Southeast

Alliant Credit Union Provides $20.8M Acquisition Loan for Multifamily Community in Metro Atlanta

by Alex Tostado June 24, 2020

MARIETTA, GA. — Alliant Credit Union has provided a $20.8 million acquisition loan for Bentley at Marietta, a 222-unit multifamily community in Marietta. The five-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property was built in 1985 and offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, fitness center, playground, outdoor grilling area, dog park and a private lake with a fishing dock. The asset is located at 880 S. Cobb Drive SE, 19 miles northwest of downtown Atlanta. Matthew Mense and Ari Schwartzbard of Newmark Knight Frank (NKF) originated the loan through Alliant Credit Union on behalf of the buyer, American Landmark Apartments. Jim Jarrell, Cory Caroline Sams, Chandler Brown, Walter Miller, Taylor Brown and Bo Brown of Greystone Brown Real Estate Advisors represented both the seller, Wilkinson Corp., and the buyer, Asset Development & Management Group LLC, in the transaction. The total sales price was $31.2 million.

June 24, 2020

Acquisitions Georgia Retail Southeast

CIM Group Sells Retail Property in Loganville, Georgia for $15.6M

by Alex Tostado June 24, 2020

LOGANVILLE, GA. — CIM Group has sold North Logan Commons, a 175,969-square-foot retail property in Loganville, for $15.6 million. The asset was 83 percent leased at the time of sale to tenants including anchors TJ Maxx, Dick’s Sporting Goods, OfficeMax and PetSmart. Co-tenants include Five Guys Burgers & Fries, Anytime Fitness and Sally Beauty. North Logan Commons is situated at 4022 Atlanta Highway, 37 miles east of downtown Atlanta. Fred Victor of Transwestern represented the Los Angeles-based seller in the transaction. New York City-based Big V Group acquired the property.

June 24, 2020

Acquisitions Healthcare Louisiana Office Southeast

Franklin Street Arranges $12.4M Financing for Medical Facility in Baton Rouge

by Alex Tostado June 24, 2020

BATON ROUGE, LA. — Franklin Street has arranged the $12.4 million acquisition and renovation financing for Physicians Medical Center, a 76,370-square-foot medical office and hospital campus in Baton Rouge. The three-story facility features a hospital on the first floor and 44,984 square feet of leasable medical office space at the time of sale. The buyer, New Era Cos., plans to implement property renovations. Following the project, Oceans Healthcare Outpatient Services will anchor the property. A local ophthalmology office and a division of the Louisiana Departments of Health and Capital Area Human Services will also lease space at the facility. Ben Miller and Casey Siggins of Franklin Street represented the buyer in the financial transaction. The seller and lender were not disclosed.

June 24, 2020

Florida Industrial Leasing Activity Southeast

Colliers Negotiates 164,432 SF Lease Renewal in Miami for Logistics Company

by Alex Tostado June 24, 2020

MIAMI — Colliers International has negotiated ECU Worldwide’s 164,432-square-foot industrial lease renewal in Miami. The space at 2401 NW 69th St. has been ECU’s long-term home. The new lease is for a period of a little more than eight years and is valued at more than $10 million. ECU specializes in global multi-modal transport and warehousing services. The property is situated eight miles northwest of PortMiami and nine miles north of downtown Miami. Jonathan Kingsley and Ryan Goggins of Colliers represented the tenant in the transaction. Stephen Panos of Annapolis, Md.-based Realterm internally represented the landlord.

June 24, 2020

Leasing Activity Office Southeast Tennessee

FirstBank Signs 52,000 SF Office Lease to Anchor One22One Broadway in Downtown Nashville

by Alex Tostado June 24, 2020

NASHVILLE, TENN. — FirstBank has signed a 52,000-square-foot office lease to move its headquarters to One22One Broadway in downtown Nashville. FirstBank will occupy the 13th and 14th floors of the planned 24-story tower. FirstBank has the right to expand its footprint within the building to more than 100,000 square feet. The developer, GBT Realty, expects to deliver the 365,000-square-foot building in 2022. Frank Thomasson, Taylor Hillenmeyer, Janelle Gallagher and Byran Fort of CBRE represented the landlord in the lease transaction. FirstBank is currently headquartered at 211 Commerce St., less than a mile from One22One Broadway.

June 24, 2020

Development Florida Industrial Southeast

Ace Hardware to Relocate Distribution Center in Metro Tampa, Add 315,000 SF to Industrial Footprint

by Alex Tostado June 23, 2020

PLANT CITY, FLA. — Ace Hardware will relocate its distribution center to Plant City, which will allow the Oak Brook, Ill.-based retailer to add 315,000 square feet to its retail support center. Ace Hardware expects construction to begin in October 2020 with completion slated for November 2021. The general contractor, County Line Farms One LLC, says an estimated 200 construction jobs will be created for the project. Ace Hardware has operated its retail support center in Tampa since 1977. The retail support center currently supports 200 Ace Hardware locations in Florida. The company plans to add 40 jobs to the Plant City location to meet business needs.

June 23, 2020

Development Georgia Multifamily Seniors Housing Southeast

Vitality Living, Hillpointe to Build 332-Unit Seniors Housing Community in Madison, Georgia

by Alex Tostado June 23, 2020

MADISON, GA. — Vitality Living has formed a development partnership with Hillpointe LLC to build Vitality Living Madison, which is currently under construction. Upon full buildout, the project will feature 332 units of seniors housing in Madison, which is approximately 60 miles east of downtown Atlanta. Located on 73 acres, Vitality Living Madison will be built in phases. Phase I will feature a mix of two-bedroom independent living villas and one-bedroom apartments, as well as amenities including a fitness center. Phase II will add assisted living and memory care units to the development. A leasing center is already open in advance of the scheduled opening late this year. This will be Vitality’s first community in Georgia. The operator currently has seniors housing assets in Tennessee, Alabama, Texas and Florida.

June 23, 2020

Development Florida Healthcare Office Southeast

Stevens Construction Breaks Ground on 27,773 SF Medical Facility in Naples, Florida

by Alex Tostado June 23, 2020

NAPLES, FLA. — Stevens Construction has broken ground on Executive Medical Center, a planned 27,773-square-foot healthcare facility in Naples. The first floor of the three-story building will feature medical offices, exam rooms and an MRI machine. The second floor will offer medical office space that will be available for lease beginning in March 2021. The third story will include an ambulatory surgery center with operating and outpatient rooms. The facility will be located at 4513 Executive Drive, adjacent to two medical office buildings and 13 miles north of downtown Naples. A timeline for completion was not disclosed.

June 23, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $17.9M Acquisition Loan for Multifamily Community in Fayetteville, North Carolina

by Alex Tostado June 23, 2020

FAYETTEVILLE, N.C. — Berkadia has provided a $17.9 million Fannie Mae acquisition loan for Ardmore Pointe, a 291-unit multifamily community in Fayetteville. The 10-year loan features a fixed 3.01 percent interest rate and a 65 percent loan-to-value ratio. The property offers one-, two- and three-bedroom floor plans averaging 1,051 square feet. Communal amenities include a clubhouse, pool, dog park, fitness center and a car wash area. The asset is situated at 3325 Oak Forest Drive, eight miles west of downtown Fayetteville. Mitch Sinberg and Brad Williamson of Berkadia originated the loan on behalf of the buyer, One Real Estate Investments. The seller and sales price were not disclosed.

June 23, 2020

Company News Florida Southeast

Maskco Technologies, SharperTek to Manufacture 75M Respirator Masks to Combat COVID-19

by Alex Tostado June 23, 2020

MIAMI — Maskco Technolgies Inc. has teamed with SharperTek to create 75 million N95 respirator masks over the next two years beginning in November. Under terms of the agreement, Pontiac, Mich.-based SharperTek will send 56 units of its assembly lines to Maskco Technologies’ production facilities in Miami, where the masks will be produced. The partners are awaiting certification from the National Institute for Occupational Safety and Health (NIOSH). A group of healthcare providers created Maskco Technologies in April when they realized the need for more N95 masks amid the COVID-19 outbreak. SharperTek has been manufacturing automated ultrasonic systems since 2006.

June 23, 2020

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