Southeast

Medical Office Sales Active in Southeast Despite Slowdown Nationally, Say InterFace Panelists

by Alex Tostado June 20, 2019

CHARLOTTE, N.C. — Medical office buildings (MOBs) were trading at steady increases year over year from 2011 to 2017, says P.J. Camp, principal and co-founder of Atlanta-based healthcare real estate investment firm Hammond Hanlon Camp. In 2018, however, MOB transactions started to dip, a trend that bled into the first part of this year. There were $14 billion worth of MOB transactions in 2017 but $12 billion worth in 2018. The first quarter of 2019 saw $1.7 billion worth of transactions in the sector, down 32 percent from the first quarter of 2018 and the lowest quarterly total in five years, says Camp. Camp was a participant on the investment panel at the ninth annual InterFace Healthcare Real Estate Carolinas conference. The half-day information and networking event was held May 30 in Charlotte and was hosted by Southeast Real Estate Business and Seniors Housing Business. Also participating in the panel were Mervyn Alphonso, senior vice president of Anchor Health Properties; Steven Reedy, managing director of CIT Healthcare Finance; Stephen Pandos, director of finance at Insite Properties; Gerald Quattlebaum, senior vice president of Flagship Healthcare Properties; Jim McMahon, senior director at Capital One Healthcare; and moderator Andy Lawler, healthcare development partner …

June 20, 2019

Development Industrial Kentucky Southeast

Dermody Properties Breaks Ground on 352,800 SF Industrial Building Near Louisville Airport

by Alex Tostado June 20, 2019

LOUISVILLE, KY. — Dermody Properties has acquired 17.1 acres within Renaissance South Business Park from the Louisville Renaissance Zone Corp. (LRZC) and has broken ground on a 352,800-square-foot warehouse and distribution building called LogistiCenter Louisville Airport. The building will be situated at 2825 Transglobal Drive, two miles from Louisville Muhammad Ali International Airport. The building will feature 32-foot clear heights, 60-foot-by-56-foot speed bay, 7-inch concrete floor slabs, 46 dock-high doors, four grade-level doors, 73 truck trailer spots and 256 auto parking stalls. Kevin Grove and Doug Butcher of CBRE will handle leasing for the new building. The architect for the project is ATA-Beilharz Architects, and the general contractor is Gordian Design & Construction, both based in Cincinnati. The civil engineer is Louisville-based Sabak Wilson & Lingo. Construction is underway and delivery is expected for early 2020.

June 20, 2019

Development Georgia Multifamily Southeast

Pollack Shores to Develop 281-Unit Multifamily Community Near SunTrust Park in Atlanta

by Alex Tostado June 20, 2019

ATLANTA — Pollack Shores will construct a five-story, 281-unit multifamily community near The Battery in Atlanta’s Cumberland-Galleria submarket. The Battery is a 1.5 million-square-foot mixed-use project that surrounds SunTrust Park, home of the MLB’s Atlanta Braves. Situated on a hill, the new community will give residents indoor/outdoor sky lounge with views of The Battery and SunTrust Park. Other amenities will include outdoor living rooms, a swimming pool, hammock groves, fitness center, clubhouse and lawn space for recreational activities. The property will offer one-, two- and three-bedroom floor plans ranging in size from 700 to 1,400 square feet. Atlanta-based Pollack Shores will break ground this month and expects the first units to deliver in 2021. This is Pollack Shores’ second development in the trade area, having sold Home at The Battery Atlanta in fall 2018.

June 20, 2019

Acquisitions Florida Multifamily Southeast

Passco Acquires Apartment Complex in Florida’s Panhandle for $63.5M

by Alex Tostado June 20, 2019

DESTIN, FLA. — Passco Cos. has acquired Legacy on the Bay, a 300-unit apartment complex in Destin, for $63.5 million. Legacy on the Bay is situated on U.S. Highway 331 near U.S. Highway 98. The property offers one- through four-bedroom floor plans and amenities including a swimming pool, 24-hour fitness center, tennis court, basketball court, clubhouse, business center, playground and a dog park. Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller, Carter-Haston Real Estate Services, in this transaction. KeyBank provided acquisition financing on behalf of Passco. In December, Passco acquired Sea Glass, a 288-unit multifamily complex in Destin.

June 20, 2019

Development Industrial North Carolina Southeast

Developer Kathy Godley Begins Construction on 1 MSF Spec Industrial Building Near Charlotte

by Alex Tostado June 20, 2019

TROUTMAN, N.C. — Developer Kathy Godley has begun construction on Troutman Industrial Park, a 1 million-square-foot speculative industrial park in Troutman. Kathy Godley expects the building to be complete by the end of the year. The new facility near Lake Norman will feature 36-foot clear heights, 238 dock-high doors and parking for approximately 550 trailers and 667 cars. Troutman Industrial Park is situated less than one mile from Interstate 77, less than 10 miles from Interstate 40 and 35 miles north of downtown Charlotte. Matthew Greer and Brad Cherry of JLL are handling leasing efforts on behalf of the developer. The team will pursue tenants ranging in size from 250,000 square feet to 1 million square feet.

June 20, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $23.4M Sale of Multifamily Complex in Columbia

by Alex Tostado June 20, 2019

COLUMBIA, S.C. — Cushman & Wakefield has arranged the $23.4 million sale of Heron Lake, a multifamily complex in Columbia. The property offers one-, two- and three-bedroom floor plans. Communal amenities include bike storage, a car care center, fitness center, swimming pool, sand volleyball courts and a pet park. Tai Cohen, Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, MAS Broken Arrow, in the transaction. Collins Group acquired the property.

June 20, 2019

Florida Loans Multifamily Southeast

SunTrust Provides $139M Loan to Refinance New High-Rise Apartment Project in Fort Lauderdale

by John Nelson June 19, 2019

FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting salon, sky terrace on the rooftop, party room with built-in bar and catering kitchen, 24-hour valet, 24-hour concierge, enclosed parking garage and a business center. Rental rates at Icon Las Olas range from $2,985 for a one-bedroom unit to $6,935 for a three-bedroom apartment, according to Apartments.com. Justin Ginsberg of SunTrust Commercial Real Estate Agency Lending and Rebecca Cox of SunTrust Commercial Real Estate originated the loan on behalf of the borrowers, Related Group and Rabina Properties. SunTrust Bank provided a $105 million construction loan for the project to the co-developers in 2016.

June 19, 2019

Acquisitions Maryland Office Southeast

Armada Hoffler to Buy Office Building in Baltimore’s Harbor Point for $101M

by John Nelson June 19, 2019

BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects the transaction to close in the second quarter.

June 19, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Portfolio in Metro Savannah for $84.3M

by John Nelson June 19, 2019

SAVANNAH AND GARDEN CITY, GA. — Carter Multifamily has purchased a six-property, 810-unit apartment portfolio in metro Savannah totaling $84.3 million. The assets include Alhambra (which will be rebranded as Ascend Midtown), Carriage House, Ridgewood, Azure Cove, Kessler Point and The Arbors. Alhambra, Carriage House and Ridgewood are all located in Savannah and feature one-, two- and three-bedroom units. Azure Cove, Kessler Point and The Arbors are situated adjacent to each other in the northeast Savannah suburb of Garden City. Tampa-based Carter Multifamily plans to reposition the properties and make renovations, including updates to home interiors, the pool, clubhouse and recreational areas. The sellers were not disclosed.

June 19, 2019

Acquisitions Florida Hospitality Property Type Southeast

Hunter Hotel Advisors Brokers Sale of Beachfront Hotel in Panama City, Florida

by John Nelson June 19, 2019

PANAMA CITY, FLA. — Hunter Hotel Advisors has arranged the sale of Hampton Inn & Suites Panama City Beach Beachfront. The 182-room, oceanfront hotel features a two-story atrium lobby with a bar, meeting rooms, a business center, 24-hour market, fitness center and a swimming pool with a hot tub. Innisfree Hotels and Stonehill co-developed the hotel, which opened in 2017. Atlanta-based Hunter Hotel Advisors marketed the hotel on behalf of the sellers. Gulf Breeze, Fla.-based Innisfree will continue to manage the hotel and also retained an ownership stake in partnership with the new owners, Wesley and Donna Spruill. The new ownership group will recapitalize the hotel.

June 19, 2019

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