital investments at Stan Johnson Co.; and moderator Craig Thompson, partner at accounting firm Carr Riggs & Ingram. One telltale sign that banks are bearish on the retail real estate sector is the fact that …

November 20, 2020

Acquisitions Georgia Restaurant Retail Southeast

Goldman Sachs to Acquire ‘Significant Stake’ in Zaxby’s, Partnership Will Expand the Brand

by Alex Tostado November 19, 2020

ATHENS, GA. AND NEW YORK — Goldman Sachs Merchant Banking Division has agreed to purchase a “significant stake” in Athens-based Zaxby’s, with plans to grow the quick-service restaurant chain’s footprint into new markets. Terms of the financing were not disclosed, but the deal is expected to close by the end of 2020. Zaxby’s, known for its chicken fingers, wings and signature sauces, has more than 900 locations in 17 states, primarily in the Southeast. Zaxby’s is a privately held company that childhood friends Zach McLeroy and Tony Townley founded in Statesboro, Ga., in 1990. The founders hope the investment from Goldman Sachs will grow the regional chain into a national brand. Morgan Stanley & Co. LLC and Stephens Inc. served as financial advisors to Zaxby’s. King & Spalding LLP and Fortson, Bentley and Griffin P.A. served as legal advisors to Zaxby’s. Weil, Gotshal & Manges LLP served as legal advisor and Goldman Sachs served as financial advisor to Goldman Sachs Merchant Banking.

November 19, 2020

Acquisitions Mixed-Use North Carolina Southeast

FCP, Kane Realty Sell The Dillon Mixed-Use Development in Downtown Raleigh for $236M

by Alex Tostado November 19, 2020

RALEIGH, N.C. — FCP and Kane Realty Corp. have sold The Dillon, a mixed-use development in downtown Raleigh, for $236 million. An undisclosed institutional buyer advised by MetLife Investment Management acquired the asset. The 18-story property comprises 221,300 square feet of office space, 271 multifamily units, 52,600 square feet of retail space and a 994-space parking deck. The Dillon is situated on 2.5 acres within downtown’s Warehouse District. FCP and Kane Realty completed the adaptive reuse of the 100-year-old Dillon Supply Warehouse in 2018. The office space was fully leased at the time of sale to tenants including healthcare analytics firm Medable Inc., Arch Capital Group Ltd., Spaces and technology company Analog Devices. Retail and restaurant tenants include O-Ku Sushi, Oak Steakhouse, Barcelona Restaurant and Wine Bar, Weaver Street Market, Urban Outfitters, Heirloom Brew Shop, Shred415 and JoJa Nails.

November 19, 2020

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