Southeast

Crocker Partners Sells Office Building in Metro Orlando for $28M

by Alex Tostado February 18, 2020

MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.

February 18, 2020

Alabama Loans Retail Southeast

JLL Arranges $14.6M Refinancing Loan for Retail Property in Dothan, Alabama

by Alex Tostado February 18, 2020

DOTHAN, ALA. — JLL has arranged a $14.6 million refinancing loan for Shops on the Circle, a 182,547-square-foot retail property in Dothan. The property was 96 percent leased to tenants including T.J. Maxx, PetSmart, Big Lots, Old Navy, OfficeMax, Five Below and Shoe Carnival. Shops on the Circle is situated on 17 acres at 3500 Ross Clark Circle, about 20 miles from both the Georgia and Florida borders. Synovus Bank provided the non-recourse loan, which features a 35-month term, floating interest rate and two one-year extension options. The borrowers, RCG Ventures LLC and DRA Advisors LLC, will use the proceeds to refinance an existing loan taken out to improve the property, which the companies bought jointly in 2014.

February 18, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $8.3M Sale of Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado February 18, 2020

NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.

February 18, 2020

Finance Insight Midwest Multifamily Northeast ORIX Southeast Texas Thought Leadership Video Western

Hunt Real Estate Capital: Growth Opportunities and Concerns in 2020

by Sarah Daniels February 18, 2020

Chad Thomas Hagwood of Hunt Real Estate Capital discusses growth opportunities in 2020 and the different drivers that make for a positive atmosphere, especially in secondary and tertiary markets around the country. Previously overlooked areas offer more opportunity to develop and less competition. Many secondary and tertiary markets are seeing corporate growth and increasing populations, which is driving more demand for multifamily housing. Limits on development include construction cost, scarcity of labor and shortages of materials, but uncertainty over the upcoming election is also keeping investors wary of planning too far in advance. People are waiting on the sidelines to see what happens, with some investors waiting until after November to create their four-year plans. Watch the video to hear more about what Hagwood expects to see in 2020. 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 18, 2020

Development Office Southeast Tennessee

Spirit Airlines to Relocate Operations Control Center, Invest $11.3M in Metro Nashville

by Alex Tostado February 17, 2020

WILLIAMSON COUNTY, TENN. — Spirit Airlines will move its Operations Control Center from Miramar, Fla., to Middle Tennessee’s Williamson County, just south of Nashville. The airlines company is expected to invest $11.3 million in a new facility and relocate 240 jobs from Florida while creating 100 jobs over the next five years. The Operations Control Center serves as the company’s 24/7, mission-critical operations function that directs operational control over all Spirit flights. It includes functions such as flight dispatch, crew scheduling, maintenance control, aircraft routing, air traffic control coordination and guest solutions. Spirit also announced it is planning to double its Airbus fleet to 300 aircraft by 2025. The move comes due to recent hurricanes that hit South Florida, causing Spirit to temporarily relocate its Operations Control Center. Despite this, Spirit recently released plans about its headquarters in Dania Beach, Fla.

February 17, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Ziegler Arranges $35.7M Bond Financing for Seniors Housing Expansion in Greenville

by Alex Tostado February 17, 2020

GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.

February 17, 2020

Georgia Loans Office Southeast

Ready Capital Closes $26.9M Acquisition Loan for Office Building in Atlanta

by Alex Tostado February 17, 2020

ATLANTA — Ready Capital has closed a $26.9 million acquisition loan for a 216,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. The undisclosed borrower plans to make various upgrades to the property including new elevators, conference rooms and a café. The three-year, non-recourse loan offers a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 17, 2020

Acquisitions Florida Industrial Southeast

Elion Partners Acquires Industrial Building in South Florida for $22M

by Alex Tostado February 17, 2020

DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.

February 17, 2020

Acquisitions Florida Office Southeast

NAI Hallmark Brokers $12.4M Sale of Office, Industrial Campus in Jacksonville

by Alex Tostado February 17, 2020

JACKSONVILLE, FLA. — NAI Hallmark has brokered the $12.4 million sale of Baymeadows Business Center, a two-building, 132,102-square-foot office and industrial campus in Jacksonville. The property was 87 percent leased at the time of sale to tenants including UPS, ADP and Breakthru Beverage Group. The buyer, Miami-based Adler Real Estate Partners, has retained NAI Hallmark to provide leasing and management services at the property. Baymeadows Business Center is situated at 8226 Philips Highway, 11 miles south of downtown Jacksonville. Keith Goldfaden and Daniel Burkhardt of NAI Hallmark, along with David Ellis and Alex Waddey of NAI Global, represented the seller, Woodside Capital Partners, in the transaction.

February 17, 2020

Alabama Features Southeast Southeast Feature Archive

Property Tax Planning Delivers Major Savings

by John Nelson February 17, 2020

When it comes to property taxes, what you don’t know can hurt you. Whether it is failing to meet a valuation protest deadline, ignorance of available exemptions or perhaps missing an error in the assessment records, an oversight can cost a taxpayer dearly. Understanding common mistakes — and consulting with local property tax professionals — can help owners avoid the pain of unnecessarily high property tax bills. Think ahead on property taxes Many owners ignore property taxes until a valuation notice or tax bill arrives, but paying attention to tax considerations at other times can greatly benefit a taxpayer. For example, it’s good practice to ask the following questions before purchasing real estate, starting a project or receiving a tax bill. Does the property qualify for exemptions or incentives? Every state offers some form of property tax exemptions to specific taxpayers and property types. Examples include those for residential homesteads, charitable activities by some nonprofits and exemptions for pollution control equipment. Similarly, governments use partial or full property tax abatements in their incentive programs for enticing businesses to expand or relocate to their communities. While many of these programs are industry-specific, it is important to consider all of the taxpayer’s …

February 17, 2020

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