Southeast

Knighthead Funding Provides $12.1M Refinancing for Two Marriott Hotels Near Memphis

by Julia Sanders July 21, 2021

SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive. Located along Interstate 55, both properties are within 15 miles of Memphis International Airport, approximately 8.3 miles from Graceland and 15 miles from FedEx Forum. Both hotels have been updated, including renovations to guestrooms, lobbies and restaurants. Knighthead Funding LLC is a national real estate finance company based in New York.

July 21, 2021

Development Industrial North Carolina Southeast

Trammell Crow Co. to Develop 755,928 SF Industrial Facility Near Charlotte

by Julia Sanders July 20, 2021

KANNAPOLIS, N.C. — Trammell Crow Co. (TCC) has plans to develop Metro63, a new 755,928-square-foot, speculative industrial facility near Charlotte. Construction is expected to begin this month, with delivery slated for August 2022. Located at 5700 Royce St. in Kannapolis, Metro63 is situated on a 94-acre site. The property will feature 40-foot clear heights, an 8-inch reinforced floor slab, 580-foot building depth with 65-foot speed bays, ESFR fire protection, 172 trailer drops, 490 auto parking spaces and 10 acres of auxiliary parking for trailer or car parking. Metro63 is located less than half a mile from Interstate 85, 25 miles northeast of Uptown Charlotte and about 32.7 miles from the Charlotte Douglas International Airport. Samet Corp. is the general contractor on the project. Atlanta-based Cadence Bank is providing an undisclosed amount of construction financing. Sink Kimmell of Selwyn Property Group represented the undisclosed land sellers, and Henry Lobb of Avison Young represented TCC. Lobb and Tom Tropeano, also with Avison Young, are handling leasing for the project.

July 20, 2021

Acquisitions Georgia Industrial Southeast

Rockefeller Group Sells 222,618 SF Distribution Center in Braselton, Georgia

by Julia Sanders July 20, 2021

BRASELTON, GA. — Rockefeller Group has sold a 222,618-square-foot distribution center in Braselton to Cabot Properties for an undisclosed price. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the transaction. Since March 2021, the building, known as Braselton 85, has been fully leased to Duckyang America Inc., a Korean automotive equipment supplier that is using the property for warehousing and light manufacturing. The company manufactures and distributes cockpit modules, instrument panels and door trims for the automotive industry. The property sits along Broadway Avenue near Interstate 85 North. Atlanta-based Pattillo Construction began construction on 85 Braselton in the fall of 2020 and delivered the asset in March. The newly built facility includes an ESFR sprinkler system, 26 onsite trailer drops, 134 auto parking spaces, 47 dock doors with two drive-in doors, 32-foot clear heights and LED lighting.

July 20, 2021

Company News Georgia Office Retail Southeast

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders July 20, 2021

ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.

July 20, 2021

Acquisitions Georgia Multifamily Southeast

Forrest Street Partners Purchases Manufactured Housing and RV Park in Covington, Georgia

by Julia Sanders July 20, 2021

COVINGTON, GA. — Forrest Street Partners has purchased Riverside Estates, a 307-site manufactured housing and RV park in Covington. The seller and sales price were not disclosed. Riverside Estates is the third RV park and first manufactured housing park that Forrest Street Partners has purchased in the Atlanta area. The park has 170 RV sites and 135 manufactured home sites, as well as a clubhouse, pool and playground. Forrest Street plans to renovate the property by adding asphalt to the roads, pressure washing and re-skirting homes that need updates, as well as building 20 new homes. On the RV side, additions will include a renovated electrical system, new cable and internet, road and site improvements and refurbishing the pool, clubhouse and bathhouse. The firm also plans to rename and rebrand the park within the next few months. Forrest Street Partners is a real estate investment firm based in Roswell, Ga., and the firm focuses on RV parks, manufactured homes and retail properties throughout the Southeast.

July 20, 2021

Loans Multifamily Northmarq Southeast Virginia

NorthMarq Arranges $7.8M Loan for Main2323 Apartments in Richmond

by Julia Sanders July 20, 2021

RICHMOND, VA. — NorthMarq has arranged a $7.8 million loan for Main2323, a 71-unit multifamily property in the historic Shockoe Bottom neighborhood in downtown Richmond. Mike Lowry of NorthMarq arranged the Freddie Mac loan, which was structured with a 10-year term and a 30-year amortization schedule. The undisclosed borrower is using the fixed-rate loan as a cash-out refinance. Renovated in 2016, Main2323 is a two-building property that was originally built in 1917. The property was 98 percent occupied at closing. Community amenities include a saltwater pool, courtyard and roof deck, internet, clubroom, fitness area and secured parking available.

July 20, 2021

Development Georgia Mixed-Use Southeast

NAP, Hoar Complete $400M Redevelopment of Colony Square in Midtown Atlanta

by Julia Sanders July 19, 2021

ATLANTA — North American Properties (NAP) and Hoar Construction have completed the redevelopment of Colony Square, a mixed-use development located at the intersection of 14th and Peachtree streets in the Midtown neighborhood of Atlanta. The project comprised four phases and the total development cost was $400 million. Over the past four years, the developers have completed a 200,000-square-foot renovation of two existing buildings, the ground-up construction of a new building featuring a movie theater and food hall and two new Class A office buildings with street-level retail. General contractor Hoar broke ground on Phase I of the multi-phase project in October 2017. The firm demolished 240,000 square feet of existing enclosed mall space. Hoar topped out on Buildings 200 and 300 in August 2019, and finalized upgrades to Building 400, which received lobby enhancements and exterior retail additions in 2018. In total, Colony Square offers 940,000 square feet of Class A office space and 160,000 square feet of retail, restaurant and entertainment space. NAP, Colony Square’s owner and developer based in Cincinnati, opened Politan Row at Colony Square, the new food hall in Building 200, as well as Building 500, which includes 115,000 square feet of office space fully occupied …

July 19, 2021

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $105M Acquisition Loan for Four Seasons Hotel Miami

by Julia Sanders July 19, 2021

MIAMI — Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story, mixed-use tower. The tower also features Class A office space, residential condominiums, an Equinox health club, retail space and a parking garage. Fort Partners plans to renovate the property by enhancing room configurations, the pool deck and lobby, as well as upgrading the food and beverage options. Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ South Florida portfolio alongside hotels located in Surfside, Fort Lauderdale and Palm Beach. In 2019, Madison Realty Capital provided a $210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale. Jim Dockerty, Kevin Davis and Mark Fisher of JLL arranged the financing on behalf of Fort Partners.

July 19, 2021

Acquisitions Florida Retail Southeast

SRS Arranges Sales of Two Crunch Fitness-Occupied Properties in Florida Totaling $12.1M

by Julia Sanders July 19, 2021

LAKELAND AND MELBOURNE, FLA. — SRS Real Estate Partners has arranged the sale of two Crunch Fitness-occupied properties located in the Central Florida cities of Lakeland and Melbourne. The sales totaled $12.1 million. Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers. Mousavi and Luther also represented the undisclosed buyers in the transactions, both of which are private investors based in California. The 18,000-square-foot Lakeland property is located at 5218 Florida Ave. S and sold for $5.9 million. Located at 1257 W. New Haven Ave., the 45,487-square-foot Melbourne property sold for just under $6.2 million.

July 19, 2021

Acquisitions Affordable Housing Multifamily South Carolina Southeast

Standard Communities Buys 108-Unit Affordable Housing Property in North Charleston

by Julia Sanders July 19, 2021

NORTH CHARLESTON, S.C. — Standard Communities has acquired Osprey Place Apartments in North Charleston. Built in 2004, the 108-unit affordable housing property located at 2390 Baker Hospital Blvd. North comprises five garden-style apartment buildings situated on 19 acres. Community amenities include a laundry room, playground and off-street parking. The total capitalization of the transaction exceeded $22 million, including over $82,000 per unit in renovation costs. Standard Communities purchased the property on a long-term ground lease in a public-private partnership with nonprofit organization Housing on Merit and South Carolina State Finance and Development Authority (SC Housing). Regions Bank provided Low Income Housing Tax Credits (LIHTC) for the transaction in partnership with SC Housing. Gene Levental of SVN Affordable | Levental Realty represented the undisclosed seller in the transaction. The deal brings Standard Communities’ affordable housing portfolio in the Charleston area to more than 500 units. Based in New York and Los Angeles, Standard Communities has a national portfolio exceeding 15,500 apartment units, including approximately 11,500 affordable and workforce housing units. The firm has completed more than $3 billion of affordable housing acquisitions and rehabilitations nationwide.

July 19, 2021

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