TAMPA, FLA. — Cushman & Wakefield has arranged the sale of Bay Oaks, a 176-unit multifamily community located in south Tampa. The Related Group acquired the property for $26.3 million, or $149,148 per unit. Bay Oaks was built in 1974 on 4.7 acres at 3105 Bay Oaks Court, four miles south of downtown Tampa. The complex offers one- and two-bedroom floor plans and was 97 percent occupied at the time of the sale. Communal amenities include a 24-hour fitness center, swimming pool, community grilling stations, clubhouse, on-site management, a car care center and laundry facilities. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Nashville-based Carter-Haston, in the transaction. Chris Lentz and Robert Kaplan of Cushman & Wakefield arranged acquisition financing through Barings Multifamily Capital on behalf of The Related Group.
SOUTHAVEN AND HORN LAKE, MISS. AND BOWLING GREEN, KY. — Cushman & Wakefield has arranged the sale of a three-property, 697-unit multifamily portfolio in Kentucky and Mississippi. The properties are the 240-unit Fairways at Hartland in Bowling Green, the 204-unit Savannah Creek in Southaven and the 253-unit The DeSoto in Horn Lake. Jimmy Adams, Robbie O’Bryan and Craig Collins of Cushman & Wakefield represented the seller, McDowell Properties, in the transaction. Covenant Capital Group acquired Fairways at Hartland while Timberland Partners acquired the two Mississippi properties. The properties were built between 1989 and 1995. Sales prices were not disclosed.
ATLANTA — Wheat Street Baptist Church will convert two historic buildings on its campus into office space intended for nonprofit organizations. American South Real Estate Fund (ASREF) is providing the senior loan of $3.5 million for the renovations. American Legion Hall is a 5,200-square-foot building that was constructed in multiple phases beginning in 1930, and the Christian Education Building is a 22,000-square-foot building that was built in the 1950s. Leaders in the church plan to target tenants that work with the homeless, local school teachers and underprivileged teens. Wheat Street Baptist is situated in Atlanta’s Sweet Auburn district, which is one mile east of downtown Atlanta and near the Martin Luther King Jr. National Historical Park district. Construction is expected to begin in early August and take nine to 12 months to complete.
BOWLING GREEN, KY. — KeyBank Real Estate Capital has provided a $38.9 million refinancing loan for a five-property skilled nursing portfolio in Kentucky. KeyBank provided the loan through the FHA 232/223(f) mortgage insurance program on behalf of GMF Capital. The new FHA loans will be used to refinance an existing KeyBank loan that funded GMF Capital’s acquisition of the properties. The non-recourse, first mortgage financing was arranged with fully amortizing loan terms ranging from 30 to 35 years. The five properties are Magnolia Village in Bowling Green, Heartland Villa Center in Lewisport, Edmonson Center in Brownsville, Colonial Center in Bowling Green and Bradford Square in Frankfort. The portfolio totals 339 beds.
SANDY SPRINGS, GA. — Stonebridge Investments has acquired River Vista, a 196-unit apartment complex in Sandy Springs, for $33.4 million. River Vista was built in 1996 on 17 acres near the Chattahoochee River. Amenities include access to the Chattahoochee River National Recreation Area, an outdoor swimming pool with sundeck seating, clubhouse, outdoor kitchen and social area with grills and TV, playground and a 24-hour fitness center. River Vista offers one-, two- and three-bedroom floor plans averaging 1,098 square feet. David Gutting and Derrick Bloom of JLL represented the seller, an affiliate of The Milestone Group, in the transaction. HFF provided a $22.9 million Freddie Mac acquisition loan to the buyer. The seven-year, fixed-rate loan offers five years of interest-only payments through Freddie Mac’s Green Advantage program.
MIAMI — WeWork has signed a four-floor lease within the 55-story Southeast Financial Center, Miami’s tallest office building. WeWork will move into the space in phases, with two floors expected to open by the end of 2019 and the other two floors expected to be ready in summer 2020. Southeast Financial Center is located at 200 S. Biscayne Blvd. in downtown Miami. Southeast Financial Center is attached to The Cube, a 15-story office building that will offer WeWork members and others access to a fitness center, 30,000-square-foot outdoor plaza and access to I-95. Eric Groffman and Donald Cartwright of JLL represented the landlord, Ponte Gadea Biscayne LLC, in the lease negotiations. Matthew Goodman and Jeffrey Gordon of JLL represented WeWork.
NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …
Birmingham’s investor-controlled, multi-tenant warehouse market remains at or near record occupancy levels — 95 percent for bulk warehouse and 90.4 percent for office/warehouse. The 32-foot clear heights, Class A bulk market is even tighter at nearly 100 percent. Landlords are well into a cycle of market catch-up, rent growth and capital reinvestment. A growing list of tenants, reading the tea leaves, have gone long when appropriate. But what about new construction? A local developer finally put a shovel in the ground in 2018, delivering a 30 percent preleased, 112,500-square-foot front load project on a well-located infill site. The timing was perfect and captured some pent-up demand with two leases promptly signed for the balance of the building. Rents for this development were quoted at $5.95 per-square-foot, while the submarket average trailed at $4.87 for tenant sizes under 40,000 square feet. The gap is narrowing. Two build-to-suits were also delivered in early 2018: Gardner Denver Nash’s 52,000-square-foot facility and Mercedes-Benz U.S. International supplier Truck & Wheel Group’s 127,000-square-foot assembly plant, the latter purchased by Gladstone Commercial Corp. Along with absorption rates, site scarcity is a limiting factor for Birmingham’s development pipeline. That said, there are a few developer-controlled sites suitable for …
SOUTH FULTON, GA. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.
MARIETTA, GA. — Fogelman Properties has sold The Hamptons at East Cobb, a 196-unit apartment complex in Marietta, for $33.6 million. The property is located at 1523 Roswell Road, 18 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as lighted tennis courts, a dog park, clothes care center, car care center, swimming pool, 24-hour fitness center and picnic and barbecue areas. Kevin Geiger, Shea Campbell, Malcomb McComb, Paul Berry and Ashish Cholia of CBRE represented the seller in the transaction. Kansas-based Cohen-Esrey acquired the community.