Southeast

Marcus & Millichap Negotiates $14.2M Sale of Hotel, Apartment Property in Central Florida

by Alex Tostado February 27, 2020

ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has negotiated the $14.2 million sale of Remington Inn & Suites, a mixed-use property featuring 180 hotel rooms and 216 apartment units in Altamonte Springs. The one-bedroom apartment units are available to rent on a short-term basis, starting at $273 per week or $950 per month. Amenities include a pool, business center, complimentary newspapers and a playground. The property is situated at 450 Douglas Ave., 10 miles north of downtown Orlando. David Greenberg and Gabriel Shamay of Marcus & Millichap represented and procured the undisclosed buyer in the transaction. The undisclosed seller has owned the property since 1983.

February 27, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Grandbridge: Barring Disruptor, No End in Sight for Capital Flowing into CRE

by Sarah Daniels February 27, 2020

John Randall of Grandbridge Real Estate Capital talks about the capital available in the commercial real estate market. The risk-adjusted returns available in CML [capital market line] debt capital markets is superior to that offered by alternative investment classes, he says. “Until we see any meaningful steepener on the curve or significant disruption, there’s really no end in sight to the liquidity in both debt and equity flowing into commercial real estate.” This breeds fierce competition, but there has not been any meaningful slippage in risk terms or how lenders are underwriting assets. As far as the multifamily sector goes, Randall sees no end to the growing demand from renters. “As a country, we are underhoused to the tune of 3 million to 4 million units… and we’re running at an annual deficit in excess of 350,000 units,” he notes. Watch the interview to hear Randall’s insights on multifamily, as well as Grandbridge’s plans following the merger of BB&T with SunTrust to form Truist. (Grandbridge is a subsidiary of BB&T, now Truist.) This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week …

February 27, 2020

Acquisitions Maryland Multifamily Southeast

JLL Negotiates $62.7M Sale of Multifamily Property in College Park, Maryland

by Alex Tostado February 26, 2020

COLLEGE PARK, MD. — JLL has negotiated the $62.7 million sale of Monument Village at College Park, a 235-unit multifamily community in College Park. The property features one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a pool with cabanas and outdoor grilling areas, fitness center with yoga and spin studios, Zen garden, clubroom with catering kitchen and billiards, movie theater and gaming room with snack bar, conference room, lounge with computer workstations and coffee bar, pet spa and a dog run. There is also 4,800 square feet of ground-level retail space. Completed in 2016, the asset is situated at 9123 Baltimore Ave., two miles north of University of Maryland and 10 miles northeast of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Monument Realty, in the transaction. Foulger-Pratt purchased the community.

February 26, 2020

Acquisitions Multifamily North Carolina Southeast

Southwood Realty Purchases Two Adjacent Apartment Complexes in Graham, North Carolina for $62M

by Alex Tostado February 26, 2020

GRAHAM, N.C. — Southwood Realty has purchased Watercourse and Waterside, two adjacent apartment complexes in Graham, for $62 million. Watercourse was built in 2016 and was 98 percent occupied at the time of sale. Built in 2019, Waterside was 93 percent occupied at the time of closing. Each asset totals 444 units and feature one-, two- and three-bedroom floorplans averaging 956 square feet. Montgomery Carolina was the general contractor, Finley Design was the architect and 10 Federal was the property manager for both assets. Amenities include a saltwater swimming pool, playground, picnic and grilling area, fitness center, car washing station and a dog park at each property. The seller and developer of both assets is The Eco Group, a collaboration between Durham-based Montgomery Carolina and Sanford, N.C.-based Lee-Moore Capital Co.

February 26, 2020

Acquisitions Florida Office Southeast

Denholtz Properties Acquires Office Portfolio in Tampa for $26.5M

by Alex Tostado February 26, 2020

TAMPA, FLA. — Denholtz Properties has acquired the Thompson Center, a nine-building, 225,651-square-foot office portfolio in Tampa, for $26.5 million. The properties are located at 5455-5557 W. Waters Ave., 10 miles northwest of downtown Tampa. The portfolio was 95 percent leased to 29 tenants at the time of sale, including The Home Depot, Eckerd Youth Alternatives, BayCare Health System, Keller Group and Terracon. Rick Brugge and Mike Davis of Cushman & Wakefield represented the seller, First Industrial Realty Trust, in the transaction.

February 26, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $11.2M Sale of Retail Property in Camden, South Carolina

by Alex Tostado February 26, 2020

CAMDEN, S.C. — Marcus & Millichap has arranged the $11.2 million sale of River Oaks Shopping Center, a 146,790-square-foot retail property in Camden. The property was leased to eight tenants at the time of sale, including Hobby Lobby, Marshall’s, Big Lots and Five Below. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer, Center Acquisition Corp., and the seller, BMS Camden Associates LLC, in the transaction. The property was a former K-Mart box that was redeveloped in fourth-quarter 2019. The asset was 99 percent leased at the time of sale. Taylor said the buyer is a private, out-of-state investor was attracted to the project because of the national tenants, new long-term leases, new construction and attractive interest rates for acquisition financing. River Oaks Shopping Center is situated at 2235 W. Dekalb St., three miles west of downtown Camden and 32 miles northeast of downtown Columbia.

February 26, 2020

Georgia Southeast

Tumultuous Global Landscape Could Slow Economic Growth in 2020, Says GSU’s Rajeev Dhawan

by Alex Tostado February 26, 2020

ATLANTA — “Irksome” geopolitical factors such as Middle East flare-ups affecting oil production and capacity, kinks in the trade deal with China, post-Brexit uncertainty and the coronavirus, can all throw curveballs at 2020 economic growth prospects, says Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s Robinson College of Business. Dhawan says he worries most about the coronavirus due to the unknown nature of how long it will affect the world market. The biggest economic problem now, says Dhawan, is that Chinese factory workers are stuck at home due to the virus. “Unlike a finite event, such as a hurricane or earthquake, the coronavirus is still playing out, making it hard to assess economic impact,” explains Dhawan. “China is a vital part of the world’s supply chain for goods ranging from toys to iPhones. For an economic impact to happen, this disruption would need to last awhile, say until mid-April. When inventories run out, what will Amazon sell here? What will Apple and Samsung do?” Dhawan released his economic forecast Wednesday, Feb. 26 during his Forecast of the Nation, held at GSU’s Robinson College of Business in downtown Atlanta. Georgia Job Momentum Lags Dhawan also spoke about …

February 26, 2020

Kentucky Loans Multifamily North Carolina Seniors Housing Southeast

Monticello Provides $117M in Financing for Skilled Nursing Facility Portfolio in North Carolina, Kentucky

by Alex Tostado February 25, 2020

NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.

February 25, 2020

Acquisitions Development Multifamily Southeast Student Housing Virginia

Marymount University Acquires 267-Unit Multifamily Community in Northern Virginia, Plans Student Housing Conversion

by Alex Tostado February 25, 2020

ARLINGTON, VA. — Marymount University has acquired The Rixey, a 267-unit conventional multifamily community located in the Ballston neighborhood of Arlington, two miles south of the university. The university plans to convert the property into a 502-bed, college-affiliated community offering apartment-style units for upperclassmen, graduate students, faculty and staff. Marymount has tapped The Michaels Organization as a management partner for the community. Michaels will co-manage leasing efforts and solely handle the operations and resident life program at The Rixey. The new community will offer studio, one- and two-bedroom, fully furnished units. Shared amenities will include ground floor retail leased to Starbucks Coffee and Northwest Federal Credit Union, as well as an outdoor fire pit with cabanas, rooftop spa and a fitness center.

February 25, 2020

Georgia Loans Office Southeast

PCCP Funds $48.4M Refinancing Loan for Two-Building Office Campus in Atlanta’s Central Perimeter Area

by Alex Tostado February 25, 2020

ATLANTA — PCCP LLC has provided a $48.4 million refinancing loan for Sterling Pointe, a two-building, 348,399-square-foot office campus in Atlanta’s Central Perimeter submarket. The seven- and eight-story buildings were 42 percent leased at the time of financing. The borrower, The Simpson Organization, will use the funds to lease-up the property. The buildings were originally built in 1980 and the owner implemented a $2 million renovation in 2018 to upgrade the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and a fitness center. Sterling Pointe is situated at 303 Perimeter Center N., 16 miles north of downtown Atlanta.

February 25, 2020

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