Southeast

Global Medical REIT Purchases 98,000 SF Medical Office Building in Triad Region

by Alex Tostado March 26, 2020

HIGH POINT, N.C. — Global Medical REIT Inc. has acquired a 98,000-square-foot medical office building in High Point. The property is situated at 1814 Westchester Drive, equidistant to the Triad cities of Greensboro and Winston-Salem. At the time of sale, the building was fully leased to Wake Forest Baptist Health. Matt Bear of Bear Real Estate Advisors represented the Bethesda, Md.-based buyer in the transaction. Jennifer Stein of JDS Real Estate Services was the broker-of-record for the transaction. David Divine of Colliers International represented the seller, CHC Realty LLC. The sales price was not disclosed.

March 26, 2020

Development Multifamily South Carolina Southeast

Summit Contracting Breaks Ground on Multifamily Community in Upstate South Carolina

by Alex Tostado March 26, 2020

MAULDIN, S.C. — Summit Contracting Group has broken ground on Novo Mauldin, a planned 330-unit multifamily community in Mauldin. The property is situated on Main Street, 10 miles south of Greenville. Planned amenities include a clubhouse, fitness center and a pool. The complex will comprise 11 three-story buildings and nine private, five-bay garage buildings. Construction is scheduled to be complete in November 2021. Atlanta-based Shelton McNally Real Estate Partners is developing Novo Mauldin, and Jacksonville-based Group 4 Design Inc. is the project’s architect.

March 26, 2020

Acquisitions Georgia Industrial Self-Storage Southeast

Midcoast Properties Arranges Sale of 210-Unit Self-Storage Facility in Toccoa, Georgia

by Alex Tostado March 26, 2020

TOCCOA, GA. — Midcoast Properties Inc. has arranged the sale of AJ’s Self-Storage, a 210-unit property in Toccoa. The property features outdoor parking for cars and boats, lighting, fencing and 24-hour electronic gate access. The property is situated at 2700 Mize Road, 10 miles from the Georgia-South Carolina state border. Dale Eisenman and Michael Morrison of Midcoast Properties represented the undisclosed seller and procured the undisclosed buyer in the transaction.

March 26, 2020

Company News District of Columbia Hospitality Southeast

AHLA Launches ‘Hotels for Hope’ to Assist First Responders During COVID-19 Outbreak

by Alex Tostado March 26, 2020

WASHINGTON, D.C. — The American Hotel and Lodging Association (AHLA) has launched “Hotels for Hope,” a new initiative that aims to connect participating hotels with the health community struggling to find housing and support as the COVID-19 public health crisis grows. Washington, D.C.-based AHLA has identified more than 6,500 properties nationwide that are can work with the U.S. Department of Health, Human Services (HHS) and the U.S. Army CORPS of Engineers to provide access to hotel properties to support the health community and our nation’s first responders and local emergency management and public health agencies. Due to the COVID-19 outbreak, the hotel industry is seeing vacancy rates soar across the United States, with some markets, including Boston, Seattle and Austin, reporting more than 80 percent vacancy. Markets including Chicago are reporting single-digit occupancy rates. More than 4 million hotel jobs could be lost in the coming weeks, according to AHLA. In mid-March, the U.S. Travel Association and AHLA requested $150 billion from the federal government for economic relief as the travel sector is especially affected by the coronavirus. AHLA is working to establish a national database with the HHS so that local, state and federal officials will be able to …

March 26, 2020

Arizona California Georgia Industrial Loans Massachusetts Multifamily Northeast Office Tennessee Texas Virginia

JLL Arranges $991.8M in Financing for 17-Property National Portfolio

by Amy Works March 25, 2020

SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.

March 25, 2020

Acquisitions Multifamily South Carolina Southeast Student Housing

MultiVersity Housing Acquires 616-Bed Student Housing Community Near Clemson University

by Alex Tostado March 25, 2020

CLEMSON, S.C. — Alexandria Va.-based MultiVersity Housing Partners has acquired The Ridge, a 616-bed student housing community located near Clemson University in South Carolina. The property was built in 2018 and offers two- and four-bedroom, apartment- and townhome-style units with bed-to-bath parity. Shared amenities include a pool with a lazy river, dog park, clubhouse, private shuttle to campus and a fitness center. MultiVersity Property Management (MVPM) will oversee management of the community. The seller and further details of the transaction were not disclosed.

March 25, 2020

Acquisitions Florida Loans Multifamily Southeast

NorthMarq Provides $41.2M Acquisition Loan for Multifamily Community in Orlando

by Alex Tostado March 25, 2020

ORLANDO, FLA. — NorthMarq has provided a $41.2 million Freddie Mac acquisition loan for The Bentley at Maitland, a 324-unit multifamily community in Orlando. The borrowers, Enzo Multifamily and Moneil Investments, received the loan through Freddie Mac’s Green Advantage program. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property is situated at 6750 Woodlake Drive, nine miles north of downtown Orlando. The community offers one- and two-bedroom floor plans and amenities such as a fitness center, business center, pool, playground, clubhouse, a tennis court and grilling stations.

March 25, 2020

Alabama Development Hospitality Southeast

SLH Tuscaloosa to Develop 120-Room Hotel in Alabama

by Alex Tostado March 25, 2020

TUSCALOOSA, ALA. — SLH Tuscaloosa LLC will develop a 120-room Southern Living-branded hotel in Tuscaloosa. Included on the 38.7-acre site will be 32 cottages available for individual sale. The property is situated at the intersection of Rice Mine Road North and McFarlane Boulevard West, across the Black Warrior River from the University of Alabama. The 124,000-square-foot property will include a restaurant and rooftop lounge on the fourth floor, as well as a wellness center that will include massage and facial therapy rooms, a nail salon, blowout hair salon, exercise and yoga classes, fitness center outfitted with Peloton equipment, a pool, hot tubs and men’s and women’s locker rooms. Kennedy Funding provided the developer with a $2.8 million loan to acquire the land, which sold for a total of $5.5 million. A timeline for construction was not disclosed. There are 23 hotels currently in the Southern Living collection, ranging from Texas to Florida to Maryland.

March 25, 2020

Acquisitions Georgia Retail Southeast

Transwestern Arranges $19.7M Sale of Atlanta Retail Properties Leased to Target, Taco Bell

by Alex Tostado March 25, 2020

ATLANTA — Transwestern Real Estate Services has arranged the $19.7 million sale of a single-tenant building leased to Target and an outparcel leased to Taco Bell. The property is situated at the intersection of North Druid Hills and Briarcliff roads in Atlanta, less than one mile from Emory Healthcare and Children’s Healthcare of Atlanta. The Target store spans 154,000 square feet and the Taco Bell restaurant comprises 2,272 square feet. Fred Victor and Jon Kleinberg of Transwestern represented the seller, Lauderhill, Fla.-based Scarlett & Associates Inc., in the transaction. San Francisco-based Stockbridge Capital Group acquired the property.

March 25, 2020

Company News Georgia Industrial Southeast

Kia Motors to Close Manufacturing Plant in West Point, Georgia Until April 13

by Alex Tostado March 25, 2020

WEST POINT, GA. — Kia Motors Manufacturing Georgia Inc. (KMMG) will temporarily halt production at its West Point facility starting Monday, March 30 and is planned to reopen Monday, April 13 in the face of the worldwide COVID-19 outbreak. While operations are suspended, KMMG will perform additional cleaning and disinfecting processes of workstations throughout the plant. The factory produces 340,000 vehicles annually, including the Telluride CUV, Sorento CUV and Optima midsize sedan. The facility spans 2,200 acres and operates 24 hours per day.

March 25, 2020

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