Southeast

Morehouse School of Medicine, Carter Break Ground for $52M Mixed-Use Project in Atlanta

by Amy Works October 30, 2018

ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.

October 30, 2018

Acquisitions Multifamily North Carolina Southeast

Passco Acquires Newly Built Apartment Community in Asheville for $56.6M

by Amy Works October 30, 2018

ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.

October 30, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Provides $31.5M Freddie Mac Loan for New Multifamily Community Near Charleston

by Amy Works October 30, 2018

JOHNS ISLAND, S.C. — Grandbridge Real Estate Capital has closed a $31.5 million first-mortgage loan for Crowne at Live Oak Square, a multifamily community located at 3014 Reva Ridge Drive in Johns Island, an island 16 miles southwest of Charleston. The name of the borrower was not released. Funding for the permanent, fixed-rate refinance was originated through Freddie Mac’s Lease-Up loan program, which is designed for refinancing newly constructed properties. The 11-year, non-recourse loan was structured with an initial period of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 282-unit Crowne at Live Oak Square comprises 11 three- and four-story buildings across 18.9 acres. Units feature nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets and granite countertops. Community amenities include a resort-style swimming pool, sun deck, grill area and cabana, interactive health and athletic center, lounge area with multiple TVs, media center, hiking trails and a pet spa and grooming station. The apartment community is situated within PUD, a mixed-use development that features a shopping center.

October 30, 2018

Florida Industrial Loans Office Southeast

NorthMarq Capital Arranges $24M Refinancing for 311,287 SF Flex Property in Melbourne, Florida

by Amy Works October 30, 2018

MELBOURNE, FLA. — NorthMarq Capital has secured the $24 million refinancing of an office and manufacturing property located at 100 N. Babcock St. in Melbourne. Leonardo DRS Inc. occupies the 311,287-square-foot facility. The company is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors. Robert Hernandez and Lauren Hanley of NorthMarq’s Tampa office arranged the 11-year loan through an unnamed life insurance company.

October 30, 2018

Acquisitions Georgia Industrial Self-Storage Southeast

Ackerman Sells 105,800 SF Warehouse in Metro Atlanta for $5.3M, Buyer Planning Self-Storage Conversion

by Amy Works October 30, 2018

TUCKER, GA. — Ackerman & Co. has sold an industrial building, located at 2232 Mountain Industrial Blvd. within Stone Mountain Industrial Park in Tucker. Mequity Cos. purchased the property for $5.3 million. The buyer, an Atlanta-based real estate development and investment firm, is redeveloping the 105,800-square-foot warehouse into a build-to-suit project for CubeSmart. The climate-controlled self-storage facility is slated for completion by year’s end. Brett Buckner, Jimmy Stevens and Major Martin of Ackerman & Co. provided in-house representation for the seller. Ackerman & Co. originally acquired the 4.1 million-square-foot Stone Mountain industrial portfolio in 2015.

October 30, 2018

Acquisitions Florida Multifamily Southeast

Lindemann Multifamily Acquires New Apartment Community Near Orlando’s Mall at Millenia for $63.7M

by Amy Works October 29, 2018

ORLANDO, FLA. — Lindemann Multifamily Management has purchased The Addison on Millenia, a Class A multifamily property located at 4673 Garden Park Blvd. in Orlando. A partnership between Contravest, Case Pomeroy and BBX Capital sold the asset for $63.7 million. Completed in 2017, Addison on Millenia features 292 apartments equipped with high-end finishes, including nine- and 10-foot ceilings, granite countertops, tile backsplashes in the kitchen, pendant lighting, stainless steel GE appliance and full-sized washers and dryers. The community is located 3.7 miles from downtown Orlando and adjacent to Mall at Millenia, a 1.2-million-square-foot upscale retail destination. CBRE’s Shelton Granade, Luke Wickman and Justin Basquill represented the seller in the transaction. Paul Ahmed, Erin Efstahion and Mackenzie Fry of CBRE arranged a $38.2 million, 10-year loan with Fannie Mae on behalf of the buyer.

October 29, 2018

Acquisitions Georgia Multifamily Southeast

Coastal Ridge, Sefira Capital Buy Apartment Complex in Metro Atlanta for $34M

by Amy Works October 29, 2018

LOCUST GROVE, GA. — Columbus, Ohio-based Coastal Ridge Real Estate Partners and Miami-based Sefira Capital have acquired Eagle’s Brooke, an apartment community located on 31 acres at 100 Malago Way in Locust Grove. An undisclosed seller sold the metro Atlanta asset for $34 million. This transaction marks the 12th acquisition in 2018 for Coastal Ridge and its first in a new joint venture with Sefira. Built in 2009, Eagle’s Brook features 120 one-bedroom/one-bath units, 104 two-bedroom/two-bath units and 24 three-bedroom/two-bath units, with rents ranging from $957 to $1,396. Units include patios/balconies, ceiling fans, nine-foot ceilings, garden tubs, linen closets, separate dining areas and walk-in closets. On-site community amenities include a residents’ kitchen/lounge, swimming pool and controlled access gates.

October 29, 2018

Acquisitions Florida Retail Southeast

Transwestern Brokers $16.6M Sale of Retail Center in Orlando’s Tourist Corridor

by Amy Works October 29, 2018

ORLANDO, FLA. — Transwestern has closed the $16.6 million sale of Sand Lake Corners North, a community shopping center located at 8115-8379 S. John Young Parkway in Orlando’s tourist corridor. Situated on 15 acres, the retail center features 151,487 square feet of retail space. At the time of sale, the property was 95.3 percent occupied by a variety of tenants, including Old Time Pottery, PetSmart and Dollar Tree. The property is also shadow-anchored by Walmart and Lowe’s Home Improvement Warehouse. John Bell of Transwestern represented the undisclosed seller in the deal. The name of the buyer was not released.

October 29, 2018

Development Louisiana Retail Southeast

Gulf States Real Estate Opens Rouses-Anchored Shopping Center in Covington, Louisiana

by Amy Works October 29, 2018

COVINGTON, LA. — Copperstill Marketplace, a neighborhood shopping center, has opened in at the intersection of Highway 1007 and Highway 1085 in Covington. Gulf States Real Estate built the shops, Byron Talbot Construction performed the site work package and BETCO Construction built the anchor tenant space. A 43,320-square-foot Rouses Market anchors the 60,000-square-foot retail center. Additional tenants include In & Out Urgent Care, H2K Nail Salon and Wow Café. Heritage Bank has purchased the corner outparcel and plans to develop a retail building with space for a bank branch and other tenants.

October 29, 2018

Acquisitions Mississippi Multifamily Southeast

Majestic RV Resorts Acquires Beachfront Land Parcel in Biloxi, Plans Upscale RV Park

by Amy Works October 29, 2018

BILOXI, MISS. — Majestic RV Resorts has purchased 22.8 acres of beachfront property from Trustmark Bank for nearly $3 million. The buyer plans to develop an upscale RV park on the property, which is a vacant commercially zoned property. The property is located one block east of the Mississippi Coast Coliseum and adjacent to the former Broadwater Hotel. Sam Ford, an agent affiliated with Coldwell Banker Commercial Alfonso Realty, represented the seller. Marques Thomas with Biloxi-based Latitude Realty represented the buyer in the deal. Majestic RV Resorts has existing RV parks in Savannah, Ga., and Naples, Fla.

October 29, 2018

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