POOLER, GA. — NAI Mertz has brokered the $25.5 million sale of 200 S.H. Morgan Parkway, an industrial building situated within Prologis Savannah Logistics Center. Scott Mertz of NAI Mertz represented the undisclosed buyer in the transaction. Mertz also represented Pioneer Logistics Systems, a start-up logistics firm, in signing a 356,831-square foot lease within the building. Pioneer Logistics Systems is based in East Rutherford, N.J., and specializes in print and media industries. Prologis Savannah Logistics Center is a 252-acre industrial park located near Interstate 95 and about 10 miles west of the Port of Savannah. Other tenants at the industrial park include FedEx, Home Décor and Matson Logistics.
HARRISONBURG, VA. — Berkadia has negotiated the $14.6 million sale of Foxhill Townhomes, a 101-unit multifamily community in Harrisonburg. Foxhill Townhomes is located at 1627 Devon Lane, less than two miles from James Madison University. Community amenities include a playground, business center, swimming pool, clubhouse, picnic and barbecue areas, tanning salon, conference room and a residents’ lounge. The community was built in 1998 and was sold at a rate of $144,950 per unit to DD Foxhill LLC. David Hudgins and Alan Meetze of Berkadia represented the seller, THH II LLC, in the transaction.
DAVIDSON, N.C. — HFF has arranged the $10.2 million sale of Davidson Medical Office Building, a healthcare building located at 705 Griffith St. in Davidson, about 20 miles north of downtown Charlotte. Situated on 1.8 acres, the property was delivered in 2001 and was 95 percent leased at the time of sale to medical tenants including Atrium Health. Zack Drozda, Evan Kovac, Ben Appel and Andrew Milne of HFF represented the seller, Canvass Capital, in the transaction. The team also procured the buyer, a real estate private equity firm.
AcquisitionsAffordable HousingFloridaGeorgiaLoansMultifamilyNorth CarolinaSouth CarolinaSoutheastVirginia
Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast
CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …
CHARLOTTE, N.C. — Honeywell has signed a long-term lease with Lincoln Harris to occupy on a 23-story office tower in downtown Charlotte. Honeywell will occupy 280,000 square feet of space spanning nine floors. The company plans to house 700 employees there by the end of 2024. The building is located at 700 S. Mint St., directly across the street from Bank of America Stadium and will offer ground-floor retail, approximately 800 parking spaces and a rooftop terrace. In December 2018, Honeywell announced it would move its headquarters from New Jersey to Charlotte, relocating up to 200 jobs and creating up to 500 jobs. Lincoln Harris is expected to break ground on the new building in September. Legacy Union will span two city blocks and feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. In May, Charlotte-based Parker Poe law firm signed an 86,000-square-foot office lease at 620 S. Tryon within Legacy Union. Completion is slated for 2021.
HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.
ALTAMONTE SPRINGS, FLA. — CBRE has arranged the $14.8 million sale of Altamonte Commerce Center, an eight-building industrial property in Altamonte Springs. The property is located at 217-311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., 10 miles north of downtown Orlando. SunCap Opportunity Fund acquired the 185,000-square-foot property from EastGroup Properties. Altamonte Commerce Center is situated near Interstate 4 between state roads 436 and 434. David Murphy and Monica Wonus of CBRE represented the seller in the transaction.
ATLANTA — LeaseQuery, an Atlanta-based tech company, has signed a 52,888-square-foot, full-floor lease at Three Ravinia in Atlanta’s Central Perimeter district. In addition to the lease, LeaseQuery plans to add up to 200 Atlanta-area jobs in the next year. The jobs will include all departments and functions, such as sales, marketing, customer solutions, software engineering, product management and analytics. Three Ravinia is an 816,748-square-foot building situated 15 miles north of downtown Atlanta. Andy Sumlin and Kyle Kenyon of Cushman & Wakefield represented the landlord, Preferred Office Properties, in the lease negotiations. Michael Tucker, Scott O’Halloran and Robert Patton of Scotland Wright Associates represented the tenant.
CHARLOTTE, N.C. — The urban districts in the Carolinas have a lot going for them: Honeywell is leasing nine floors within downtown Charlotte’s Legacy Union project; The Fallon Co. is building a 20-story office tower in downtown Raleigh; and The Beach Co. and Centennial American Properties are separately building mixed-use developments in downtown Greenville. While these projects only scratch the surface of the new developments in the Carolinas’ urban markets — especially for new apartments — speakers at the 10th annual InterFace Carolinas conference said that for a market to be truly successful, there needs to be “growth in both” urban and suburban districts. Panelists emphasized that some of the best deals for their businesses lie outside of the urban cores in the two-state region. “[Suburban] projects aren’t as expensive to develop,” said Carman Liuzzo, senior vice president of investments at Highwoods Properties. “I hope suburban [developments] don’t go away, our most recent three office developments have been in suburban Nashville, Tampa and Raleigh.” Liuzzo was a participant on the “State of the Market” panel that took place Thursday, May 30 at Hilton City Center in Uptown Charlotte. InterFace Conference Group and Southeast Real Estate Business hosted the conference, which …
CORAL GABLES, FLA. — HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first phase to incorporate Fred B. Harnett Ponce Circle Park, which will add to the project’s outdoor space. At full buildout, the development will comprise a 242-room hotel and 222,541 square feet of rentable office, retail and living space. Manny de Zárraga, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of the borrower.