Southeast

NorthMarq Arranges $14M Refinancing for Office Property in Columbia

by Alex Tostado January 24, 2019

COLUMBIA, S.C. — NorthMarq Capital has arranged a $14 million bridge loan for the refinancing of 1600 Williams Street Office, a 140,000-square-foot office building in Columbia. The building once served as the South Carolina headquarters for BellSouth, and will now be leased to both Aflac and AT&T. Will James of NorthMarq’s Atlanta office arranged the loan on behalf of the undisclosed borrower. The loan was structured with a two-year, interest-only term through an undisclosed bridge/mezzanine lender.

January 24, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $48.5M Sale of Office Building in Metro Orlando

by Alex Tostado January 23, 2019

MAITLAND, FLA. — Cushman & Wakefield has arranged the $48.5 million sale of Maitland Promenade One, a 230,371-square-foot office building in Maitland. KBS purchased the asset, which is situated within Maitland Center, an office park with eight Class A office buildings. KBS already owns Maitland Promenade Two. Maitland Promenade One is located about 10 miles north of downtown Orlando and was 98.1 percent leased at the time of sale to tenants including Allstate, Spectrum Communications, Adventist Health and Taylor Morrison. Michael Lerner, Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, Boston-based TA Realty, a private real estate investment firm, in the transaction.

January 23, 2019

Development Georgia Multifamily Southeast

McShane Construction to Build 280-Unit Apartment Community Near Savannah

by Alex Tostado January 23, 2019

POOLER, GA. — McShane Construction Co. has been chosen by Equity Resources LLC and Parc at Pooler LLC to build Parc at Pooler, a 280-unit apartment community in Pooler, about 10 miles west of Savannah. Construction has already begun at the 21-acre site, with completion slated for February 2020. The complex will include seven three-story buildings, all of which will feature elevator access. Parc at Pooler will offer studio, one-, two- and three-bedroom floor plans, as well as amenities including a clubhouse, cardio theater, athletic club, media and gaming room, and coffee and hot tea bar, car care center, dog park and a swimming pool. Dynamik Design is the architect.

January 23, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $37.1M in Refinancing for Affordable Housing Community in Orlando

by Alex Tostado January 23, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $37.1 million in refinancing for Castilian Apartments in Orlando. The 304-unit community comprises 17 two-story, garden-style apartment buildings. The property was originally built in 1975 and was renovated in 2017. Jeff Rodman and Kelly Frank of KeyBank secured a $33.4 million Freddie Mac loan, as well as a $3.7 million Letter of Credit to the undisclosed borrower. The workforce housing property sits on 14.8 acres and features units with rents at 80 percent of area median income or less.

January 23, 2019

Acquisitions Multifamily Southeast Tennessee

Woodyard Realty Brokers $6.8M Sale of Multifamily Complex in Memphis

by Alex Tostado January 23, 2019

MEMPHIS, TENN. — Woodyard Realty Corp. has arranged the $6.8 million sale of Lakeville Townhomes, a 228-unit apartment community in Memphis. The asset was originally built in 1975, and in 2007, the undisclosed seller repositioned it as part of a condo-grade overhaul. The undisclosed New York-based buyer is planning further renovations. The property is situated about two miles from Memphis International Airport, and was 96 percent occupied at the time of the transaction. Lea Heilig of Woodyard Realty represented the buyer and seller in the transaction.

January 23, 2019

Florida Industrial Leasing Activity Southeast

Chemical Company Signs 121,978 SF Industrial Lease for Headquarters in South Florida

by Alex Tostado January 23, 2019

POMPANO BEACH, FLA. — Blue Dog Chemical Co. has signed a 121,978-square-foot lease in Pompano Beach at Bridge Point Powerline Road, a three-building, 467,832-square-foot industrial park that is expected to be delivered in the third quarter of this year. Blue Dog manufactures performance and cleaning products for the consumer automotive market, transportation sector and marine and general aviation markets. Blue Dog is moving its headquarters from Stone Mountain, Ga., which is about 20 miles east of downtown Atlanta, where it occupied about 40,000 square feet of industrial space. Blue Dog is expected to have more than 60 employees at its new location, 40 of which will be new jobs. Tony Hoover of CBRE represented the landlord, Bridge Development Partners, in the lease transaction.

January 23, 2019

Acquisitions Florida Multifamily Southeast

Carter Multifamily Acquires Apartment Complex in Tallahassee for $41.8M

by Alex Tostado January 22, 2019

TALLAHASSEE, FLA. — Carter Multifamily has acquired Polos on Park, a 440-unit apartment community in Tallahassee, for $41.8 million. Built in 1999, the complex is situated at 2626 E. Park Ave., about four miles east of downtown Tallahassee. The property comprises 21 two- and three-story residential buildings, nine garage structures and an amenity building. Carter Multifamily is planning a series of renovations and will rebrand the community as 2626 Park. Planned renovations include updating residential interiors, the pool, clubhouse and recreational areas. The company also plans to add a dog park, fitness center and outdoor gathering areas. The seller was not disclosed.

January 22, 2019

Development Industrial South Carolina Southeast

Automotive Glass Manufacturer to Open 182,000 SF Processing Center in Upstate South Carolina

by Alex Tostado January 22, 2019

FOUNTAIN INN, S.C. — Fuyao North America Inc., a subsidiary of China-based Fuyao Glass Industry Group Co., will open a processing center in Fountain Inn, a city in South Carolina’s Upstate region. The company is planning to invest $16.1 million that is expected to create 70 new jobs. The Fuyao Group has been making automotive glass since 1987. The new facility will be located at 110 Milacron Drive, about 20 miles south of downtown Greenville, and will span 182,000 square feet. The Coordinating Council for Economic Development has awarded a $100,000 Set Aside grant to Greenville County to assist with costs associated with the project. A timeline for the project was not disclosed.

January 22, 2019

Acquisitions Florida Industrial Southeast

Geneva Group, Genet Property Purchase Industrial Park in Tampa

by Alex Tostado January 22, 2019

TAMPA, FLA. — Geneva Group and Genet Property Group have purchased Executive Industrial Park, a seven-building campus on 15 acres in Tampa’s Westshore industrial submarket. The 201,620-square-foot property was 94 percent leased at the time of the sale and is situated about six miles from Tampa International Airport. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed.

January 22, 2019

Acquisitions Georgia Multifamily Southeast Student Housing

Zargo Invest Acquires Student Housing Community Near University of Georgia for $8.4M

by Alex Tostado January 22, 2019

ATHENS, GA. — Zargo Invest has acquired Farmer’s Exchange, a 121-bed student housing community located near the University of Georgia campus in Athens, for $8.4 million. The name of the seller was undisclosed. Zargo plans to invest $1 million in renovations, including interior and exterior painting, installation of smart security systems in units, a new business center and lounge and new security cameras. CollegeTown Properties has been tapped to manage the community. A renovation timeline has yet to be announced.

January 22, 2019

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