Southeast

Cawley Partners Breaks Ground on 150,000 SF Office Building for Transplace in Rogers, Arkansas

by Alex Tostado March 11, 2020

ROGERS, ARK. — Cawley Partners has broken ground on a three-story, 150,000-square-foot office building in Rogers that will serve as a regional operations center for Transplace, a provider of logistics technology and services. The Frisco, Texas-based firm will occupy the entire building upon completion, which is slated for May 2021. The property is situated at 4909 W. Magnolia St., three miles west of downtown Rogers. Atlanta-based Corgan designed the building that will include courtyards, lighted pedestrian walkways, a retention pond and more than 1,000 parking spaces. Cawley Partners will serve as owner-developer. Robbie Baty, Bill McClung and Marshall Saviers of Cushman & Wakefield represented the tenant in the leasing negotiations.

March 11, 2020

Acquisitions Florida Office Southeast

Slate Office REIT Agrees to Acquire Cypress Financial Center in Fort Lauderdale for $45.5M

by Alex Tostado March 11, 2020

FORT LAUDERDALE, FLA. — Toronto-based Slate Office REIT has agreed to acquire Cypress Financial Center in Fort Lauderdale for $45.5 million. The 201,305-square-foot building is situated at 5900 N. Andrews Ave., adjacent to Cypress Creek Transit Station and Interstate 95 on the city’s north side. The property was 93 percent leased at the time of sale. The publicly traded REIT expects the deal to close in May. The seller was not disclosed.

March 11, 2020

Loans Multifamily Southeast Student Housing Virginia

Financial Federal Bank Provides $38.7M Refinancing for Student Housing Community Near Virginia’s James Madison University

by Alex Tostado March 11, 2020

HARRISONBURG, VA. — Financial Federal Bank has provided a $38.7 million loan to refinance North 38 Apartments, a 228-unit student housing community near James Madison University (JMU) in Harrisonburg. The property was built in 2009 and offers 816 beds and fully furnished units featuring 55-inch TVs. Communal amenities include a pool, hammock gardens, car care center, sand volleyball court, computer lounge, fitness center, detached garage buildings and multiple dog parks. At the time of the transaction, the property was 94 percent occupied. The community is situated at 1190 Meridian Circle, two miles north of JMU. Rick Wood and Jon Van Hoozer of Financial Federal originated the 12-year loan with three years of interest-only payments, a 30-year amortization schedule and a fixed interest rate below 3.95 percent. The borrower was not disclosed.

March 11, 2020

Georgia Loans Office Southeast

NXT Capital Closes $19M Refinancing Loan for Two Office Buildings Near Atlanta

by Alex Tostado March 11, 2020

DULUTH, GA. — NXT Capital has provided a $19 million refinancing loan for Sugarloaf VI and VII, two office buildings comprising 160,000 square feet in Duluth. The property is situated at 2905 and 2915 Premiere Parkway, 29 miles northeast of downtown Atlanta in Gwinnett County. Property amenities include large lobbies and an outdoor greenspace. C.J. Kelley of CBRE originated the loan on behalf of the undisclosed borrower. Further details of the loan were not disclosed.

March 11, 2020

Florida Leasing Activity Retail Southeast

Butler Enterprises Signs Anthropologie to Lease at Butler Town Center in Gainesville, Florida

by Alex Tostado March 11, 2020

GAINESVILLE, FLA. — Butler Enterprises has signed Anthropologie to an 8,750-square-foot lease within Butler Town Center in Gainesville. Butler expects the space to be ready by this fall. The store will be situated off Archer Road across from The Cheesecake Factory. Anthropologie has more than 200 stores in the United States, Canada and Europe, and, according to its website, caters to “sophisticated and contemporary women aged 28 to 45.” The retailer sells women’s apparel and accessories, home décor, furniture and gifts. The 450,000-square-foot Butler Town Center is situated on 267 acres adjacent to Butler Plaza and Butler North, which are both fully leased and combine to span 1.7 million square feet.

March 11, 2020

Development Georgia Industrial Office Southeast

Trammell Crow Delivers 341,041 SF Office, Distribution Center for Atlanta Community Food Bank in East Point

by Alex Tostado March 10, 2020

EAST POINT, GA. — Trammell Crow Co. has delivered a 341,041-square-foot office headquarters and distribution center for Atlanta Community Food Bank in East Point. The new facility includes 84,953 square feet of corporate office space, 69,931 square feet of cold storage and 186,157 square feet of warehouse space. Energy-saving features of the building include high-efficiency LED lighting and windows with low-energy tinted glazing. The property is situated on 65 acres at 3400 N. Desert Drive, about four miles west of Hartsfield-Jackson Atlanta International Airport. Of the 71.7 million pounds of food and grocery product the company distributed in fiscal year 2019, 22 percent was fresh produce. The food bank works with more than 700 partner agencies that directly distribute food to 29 counties within metro Atlanta and North Georgia.

March 10, 2020

Acquisitions Georgia Multifamily Southeast

FCP Acquires Three Apartment Complexes in Metro Atlanta for $71.7M

by Alex Tostado March 10, 2020

DOUGLASVILLE AND AUSTELL, GA. — FCP has acquired a 652-unit multifamily portfolio comprising Place at Midway and Stewart’s Mill in Douglasville and Forest Glen in Austell for $71.7 million. The 200-unit Place at Midway is located at 2281 Midway Road, 21 miles west of downtown Atlanta. The 188-unit Stewart’s Mill is situated at 3421 W. Stewart Mill Road, about six miles from Place at Midway. Forest Glen offers 264 units at 4236 Austell Road, 18 miles northwest of downtown Atlanta. FCP has hired Pinnacle to manage the three communities, bringing the total FCP-owned units that Pinnacle manages to 8,566 units. FCP owns 14 properties comprising 2,810 units in metro Atlanta. Nathan Swenson of Cushman & Wakefield represented the undisclosed seller in the transaction. FCP will assume the existing Fannie Mae loans at each property.

March 10, 2020

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates $67M Sale of New Multifamily Community in Central Florida

by Alex Tostado March 10, 2020

KISSIMMEE, FLA. — Cushman & Wakefield has negotiated the $67 million sale of Integra Sunrise Parc Apartments, a 300-unit multifamily community in Kissimmee. The property was delivered in 2019 and is situated at 4701 Luminous Drive, six miles east of Disney World and 23 miles south of downtown Orlando. The property comprises eight four-story buildings, a clubhouse and 10 garage buildings. The community, which was 83 percent occupied at the time of sale, offers one-, two- and three-bedroom floor plans averaging 972 square feet. Communal amenities include a zero-entry saltwater pool, outdoor yoga studio, dog park, grilling area, bocce ball court, hammocks, courtyard, Zen garden, 24-hour CrossFit gym, fitness studio, dog spa, coffee bar, business center, package receiving services, and a virtual golf and multi-sport simulator. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, a partnership between Panther Residential Management, Integra Land Co. and CrossHarbor Capital Partners, in the transaction. Bluerock Value Exchange acquired the asset for $223,333 per unit.

March 10, 2020

Acquisitions Georgia Industrial Loans Southeast

Truist Provides $84.3M Acquisition Loan for 16-Property Industrial Portfolio

by Alex Tostado March 10, 2020

ATLANTA — Truist Financial Corp., through subsidiary SunTrust Commercial Real Estate, has provided an $84.3 million loan to Atlanta-based MDH Partners for the acquisition of seven warehouses, three truck terminals and six trailer yards spread across the Atlanta, Memphis, Louisville, Dallas and Kansas City markets. The warehouses and truck terminal assets total 1.9 million square feet. The six trailer yards contain 1,855 trailer spaces on 46.1 acres in Kansas City. Mark Hancock of Truist originated the loan on behalf of the borrower. The seller(s) was not disclosed.

March 10, 2020

Acquisitions Arkansas Multifamily Southeast

Beitel Group, Scharf Group Purchase 256-Unit Apartment Community in Little Rock

by Alex Tostado March 10, 2020

LITTLE ROCK, ARK. — Beitel Group and The Scharf Group have purchased Forest Place Apartments, a 256-unit community in Little Rock. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, sundeck and a picnic area. The property was originally delivered in 1974 and renovated in 1983. The asset is situated at 1400 N. Pierce St., five miles west of downtown Little Rock. Jeff Seidenfeld of Eastern Union Funding originated the loan on behalf of the borrower. Further details of the transaction were not disclosed.

March 10, 2020

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