Southeast

MMG Equity Partners Acquires Mixed-Use Property in South Florida for $9.7M

by Amy Works October 4, 2018

PINECREST, FLA. — MMG Equity Partners has purchased Pinecrest Center, a two-story mixed-use property located at 11975 S. Dixie Highway in Pinecrest, a village in Miami-Dade County. A family-owned investment group sold the property for $9.7 million, or $284 per square foot. Drew Kristol, Kirk Olson and Jean-Baptiste Ramet of Marcus & Millichap’s Miami office represented the seller in the deal. Pet Supermarket, Miami Home Center and IHOP are tenants at the 34,306-square-foot property. The second floor of the property features recently remodeled office space ranging from 240 square feet to 600 square feet, plus a shared conference room.

October 4, 2018

Georgia Loans Multifamily Southeast

NorthMarq Provides $7M Fannie Mae Refinancing for Multifamily Property in South Downtown Atlanta

by Amy Works October 4, 2018

ATLANTA — NorthMarq Capital has originated a $7 million Fannie Mae loan for the refinancing of Gallman Development Group’s construction loan for MC Kiser Lofts, a multifamily property in Atlanta. Gallman Development converted the MC Kiser Building, a historic shoe manufacturing warehouse once occupied by Atlanta Public Schools, into a multifamily property featuring 41 apartments and 10,000 square feet of retail space. Built in 1923 and situated in Atlanta’s South Downtown area, the property is near various amenities and attractions, including Underground Atlanta, the Garnett MARTA station, Newport’s South Downtown project and CIM’s Gulch project. NorthMarq arranged construction financing almost two years ago for Gallman, and the new 10-year agency loan has fulfilled the borrower’s business plan. Will James of NorthMarq Capital’s Atlanta office secured the new Fannie Mae loan.

October 4, 2018

Acquisitions Florida Office Southeast Top Stories

Joint Venture Acquires 351,705 SF Office Tower in Fort Lauderdale for $108.5M

by Katie Sloan October 4, 2018

FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC. The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale. The asset consists of a 19-story building and a five-story building connected by a covered sky bridge to a four-story parking structure, which provides 772 covered parking spaces to office tenants. The building recently underwent an extensive renovation — with over $4.9 million invested since the beginning of 2013 — and serves as the new U.S. headquarters for KEMET Corp., a publicly traded global supplier of electronic components. Additional tenants include Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer PA; McGlinchey Stafford; and Hinshaw & Culbertson LLP. NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural …

October 4, 2018

Florida Loans Office Southeast

CBRE Arranges $46M Refinancing for 278,713 SF Office Tower in Downtown Orlando

by Amy Works October 3, 2018

ORLANDO, FLA. — CBRE has secured $46 million loan for the refinancing of 20 North Orange, an office tower in downtown Orlando. The borrower is an investment fund managed by Apollo Global Management and Steelbridge Capital. Situated within Main & Main, the 16-story building features 278,713 square feet of office space, 24-hour security, an on-site café and a parking structure at a ratio of up to 4/1,000 square feet via two covered sky bridges. At the time of financing, the property was occupied by 20 tenants. Amy Julian, Christian Lee and José Lobón of CBRE’s Miami office arranged the financing for the borrower.

October 3, 2018

Acquisitions Loans Maryland Multifamily Southeast

Charger Ventures Receives $30.1M in Acquisition Financing for Apartment Complex in Maryland

by Amy Works October 3, 2018

LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.

October 3, 2018

Acquisitions Georgia Office Southeast

Velocis Sells 152,935 SF Office Complex in Metro Atlanta to Simpson Organization

by Amy Works October 3, 2018

ALPHARETTA, GA. — Dallas-based Velocis, a private equity real estate manager, has completed the disposition of Royal Centre One, a Class A office complex located in Alpharetta, a northern suburb of Atlanta. The Simpson Organization acquired the property for an undisclosed price. Situated within the master-planned Royal 400 office park, the asset features 152,935 square feet of office space across multiple buildings spanning 12 acres along the Georgia 400 corridor. Velocis originally acquired the property in 2013 and has raised occupancy from 53 percent to just under 80 percent, at the time of sale. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the deal.

October 3, 2018

Acquisitions North Carolina Retail Southeast

Prudent Growth Acquires Shopping Center in North Carolina for $5.5M

by Amy Works October 3, 2018

GARNER, N.C. — Chapel Hill, N.C.-based Prudent Growth Partners has purchased The Shops at Gardner Plaza, a retail center located at 537 Plaza Circle in Garner. An undisclosed seller sold the property for $5.5 million. Family Dollar, NY Bride and Groom and Carriage House Cleaners are tenants at the 57,000-square-foot shopping center. Additionally, the property is located nearby Amazon’s newly announced, $200 million distribution center.

October 3, 2018

Affordable Housing Development Georgia Loans Multifamily Southeast

Capital One Provides $14.9M HUD Loan to Rehab Affordable Housing Community in Atlanta

by Amy Works October 3, 2018

ATLANTA — Capital One has provided a $14.9 million HUD 221(d)(4) rehabilitation and permanent financing loan for Bethel Towers Apartments, an affordable multifamily property located in Atlanta’s Sweet Auburn neighborhood. Capital One’s Carolyn Whatley originated the loan, which features a fixed interest rate and a 40-year term. The Benoit Group, the borrower, is partnering with the Big Bethel AME Church to renovate the community in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards. Big Bethel AME Church built the community in 1972 and will share ownership of the newly rehabilitated development. The 16-story building features 180 units in a mix of one- and two-bedroom floorplans. The property is covered by a project-based rental assistance contract through the Section 8 program. Additionally, the property features 165 surface and garage parking spaces, a playground and access to a laundry facility and community meeting space in adjacent commercial and church buildings. The renovation program includes the replacement of electrical wiring, plumbing risers and flooring, kitchen and bath upgrades and the addition of accessible units, a fitness room, business center and picnic pavilion with a grilling area. The rehabilitation plan also calls for environmentally sustainable improvements including high-efficiency common area lighting, …

October 3, 2018

Features Georgia Restaurant Retail Southeast Southeast Feature Archive

Communities’ Appetite for Food Halls Grows But Risks Abound, Says IEDC Panel

by John Nelson October 2, 2018

ATLANTA — Five years ago, there were about 30 food halls across the entire country. By 2020, Cushman & Wakefield predicts there will be 300. “I agree we have a lot of food halls coming,” said Jamestown president Michael Phillips. “In some regards it signals the end of the food hall.” The comments from Phillips came Monday morning during a panel discussion at the annual conference of the International Economic Development Council (IEDC). The four-day conference, which ends Wednesday, has drawn 1,600 economic developers, city planners, marketing professionals, consultants and community leaders to the Hyatt Regency in Atlanta. It’s the largest number of conference attendees ever and the first time in a decade that Atlanta has served as the host city for the annual gathering. The panel Phillips participated in was titled “Intersection of Food and Economic Development.” His fellow panelists included Adam Schwegman, senior vice president of Brookfield Properties Retail, who is stationed in Atlanta; Thomas McNair, executive director of Cleveland-based Ohio City Inc.; and Haile Johnston, founder of The Common Market in Philadelphia. Catherine Timko, CEO of Wilmington, Del.-based economic development consulting firm The Riddle Co., served as panel moderator. Food traffic, the right demographics, and a community …

October 2, 2018

Acquisitions District of Columbia Office Southeast

Paramount Sells 372,552 SF Office Building in D.C. to Saban Real Estate for $157M

by Amy Works October 2, 2018

WASHINGTON, D.C. — Paramount Group Inc. has completed the sale of 425 Eye Street, an office building located in the NoMa submarket of Washington, D.C. Saban Real Estate acquired the seven-story property for $157 million. As of June 30, 425 Eye was 98.7 percent leased with weighted average in-place gross annualized rents of $46.16 per square foot. The U.S. government leases 90 percent of the office space at the 372,552-square-foot building. Jim Meisel of HFF represented the seller in the transaction. Cary Abod led the HFF team in securing acquisition financing through EagleBank. Additionally, Paramount has completed the previously announced sale of 2099 Pennsylvania Avenue in Washington, D.C., for $220 million.

October 2, 2018

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