Southeast

Miami is Defying Nation’s Retail Woes With Thriving Malls, Shopping Centers

by Alex Tostado August 9, 2019

While there are mass retail closings around the country, in Miami, there is typically someone waiting on space to become available. Think about it: In Miami, there is actually a shortage of retail space. Uber luxury markets in Miami are performing extremely well with Bal Harbour Shops (owned by Whitman Family Development) being one of the top retail complexes in the country, followed closely by Dadeland Mall and Aventura Mall. These malls are continuously reinvented and expanded, adding various entertainment and diverse dining options to their multi-level retail outlets. The Dolphin Mall, a 1.4 million-square-foot mixed-used complex owned by Taubman Cos., continues to be its No. 1 performing mall in the country, with over 240 retail shops, dining and entertainment venues to choose from including Bass Pro Shops Outdoor World, Cobb Dolphin 19 Cinema, The Cheesecake Factory, Dave and Buster’s, Texas de Brazil, Bloomingdales The Outlet Store, Neiman Marcus Last Call and Saks Fifth Avenue OFF 5th. Miami is cruising There are several factors driving this phenomenon. First, Miami International Airport traffic is setting month-over-month and year-over-year records, according to the Greater Miami Convention and Visitors Bureau. Traffic in February 2019 was 5.7 percent higher compared to February 2018. Cruise …

August 9, 2019

Florida Loans Multifamily Southeast

Terra Receives $91M Refinancing Loan for Recently Delivered Multifamily Community in South Florida

by Alex Tostado August 8, 2019

PEMBROKE PINES, FLA. — Terra has received a $91 million refinancing loan for its recently delivered Pines Garden at City Center. An affiliate of Mack Real Estate Group secured the loan on behalf of the developer. The lender and terms of the loan were not disclosed. Pines Garden is a 387-unit multifamily community situated within Pines City Center, a master-planned 47-acre development that includes 300,000 square feet of retail, entertainment and restaurant space. Pines Garden offers one-, two- and three-bedroom floor plans. Communal amenities include a two-story clubhouse, fitness center, children’s playroom, game room, swimming pool, coworking lounge and coffee bar, outdoor cooking area, gazebo, life-size chess board, dog park and play spaces.

August 8, 2019

Acquisitions Multifamily North Carolina Southeast

NKF Negotiates $65.3M Sale of Waterfront Community in Eastern North Carolina

by Alex Tostado August 8, 2019

WILMINGTON, N.C. — Newmark Knight Frank (NKF) has negotiated the $65.3 million sale of Sawmill Point, a four-story, 280-unit waterfront community in Wilmington. Completed in 2017, the property offers one- and two-bedroom floor plans. Communal amenities include a saltwater swimming pool, bocce ball court, fire pits and a hammock garden. The complex fronts 815 feet along Cape Fear River, which feeds into the Atlantic Ocean. Alex Okulski, John Heimburger, Dean Smith, Sean Wood, Jason Kon and John Munroe of NKF represented the seller, a joint venture between The Davis Cos., Gemini Partners LLC, Capital Properties, The Wills Cos., Fideli Investments and Symphony Properties LLC. Chaucer Creek Capital acquired the property.

August 8, 2019

Acquisitions Georgia Office Southeast

Colliers Arranges $24.8M Sale of Office Building in Midtown Atlanta

by Alex Tostado August 8, 2019

ATLANTA — Colliers International has arranged the $24.8 million sale of Midtown Atlanta’s Silhouette, a 10-story office building. Silhouette, known for the silhouettes of people painted on the side, is located at 1447 Peachtree St. Amenities include a renovated lobby and HVAC system, access to public transit and two electric car charging stations. Silver Spirit, a company that helps startup businesses, acquired the property. Colliers has been retained to handle leasing efforts on behalf of the new owner. Hayes Swann and Aman Gaur of Colliers represented the seller, Dau Global, in the transaction.

August 8, 2019

Acquisitions Georgia Healthcare Southeast

Regional Health Properties Sells Three Skilled Nursing Facilities Nationwide for $24.1M

by Alex Tostado August 8, 2019

SUWANEE, GA. — Suwanee-based Regional Health Properties (RHP) has sold three of four skilled nursing properties located in Oklahoma, Alabama and Georgia to affiliates of MED Healthcare Partners. The four-property transaction was previously disclosed by RHP in April. The three properties were sold for $26.1 million in a cash deal. RHP and MED agreed to extend the closing date on the fourth property located in Oklahoma to Sunday, Aug. 18. RHP used the cash proceeds from the sale to pay approximately $1 million in outstanding interest, fees and other costs and to repay $24.7 million in debt, which was secured by the four skilled nursing facilities, subject to the purchase and sale agreement. As a result of such repayment, RHP has paid back all debt owing to Pinecone Realty Partners II and Congressional Bank. For a period of three months following the repayment, Pinecone will continue to hold a right of first refusal to provide first mortgage financing for any acquisition of a healthcare facility by RHP and an exclusive option to refinance the company’s existing first mortgage loan on RHP’s Coosa Valley Health Care facility.

August 8, 2019

Acquisitions Maryland Multifamily Southeast

Blackfin, Acre Valley Acquire Apartment Complex in Metro D.C. for $21M

by Alex Tostado August 8, 2019

WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.

August 8, 2019

Acquisitions Florida Hospitality Southeast Top Stories

Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M

by Alex Tostado August 8, 2019

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …

August 8, 2019

Development North Carolina Office Southeast

White Point, FCP to Redevelop Historic Mill in Charlotte for Adaptive Office Project

by Alex Tostado August 7, 2019

CHARLOTTE, N.C. — White Point and FCP have unveiled plans to redevelop historic Chadbourn Mill, a former hosiery and textile mill in Charlotte, into an adaptive office project. The new development will feature 40,000 square feet of office space and 2,000 square feet of restaurant space and retail space. JLL will be leasing the office component of the development, with Thrift Commercial Services handling the retail leasing. Construction is expected to be complete in 2020. The site is within walking distance to NoDa’s (North of Davidson) retail and entertainment venues as well as the LYNX Blue Line 25th St. station. Chadbourn Mill produced mostly women’s clothing from the 1930s to 1970s but has been out of use since.

August 7, 2019

Acquisitions Multifamily North Carolina Southeast

Lantower Acquires New Apartment Complex in Northeast Charlotte for $62.8M

by Alex Tostado August 7, 2019

CHARLOTTE, N.C. — Lantower Residential has acquired Garrison Park, a 322-unit apartment complex in northeast Charlotte, for $62.8 million. The seller, The Spectrum Cos., delivered the asset in spring 2019. The property offers studio through three-bedroom floor plans and communal amenities such as a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and outdoor grilling areas. Garrison Park was 45 percent occupied at the time of sale. Lantower will rebrand the property as Lantower Garrison Park. Caleb Troop and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

August 7, 2019

Acquisitions Loans Maryland Multifamily Southeast

NKF Provides $61.8M Acquisition Loan for Multifamily Community in Suburban Maryland

by Alex Tostado August 7, 2019

LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.

August 7, 2019

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