Southeast

Integral Group Adds Three Developers, Alamo Drafthouse to Assembly Yards Project in Metro Atlanta

by Alex Tostado October 1, 2019

DORAVILLE, GA. — The Integral Group has added three development partners at Assembly Yards, a 165-acre mixed-use redevelopment of the former General Motors plant in Doraville. Paces Properties has joined the development team as the retail partner, StreetLights Residential will serve as the multifamily partner and Ashton Woods Homes as the single-family home builder. Additionally, Alamo Drafthouse Cinema, a Texas-based chain of movie theaters with in-house dining and bar service, will open its first Georgia location at Assembly Yards in 2021. Paces Properties expects to build 125,000 square feet of retail space, including a 16,000-square-foot food hall. Dallas-based StreetLights Residential will construct 300 multifamily units, while Ashton Woods will deliver 150 townhomes. The partnerships with Paces, StreetLights and Ashton Woods combined will add $175 million of development to the site. The first set of retail openings is scheduled for early 2021. In May, Serta Simmons Bedding also celebrated the grand opening of its new 250,000-square-foot headquarters at Assembly alongside Georgia Gov. Brian Kemp and Doraville Mayor Donna Pittman. At the same time, NAVYA launched an autonomous shuttle, the first-of-its-kind in the region.

October 1, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 360-Unit Multifamily Community in Panama City Beach

by Alex Tostado October 1, 2019

PANAMA CITY BEACH, FLA. — Cushman & Wakefield has arranged the sale of Ashley Breakfast Point, a 360-unit multifamily community in Panama City Beach. Built in 2007, the property is located two miles from the beach and less than two miles from downtown Panama City Beach. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling station, boat and RV parking, fire pit, bark park and scenic pond. Coastal Ridge Real Estate and H. Katz Capital sold Ashley at Breakfast Point to Cardone Capital for an undisclosed amount. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the sellers in the transaction.

October 1, 2019

Acquisitions Florida Office Southeast

JLL Negotiates $31.5M Sale of Office Park in Jacksonville

by Alex Tostado October 1, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $31.5 million sale of Midtown Centre, a 31-building office park totaling 750,156 square feet in Jacksonville. The property is located at 3947 Boulevard Centre Drive, two miles south of downtown Jacksonville. The buildings are spread across 48 acres and were 64 percent leased at the time of sale to local and national tenants, including multiple government and nonprofit agencies. Robbie McEwan, Manny de Zárraga and Hermen Rodriguez of JLL represented the seller, The Dubon Group, in the transaction. Nova Capital Partners LLC acquired the property.

October 1, 2019

Loans Multifamily Seniors Housing Southeast Virginia

SunTrust Originates $30.9M Fannie Mae Refinancing for Seniors Housing Community in Lynchburg, Virginia

by Alex Tostado October 1, 2019

LYNCHBURG, VA. — SunTrust Banks Inc. has provided $30.9 million in Fannie Mae financing for Liberty Ridge, a 171-unit independent living and assisted living seniors community in Lynchburg. The borrower is Runk & Pratt, a family-owned operator of seniors housing communities in the Lynchburg market. The loan will refinance the acquisition loan that Runk & Pratt used to buy the property in 2016. Liberty Ridge was originally constructed in 2014. Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the fixed-rate, non-recourse, 10-year loan with a 30-year amortization schedule.

October 1, 2019

Company News District of Columbia Loans Multifamily Southeast

MBA: Commercial, Multifamily Mortgage Debt Rises $51.9B in Second Quarter Amid Strong Lending Activity

by Alex Tostado October 1, 2019

WASHINGTON, D.C. — Commercial and multifamily mortgage debt outstanding rose $51.9 billion, or 1.5 percent, in the second quarter over the prior quarter, according to the Mortgage Bankers Association (MBA). At the end of the first half of 2019, total commercial and multifamily debt outstanding was $3.5 trillion. Multifamily mortgage debt alone increased $24.4 billion (1.7 percent) to $1.5 trillion from the first quarter. Commercial banks continued to hold the largest share (39 percent) of commercial and multifamily mortgages at $1.4 trillion. Agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) were the second largest holders of commercial and multifamily mortgages (20 percent) at $703 billion. Life insurance companies held $539 billion (15 percent), and CMBS, collateralized debt obligation (CDO) and other asset-backed security (ABS) issues held $471 billion (13 percent). “Strong borrowing and lending, coupled with relatively low levels of loan maturities, are helping to boost the amount of commercial and multifamily mortgage debt outstanding,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “All four major capital sources increased their holdings during the quarter. With strong demand expected to continue, debt levels are likely to climb even more and end the year at a new …

October 1, 2019

Acquisitions Georgia Mixed-Use Southeast

Rubenstein, Monarch Acquire Transit-Oriented Mixed-Use Development in Atlanta for $187M

by Alex Tostado September 30, 2019

ATLANTA — Rubenstein Partners and Monarch Alternative Capital have acquired Lindbergh Center, a 1 million-square-foot mixed-use development in Atlanta’s Buckhead district, for $187 million. The property comprises twin 14-story office buildings above the MARTA Lindbergh Station and a 47-acre development that includes residential and retail space. Retailers include LongHorn Steakhouse, Taco Mac, Jimmy Johns, Willie’s and Five Guys. Residential communities include eon at Lindbergh and Alexan Buckhead Village. Lindbergh Center’s office towers are fully leased to AT&T until Dec. 31, 2020. The buyers plan to implement upgrades that will include improving the overall amenities at the property. Stewart Calhoun, David Meline, Samir Idris and Adam Spies of Cushman & Wakefield represented the seller, Columbia Property Trust, in the transaction. Mack Real Estate Credit Strategies (MRECS) provided first mortgage debt financing for the transaction. Columbia Property Trust purchased the development in 2008.

September 30, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 400-Unit Multifamily Community in Orlando

by Alex Tostado September 30, 2019

ORLANDO, FLA. — CBRE has arranged the sale of Mirabella Waterford Lakes, a 400-unit multifamily community in Orlando. Built in 2000, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, fitness center, clubhouse, swimming pool, tennis court, volleyball court and a playground. The asset is located at 12101 Fountainbrook Blvd., 11 miles east of downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lantower Residential. Los Angeles-based PRG Investment & Management acquired the property, which was 95 percent occupied at the time of sale, for an undisclosed price.

September 30, 2019

Acquisitions District of Columbia Retail Southeast

Pebblebrook Sells Hotel Madera in D.C. for $23.3M

by Alex Tostado September 30, 2019

WASHINGTON, D.C. — Pebblebrook Hotel Trust has sold Kimpton Hotel Madera, an 82-room hotel in Washington, D.C., for $23.3 million. The property is located at 1310 New Hampshire Ave NW, three blocks south of Dupont Circle and one mile north of The White House. Amenities include free Wi-Fi, complimentary coffee and tea service, electric car charging stations and a yoga mat in each room. The buyer was not disclosed.

September 30, 2019

Acquisitions Development Industrial North Carolina Southeast

Beacon Partners Purchases 47,000 SF Warehouse in Charlotte, Plans to Convert into Office Space

by Alex Tostado September 30, 2019

CHARLOTTE, N.C. — Beacon Partners has purchased a 47,000-square-foot warehouse located at 2226 N. Davidson St. in Charlotte’s NoDa (North of Davison) submarket. The buyer will convert the one-story brick building into office and retail space for tenants seeking 4,000 to 7,000 square feet. The building, which was constructed in 1962, will be branded as the North Davidson Co-Operative, or NoDa Co-Op. Erin Shaw and Kristy Venning of Beacon will handle office leasing. Charles Thrift, also with Beacon, will handle retail leasing. Marty McLaughlin of Park Commercial Real Estate represented the undisclosed seller in the sale. NoDa Co-Op is expected to be complete in mid-2020.

September 30, 2019

Acquisitions Georgia Retail Southeast

Coro Realty Buys Two Parking Garages Connected to Underground Atlanta

by Alex Tostado September 30, 2019

ATLANTA — Coro Realty has bought two parking garages connected to Underground Atlanta. The decks, MLK 75 and MLK 95, are located on Martin Luther King Jr. Drive across the street from numerous government office buildings, including the Fulton County courthouse and the Georgia State Capitol complex. Coro intends to invest roughly $1 million in the garages, making improvements to the stairs, elevators, lighting, signage and parking equipment. With direct access to Underground Atlanta, MLK 75 and MLK 95 were built in 1980 and cover about 1.6 acres. The decks contain 1,254 parking spaces between the two buildings. When complete, Underground Atlanta will have more than 400,000 square feet of retail, restaurant, entertainment, office, residential space and a 351-room Yotel hotel. Brandon Rogoff, Nicholas Ricardo and Steven Morgan of NKF Capital Markets brokered the transaction. John Hancock Life Insurance Co. provided acquisition financing. The sales price was not disclosed.

September 30, 2019

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