Southeast

Ross Cos. Negotiates Sale of 152-Unit Affordable Housing Community in Newport News, Virginia

by Alex Tostado April 10, 2020

NEWPORT NEWS, VA. — Ross Cos. has negotiated the sale of Woodlands at Oyster Point, a 152-unit affordable housing community in Newport News. The property was built in 1978 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, public transportation, a playground and 24-hour laundry services. Allagash Opportunity Zone Partners LLC acquired the property for an undisclosed amount. Ross Cos. will manage the property, as well as oversee a year-long renovation program that has budgeted $40,000 per unit in upgrades. The team will also upgrade communal amenities. The community is situated at 819 Forrest Drive, one mile south of downtown Newport News. The seller and sales price were not disclosed.

April 10, 2020

Acquisitions Loans Mississippi Multifamily Southeast

Dougherty Mortgage Provides $17M Acquisition Loan for Multifamily Community in Biloxi, Mississippi

by Alex Tostado April 10, 2020

BILOXI, MISS. — Dougherty Mortgage LLC has provided a $17 million Fannie Mae acquisition loan for The Sound at St. Martin, a 181-unit multifamily community in Biloxi. The property comprises 15 three-story buildings and a single-story clubhouse that were built in 2005 and renovated between 2017 and 2019. Communal amenities include a pool, 24-hour fitness center, grilling areas and a business center. The Sound at St. Martin offers one- and two-bedroom floor plans and is situated at 14801 Lemoyne Drive, six miles north of downtown Biloxi. Dougherty Mortgage originated the loan on behalf of the buyer, an entity doing business as MMP2-Lanier LLC. The 12-year loan features a 30-year amortization schedule. The seller was not disclosed.

April 10, 2020

District of Columbia Retail Southeast

NRF ‘Welcomes’ Federal Reserve’s Efforts to Help Businesses with Liquidity Issues During Coronavirus Pandemic

by Alex Tostado April 10, 2020

WASHINGTON, D.C. — National Retail Federation (NRF) CEO and president Matthew Shay issued a statement saying the organization is pleased with the measures the Federal Reserve Bank and Treasury Department have taken to help businesses that are short on liquidity due to the coronavirus (COVID-19) pandemic. On Thursday, the Federal Reserve, along with Secretary of Treasury Steve Mnuchin, said it will finance up to $2.3 trillion to aid small- and mid-size businesses that are struggling due to the pandemic. The Fed said $600 billion will go toward buying the loans of the businesses and $500 billion will buy state municipal bonds. “As part of the next round of liquidity support for U.S. businesses, (Thursday’s) release by the Federal Reserve Bank of new term sheets is a welcome development,” said Shay. “By strengthening the efficiency of the Paycheck Protection Program (PPP) and clarifying terms to speed relief to small- and mid-market businesses through the Mainstreet Lending Program, the government is making great progress toward quick action with both clarity and guidance.” While Shay commends the government for its timely response to the pandemic, he says there is still work to be done to continue helping retailers, mainly when it comes to …

April 10, 2020

Acquisitions Georgia Southeast Top Stories

Domain Capital, Simpson Housing Form $1B Joint Venture REIT with PFA Pension

by Alex Patton April 10, 2020

ATLANTA — Domain Capital Advisors and property management firm Simpson Housing have formed a joint venture with PFA Pension, an insurance company headquartered in Copenhagen, Denmark. PFA acquired a 49 percent equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Simpson Housing will own the remaining 51 percent, while Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture. Simpson Housing formerly owned 100 percent of the 3,487-unit portfolio, which is located across multiple urban and suburban U.S. markets including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. The portfolio was 95 percent leased at the time of closing, and features both newly built and refurbished assets that are approximately six years old. “We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” says Patrick Leardo, executive managing director and chief executive officer of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.” Simpson Housing …

April 10, 2020

Development Florida Loans Multifamily Southeast

NKF Arranges $16.1M Construction Loan for Multifamily Community in Metro Tampa

by Alex Tostado April 9, 2020

ST. PETERSBURG, FLA. — Newmark Knight Frank (NKF) has arranged a $16.1 million construction loan for Gallery 3100, a planned 122-unit, four-story multifamily community in St. Petersburg. The borrower, a joint venture between Mosaic Development LLC and The Brookview Cos., plan to complete the project by spring 2021. Gallery 3100 will feature one- and two-bedroom floor plans ranging in size from 663 to 1,098 square feet. The community will also offer 17 workforce housing units. Matthew Williams and James Maynard of NKF arranged the loan through Synovus Bank.

April 9, 2020

Development Florida Industrial Self-Storage Southeast

Cedarwood Development Completes 787-Unit Self-Storage Facility in Orlando

by Alex Tostado April 9, 2020

ORLANDO, FLA. — Cedarwood Development has completed a 787-unit, 117,000-square-foot self-storage facility for operator US Storage Centers in Orlando. The property features climate-controlled units, passenger elevators, moving carts, 24-hour video surveillance and moving supplies. The property is situated at 930 Sligh Blvd., a mile south of downtown Orlando. Orange, Calif.-based US Storage Centers, which operates more than 9 million square feet of self-storage space in the U.S., will manage the property. Fairlawn, Ohio-based Cedarwood Development is an affiliate of Cedarwood Cos.

April 9, 2020

Georgia Industrial Leasing Activity Southeast

XPO Logistics Renews 254,358 SF Industrial Lease Near Atlanta

by Alex Tostado April 9, 2020

MORROW, GA. — XPO Logistics, a transportation and logistics provider, has renewed its 254,358-square-foot industrial lease within Mt. Zion Industrial Center in Morrow. The property offers 72 dock doors, two drive-in doors, 22-foot clear heights, a five-inch concrete floor, parking for 110 trailers and a new roof. Woodmont Industrial Partners owns the property, which is situated at 1791 Mount Zion Road, nine miles southeast of Hartsfield-Jackson Atlanta International Airport and 15 miles south of downtown Atlanta. Brian Camp and Max Ellis of Colliers International represented the landlord in the transaction. Dan Rose of Real Estate Advisory Partners (REAP) represented XPO Logistics.

April 9, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Negotiates Sale of 380-Unit Apartment Complex in Asheville

by Alex Tostado April 9, 2020

ASHEVILLE, N.C. — Cushman & Wakefield has negotiated the sale of The Reserve at Asheville, a 380-unit apartment complex in Asheville. The property offers studio to three-bedroom floor plans, as well as a business center, clubhouse, storage space, pool, fitness center, playground and a picnic area. The Reserve at Asheville is situated at 11 Asheville Springs Circle, seven miles west of downtown Asheville. The property has averaged 95 percent occupancy over the past two years. Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented the seller, Greensboro, N.C.-based Carlisle Residential Properties, in the transaction. Greenville, S.C.-based Graycliff Capital Partners acquired the property.

April 9, 2020

Acquisitions Arkansas Healthcare Office Southeast

Montecito Medical Acquires Two Outpatient Healthcare Facilities Totaling 35,000 SF in Northwest Arkansas

by Alex Tostado April 9, 2020

ROGERS, ARK. — Montecito Medical Real Estate has acquired two outpatient healthcare facilities in Rogers that are part of a six-building campus occupied by Mercy Health of Northwest Arkansas. The assets total 35,000 square feet and will remain fully leased to Mercy Health. The two buildings offer internal medicine, rheumatology and outpatient orthopedic services, including minimally invasive joint constructed replacement and spinal procedures through an ambulatory surgery center. The campus includes a primary care clinic, an ENT clinic and a general surgery ambulatory surgery center. Further details of the transaction were not disclosed.

April 9, 2020

Company News Restaurant Retail Southeast Tennessee

TC Restaurant Group Lays Off 411 Employees at Five Honky-Tonks in Nashville Due to Coronavirus Closures

by Alex Tostado April 8, 2020

NASHVILLE, TENN. — TC Restaurant Group has filed a Worker Adjustment and Retraining Notification (WARN) Act with the Tennessee Department of Labor and Workforce Development to notify the agency of 411 employee layoffs stemming from closures due to the coronavirus (COVID-19) pandemic. The Ohio-based company operates five honky-tonks in downtown Nashville, including Jason Aldean’s Kitchen + Rooftop Bar, Luke’s 32Bridge Food + Drink, Luigi’s City Pizza, Tequila Cowboy and FGL House. TC Restaurant Group says the employees were laid off in mid-March, when the company temporarily closed the doors to those establishments due to the COVID-19 outbreak. As of this writing, there have been 888 confirmed cases and nine deaths due to COVID-19 in Davidson County, according to Johns Hopkins University (JHU).

April 8, 2020

Newer Posts

Older Posts