Southeast

Aztec Group Arranges $5.9M Acquisition Loan for Office Building in Tampa

by Camren Skelton May 31, 2018

TAMPA, FLA. — Aztec Group Inc. has arranged a $5.9 million loan for the acquisition of Westshore Center, a 77,000-square-foot office building located at 405 N. Reo St. in Tampa’s Westshore submarket. Jason Shapiro and Sean Harrington of Aztec Group arranged the seven-year, fixed-rate loan on behalf of the borrower, Reo Center Tampa LLC. The company, which acquired the property for $9.5 million, is led by Allen de Olazarra, who is also chairman and CEO of Commercial Florida Properties and Equitable Real Estate Partners. The three-story building features 25,000-square-foot floor plates, a two-story parking deck and an on-site café. The new ownership plans to renovate and reposition the property.

May 31, 2018

Acquisitions Office Southeast Tennessee

Marcus & Millichap Brokers $4M Sale of Office Building Near Knoxville

by Camren Skelton May 31, 2018

OAK RIDGE, TENN. — Marcus & Millichap has brokered the $4 million sale of Victory Centre, a 38,000-square-foot office property located at 575 Oak Ridge Turnpike in Oak Ridge, roughly 25 miles west of Knoxville. Justin Fenn and Dan Yozwiak of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership, and procured the buyer, a limited liability company. The two-story building was constructed in 2003. At the time of sale, the property was 95 percent leased to eight medical office, legal and consulting firm tenants.

May 31, 2018

Office Southeast Virginia

Bridge Investment Sells Office Park in Richmond for $62.4M

by Camren Skelton May 30, 2018

RICHMOND, VA. — Bridge Investment Group has sold SunTrust Center One and Two, a two-building office park located at 11011 and 11013 W. Broad St. in Richmond. Washington, D.C.-based FD Stonewater acquired the buildings, which total 419,653 square feet, from Bridge for $62.4 million. SunTrust Center One is fully leased to SunTrust Banks Inc. for 10 years. The building recently underwent a $30 million renovation that included a new lobby, fitness center, cafeteria, new glass storefront and collaborative workspaces. SunTrust Center Two is fully leased to five tenants: Magellan Health, SunTrust Banks, RetailData, Home Care Delivered and EMC Corp. Eric Robison of Cushman & Wakefield | Thalhimer and Eric Berkman and Williams Collins of Cushman & Wakefield’s D.C. office arranged the transaction on behalf of Bridge. Cushman & Wakefield | Thalhimer will manage the property and handle the buildings’ leasing assignments.

May 30, 2018

Acquisitions Florida Office Southeast

HFF Brokers $39.2M Sale of Two-Building Office Portfolio in Orlando

by Camren Skelton May 30, 2018

ORLANDO, FLA. — HFF has arranged the $39.2 million sale of Resource Square One and Three, a two-building office portfolio in Orlando. The buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, which is adjacent to the University of Central Florida. Hermen Rodriguez, Ike Ojala, Tracey Goo and Anthony Frogameni of HFF arranged the transaction on behalf of the sellers, an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management LP. The HFF team also procured the buyer, an affiliate of TerraCap Management LLC. The three-story Resource Square One totals 91,667 square feet and was built in 1999. Resource Square Three spans five stories and totals 152,882 square feet. The property was constructed in 2003. Collectively, the portfolio was 84.9 percent leased at the time of sale to tenants such as General Dynamics, AVNET, Cisco Systems and Raytheon.

May 30, 2018

Acquisitions Georgia Retail Southeast

NKF Negotiates Sales of Three Shopping Centers in Georgia Totaling More Than $36M

by Camren Skelton May 30, 2018

ATLANTA — NKF Capital Markets has arranged the sales of two Publix-anchored shopping centers and one fitness-anchored center in Georgia. The transaction totals more than $36 million and spans approximately 200,000 square feet. In Perry, a city in Central Georgia, Cypress Development sold Paradise Shoppes of Perry to Flag Wharf Inc. for $11.4 million. The 72,200-square-foot center was 96 percent leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, El Jalisco Grille and T-Mobile. In Atlanta, Lakha Properties sold the 46,219-square-foot Shallowford Exchange to Shallowford LLC for $12.5 million. The center, located at 2558 Shallowford Road, was fully leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, UPS Store and MetroPCS. In Alpharetta, located roughly 25 miles north of Atlanta, WB Holdings-Silos LLC acquired The Silos at North Farm Marketplace for $12.5 million. The 78,765-square-foot center was 97 percent leased at the time of sale to One Life Fitness, Alpine Bakery and Bach to Rock. Drew Fleming, Mark Joines and Henry Kushner of NKF arranged all three transactions.

May 30, 2018

Acquisitions Georgia Multifamily Southeast

Greystone Brown Closes $35.1M Sale of Multifamily Community in Metro Atlanta

by Camren Skelton May 30, 2018

MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $35.1 million sale of Pennington Pointe, a 268-unit apartment community located at 1716 Terrell Mill Road in Marietta, roughly 20 miles north of downtown Atlanta. Barden Brown and Chandler Brown of Greystone Brown arranged the transaction on behalf of the seller, Hallmark Pennington Pointe LLC, a subsidiary of The Hallmark Cos. Inc. DE Pennington Pointe Apartments LLC acquired the asset. Pennington Pointe is located less than two miles from SunTrust Park, the home ballpark of the Atlanta Braves. The community features a playground, picnic area with barbecue grills, clubhouse, fitness center, dog park, tennis courts and a swimming pool.

May 30, 2018

Florida Industrial Leasing Activity Southeast

JLL Secures 281,276 SF Industrial Lease for Outdoor Furniture Manufacturer in Southwest Florida

by Camren Skelton May 30, 2018

SARASOTA, FLA. — JLL has secured a 281,276-square-foot lease for Windward Design Group, a manufacturer of outdoor furniture, at an industrial facility in Sarasota. Located at 2150 Whitfield Ave., the property will allow Windward Design Group to expand and consolidate its seven locations into one manufacturing and distribution facility. The property was initially built in 1967 and expanded upon in stages beginning in 1990 specifically for outdoor furniture manufacturing. The building includes 18,000 square feet of office and showroom space and 200,000 square feet of manufacturing space. Approximately 65,0000 square feet of the warehouse is air-conditioned. Gary Godsey and Scott Altieri of JLL negotiated the lease with the property’s landlord, Daylion, on behalf of Windward Design Group. Originally known as Royal Patio Manufacturing, the company produces over 35 collections, a full line of replacement cushions and employs more than 130 people.

May 30, 2018

Acquisitions Florida Multifamily Southeast

American Landmark Acquires New Multifamily Community in South Florida for $41.9M

by Camren Skelton May 29, 2018

BOYNTON BEACH, FLA. — American Landmark has acquired High Ridge Landing, a 184-unit multifamily community in Palm Beach County’s Boynton Beach. The sales price was not disclosed, but the South Florida Business Journal reports High Ridge Housing LLC, an affiliate of Eastwind Development, sold the property for $41.9 million, or $227,717 per unit. Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison and Wes Moczul of Berkadia arranged a 10-year Freddie Mac loan on behalf of American Landmark. Built in 2017, High Ridge Landing features a mix of one- to three-bedroom units with stainless steel appliances, granite countertops, walk-in closets, private balconies and detached garages. Community amenities include a yoga and spin studio, swimming pool, electric car charging stations, fitness center and a business center. American Landmark will invest $500,000 in additional upgrades at the property, including improvements to the clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.

May 29, 2018

Loans Multifamily Southeast Tennessee

KeyBank Originates $39.9M Fannie Mae Loan for Apartment Community in Nashville

by Camren Skelton May 29, 2018

NASHVILLE, TENN. — KeyBank Real Estate Capital has originated a $39.9 million Fannie Mae loan for the acquisition of Peyton Stakes, a 249-unit multifamily community in Nashville’s Germantown district. Robert Prouty of KeyBank underwrote the 10-year, fixed-rate loan on behalf of the undisclosed borrower. Peyton Stakes was constructed in 2017 and features a car wash station, pet spa, dog park, private conference room, pool with outdoor theater, rehearsal space, art studio, and a yoga and barre studio.

May 29, 2018

Florida Loans Multifamily Southeast

Berkadia Arranges $20.4M Refinancing for Five-Property Apartment Portfolio in South Florida

by Camren Skelton May 29, 2018

MIAMI BEACH AND BAY HARBOR ISLANDS, FLA. — Berkadia has arranged a $20.4 million bridge loan for the refinancing of five apartment communities located in South Florida’s Miami Beach and Bay Harbor Island. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia arranged the two-year, floating-rate loan through LoanCore Capital Funding Corp. LLC on behalf of the borrower, Boardwalk Properties. The properties included in the 108-unit portfolio are: 1600 and 1606 W. Ave. in Miami Beach; 9200, 9270, 10150 and 10190 E. Bay Harbor Drive in Bay Harbor Islands, and 1075 101st St., also in Bay Harbor Islands.

May 29, 2018

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