Southeast

Financial Federal Bank Provides $24.3M Acquisition Loan for Student Housing Complex Near University of South Carolina

by Alex Tostado March 29, 2019

COLUMBIA, S.C. — Financial Federal Bank has provided a $24.3 million Fannie Mae acquisition loan for Stadium Suites Apartments in Columbia. The 264-unit, 924-bed complex was built in 2004 and is situated three miles from the University of South Carolina campus. Amenities include a resort-style pool, clubhouse with fitness center, game room, study room, business center, basketball and volleyball courts and a dog park. Rick Wood and Jon Van Hoozer of Financial Federal Bank originated the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, a single-asset LLC that is a privately owned real estate investment company.

March 29, 2019

Acquisitions Industrial Southeast Virginia

New Home Media Acquires Warehouse in Virginia for $2.6M

by Alex Tostado March 29, 2019

FREDERICKSBURG, VA. — New Home Media has acquired a 39,000-square-foot warehouse located at 50 Joseph Mills Drive in Fredericksburg, for $2.6 million. Mid-Atlantic Associates LLC sold the property, which is situated on 2.5 acres. Virgil Nelson of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

March 29, 2019

Development Georgia Industrial Leasing Activity Southeast Top Stories

Red Rock Completes 1 MSF Distribution Center in Metro Atlanta, Signs Apparel Giant PVH as Tenant

by Kristin Harlow March 29, 2019

PALMETTO, GA. — PVH Corp., a global apparel company, has signed a 1 million-square-foot lease for a new distribution facility in Palmetto, about 27 miles southwest of downtown Atlanta. The newly delivered facility is located within Shugart Farms, which Red Rock Developments built in partnership with Wharton Industrial and Starwood Capital Group. Brad Pope of JLL negotiated the 20-year lease transaction. Built on a speculative basis, the developers are underway on $77.6 million in tenant improvements for PVH. Formerly known as Phillips-Van Heusen, PVH manages a portfolio of clothing brands, including Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow, Speedo, Warner’s, Olga, Geoffrey Beene and True&Co. By the end of the year, the new distribution center will create approximately 575 jobs once fully operational. PVH’s new facility is located along I-85, near to the CSX Fairburn Intermodal terminal and Hartsfield-Jackson Atlanta International Airport. The site is also about 250 miles from the Port of Savannah, a key factor in the selection of the facility, according to the developer. “When we began development on this spec building, we knew we had the key ingredients to meet the needs of a modern bulk tenant,” says John Barker Jr., president and chief development …

March 29, 2019

Development Industrial South Carolina Southeast

EJF Capital, North Signal to Develop 510-Acre Industrial Park Near Port of Savannah

by Alex Tostado March 28, 2019

HARDEEVILLE, S.C. — EJF Capital LLC and North Signal Capital LLC have acquired a 510-acre site in Hardeeville to develop RiverPort Commerce Park. The property will house more than 4 million square feet of industrial space and is situated within a census-designated opportunity zone about 10 miles from the Port of Savannah. EJF will invest the majority of the equity required for the land purchase and initial building construction from the EJF OpZone Fund I LP. Construction on the first building, which is slated to be 139,000 square feet, will begin in a few months.

March 28, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Arranges $34.1M Sale of Tampa Multifamily Complex

by Alex Tostado March 28, 2019

TAMPA, FLA. — Marcus & Millichap has arranged the sale of 260 rental units and 78 of 108 condominiums at Lake Azzure in Tampa. A private real estate group based in New York City sold the 334 units for $34.1 million to a private family office. IPA Capital Markets, a division of Marcus & Millichap, arranged an equity loan totaling $24.8 million on behalf of the buyer. The 10-year, fixed-rate loan features five years of interest-only payments. Lake Azzure was built in 1972 and comprises 30 buildings spanning more than 24 acres. Evan Kristol, Ned Roberts, Jason Hague and Adam Podbelski of Marcus & Millichap represented the buyer in the transaction.

March 28, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Negotiates $23.5M Sale of Apartment Property in Mobile

by Alex Tostado March 28, 2019

MOBILE, ALA. — Cushman & Wakefield has arranged the $23.5 million sale of Spanish Fort Town Center, a 216-unit apartment complex in Mobile. Built in 2009, Spanish Fort Town Center is situated within the master-planned Spanish Fort Town Center and offers amenities such as a saltwater swimming pool, 24-hour fitness center, dog park, business center, fire pit and package acceptance. Josh Jacobs, Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Spanish Fort Realty LLC, in the transaction. Birmingham, Ala.-based LMS Real Estate acquired the property.

March 28, 2019

Acquisitions Georgia Multifamily Southeast

Audubon Acquires East Atlanta Apartment Community for $16.8M

by Alex Tostado March 28, 2019

DECATUR, GA. — Audubon has acquired The Flats at East Atlanta, a 140-unit apartment community in Decatur, for $16.8 million. The Flats offers one-, two- and three-bedroom floor plans. A $5 million renovation was recently completed at the property, which included upgrades to unit interiors and exteriors. Audubon plans to invest $770,000 into the property, including building a fitness center, an indoor mail room, new signage and washers and dryers in each unit. Richard Jordan of CBRE originated a 10-year Freddie Mac acquisition loan with a fixed 4.4 percent interest rate. The seller was not disclosed.

March 28, 2019

Acquisitions Maryland Office Southeast

EDGE Brokers $15.9M Sale of Maryland Office Building

by Alex Tostado March 28, 2019

FREDERICK, MD. — EDGE Commercial Real Estate has brokered the $15.9 million sale of Patrick Center, a seven-story office building located at 30 W. Patrick St. in downtown Frederick. Lee Development Group bought the 67,000-square-foot building from West-End Atlas. Patrick Center was 90 percent leased at the time of the sale to tenants including Bank of America Merrill Lynch, Miles & Stockbridge, Morgan Stanley and PNC Wealth Management. The asset, which was developed in 1987 and underwent renovations in 2015, includes a two-story atrium lobby and marble flooring. Joe Friedman of EDGE represented the buyer in the transaction, and Julian Etches and Joe Donegan of Scheer Partners represented the seller.

March 28, 2019

Features Georgia Hospitality Southeast Southeast Feature Archive

Hunter Conference Recap: Hospitality Industry’s Run on Soft Brands Will be ‘Limited,’ Say Lodging Executives

by John Nelson March 28, 2019

ATLANTA — Somewhere between a branded hotel like Holiday Inn and a truly independent hotel lies the “soft-branded” hotel. These properties are pseudo-independent in that they don’t adhere to hotel brand standards but their owners can tap into the networks of established chains for resources like reservation software, loyalty programs and distribution channels. Owners franchise the hotel properties for a fee, but the operations and look more resemble an independent hotel, which is an attractive concept given how many travelers are looking for authentic experiences from their hotel stays. “Soft brands are the hot product in the hotel industry,” said Jeff Higley, vice president and editorial director of Hotel News Now/STR Global. Higley’s comments came during the 31st annual Hunter Hotel Investment Conference, which was held March 20-22 at the Atlanta Marriott Marquis in downtown Atlanta. The conference drew 1,850 attendees. Higley moderated a panel on the first day of the event that included executives from hotel brands and hospitality ownership and development firms. Evolution of soft brands According to lodging research and analytics firm STR, soft-branded hotels comprise a little more than 1.3 percent of all U.S. hotel rooms, but that figure is significant in that 11 years the …

March 28, 2019

Florida Industrial Leasing Activity Southeast

Logistics Company Renews 364,608 SF Industrial Lease in Miami

by Alex Tostado March 27, 2019

MIAMI — Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Ave. in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease transaction. Devin White of CBRE represented the tenant.

March 27, 2019

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