Southeast

American Commercial Realty Acquires Shops at World Golf Village in St. Augustine

by Camren Skelton July 10, 2017

ST. AUGUSTINE, FLA. — American Commercial Realty Corp. (ACR) has acquired the Shops at World Golf Village, the retail component of World Golf Village in St. Augustine, located roughly 30 miles south of Jacksonville. The property, which includes five buildings totaling roughly 80,000 square feet, was occupied by two long-term tenants at the time of sale— Murray Brothers’ Caddy Shack Restaurant and the World Golf Foundation. The sales price was not disclosed. In addition to the commercial component acquired by ACR, World Golf Village is home to the World Golf Hall of Fame, a Renaissance Hotel, the St. Johns County Convention Center and the PGA of America’s national production center.

July 10, 2017

North Carolina Retail Southeast

Continental Realty Sells Shopping Center in Raleigh for $10.1M

by Camren Skelton July 10, 2017

RALEIGH, N.C. — Continental Realty Corp. (CRC) has sold Creekside Crossing, a 60,499-square-foot shopping center located at 404 E. Six Forks Road in Raleigh, for $10.1 million. Thomas Kolarczyk and Jordan Lex of HFF represented Baltimore-based CRC in the sale to Raleigh Creekside Crossing LLC, a private investor. The asset was 100 percent leased at the time of sale to tenants including Planet Fitness, Tuesday Morning and Tropical Picken Chicken.

July 10, 2017

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta Industrial Market’s Record Performance Drives Investment Demand

by John Nelson July 10, 2017

The Atlanta industrial market continues to grow in popularity when it comes to real estate investors’ appetite. Industrial assets are “hot items” in current investment sales transactions as the region’s economic momentum continues to position Atlanta as one of the healthiest industrial markets in the Southeast. Some of the major local and macro-economic trends affecting the industrial market include the ongoing growth of infrastructure, logistics and manufacturing industries. Furthermore, the Port of Savannah’s new Post Panamax facilities, its ongoing investment and expansion plans and its increasing activity are also beneficial to the Atlanta industrial market. Investment sales professionals, especially individual investors, remain attracted to Atlanta’s industrial market as e-commerce continues to transform how and where products are stored and shipped, not to mention the simplicity of owning and managing industrial properties, compared to retail and office. In 2016, the Atlanta industrial market experienced over 17 million square feet of net absorption. The forecasted absorption for 2017 ranges between 12 and 14 million square feet, with approximately 12 million square feet of new product being delivered this year. Over 90 percent of the new product comprises warehouse/distribution product, and less than 10 percent consists of new flex and shallow-bay buildings. Most …

July 10, 2017

Florida Mixed-Use Southeast

CBRE Global Investors, Universal-Investment Purchase Mixed-Use Property in Miami Beach for $283M

by Camren Skelton July 7, 2017

MIAMI BEACH, FLA. — CBRE Global Investors and German investment company Universal-Investment have purchased 1111 Lincoln, a 146,327-square-foot mixed-use property in Miami Beach. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The sales price was not disclosed, but the South Florida Business Journal reports BVK paid $283 million for the asset. Designed by Herzog & de Meuron Architects, 1111 Lincoln includes 94,488 square feet of office space, 51,839 square feet of retail space and a 300-space parking garage and event space. The property was fully leased at the time of sale to tenants including Viacom International, public relations firm JeffreyGroup and Rosa Mexicano South Beach restaurant.

July 7, 2017

Georgia Industrial Southeast

Starbucks Unveils $120M Expansion Plan for Plant in Augusta, Georgia

by Camren Skelton July 7, 2017

AUGUSTA, GA. — Starbucks has unveiled plans to expand its soluble plant in Augusta. The $120 million expansion will add 140,000 square feet to the current 180,000-square-foot facility, nearly doubling the size of the operation. Starbucks opened the plant in July 2012. It is the first company-owned facility in the world to produce Starbucks soluble products. Located roughly 20 miles south of Fort Gordon, the plant currently employs 185 Starbucks partners, one in six of which are armed forces veterans or military spouses. The expansion will bring up to 100 new jobs to the facility. Construction on the property is slated for completion in fall 2019. On the retail front, Starbucks plans to add 12,000 stores globally by 2021, bringing the total number to 37,000.

July 7, 2017

Georgia Mixed-Use Southeast

Connolly Signs Seven New Tenants to Join Mixed-Use Development in Metro Atlanta

by Camren Skelton July 7, 2017

CHAMBLEE, GA. — Real estate development firm Connolly has added seven new tenants to the 45,000 square feet of restaurant and retail space at Parkview on Peachtree, a new mixed-use development in the Atlanta suburb of Chamblee. Children’s Healthcare of Atlanta, a pediatric clinical care provider, will open a 10,000-square-foot facility with 12 exam rooms and two procedure rooms at the development. The Alden, a 2,275-square-foot upscale-casual restaurant, and Bad Daddy’s Burger Bar, a 3,700-square-foot burger chain, will also join as the project’s newest restaurants. The other four tenants include Noire The Nail Bar, Atlanta Spine and Wellness, The Piedmont Bank and Cookie Cutters Haircuts for Kids. Parkview on Peachtree is slated to open later this year.

July 7, 2017

Florida Industrial Southeast

Fifteen Group Sells Industrial Property in Downtown Miami for $37.3M

by Camren Skelton July 7, 2017

MIAMI — Fifteen Group has sold 200 South Miami Avenue, a 110,000-square-foot logistics facility in downtown Miami, for $37.3 million. The sales price was nearly double what the Miami-based investment firm paid in July 2014, when it purchased the asset for $19 million. The building is net-leased to FedEx until 2029 with a five-year renewal option, according to The Real Deal.

July 7, 2017

Loans Mississippi Multifamily Southeast

KeyBank Arranges $21.4M Loan for Multifamily Property in Mississippi

by Camren Skelton July 7, 2017

OLIVE BRANCH, MISS. — KeyBank Real Estate Capital has arranged $21.4 million in financing for Annandale Gardens, a 400-unit apartment community in Olive Branch, roughly 25 miles south of Memphis, Tenn. Caleb Marten of KeyBank arranged the seven-year financing through Fannie Mae with a one-year interest-only period and 30-year amortization schedule. The garden-style property was built in 1998 with Phase II constructed in 2001, and features a fitness center, two swimming pools, playground area and onsite car wash.

July 7, 2017

Florida Multifamily Southeast

Berkshire Group Acquires Multifamily Property in Miami for $100M

by Camren Skelton July 6, 2017

MIAMI — Berkshire Group has purchased Aviva Coral Gables, a recently built, 276-unit apartment community located at 3880 Bird Road in Miami, a little more than one mile outside of Coral Gables. Ponce & Bird Miami Development LLC sold the property for $100 million, according to The Real Deal. The property, which will be renamed Berkshire Coral Gables, features a heated saltwater swimming pool and spa, outdoor courtyard and kitchen, cyber café, dog spa and a sports lounge.

July 6, 2017

Hospitality Loans North Carolina South Carolina Southeast

The Carlton Group Secures $55M in Acquisition Financing for Hotel Portfolio in Carolinas

by Camren Skelton July 6, 2017

NEW YORK — The Carlton Group has arranged approximately $55 million of equity and debt for a 511-room hotel portfolio acquisition in North and South Carolina. Comprising five hotels branded by Marriott, IHG and Choice flags, the portfolio is located in North Myrtle Beach, S.C., and the North Carolina metros of Charlotte, Gastonia, Goldsboro and Wilmington. Michael Campbell, Steven Weiss and Steven Fenster of Carlton secured a roughly $36.5 million first mortgage and $8 million of preferred equity from a West Coast wealth manger, as well as $9 million of common equity from an undisclosed investor. The undisclosed hotel manager also invested capital along with the sponsors.

July 6, 2017

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