Southeast

Granite, MetLife Break Ground on Midtown Union Mixed-Use Development, Including Invesco’s Headquarters

by Alex Tostado December 9, 2019

ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …

December 9, 2019

Acquisitions Development Florida Industrial Southeast

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

by Alex Tostado December 9, 2019

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller was Ruthven I-4 LLC. Brennan will begin development of 1 million square feet of space at CenterState Logistics Park East this year, with completion expected by the end of 2020. Colliers will serve as the exclusive listing agent for the CenterState Logistics Park East development, which will feature a cross-dock warehouse with 40-foot clear heights and tractor parking. The site is located at Exit 38 on Interstate 4.

December 9, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Global Purchases 350-Unit Multifamily Property in Charlotte’s South End

by Alex Tostado December 9, 2019

CHARLOTTE, N.C. – Los Angeles-based CBRE Global Investors has purchased The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte. The property is located at 327 West Tremont Ave., less than two miles from downtown Charlotte, and includes studio, one- and two-bedroom apartments. The 90-percent occupied complex features a pool, outdoor communal kitchens, athletic club, pet spa, art studio, two resident lounges and an entertainment center. The seller and sales price were not disclosed.

December 9, 2019

Acquisitions Georgia Office Southeast

TerraCap Management Sells Office Portfolio in Northern Atlanta Suburb for $46.1M

by Alex Tostado December 9, 2019

KENNESAW, GA. — TerraCap Management LLC, a privately held investment firm based out of Estero, Fla., has sold Chastain Center to an undisclosed buyer for $46.1 million after completing capital improvements. The six-building, 303,000-square-foot, single-story office portfolio is located 25 miles northwest of Atlanta in Kennesaw. The office portfolio was 86 percent leased at the time of sale, with over seven years of remaining lease term in place. Tom Shafer and John Hinson of CBRE represented TerraCap in the sale. Lincoln Property Co. represented TerraCap on both leasing and management. TerraCap originally purchased the property for $30 million in January 2016.

December 9, 2019

Development Florida Loans Multifamily Southeast

Love Funding Secures $50.9M HUD Construction Loan for St. Petersburg Apartment Community

by Alex Tostado December 9, 2019

ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.

December 9, 2019

Acquisitions Hospitality Midwest Missouri Retail Southeast Top Stories West Virginia

VICI Properties Acquires Three Casinos in Missouri, West Virginia for $278M

by Taylor Williams December 9, 2019

CAPE GIRARDEAU, MO., CARUTHERSVILLE, MO., AND NEW CUMBERLAND, W.V. — VICI Properties Inc. (NYSE: VICI), a New York City-based REIT that specializes in casinos, has acquired three such properties in Missouri and West Virginia. Eldorado Resorts Inc. sold the assets for $278 million in an all-cash deal. In Missouri, Isle Casino Cape Girardeau is located in Cape Girardeau in the southern part of the state, while Lady Luck Casino is a riverboat casino in Caruthersville, located even further south near the Tennessee-Missouri border. Both cities are situated along the Mississippi River. In West Virginia, Mountaineer Casino, Racetrack & Resort is in New Cumberland, a city situated along the Ohio River in the northern part of the state. Isle Casino opened in 2012 and features 41,500 square feet of casino space, three dining venues, a pavilion and an entertainment center. Lady Luck opened 1995 and consists of a dockside casino spanning 21,500 square feet, two restaurants and a 40,000-square-foot pavilion. Mountaineer opened as a racetrack and resort in 1951. The casino debuted in 1994 and offers a 357-room hotel, five dining venues, 1,486 gaming machines and 36 table games. VICI Properties has also entered into an agreement with Colorado-based Century Casinos …

December 9, 2019

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

Tight Multifamily Occupancy in New Orleans Leads to 2,285 Units in the Pipeline

by Alex Tostado December 9, 2019

New Orleans (also known as Crescent City, The Big Easy and NOLA) is unique in many ways. The cuisine, architecture and music all set the city apart, but for the real estate industry, the geography is most important. In fact, it’s uniqueness among the great Southern cities is that the Mississippi River, Lake Pontchartrain and the wetlands to the east and west have created a barrier to entry unlike any other multifamily market in the country. These factors have limited development to a select few urban sites and redevelopment of historic structures. Garden-style product has been primarily confined to St. Tammany Parish located north of Lake Pontchartrain. The parish has an abundance of land as well as the demographic profile to support new market-rate construction. The multifamily market in metro New Orleans is further strengthened by the positive economic growth the city has experienced. The local and regional economies continue to see growth in the following sectors: energy, advanced manufacturing, international trade, healthcare, education, bio-science, tourism and technology. One example is DXC Technology’s new Digital Transformation Center located in downtown New Orleans. This new employer will create 2,000 well-paying jobs and provide further stability to the downtown multifamily market. The …

December 9, 2019

Acquisitions Arkansas Multifamily Southeast Student Housing

NKF Arranges Sale, Acquisition Financing for New Student Housing Community Near University of Arkansas

by Alex Tostado December 6, 2019

FAYETTEVILLE, ARK. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of and acquisition financing for the Cottages on Hollywood, a 652-bed student housing community located near the University of Arkansas in Fayetteville. Construction on the property was completed this fall. Ryan Lang, Brandon Buell and Jack Brett of NKF represented the seller, Barrett Development Group, in the sale of the property to Inland for an undisclosed price. Joel Simmons, Matt Williams, James Maynard and Kyle Schlitt of NKF Multifamily Capital Markets Debt & Structured Finance arranged acquisition financing on behalf of the buyer. The community offers two-, three-, four- and five-bedroom units. Shared amenities include study lounges and private study spaces, a computer and printing station, coffee bar and vending market, two-story fitness center with resort-style locker rooms, sauna and steam rooms, tanning beds, two-story clubhouse, indoor and outdoor gaming lounge, resort-style swimming pool and cabana, hammock garden, water and sand volleyball, dog park, outdoor kitchens and grills, fire pit, putting green, an activity field with horse shoes and bocce ball and access to the Town Branch Walking Trail.

December 6, 2019

Development Georgia Office Southeast

Coro Realty, Southeastern Capital to Convert Former Masquerade Music Venue in Atlanta into Offices

by Alex Tostado December 6, 2019

ATLANTA — Coro Realty and Southeastern Capital Cos. are transforming the 118-year-old Excelsior Mill buildings in Atlanta’s Old Fourth Ward into 30,000 square feet of office space. The two companies purchased the building in 2016 when it was known as the music venue, The Masquerade. The partnership has teamed with designer Smith Dalia Architects to open the floor plan and add natural light. Much of the manufacturing equipment will remain in place, including an extensive heavy-duty gear and pulley system originally used at the property. Completion is slated for first quarter of 2020. The property is located across from Ponce City Market along the Atlanta BeltLine’s Eastside Trail. Scott DeMeyer and Emily Richardson with Colliers International are leading the office leasing efforts.

December 6, 2019

Development Industrial Kentucky Loans Southeast

Trez Forman Provides $38.8M Construction Loan for Spec Industrial Project in Northern Kentucky

by Alex Tostado December 6, 2019

WALTON, KY. — Trez Forman Capital has provided a $38.8 million construction loan for two spec industrial buildings totaling 776,820 square feet in Walton, a city in northern Kentucky approximately 20 miles south of downtown Cincinnati. The borrower, SFG Walton KY LLC, is developing the buildings on a 55-acre site within Logistics Park 75, near the intersection of Interstates 75 and 71. The first building will span 544,320 square feet and feature two tenant bays of equal size. The second will span 232,500 square feet also with two bays of the same size. The space has the ability to be subdivided to accommodate a wide variety of tenants. Each structure features 36-foot clear ceiling heights and multiple dock-high doors. The lot is situated 15 miles from Amazon’s Prime Air Cargo Hub at Cincinnati/Northern Kentucky International Airport. A timeline for completion was not disclosed. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of the borrower.

December 6, 2019

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