Southeast

Miller Construction Delivers Office, Manufacturing Facility for CGI Windows and Doors in South Florida

by Alex Tostado November 30, 2018

HIALEAH, FLA. — Miller Construction has delivered CGI Doors and Windows’ office and manufacturing facility in Hialeah’s Countyline Corporate Park. CGI Windows and Doors moved into the new 325,000-square-foot building at 3780 W. 104th St. from a smaller location in nearby Miami. Flagler Global Logistics was the developer and Ware Malcomb designed the facility. Ware Malcomb offers integrated design services including architecture, planning, interior design, civil engineering and branding to diverse clients in both the private and public sectors.

November 30, 2018

Florida Hospitality Loans Southeast

Thorofare Capital Provides $17M Loan to Refinance Historic Hotel in Downtown Miami

by Alex Tostado November 30, 2018

MIAMI — Thorofare Capital has provided a $17 million loan to Langford Partners LLC to help stabilize The Langford Hotel, a building constructed in 1926 and added to the National Register of Historic Places in 1989. It was originally a bank and has housed several banks, an insurance company and other commercial entities over the years. Langford Partners, an affiliate of Stambul USA, purchased the building in 2013, and in 2016, opened it as a 126-room boutique hotel. Thorofare provided the sponsor with a two-year, interest-only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility based on hotel performance. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.

November 30, 2018

Development Georgia Mixed-Use Southeast Top Stories

GID, North American Properties to Develop 8 MSF Mixed-Use Project in Atlanta

by Kristin Harlow November 30, 2018

ATLANTA — GID and North American Properties (NAP) have formed a joint venture to develop High Street Atlanta, an 8 million-square-foot mixed-use project in Atlanta’s Dunwoody neighborhood. At full buildout, the development will include approximately 1,500 apartment units, 1,500 condominiums, 400 hotel rooms, 400,000 square feet of retail space and 400,000 square feet of office space. The transit-oriented project will encompass 10 city blocks with open spaces for events. “By investing in the space between the buildings, the street-level gathering places where community and social collisions happen organically, we create a fundamentally different shopping experience than e-commerce,” says Mark Toro, managing partner of NAP. GID will serve as master developer, while NAP will lead retail leasing, marketing, community engagement and retail property management. Construction on the project’s first phase is expected to begin in late 2019. GID is a privately held and fully integrated real estate organization that develops, owns and operates a portfolio of properties valued at more than $15 billion. Cincinnati-based NAP is a privately held real estate operating and development company that has acquired, developed and managed more than $7 billion of properties nationwide. In Atlanta, NAP developed the $1 billion Avalon in Alpharetta and is currently underway …

November 30, 2018

Development Georgia Industrial Southeast

Southeast Toyota Distributors to Build $90M Plant in Northeast Georgia

by Alex Tostado November 29, 2018

COMMERCE, GA. — Southeast Toyota Distributors will break ground on a $90 million, 350,000-square-foot plant in Commerce on Dec. 11. The new facility will be situated across Ga. Highway 334 from the distributor’s current plant, which employs 236 full-time associates. The new plant will feature amenities for workers, such as a health and wellness center, nature trail, fitness center, meeting area and an expanded café. The company distributes vehicles, parts and accessories to 177 Toyota dealerships in Alabama, Florida, Georgia, North Carolina and South Carolina. The new facility will include six rail spurs capable of accommodating 90 rail cars at once. The campus is expected to be complete in April 2020.

November 29, 2018

Acquisitions Florida Multifamily Southeast

Passco Acquires New Apartment Complex in Destin for $63.3M

by Alex Tostado November 29, 2018

DESTIN, FLA. — Passco Cos. has acquired a 288-unit apartment community in Destin for $63.3 million. Irvine, Calif.-based Passco bought Sea Glass from Atlanta-based Catalyst Development Partners. The apartment complex features one- , two- and three-bedroom floor plans, and its amenities include a swimming pool, fitness studio, clubroom, breakfast bar, indoor/outdoor bar area, package concierge and a business center. Sea Glass was built in 2017 and is directly across from Henderson Beach State Park. Matt Wilcox, Jubeen Vaghefi and Denny St. Romain of JLL Florida Capital Markets brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.

November 29, 2018

Georgia Loans Office Southeast

Grandbridge Secures $30.5M Acquisition Financing for Office Building in Metro Atlanta

by Alex Tostado November 29, 2018

ALPHARETTA, GA. — Grandbridge Real Estate Capital has secured a $30.5 million acquisition loan for a 251,000-square-foot, Class A office building in Alpharetta, about 24 miles north of Atlanta. Gerry Robbins of Grandbridge secured the financing, which features an initial period of interest-only, a 10-year term and 30-year amortization schedule on behalf of the undisclosed borrower.

November 29, 2018

Florida Industrial Leasing Activity Southeast

Best Buy, Ryder Sign Leases at Industrial Park in South Florida

by Alex Tostado November 29, 2018

PEMBROKE PARK, FLA. — Best Buy has leased 27,256 square feet of industrial space and Ryder has renewed its lease for 70,861 square feet at Seneca Industrial Park in Pembroke Park. The combined 98,117 square feet brings the 885,000-square-foot industrial park to full capacity. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, the investment arm of TIAA. Craig Fetherston of The Shopping Center Group represented Best Buy, a multinational consumer electronics retailer. Tom O’Loughlin of CBRE represented Ryder, a nationwide company specializing in fleet management solutions, supply chain management and logistics.

November 29, 2018

District of Columbia Loans Mixed-Use Southeast

Eastern Union Funding Arranges Loan for 117-Unit Mixed-Use Project in D.C.

by Alex Tostado November 29, 2018

WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, located at 1229 East St. S.E., which will be turned into a duplex. Amenities for The Rushmore are set to include a residents’ lounge, fitness center, rooftop deck, concierge service, catering kitchen and private dining at the penthouse level, as well as 2,500 square feet of street-level retail space. Bethesda, Md.-based SGA Cos. and Washington, D.C.-based Evergreen Private Finance signed a 100-year ground lease with Capitol Hill investor Larry Quillian to develop at the two locations. The Rushmore is expected to be complete by the fourth quarter of 2019.

November 29, 2018

Conference Coverage Features Georgia Southeast

From Confident Buyers to Tech Solutions, Six Trends Emerge from InterFace Multifamily Southeast

by John Nelson November 29, 2018

The runway is still long for multifamily real estate in the current cycle as investors and developers continue to pour money into the space. The apartment industry took center stage during the ninth-annual InterFace Multifamily Southeast conference on Tuesday, Nov. 27. Produced by InterFace Conference Group, the full-day event drew more than 400 multifamily real estate professionals from around the Southeast. The conference, held at The Whitley hotel in Atlanta’s Buckhead district, featured panel discussions on a variety of topics, including finance, investment sales, new development and operations, and highlighted the region’s most active markets. While attendees were able to glean numerous takeaways from the event’s more than 50 speakers, the following are six key trends that apartment professionals are monitoring heading into the new year. 1.) Investment to remain robust in 2019 During the conference’s state of the market panel, Josh Champion of Carroll Organization and Jim Street of PGIM Real Estate said that their firms were net buyers in 2018 and plan to be net buyers again next year. Coincidentally, within an hour after the panel concluded their companies announced a $600 million joint venture acquisition of three multifamily portfolios. “Real estate is still a favored asset class, …

November 29, 2018

Development Georgia Industrial Southeast

Korean Battery Manufacturer to Invest Nearly $1.7B, Develop 2 MSF Plant in North Georgia

by Alex Tostado November 28, 2018

JACKSON COUNTY, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will create more than 2,000 jobs and invest $1.67 billion in Jackson County by way of a new manufacturing plant. The project will be built in two phases, with each phase including about 1 million square feet of manufacturing space and housing more than 1,000 advanced manufacturing jobs. SK innovation is a part of SK Group, one of the largest conglomerates in South Korea, and employs more than 6,500 individuals worldwide. Its customers include Mercedes-Benz and Hyundai-Kia Motors. “SK innovation’s decision to make this significant investment and create more than 2,000 jobs in Jackson County reflects Georgia’s reputation as a top destination for international businesses, especially those in the automotive supply sector,” says Georgia Gov. Nathan Deal. A timetable for the Jackson County plant has not been established.

November 28, 2018

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