Southeast

Audubon, RCG Longview Purchase Flood-Damaged Multifamily Community in Baton Rouge for $33.3M

by Camren Skelton August 25, 2017

BATON ROUGE, LA. — Atlanta-based Audubon Communities, in conjunction with New York-based RCG Longview, has purchased St. Jean, a 624-unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three-bedroom units averaging 1,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units, a new standalone leasing office and two amenity buildings, energy efficient windows, new exterior doors and a new fitness center. A select number of units will be offered as affordable housing.

August 25, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group Opens $18.5M Affordable Housing Community in Central Florida

by Camren Skelton August 25, 2017

BROOKSVILLE, FLA. — Housing Trust Group (HTG) has opened Freedom Gardens, an $18.5 million affordable housing community situated in the Central Florida city of Brooksville. Located at 932 Freedom Way, the 96-unit property is part of a two-phase development. The second phase of Freedom Gardens will provide an additional 94 units and is slated to break ground in the first quarter of 2018. Freedom Gardens offers one-, two- and three-bedroom units with rents ranging from $400 to $880 per month. Community amenities include a cyber café, swimming pool, after-school care, laundry facility, fitness center, walking path, community gathering area and a pet park. The property achieved a green building certification under the National Green Building Standard administered by the National Association of Home Builders.

August 25, 2017

Georgia Healthcare Southeast

SG Property Buys Two Medical Buildings in Metro Atlanta for $11.9M

by Camren Skelton August 25, 2017

JOHNS CREEK AND ALPHARETTA, GA. — SG Property Services, an Atlanta-based real estate firm, has acquired Johns Creek Medical and The Swan Building for a combined $11.9 million. The properties are located at 6918 McGinnis Ferry Road in Johns Creek and 4165 Old Milton Parkway in Alpharetta, respectively. Both properties are roughly 30 miles north of Atlanta, and together total 55,664 square feet. Jodi Selvey of Colliers International represented the physician owner of Johns Creek Medical and Lee Asher of CBRE represented the owner of the Swan Building. At the time of sale, Johns Creek Medical was 100 percent leased to a single tenant. The Swan Building was leased to a mix of medical practices including a plastic surgery center. SG Property Services plans to fill remaining vacancies at The Swan Building with medical users and renew existing tenants with long-term leases.

August 25, 2017

Florida Industrial Southeast

Cushman & Wakefield Negotiates 67,200 SF Industrial Lease with Health Supplement Manufacturer in Broward County

by Camren Skelton August 25, 2017

WESTON, FLA. — Cushman & Wakefield has negotiated a 67,200-square-foot lease with VPX Sports within Weston Commerce Park, an industrial park located at 1951 N. Commerce Parkway in Weston, a town in Broward County roughly 23 miles west of Fort Lauderdale. Chris Metzger, Richard Etner Jr., Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented Mississippi-based owner EastGroup Properties in the lease transaction. JLL represented VPX Sports, a health supplement manufacturer that sells products in brick-and-mortar stores throughout the U.S. and 37 other countries. The company will use the space for its warehouse and distribution needs. The 134,000-square-foot building features 30-foot clear heights, dock-high loading, drive-in doors, an ESFR fire safety system, T5 lighting, 40-foot by 40-foot column spacing and an 118-foot truck court. The building is located roughly one mile from VPX Sports’ 102,000-square-foot corporate headquarters at Weston Distribution Center. With the addition of VPX Sports, Weston Commerce Park is fully leased. The company is expected to move into the building in the third quarter.

August 25, 2017

District of Columbia Loans Office Southeast Top Stories

KeyBank Arranges $165M Financing for Two Office Buildings in Washington, D.C.

by Kristin Harlow August 25, 2017

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $165 million in permanent financing for two office buildings in Washington, D.C. Known as The Executive Building, the 332,000-square-foot office building located at 1030 15th St. Northwest features 12 office floors and three ground-level retail spaces. The 11th and 12th floors include outdoor corner balconies. The Colorado Building, located at 1341 G St. Northwest, features 121,701 square feet. The building features ground-floor retail space and a fitness center. Michael Keach and Hugh Hall of KeyBank arranged the loan for the borrower, UNIZO Holdings US. New York Life Real Estate Investors provided the seven-year, first mortgage loan. Cleveland-based KeyBank is a provider of commercial real estate finance. New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Co. — Kristin Hiller

August 25, 2017

Multifamily Southeast Virginia

Waterton Purchases Apartment Community in Metro DC for $144M

by Camren Skelton August 24, 2017

ARLINGTON, VA. — Waterton has acquired Windsor at Shirlington Village, a 404-unit multifamily community located within The Village at Shirlington, a transit-oriented neighborhood in Arlington, roughly five miles southwest of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports the Chicago-based real estate owner and operator acquired the asset for $144 million. Constructed in 1992, the property will be rebranded as The Citizen at Shirlington Village and will undergo capital improvements including the upgrade of unit interiors, renovation of the fitness center and community room and enhancement of outdoor amenity spaces. The apartment community includes one- to three-bedroom floor plans and features a swimming pool, grilling stations, courtyard areas, clubhouse, fitness center and a racquetball court.

August 24, 2017

Florida Multifamily Southeast

Passco Buys Multifamily Asset in Key West for $101.5M

by Camren Skelton August 24, 2017

KEY WEST, FLA. — Passco Cos., an Irvine, Calif.-based multifamily investment firm, has acquired Ocean Walk Apartments, a 297-unit multifamily community located at 3900 S. Roosevelt Blvd. in Key West, for $101.5 million. Hampton Beebe of ARA Newmark brokered the transaction on behalf of the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae. The property features a clubhouse, swimming pool with a sundeck, tennis courts and a basketball court. Prior to Passco’s acquisition, the majority of the unit interiors of Ocean Walk Apartments were renovated with granite countertops, stainless steel appliances and new cabinetry and flooring. Passco plans to renovate the remaining 10 percent of units that were not updated during prior ownership.

August 24, 2017

Alabama Office Southeast

Patriot Equities Acquires 590,000 SF Office Portfolio in Suburban Birmingham

by Camren Skelton August 24, 2017

HOMEWOOD, ALA. — Patriot Equities LP has acquired 200, 210 and 220 Wildwood Parkway, three office buildings totaling 590,000 square feet in Homewood, roughly five miles south of Birmingham. The Class A buildings are situated on a 45-acre campus at the corner of Interstate 65 and Lakeshore Parkway. Patriot Equities purchased the portfolio from Wells Fargo for an undisclosed price. As part of the transaction, Wells Fargo agreed to a long-term leaseback for a portion of the campus whereby the company will occupy all of Building 220 and 50 percent of Building 200. The portfolio features conference facilities, a cafeteria and a 1,600-space parking deck, in addition to surface parking. Renamed Patriot Midtown Park, Patriot Equities has plans for capital improvements including lobby upgrades, restroom renovations, exterior enhancements and construction of a fitness center.

August 24, 2017

Office South Carolina Southeast

Insite Properties, Eastern Federal Buy Two Office Properties in Charleston for $21.5M

by Camren Skelton August 24, 2017

CHARLESTON, S.C. — Charlotte, N.C.-based firms Insite Properties and Eastern Federal Corp. have acquired two office buildings in Charleston: the 74,000-square-foot Albemarle Point Center, located at 176 Croghan Spur Road, and an adjacent 11,000-square-foot flex-space property located at 238 Albemarle Road. The sales price was not disclosed, but The Post and Courier reports the buildings sold for $19.5 million and $2 million, respectively. The companies will implement renovations to the buildings, including updating the building exterior and internal common areas.

August 24, 2017

Retail Southeast Tennessee

Baker Storey McDonald Signs Climbing Gym to Retail Center in Metro Nashville

by Camren Skelton August 24, 2017

MURFREESBORO, TENN. — Baker Storey McDonald Properties Inc. has signed a long-term lease with Climb Nashville LLC, an indoor rock climbing concept, at Northfield Crossing Shopping Center in Murfreesboro, roughly 35 miles southeast of Nashville. Climb Nashville’s newest location, Climb Murfreesboro, will occupy 30,500 square feet at 1660 Memorial Blvd., making it the largest indoor climbing facility in Tennessee. Allen McDonald and Tom Frye of Baker Storey McDonald Properties Inc. represented the landlord, Conscious Capital LLC, and worked directly with Climb Nashville LLC to complete the transaction. Conscious Capital is a privately owned, Nashville-based real estate investment firm that acquired Northfield Crossing in 2016. Climb Murfreesboro is part of the company’s plan to transform the property into an experiential, internet-resistant shopping center.

August 24, 2017

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