Southeast

Blue Magma Purchases Multifamily Communities in Memphis, Hattiesburg for $32.6M

by Alex Tostado August 6, 2019

HATTIESBURG, MISS. AND MEMPHIS, TENN. — Blue Magma Residential LLC has purchased Country Oaks Apartments in Memphis and Prosper Hattiesburg Apartments in Hattiesburg for a total of $32.6 million. Country Oaks is located at 6536 S. Country Oaks Circle in southeast Memphis. The property will be rebranded as The Park at Hollyford. Country Oaks was 98 percent occupied at the time of sale and the new ownership is planning to invest $2.6 million to renovate the interiors and exterior of the property. Multifamily Capital Markets represented the buyer in the transaction. Prosper Hattiesburg is located at 200 Foxgate Ave., near the University of Southern Mississippi. The buyer will invest $3.4 million to upgrade the interiors and exteriors of the property and rebrand it as The Park at Mayfield. Andrew Brown of Cushman & Wakefield represented the buyer in the transaction. Regions Bank provided acquisition financing on behalf of Blue Magma for both transactions.

August 6, 2019

Acquisitions Healthcare Southeast Virginia

Montecito Medical Buys Medical Office Building in Lynchburg, Virginia in Sale-Leaseback Deal

by Alex Tostado August 6, 2019

LYNCHBURG, VA. — Montecito Medical has bought an 88,000-square-foot medical office building (MOB) in Lynchburg from OrthoVirginia in a sale-leaseback. Constructed in 2008, the facility was a build-to-suit for OrthoVirginia, which fully occupies the MOB. The building is located at 2405 Atherholt Road, less than a mile from Lynchburg General Hospital. OrthoVirginia provides services including general orthopedics, physical therapy, sports medicine and care for joint replacement patients. The sales price was not disclosed.

August 6, 2019

Acquisitions Georgia Multifamily Southeast

Joint Venture Acquires 232-Unit Apartment Complex in Metro Atlanta

by Alex Tostado August 6, 2019

MCDONOUGH, GA. — A joint venture between Providence Real Estate LLC and a global insurance and investment company that has been in operation for more than 100 years has acquired Sundance Creek Apartments, a 232-unit complex in McDonough. The sales price was not disclosed. Sundance Creek is situated at 575 McDonough Parkway, about 30 miles south of downtown Atlanta. The property comprises 26 two-story townhome buildings, 24 detached garages and 32 storage units. Communal amenities include a swimming pool, cabana, clubhouse, picnic area, fitness center and a business center. The seller was not disclosed.

August 6, 2019

Company News Florida Retail Southeast

IPIC Entertainment Files for Chapter 11 Bankruptcy, Will Remain Operational

by Alex Tostado August 5, 2019

BOCA RATON, FLA. — Luxury movie theater company IPIC Entertainment (Nasdaq: IPIC) has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court District of Delaware where it will seek approval of either a sale or financial reorganization plan. In July, the company missed a $10 million interest payment to Retirement System of Alabama (RSA) and notified investors that it might have to file for bankruptcy. IPIC borrowed $204 million from RSA, according to media reports. Hamid Hashemi, founder and CEO of IPIC, says that the company’s movie theaters will remain open and its employees and vendors are being paid. Hashemi notes that issues stemming from IPIC’s expansion plans for building 25 locations in four to five years are the principal culprit behind their missed payment to RSA. “Delays in development cycle combined with the high cost of capital depleted IPIC’s available resources before the company was able to reach critical mass and become self-funded,” says Hashemi. “Importantly, delays related to the Delray Beach location, resulted in unforeseen costs and a significant slowdown in circuit-wide development and new grand openings.” The Boca Raton-based company operates 16 dine-in theaters in nine states with plans to open locations in four more states, including …

August 5, 2019

Development Florida Industrial Self-Storage Southeast

Gates Construction Breaks Ground on 849-Unit Self-Storage Facility in Fort Myers

by Alex Tostado August 5, 2019

FORT MYERS, FLA. — Gates Construction has broken ground on The Lock Up Self Storage building located in Fort Myers. The three-story, 849-unit facility will span 106,016 square feet and offer climate-controlled units ranging from 25 square feet to 300 square feet. The property is located at 12700 University Drive, seven miles south of downtown Fort Myers. Partner in Design Architects designed the building. Completion is slated for this fall.

August 5, 2019

Acquisitions District of Columbia Office Southeast

Network Realty Partners, USAA Purchase 625,506 SF Office Complex in D.C.

by Alex Tostado August 5, 2019

WASHINGTON, D.C. — A partnership between Network Realty Partners and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood. The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Union Square was originally built in 1969 and renovated in 2012. The complex was 90 percent leased at the time of sale to government and nonprofit tenants. Dek Potts, Jim Meisel, Matt Nicholson and Sean Kraft of JLL represented the buyers in the transaction. The seller and sales price were not disclosed.

August 5, 2019

Acquisitions Florida Multifamily Southeast

Xavier Family Partnership Buys Multifamily Community in Metro Tampa for $44.4M

by Alex Tostado August 5, 2019

TOWN ‘N’ COUNTRY, FLA. — Xavier Family Partnership has bought LakeBridge, a 400-unit multifamily community spanning 31 buildings in Town ‘n’ Country, for $44.4 million. The partnership, led by Randy Ferreira, will rebrand the community as The Park at Lake Como. The property is located at 8301 Sandstone Lake Drive, 12 miles west of downtown Tampa. The community was 96 percent occupied at the time of sale. LakeBridge offers one- and two- and three-bedroom floor plans and communal amenities such as a business center, swimming pool, 24-hour fitness center and a playground. Blue Roc Premier Properties LLC, also headed by Ferreira, will manage the property. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. Grandbridge Real Estate Capital arranged an acquisition loan through BB&T Bank on behalf of the buyer. Insula Cos. was the seller.

August 5, 2019

Acquisitions Georgia Multifamily Southeast

Taurus Investment Acquires 192-Unit Apartment Complex in Atlanta

by Alex Tostado August 5, 2019

ATLANTA — Taurus Investment Holdings LLC has acquired 251 North, a 192-unit multifamily community at the juncture of Atlanta’s Old Fourth Ward and Midtown. Located at 300 Cityline Ave. NE, 251 North offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor grilling station, cardio-based fitness center, 24-hour laundry facility and covered parking. 251 North was 93 percent occupied at the time of sale. HFF, a JLL company and member of Freddie Mac’s Optigo lending network, provided a 10-year, $24.9 million acquisition loan with a floating interest rate through the agency’s Green Advantage program. Details of the buyer’s renovation plans and the sales price were not disclosed.

August 5, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RSE Capital, Carter Multifamily Acquire Georgia Apartment Portfolio for $202.5M

by Taylor Williams August 5, 2019

GEORGIA — A joint venture between Washington, D.C.-based RSE Capital Partners and Tampa-based Carter Multifamily has acquired a portfolio of 11 apartment communities located across five cities in Georgia for $202.5 million. The seller was Savannah-based Kole Management. The new ownership will undertake a capital improvement program that will upgrade the properties’ unit interiors and amenity space. In announcing the value-add deal, the joint venture cited the strong job growth that is occurring throughout Georgia and the limited supply of quality workforce housing as the key driving forces behind the acquisition. The portfolio totals 1,966 units in the Class B and C spaces. Specifically, three of the properties totaling 438 units are in Savannah; three communities featuring 382 units are in Garden City; three assets comprising 716 units are in Macon; one property totaling 240 units is in Canton; and one community featuring 200 units is in Augusta. The Savannah properties were all built between 1969 and 1978 and feature amenities such as pools and playgrounds. Each of the Garden City communities was built in the late 1980s and offers amenities such as pools, playgrounds, sport courts and fitness centers. Garden City is located along the eastern coast near Savannah. …

August 5, 2019

Florida Industrial Market Reports Southeast Southeast Market Reports

Distribution, Warehouse Demand Continues to Outpace Supply in South Florida

by Alex Tostado August 5, 2019

Miami-Dade continues to be propelled by persistent economic growth, bustling port activity, positive investor sentiment and strong leasing, creating a perfect recipe for industrial demand. Following its most successful year ever in 2018, PortMiami broke records yet again in first-quarter 2019, recording its highest ever monthly cargo activity amount in January with a total of 104,183 twenty-foot equivalents (TEUs) of containerized cargo, a 17 percent increase over January 2018. Meanwhile, a $437.5 million expansion project, the largest ever, is planned for Port Everglades in nearby Broward County. The positive fundamentals reverberate throughout the overall South Florida market. Despite the differing industrial inventories of each South Florida market with Miami-Dade County at 186.2 million square feet, Broward County at 96.9 million square feet and Palm Beach County at 39 million square feet, demand for space across the region has fueled unprecedented development activity. Logistics, e-commerce Net industrial absorption in Miami-Dade was impressive during the first quarter, posting positive 1.2 million square feet, a notable 45 percent increase from the net absorption recorded for first-quarter 2018. Several (mostly) preleased, speculative developments contributed to the spike in net absorption. Demand trends against development indicate healthy industrial markets in Broward and Palm Beach as …

August 5, 2019

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