ATLANTA — Cushman & Wakefield’s Multifamily Advisory Group has brokered the $169 million sale of an eight-property multifamily portfolio totaling 1,544 units in Georgia and South Carolina. The portfolio comprises two properties in each Macon, Augusta and Warner Robbins, Ga.; and two properties in Aiken, S.C. The average age of the portfolio is 30 years old and was 94 percent occupied at the time of sale. Capital Square 1031, a national real estate firm specializing in tax-advantaged real estate investments, acquired the portfolio. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield’s Atlanta office represented the seller, a joint venture between McDowell Properties and Angelo, Gordon & Co. LP, in the transaction.
Southeast
NAPLES, FLA. — Barron Collier Co. and Metro Commercial Development Group have broken ground on Founders Square, a 55-acre mixed-use development in Naples. The Pointe, a collection of restaurants and other service and retail tenants, will anchor the project. At full buildout, the project will include The Haldeman, a 400-unit multifamily complex; a 35,000-square-foot medical office building adjacent to The Pointe; and a 110,000-square-foot self-storage facility. Atlanta-based Davis Group will develop the self-storage facility, which will stand three stories high. Founders Square is located at the corner of Immokalee Road and Collier Boulevard, 15 miles northeast of downtown Naples. Developers expect the property to be delivered in summer 2021.
MARIETTA, GA. — KeyBank Real Estate Capital (KBREC) has provided a $64 million acquisition loan for The Park on Windy Hill, a 654-unit apartment complex in Marietta. The property was built in 1970 and has recently undergone renovations to approximately half of the unit interiors. The buyer, Bridge Investment Group, plans to complete the upgrades and extensively renovate the exteriors. The garden-style apartment complex comprises 26 three-story buildings on 42 acres at 2121 Windy Hill Road, 15 miles northwest of downtown Atlanta and two miles west of Truist Park, home of the Atlanta Braves. The seller was not disclosed, although Wilkinson Corp. acquired the property in late 2017. Brian Caudel and Jennifer Seamons of KBREC structured the financing.
FAYETTEVILLE, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. The seller was Westport Capital.
ORLANDO, FLA. — Shelton Granade, Luke Wickham and Justin Basquill have joined the Orlando office of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Granade joins the firm as an executive managing director. Wickham and Basquill join the firm as senior managing director and first vice president, respectively. As a team, the three brokers have closed more than $10 billion in sales. All three brokers were formally with CBRE. “The addition of this outstanding team is another step forward in our growth plan for IPA throughout North America,” said Jeffery Daniels, senior vice president and national director of IPA Multifamily. “Our ability to attract one of the most successful multifamily sales teams in the country is a testament to IPA’s success in creating an entrepreneurial, collaborative culture focused on client service and goal attainment.”
JACKSONVILLE, FLA. — TPG Real Estate, a San Francisco-based investment firm, has acquired Town Center One and Two, a 374,123-square-foot office campus in Jacksonville, for $107 million. The property spans 25 acres. It is located in the Deerwood Park area and features proximity to the Southside Quarter mixed-use development and St. Johns Town Center, an open-air shopping and dining destination. Town Center One is a five-story, 155,423-square-foot building that was 94 percent leased at time of sale to tenants including Availity, UBS Bank and Insight Global. Town Center Two is a six-story, 218,700-square-foot building that is fully leased to Web.com. A state-of-the-art common area with a cafe and conference center is located in Town Center Two, while Town Center One features a tenant amenity hub on the first floor. Both buildings were constructed with above-code hurricane resistance. Mike Davis, Rick Brugge, Karl Johnston, Rick Colon, Zachary Eicholtz and Steve Aiken of Cushman & Wakefield represented the seller, Kansas City, Mo.-based developer VanTrust, in the transaction. “With an influx of new multifamily and mixed-use development, the Deerwood Park submarket is experiencing a rapid transformation from suburban to a more densely populated urban landscape,” says Johnston. “Town Center One and Two have played a significant role in …
The Raleigh-Durham region’s strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. According to the Bureau of Labor Statistics, the region added 24,200 nonfarm payroll jobs between October 2018 and October 2019 for a growth rate of 2.5 percent. Unemployment rose slightly from 3 percent to just 3.1 percent during this time as nearly 36,000 people entered the local labor force. Raleigh-Durham continued to witness economic development wins in 2019 as well. Major job announcements came from office-using tenants such as Xerox (600 jobs), Q2 Solutions (700 jobs), Parexel (260 jobs), AmeriHealth Caritas (300 jobs) and HZO (500 jobs). In its recently published Emerging Trends in Real Estate report, the Urban Land Institute and PricewaterhouseCoopers (PwC) named Raleigh-Durham as the No. 2 market in the United States to watch for overall real estate prospects in 2020. The region’s quality of life, robust population and job growth and highly educated workforce are supporting sustained business expansion and healthy leasing fundamentals across all asset classes. Raleigh-Durham’s office market continues to experience the most landlord-favorable conditions since the dot-com boom in the late 1990s. …
Berkadia Arranges $140M in Construction Financing for Four Orlando Hotels Near Disney World
by Alex Tostado
ORLANDO, FLA. — Berkadia has arranged $140 million in combined financing for four extended-stay hotels totaling nearly 1,000 rooms that will be part of Flamingo Crossings, a master-planned development located at the western entrance to the Walt Disney World Resort in Orlando. Justin Ownby of Berkadia’s Tampa office together with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of the borrower and developer, Huntsville, Ala.-based Doradus Partners. The Berkadia team secured the four-year, adjustable-rate, non-recourse construction loan through a private lender. The properties include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn & Suites by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. The four properties, which will be managed by Yedla Management Co. Inc., are slated for completion in the fall of this year. The complex will have a structured parking garage, pools and a sports facility to include a soccer field, basketball court and batting cages. Flamingo Crossings will also feature a 200,000-square-foot retail hub with over 50 stores.
NASHVILLE, TENN. — Miami-based Lindemann Multifamily Management LLC has acquired One Metrocenter, a 320-unit apartment community in Nashville, for $83.2 million (approximately $260,000 per unit). Tarek El Gammal of JLL’s Nashville office represented the sellers, MetroCenter Apartments X LLC and other partners, in the transaction. As part of the transaction, Lindemann obtained two fixed-rate loan tranches with New York Life Insurance Co. for $41.2 million and $4.6 million. David Zimmerman and K.O. Kennedy of CBRE’s Nashville office arranged the debt financing. Located at 45 Vantage Way, One Metrocenter’s apartments feature one- and two-bedroom layouts. The property opened in 2016, according to Apartments.com. Amenities include a Zen garden, saltwater pool, covered parking, outdoor fire pit and a dog park. The One Metrocenter acquisition is the fifth in the Nashville area for Lindemann, bringing its total units owned in the market to more than 2,300.
ATLANTA — A joint venture between Chevy Chase, Md.-based FCP and Atlanta-based developer Westbridge Partners has sold Stockyards Atlanta, a mixed-use project in Atlanta’s West Midtown district, to New York-based Clarion Partners for $69.7 million. Situated on three acres at the corner of 10th Street and Brady Avenue, Stockyards is an adaptive reuse of three historic warehouses into office and entertainment space. The space was initially built in the early 1900s as a stockyard and meatpacking plant. Designed by architectural firm ai3 and built by Gay Construction Co. in 2017, the 142,478-square-foot development houses tenants including Red Bull and Fitzgerald & Co., as well as the Italian restaurant Donetto and game parlor/restaurant Painted Duck. Stockyards Atlanta was fully leased within a year of delivery. Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore of Cushman & Wakefield brokered the sale on behalf of the joint venture.