Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Property in Midtown Atlanta

by Alex Tostado February 25, 2020

ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.

February 25, 2020

Florida Loans Office Southeast

Ready Capital Closes $5.4M Acquisition Loan for Office Building in Metro Miami

by Alex Tostado February 25, 2020

MIAMI GARDENS, FLA. — Ready Capital has closed a $5.4 million acquisition loan for a 77,000-square-foot, Class B office building in Miami Gardens. The undisclosed borrower plans to upgrade the common areas and lease up vacant suites. The three-year, non-recourse loan features a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 25, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels February 25, 2020

David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. 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 newsletter series, followed by video interviews from MBA CREF.

February 25, 2020

Acquisitions Georgia Retail Southeast

Consolidated-Tomoka Purchases Perimeter Place Retail Center in Atlanta for $75.4M

by Alex Tostado February 24, 2020

ATLANTA — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts on behalf of the buyer. Consolidated-Tomoka will finance the acquisition with its line of credit and $65 million in remaining funds from a 1031 tax exchange in November. The seller was not disclosed.

February 24, 2020

Acquisitions Development District of Columbia Multifamily Office Southeast

Joint Venture Acquires Office Building in D.C. for $34.7M, Plans to Reposition as Apartments

by Alex Tostado February 24, 2020

WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.

February 24, 2020

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates $38M Sale of Legacy Riverdale Apartment Complex in Metro Atlanta

by Alex Tostado February 24, 2020

RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.

February 24, 2020

Development Florida Loans Multifamily Southeast

JLL Arranges $34M Construction Loan for Multifamily Property in Little Havana

by Alex Tostado February 24, 2020

MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.

February 24, 2020

Florida Industrial Leasing Activity Southeast

Cargill Signs 70,000 SF Industrial Lease in South Florida

by Alex Tostado February 24, 2020

HIALEAH, FLA. — Cargill has signed a 70,000-square-foot industrial lease within Building E in Beacon Logistics Park in Hialeah. The industrial park will span 1.3 million square feet upon completion. A joint venture between Codina Partners and USAA Real Estate is developing the 146,021-square-foot Building E, which features a non-shared truck court and a building depth of 160 feet with a 60-foot speed bay. The Minnesota-based meat and grain supplier is the first tenant to sign a lease within the property, which is situated at NW 145th Place and NW 107th Avenue, 23 miles northwest of downtown Miami. RLC Architects designed the industrial park, and Rycon Construction Inc. is the general contractor for Building E.

February 24, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels February 24, 2020

Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

February 24, 2020

Market Reports Office Southeast Southeast Market Reports Tennessee

Office Demand Remains Robust in Nashville as New Projects Continue to Deliver

by Alex Tostado February 24, 2020

Perhaps there is no better way to describe the Nashville office market and its progression than to examine the recent transaction history of two of Nashville’s older generation office buildings, Fifth Third Center and Bank of America/Philips Plaza. Both of these office towers are 1980s vintage with significant renovations in the last three to four years. However, no renovation can cure some of the obsolete issues with these buildings: limited parking, inefficient floorplates and old “core” locations. Nevertheless, these buildings have enjoyed rental growth, occupancy strength and consequently excellent sales transaction history. On a more macroeconomic level, investor activity remained on the rise in 2019 as Nashville has become a global real estate investment target with Nashville being in the top 10 list of markets in Urban Land Institute and PricewaterhouseCooper’s Emerging Trends report for the past five years. Nashville’s presence on this list is supported with its business-friendly environment, population growth, growing IT workforce and appeal as a leisure and meeting destination. In 2010, Nashville’s overall office vacancy rate was 12.2 percent with its Class A rents averaging $22.41 per square foot. Today, the market’s vacancy rate is 8.4 percent with Class A rents averaging $31.20. Clearly, the Nashville …

February 24, 2020

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