Southeast

Berkadia Provides $41.4M Acquisition Loan for Apartment Community in Tampa

by John Nelson January 27, 2021

TAMPA, FLA. — Berkadia has provided a $41.4 million loan for the acquisition of Bainbridge Ybor City, a 240-unit apartment community in Tampa’s Ybor City Historic District. Mitch Sinberg and Matthew Robbins of Berkadia’s South Florida mortgage banking team originated the Freddie Mac loan on behalf of the borrower, GMF Capital. Berkadia provided the 10-year, floating-rate loan, which features five years of interest-only payments. Wellington, Fla.-based Bainbridge Cos. developed Bainbridge Ybor City in 2017. The property is located at 1512 E. 12th Ave. in Ybor City, which is the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans. Community amenities include a pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage and greenways.

January 27, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Greystone Brown Brokers $31.7M Sale of Affordable Housing Property in Marietta, Georgia

by John Nelson January 27, 2021

MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $31.7 million sale of a 257-unit affordable housing property in Marietta. New York City-based Olive Tree Holdings sold the community, known as The Life at Windy Hill. Taylor Brown, Chandler Brown, Cory Caroline Sams, Barden Brown, and Bo Brown of Greystone Brown represented the buyer, San Francisco-based Fillmore Capital Partners, in the transaction. The Life at Windy Hill comprises one-, two-, and three-bedroom apartments averaging 1,379 square feet. It is located on 2751 SE Hammonton Road. The complex is a low-income housing tax credit (LIHTC) property and 40 percent of the units are income-restricted. Monthly rents range $661 to a little over $1,000, according to Apartments.com. Community amenities include a clubhouse, fitness center, business center and laundry facility, as well as a swimming pool and soccer field. The property is located in Cobb County, 19 miles north of downtown Atlanta.

January 27, 2021

Acquisitions North Carolina Retail Southeast

Broad Reach Retail Partners Acquires Avent Ferry Shopping Center in Raleigh for $15.8M

by John Nelson January 27, 2021

RALEIGH, N.C. — Broad Reach Retail Partners LLC, a value-add owner and operator of retail centers, has acquired Avent Ferry Shopping Center in Raleigh. Avent Ferry is Broad Reach’s first location in Raleigh. The sales price and seller were not disclosed, but Triangle Business Journal reports Weingarten Realty Investors sold the asset for $15.8 million after nearly 20 years of ownership. Anchored by Food Lion, the 119,652-square-foot shopping center is located within walking distance to North Carolina State University and just three miles from downtown Raleigh. Avent Ferry was 87 percent leased at the time of sale to tenants such as Walgreens, Family Dollar, the North Carolina DMV, Hardee’s, Circle K and Wingstop. This acquisition comes a few months after Broad Reach’s purchase of Warsaw Village Shopping Center in September 2020.

January 27, 2021

Development Florida Loans Mixed-Use Southeast Walker & Dunlop

Walker & Dunlop Arranges $43M Financing for Mixed-Use Development in Miami’s Brickell District

by John Nelson January 26, 2021

MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.

January 26, 2021

Industrial Leasing Activity Southeast Tennessee

Logistics Firm Unis Signs 474,000 SF Industrial Lease in Memphis

by John Nelson January 26, 2021

MEMPHIS, TENN. — Unis LLC, a third-party logistics provider (3PL), has signed a 474,000-square-foot lease for fulfillment space in the Southeast industrial submarket of Memphis. The California-based firm will occupy space at 4400-4500 Quality Drive within Southpark, a Class A development situated near the BNSF Railway Company Intermodal Facility. Patrick Walton of CBRE represented the landlord, Dawson Logistics Assets LLC, an affiliate of Mapletree Investments, in the lease transaction. Jessican Chen of Kander Pacific Inc. represented the tenant. The new lease will bring Unis Memphis footprint to more than 600,000 square feet.

January 26, 2021

Acquisitions Maryland Multifamily Southeast

Milestone Group Buys 564-Unit Apartment Community in Rockville, Maryland

by John Nelson January 26, 2021

ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.

January 26, 2021

Acquisitions North Carolina Office Southeast

Big Cypress Capital, LPA Urban Sell Adaptive Reuse Office Property in Charlotte for $17.3M

by John Nelson January 26, 2021

CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.

January 26, 2021

Alabama Leasing Activity Mixed-Use Restaurant Retail Southeast

Bayer Properties Signs Cheesecake Factory, Main Event to Anchor Mixed-Use Development in Huntsville

by John Nelson January 26, 2021

HUNTSVILLE, ALA. — Bayer Properties has signed leases with The Cheesecake Factory and Main Event Entertainment at Bridge Street Town Centre, a mixed-use development in Huntsville. Cheesecake Factory is expected to open this winter, while Main Event will be open by 2022. The Cheesecake Factory has 209 full-service restaurants, and the new Bridge Street Town Centre location will mark the company’s first in the Huntsville market and the second in Alabama. The restaurant will be located on the south end of the property in a 7,350-square-foot space, next to Barnes & Noble and across from P.F. Chang’s. Main Event at Bridge Street Town Centre will be the company’s first location in the state of Alabama, and its location at Bridge Street Town Centre will open near the Panera Bread. Bridge Street Town Centre features a mix of more than 50 unique-to-market brands and specialty stores, as well as a variety of market-exclusive restaurants. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno luxury apartment complex and a recently opened 131-room Hyatt Place Hotel. Bayer Properties …

January 26, 2021

Development Florida Multifamily Southeast

Klotz, KABR Near Completion of $95M Multifamily Community, The Reef, Near Jacksonville

by John Nelson January 25, 2021

ATLANTIC BEACH, FLA. — The Klotz Group of Cos. and KABR Group are nearing completion for The Reef, a $95 million apartment community underway in Atlantic Beach, one of metro Jacksonville’s beaches. The 456-unit community will span 530,000 square feet across two five-story buildings and a two-story, 13,500-square-foot clubhouse. Rooftop amenities will include a bar, lounge and a resort-style pool. Other amenities will include party patios, a yoga lawn, fitness center, game room, car wash center, dog park and access to nearby Hanna Park. Tierra Linda Development LLC, a subsidiary of Klotz, is the developer of the community and expects to deliver The Reef’s clubhouse in October, with apartments opening in phases afterward. The design team includes architect Dwell Design Studio, civil engineer Connelly & Wicker Inc. and general contractor Live Oak Contracting LLC.

January 25, 2021

Development Industrial Southeast Virginia

Merritt Buys Land in Northern Virginia, Plans Spec Industrial Development

by John Nelson January 25, 2021

STAFFORD, VA. — Merritt Properties has purchased 28 acres in Stafford with plans to develop Merritt at Austin Ridge, an industrial campus featuring five light industrial buildings spanning 54,500 to 113,775 square feet each. The Ashburn, Va.-based developer expects to break ground on the project in the third quarter as site plans are still being finalized. The park is expected to offer clear heights from 18 to 32 feet, as well as rear-loaded docks, drive-in capabilities, Interstate 95 visibility and free surface parking. Preleasing is underway, and Merritt expects to deliver the property during the second quarter of 2022. Merritt Construction Services, the construction division of Merritt Cos., will manage the project’s construction. Merritt at Austin Ridge will be the developer’s second spec project in Stafford County, joining Merritt Business Park at Quantico Corporate Center that broke ground in October 2020.

January 25, 2021

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