Southeast

Joint Venture Acquires 38 Acres in South Florida for $200M Mixed-Use Project

by Camren Skelton June 18, 2018

BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project. Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house tenants such as Chick-fil-A and BankUnited. Katz & Associates is handling the project’s leasing assignment. “We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO of Schmier Property Group. Developers will break ground on Uptown Boca Raton this month, with a projected retail opening in summer 2019. The multifamily portion of the project is expected to open in early 2020. Giles Capital Group is a real estate investment and development firm focused on multifamily communities in Florida. Founded in 1977, Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multifamily, self-storage, …

June 18, 2018

Florida Industrial Market Reports Property Type Southeast Southeast Market Reports

Miami Industrial Market’s Future Hinges on Infill, Single-User Properties

by John Nelson June 18, 2018

After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike. But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found. The answer is a resounding yes. There is little indication that the Miami industrial real estate market will slow down with vacancy rates hovering in the low 4 percent range. The rise of e-commerce, strong population growth and the region’s role as the gateway to Latin America all bode well for continued leasing growth and have solidified the region as a top-tier industrial real estate market. It’s been exciting to watch Miami earn a rightful place among the nation’s top brass. The keys to staying relevant in Miami’s increasingly competitive and sophisticated market are to search for opportunities that support the demand for large-scale industrial space for single-users, take a closer look at previously passed over deals, get creative about a parcel’s potential and remain focused on infill strategies. Although Miami’s growth will continue, there will likely be fewer buildings to purchase. According to the …

June 18, 2018

Acquisitions Florida Office Southeast

KKR, Parkway Acquire 30-Story Sabadell Financial Center in Miami’s Brickell District for $250M

by Camren Skelton June 15, 2018

MIAMI — KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Ave. in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new owners. The building was constructed in 2000 in conjunction with the adjacent JW Marriott Hotel. The tower features panoramic views of Miami and Biscayne Bay, roughly 18,000 square feet of green space, an onsite café and deli, fitness center and an airport shuttle service. KKR and Parkway plan to renovate the building’s common areas. The building houses tenants including Sabadell United Bank, Telefonica USA, Ferragamo, Hunton & Williams, Baker & McKenzie, Regus and Barclays.

June 15, 2018

Development Georgia Mixed-Use Southeast

Varner Developers Submits Plan for $65M Mixed-Use Project in Metro Atlanta

by Camren Skelton June 15, 2018

KENNESAW, GA. — Varner Developers has submitted plans to the City of Kennesaw for a $65 million mixed-use project located at the current site of Kennesaw Crossing, a shopping center located roughly 27 miles northwest of Atlanta in Kennesaw. The proposed project would include a 140-room hotel, two single-story retail buildings totaling 22,000 square feet, three multifamily buildings with a total of 274 units, two office condominium buildings totaling 9,750 square feet and the positioning of future pedestrian connectivity to the Noonday Trail and other planned pedestrian infrastructure. If approved, Kennesaw Crossing would be completely demolished to make way for the new development. Applications are scheduled to be heard and considered by the mayor and city council for final action on Monday, June 18.

June 15, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $47.8M Sale of Two-Story Distribution Building in Jacksonville

by Camren Skelton June 15, 2018

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $47.8 million sale of One Imeson Distribution Center, a two-story, 1.7 million-square-foot industrial building located within Jacksonville’s Imeson Industrial Park. The property includes a 12.3-acre container storage area, as well as a 24.2-acre site that can accommodate an expansion or future build-to-suit development. Mike Davis, Karl Johnston, Tyler Newman, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GIV Imeson LLC. Arsenault Holdings LLC acquired the asset. One Imeson includes 1.5 million square feet of industrial space and 248,317 square feet of office space. The building was 74 percent leased at the time of sale to tenants such as Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections and Samsonite. The property was constructed in 1974 and was last renovated in 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades and various cosmetic improvements.

June 15, 2018

Development Kentucky Retail Southeast

Brown-Forman Opens $45M Distillery on Louisville’s Whiskey Row

by Camren Skelton June 15, 2018

LOUISVILLE, KY. — Louisville-based Brown-Forman Corp. has opened Old Forester Distilling Co. at 119 W. Main St. on Louisville’s famed Whiskey Row. The 70,000-square-foot distillery represents a $45 million investment and is housed in the same building that the brand called home in the early 1900s. The distillery features a 44-foot-tall copper column still, designed and constructed by Vendome Copper & Brass Works. The new distillery will add production capacity of approximately 100,000 gallons annually and will be open for tours seven days a week, with tastings available in the Old Forester Tasting Room. Old Forester Distilling joins 10 other distilleries as an official member of the Kentucky Bourbon Trails tour. In addition to Old Forester, Brown-Forman Corp. produces Jack Daniel’s Tennessee Whiskey, el Jimador and Woodford Reserve.

June 15, 2018

Loans North Carolina Office Southeast

Alliant Credit Union Provides $26M Refinancing for New Office Building in Charlotte

by Camren Skelton June 15, 2018

CHARLOTTE, N.C. — Alliant Credit Union has provided a $26 million loan for the refinancing of a 120,000-square-foot office building in Charlotte’s Arysley submarket. According to the Charlotte Business Journal, the property, known as One Silver Crescent, opened in February and is fully leased to Jeld-Wen, a window and door manufacturer. The name of the borrower was not disclosed.

June 15, 2018

Acquisitions Georgia Office Southeast

PCCP Acquires 17-Story Office Building in Atlanta’s Cumberland/Galleria Submarket for $68M

by Camren Skelton June 14, 2018

ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.

June 14, 2018

Acquisitions Florida Multifamily Southeast

Lantower Residential Purchases Newly Constructed Apartment Community in Tampa Bay Area for $57.7M

by Camren Skelton June 14, 2018

ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.

June 14, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $40.4M Financing for Multifamily Conversion in Metro D.C.

by Camren Skelton June 14, 2018

ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.

June 14, 2018

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