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

Acquisitions Florida Industrial Southeast

Plymouth Industrial REIT to Acquire Portfolio in South Jacksonville for $97.1M

by Alex Tostado November 28, 2018

JACKSONVILLE, FLA. — Plymouth Industrial REIT Inc. has signed a definitive agreement to acquire a 20-building, 1.1 million-square-foot light industrial and flex portfolio in south Jacksonville for $97.1 million. Plymouth Industrial will fund the acquisition using approximately $63 million in short-term borrowings from KeyBank Real Estate Capital and about $34 million in equity from an affiliate of Madison International Realty Holdings LLC. The acquisition is expected to close in December. The portfolio is currently 96 percent leased to 40 tenants such as Comcast, Veritiv, Cintas, Alstom, Staples, Cardinal Health, The Home Depot, Johnson Controls, Safelite AutoGlass and Shaw. The portfolio has a weighted average lease term of over three years remaining. The seller was undisclosed.

November 28, 2018

Development Florida Mixed-Use Southeast

Bristol Development, Hallmark Partners to Build Mixed-Use Project in Jacksonville

by Alex Tostado November 28, 2018

JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners plan to develop Vista Brooklyn, a mixed-use project in Jacksonville that will include 308 apartments and 13,000 square feet of retail space. Located in Jacksonville’s Brooklyn neighborhood, the project will feature a dog park and rooftop pool for residents. Construction is expected to begin in January and wrap up in February 2021. Nashville-based Bristol and Jacksonville-based Hallmark originally partnered in 2012 to build the 220 Riverside apartments in Jacksonville.

November 28, 2018

Georgia Hospitality Loans Southeast

F10 Hotels Arranges $48.5M Loan to Refinance TWELVE Midtown, Downtown Hotels in Atlanta

by Alex Tostado November 28, 2018

ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.

November 28, 2018

Acquisitions North Carolina Retail Southeast

Big V Property Acquires Power Retail Center in Metro Charlotte for $28.3M

by Alex Tostado November 28, 2018

MONROE, N.C. — Big V Property Group has acquired Poplin Place, a 227,669-square-foot shopping center located in the southern Charlotte suburb of Monroe, for $28.3 million. Poplin Place was 94 percent leased at the time of the sale to tenants including T.J. Maxx, Ross Dress for Less, Big Lots and PetSmart, and is shadow-anchored by Target. Charlotte-based Berkeley Capital Advisors represented the seller, InvenTrust Properties, in the transaction.

November 28, 2018

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