Southeast

Liberty Investment Leads New Mixed-Use Development in Downtown Orlando

by Alex Tostado August 22, 2019

ORLANDO, FLA. — Liberty Investment Properties, in a partnership with private investors, is developing a new mixed-use development in downtown Orlando. Liberty Corner will be a three-story building that will house 150,000 square feet of retail and restaurant space and a climate-controlled self-storage facility. My Neighborhood Storage Center of Magnolia will operate the nearly 700 self-storage units. Liberty Investment Properties will manage the property, which is expected to open at the end of 2020.

August 22, 2019

Florida Loans Multifamily Southeast

NorthMarq Provides $65M Loan for Refinancing of Apartment Complex in Central Florida

by Alex Tostado August 22, 2019

PORT ORANGE, FLA. — NorthMarq has provided a $65 million refinancing HUD loan for Legacy at Crystal Lake, a 510-unit apartment complex in Port Orange. The 35-year, fixed-rate loan comes with a 35-year amortization schedule. Legacy at Crystal Lake is located at 1200 Floral Springs Blvd., six miles south of Daytona Beach. The property offers communal amenities such as a sundeck, swimming pool, cabanas, fitness center, playground, clubhouse and basketball and volleyball courts.

August 22, 2019

Acquisitions Industrial Kentucky Southeast

IDI Logistics Sells 442,304 SF Industrial Building in Metro Cincinnati

by Alex Tostado August 22, 2019

BOONE COUNTY, KY. — IDI Logistics has sold Building I within its Park South at Richwood Industrial Park. Building I spans 442,304 square feet. The undisclosed buyer plans to open a package sorting center at the location. Park South offers seven buildings, totaling nearly 5 million square feet. The property is located along Interstate 75/71, about 20 miles from downtown Cincinnati. Jeremy Kraus of CBRE represented the buyer in the transaction. Mike Lowe, also of CBRE, represented IDI Logistics.

August 22, 2019

Acquisitions Florida Retail Southeast

CBRE Brokers $17.2M Sale of Waterfront Shopping Center Near Tampa

by Alex Tostado August 22, 2019

MADIERA BEACH, FLA. — CBRE has brokered the $17.2 million sale of The Shops at John’s Pass Village, a 40,771-square-foot shopping center in Madiera Beach. Mark Shellabarger of CBRE represented the undisclosed seller in an online auction that attracted 29 bids. Ben Mallah, an individual buyer, won the bidding process for the waterfront shopping village. The property consists of retail shops, restaurants, a marina and a 325-space parking garage. The Shops at John’s Pass is located about 25 miles west of downtown Tampa.

August 22, 2019

Georgia Loans Multifamily Southeast

Preferred Apartment Communities Arranges $14.8M Construction Loan for Multifamily Community in Metro Atlanta

by Alex Tostado August 22, 2019

KENNESAW, GA. — Preferred Apartment Communities has arranged a $14.8 million construction loan on behalf of Newport Development Partners for Kennesaw Crossing. The 250-unit multifamily community will be located in Kennesaw as part of Eastpark Village, which Sanctuary Cos. and Vardon Partners are co-developing. Eastpark Village is located about 28 miles northwest of downtown Atlanta and a few blocks south of historic downtown Kennesaw. A timeline for completion was not disclosed.

August 22, 2019

Arkansas Colorado Loans Multifamily Southeast Texas Top Stories Western

Greystone Provides $179.2M Refinancing for Suburban Multifamily Portfolio Across Three States

by Kristin Harlow August 22, 2019

FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller

August 22, 2019

Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 288-Unit Multifamily Complex Near Disney World

by Alex Tostado August 21, 2019

KISSIMMEE, FLA. — Summit Contracting Group has broken ground on Sentosa Sinclair, a 288-unit multifamily complex in Kissimmee spanning 10 buildings and 367,043 square feet. The property will be located near the master-planned community of Reunion and Disney World. Communal amenities will include a clubhouse, swimming pool, fitness center, mail kiosk, playground and a dog park. Construction is planned to be complete in January 2021. Sentosa Sinclair Apartments LLC, an affiliate of Reunion developer Falcone Group, is building Sentosa Sinclair. St. Petersburg, Fla.-based ARC3 Architecture Inc. is the architect.

August 21, 2019

Development Mixed-Use North Carolina Southeast

Canopy to Begin Construction on 120,000 SF Adaptive Reuse Project in Charlotte

by Alex Tostado August 21, 2019

CHARLOTTE, N.C. — Canopy will break ground on an adaptive reuse project in Charlotte’s NoDa (North of Davidson) neighborhood. The project, known as Indigo CLT, will be located at 4000 Raleigh St. and will comprise 60,000 square feet of industrial space, 40,000 square feet of office space and 20,000 square feet of retail space. Situated along Charlotte’s LYNX Blue Line, the existing building on the site was built in 1954 as the former home to a mill company. Redevelopment plans for Indigo CLT will highlight the existing original architectural features, including its 18-foot ceilings, exposed brick and numerous skylights. The redevelopment plans also include a boutique apartment community adjacent to the existing building. Canopy and The Nichols Co. plan to target complementary retail tenants to support Indigo CLT’s live-work-play dynamic, such as a coffee shop/juice bar, second-generation brewery, bodega and fitness concept. Charlotte-based Canopy expects the project to deliver in spring 2020.

August 21, 2019

Development Office Southeast Tennessee

Highwoods to Develop $37.8M Office Building in Metro Nashville

by Alex Tostado August 21, 2019

BRENTWOOD, TENN. — Highwoods Properties will develop Virginia Springs II, a 111,000-square-foot office building within Maryland Farms in Brentwood. The company expects to invest $37.8 million in the development. Virginia Springs II is the second of two office buildings Highwoods has planned, joining the 113,000-square-foot Virginia Springs I, which was delivered earlier this year. Amenities at Virginia Springs II will include outdoor common areas, modern architecture and access to Powell Park and Maryland Farms Greenway. The office building will be situated 12 miles south of downtown Nashville. Construction is scheduled to begin in the third quarter, with targeted completion in the third quarter of 2020 and projected stabilization in the third quarter of 2022.

August 21, 2019

Acquisitions Development Georgia Industrial Office Southeast

MidCity, Anchor Capital Acquire 42,500 SF Industrial Building in Metro Atlanta, Plan to Reposition to Office

by Alex Tostado August 21, 2019

CHAMBLEE, GA. — A joint venture between MidCity Real Estate Partners and Anchor Capital Partners has acquired 5616 Peachtree, a 42,500-square-foot industrial building in downtown Chamblee. The owners plan to immediately begin construction to reposition the building into a 36,500-square-foot office building. The asset will be extensively renovated with all new base building features and new tenant interiors. Winter Construction will serve as the general contractor for the renovations, and will occupy half of the building upon completion. The joint venture expects the building will be move-in ready in February 2020. Patterson Real Estate Advisory Group arranged a construction loan and equity financing on behalf of the borrowers. First Citizens Bank provided the construction loan. The joint venture paid $3.5 million for the existing industrial building. The building is located two blocks from the $2 billion Assembly Yards in Doraville and 18 miles northeast of downtown Atlanta.

August 21, 2019

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