Southeast

Berkadia Provides $24M Refinancing Loan for New Workforce Housing Community in Hinesville, Georgia

by Alex Tostado August 7, 2020

HINESVILLE, GA. — Berkadia has provided a $24 million Fannie Mae refinancing loan for Liberty Club Apartments, a 240-unit workforce housing complex in Hinesville. The borrower, Winter Park, Fla.-based Hillpointe, delivered the property in 2019. The 12-year loan features a fixed interest rate with five years of interest-only payments. Loan proceeds will be used to retire the existing construction loan. The community is located at 915 E. General Stewart Way, 40 miles southwest of downtown Savannah. Liberty Club comprises nine residential buildings, a clubhouse and 11 garage buildings. The property offers two-bedroom floor plans averaging 1,153 square feet. According to Apartments.com, rents range from $1,100 to $1,450 per month. Communal amenities include a pool, fitness center, a dog park and fishing ponds. Michael Weinberg, Alec Fox and Wesley Moczul of Berkadia originated the loan on behalf of the borrower.

August 7, 2020

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $19.1M Sale of Multifamily Community in D.C.

by Alex Tostado August 7, 2020

WASHINGTON, D.C. — Marcus & Millichap has arranged the $19.1 million sale of Griffin Apartments at Petworth Metro, a 49-unit multifamily community in Washington, D.C.’s Petworth neighborhood. The property, which was built in 2011, offers one- and two-bedroom floor plans. Communal amenities include bike storage, an Amazon Hub package delivery system and 24-hour maintenance services. The property is situated at 3801 Georgia Ave. NW, one block from the Petworth Metro Station and three miles north of downtown D.C. Christian Barreiro and Marty Zupancic of Marcus & Millichap brokered the transaction between the seller, Donatelli Development, and the buyer, Virginia-based Viking Capital.

August 7, 2020

Acquisitions Florida Retail Southeast

TSCG Negotiates $11.7M Sale of Retail Property in Metro Miami

by Alex Tostado August 7, 2020

NARANJA, FLA. — TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd., 29 miles south of downtown Miami. Anthony Blanco of TSCG represented the seller, an affiliate of Asheville, N.C.-based FIRC Group, in the transaction. An affiliate of Boston-based Longpoint Realty Partners acquired the property.

August 7, 2020

Acquisitions Healthcare North Carolina Office Southeast

Flagship Healthcare Trust Acquires 55,912 SF Medical Office Building in Hickory, North Carolina

by Alex Tostado August 7, 2020

HICKORY, N.C. — Flagship Healthcare Trust Inc. has acquired Tate Medical Commons IV, a 55,912-square-foot medical office building in Hickory. The Charlotte-based REIT will also manage the property, which was fully leased at the time of sale to tenants including Catawba Valley Medical Center and Catawba Women’s Center. The asset is situated at 1501 Tate Blvd. SE, next to Tate Medical Commons. First Horizon Bank provided acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

August 7, 2020

Development Florida Industrial Southeast

Amazon to Develop 600,000 SF Fulfillment Center, Last Mile Facility Near Tampa

by Alex Tostado August 6, 2020

TEMPLE TERRACE AND LUTZ, FLA. — Amazon will develop a 600,000-square-foot fulfillment center in Temple Terrace. The Seattle-based e-commerce giant expects the facility to open in 2021 and house 750 full-time employees. Employees at the site will pick, pack and ship smaller customer items such as books, electronics, small household goods and toys. In addition, Amazon will hire for roles in human resources, operations management, safety, security, finance and information technology. Temple Terrace is located 17 miles northeast of Tampa International Airport and 10 miles northeast of downtown Tampa. Additionally, Amazon plans to open a last-mile delivery center in Lutz, which is about 10 miles north of Temple Terrace, Fla. The Lutz delivery station is also anticipated to open in 2021.

August 6, 2020

Industrial Leasing Activity Maryland Southeast

Stag Industrial Signs Book Publisher to 1 MSF Industrial Lease in Hampstead, Maryland

by Alex Tostado August 6, 2020

HAMPSTEAD, MD. — Stag Industrial has signed a book publisher to a 1 million-square-foot industrial lease at 630 Hanover Pike in Hampstead. The lease was effective Aug. 1 and will last for five-and-a-half years with three months of free rent and 3 percent annual rent escalations. The property is situated 30 miles north of downtown Baltimore. As of June 30, Boston-based Stag’s portfolio comprised 457 buildings in 38 states with approximately 91.8 million rentable square feet.

August 6, 2020

District of Columbia Southeast

Nearly 1.2M Americans File First-Time Unemployment Claims, Lowest Weekly Figure Since COVID-19 Outbreak

by Alex Tostado August 6, 2020

WASHINGTON, D.C. — Nearly 1.2 million Americans filed for first-time unemployment assistance during the week ending Aug. 1. The latest figure is the lowest weekly total since the COVID-19 pandemic hit the United States. Economists surveyed by Dow Jones expected 1.4 million claims for the week. There have now been 20 consecutive weeks of initial claims totaling more than 1 million filings. The four-week moving average was 1.3 million claims, a decrease of 31,000 from the previous four-week average. Additionally, continuing claims dipped by 844,000 to 16.1 million.

August 6, 2020

Acquisitions Florida Healthcare Southeast

SRS Arranges $5.9M Sale of Single-Tenant Healthcare Property in South Florida

by Alex Tostado August 6, 2020

GREENACRES, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.9 million sale of a property leased to ChenMed, a medical provider focused on the care of senior citizens. The 13,635-square-foot property is located at 4998 10th Ave., 10 miles southwest of downtown West Palm Beach. ChenMed’s lease is corporate-guaranteed and has nine years remaining. The property, which sits on three acres, was originally developed in 1999 for Walgreens, which occupied the space until last year. The seller, The Morgan Cos., renovated the building specifically for ChenMed, which located there in 2019. Patrick Nutt and Andrew Fallon of SRS represented the Charlotte, N.C.-based seller in the transaction. Cornerstone Commercial Realty represented the buyer, a Seminole, Fla.-based private investor completing a 1031 exchange.

August 6, 2020

Acquisitions Kentucky Retail Southeast

Colliers Negotiates $4M Sale of CVS-Occupied Property in Paducah, Kentucky

by Alex Tostado August 6, 2020

PADUCAH, KY. — Colliers International has negotiated the $4 million sale of a 10,121-square-foot CVS/pharmacy-occupied property in Paducah. The building was originally developed in 1999 and is located at 3001 Lone Oak Road. There are 19 years remaining on CVS’ 20-year lease extension. Jon Busse of Colliers represented the buyer, Emerald Paducah LLC, in the transaction. The new ownership acquired the asset to partially complete a 1031 exchange. Matt Berres of Newmark Knight Frank (NKF) represented the seller, WEC 99J-32 LLC.

August 6, 2020

Acquisitions Florida Multifamily Southeast

Kimball Key Sells Apartment Complex Near Tampa for $55.8M

by Alex Tostado August 5, 2020

CLEARWATER, FLA. — Kimball Key LLC has sold Woodland Key Apartments, a 416-unit complex in Clearwater, for $55.8 million. The property offers one- and two-bedroom floor plans. Communal amenities include two pools with sundecks, a grilling area, car care center, 24-hour fitness center, two dog parks and a clubhouse. The asset is located at 2770 Roosevelt Blvd., 19 miles west of downtown Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. Ashcroft Capital Managers LLC acquired the property.

August 5, 2020

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