Southeast

TruAmerica Multifamily Acquires Apartment Community in South Florida for $49M

by Camren Skelton July 6, 2017

BOYNTON BEACH, FLA. — TruAmerica Multifamily has purchased Ashley Lake Park, a 300-unit apartment community located in Boynton Beach, for $49 million. Richard Donnellan, Marc de Baptiste, Hampton Beebe and Avery Klann of ARA Newmark marketed the property on behalf of the seller, a joint venture between Robbins Electra and LEM Capital. Berkeley Point Capital’s Mitch Clarfield arranged financing for the acquisition through Freddie Mac’s Green Rewards program. Ashley Lake Park includes a mix of one-, two- and three-bedroom units and features a clubhouse, fitness center, internet café, two pools, dog park and picnic areas. TruAmerica’s renovation plans include updated interiors, upgraded appliances and improvements to the pool, clubhouse and fitness center.

July 6, 2017

Georgia Office Southeast

Atlanta Property Group Acquires Office Buildings in Florida, Carolinas and Pennsylvania

by Camren Skelton July 6, 2017

ATLANTA — Atlanta-based real estate investment firm Atlanta Property Group has acquired six office properties in Florida, North Carolina, South Carolina and Pennsylvania. The deal marks Atlanta Property Group’s first acquisitions outside metro Atlanta and adds nearly 1.3 million square feet of space to its portfolio. The properties include the 164,766-square-foot Baldwin Point and the 226,548-square-foot 11950 Corporate Blvd. in Orlando, Fla.; the 254,808-square-foot Tampa Commons in Tampa, Fla.; the 226,865-square-foot LakePointe Corporate Center, Buildings 3 and 5 in Charlotte, N.C.; the 175,145-square-foot Edgewater Corporate Center One in Fort Mill, S.C.; and the 234,859-square-foot 2000 Park Lane in Pittsburgh. The buildings were acquired in a single transaction, the terms of which were not disclosed.

July 6, 2017

Florida Retail Southeast

Avison Young Brokers $20M Sale of Retail Center in Daytona Beach

by Camren Skelton July 6, 2017

DAYTONA BEACH, FLA. — Avison Young has brokered the $20 million sale of Volusia Marketplace, a 131,361-square-foot shopping center located at 2400 W. International Speedway Blvd. in Daytona Beach, across from the Daytona International Speedway. John Crotty, Joshua Ladle, Steve Tanner and Ray Hayhurst of Avison Young arranged the sale to Festival Properties Inc. on behalf of the undisclosed seller. Volusia Marketplace’s tenant roster includes Big Lots, Cost Plus World Market, T-Mobile, Panera Bread, Chipotle Mexican Grill, Ashley Furniture HomeStore, Jo-Ann Stores and Batteries + Bulbs. The property was 100 percent occupied at the time of sale.

July 6, 2017

Kentucky Multifamily Seniors Housing Southeast

Kindred to Sell Entire Skilled Nursing Business to BM Eagle for $910M

by Camren Skelton July 5, 2017

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) has announced plans to sell the entire skilled nursing portion of its business to BM Eagle Holdings for a total value of $910 million. Kindred is a Louisville-based owner-operator of transitional hospitals, skilled nursing centers, home care, hospice, assisted living and other medical services. The company has been working toward an exit of its skilled nursing business since it posted a $671.3 million loss during third-quarter 2016. The price includes the $700 million that will immediately go to Ventas as part of a previously announced deal. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, will turn over its ownership of 36 Kindred-operated facilities to BM Eagle Holdings, leaving Kindred with a total value of $210 million. BM Eagle Holdings is a joint venture led by affiliates of BlueMountain Capital Management. The Kindred portfolio spans 18 states and includes 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds. The buyer did not disclose plans for the future operations of the portfolio. The deal will reduce Kindred’s annual rent expense by approximately $88 million, annual capital expenditures by approximately $30 million, and interest …

July 5, 2017

Georgia Hospitality Southeast

Ashford Hospitality Trust Completes $88.7M Sale of Hotel in Atlanta

by Camren Skelton July 5, 2017

ATLANTA — Ashford Hospitality Trust Inc. has completed the $88.7 million sale of the Crowne Plaza Ravinia, a 495-room hotel located at 4355 Ashford Dunwoody Road in Atlanta. The sales price represents a trailing 12-month cap rate of 5.6 percent ending on May 31, 2017. The hotel had an existing allocated debt balance of roughly $65.6 million that was paid off, along with an additional $13.1 million of debt pay down used to release the asset from the loan pool. After debt payoff and transaction costs, the net proceeds were approximately $9 million. The hotel features an indoor pool, fitness center, four on-site restaurants, business center and complimentary shuttle service.

July 5, 2017

District of Columbia Office Southeast

Oxford Properties, Norges Bank Real Estate Acquire Two Office Towers in D.C.

by Camren Skelton July 5, 2017

WASHINGTON, D.C. — Oxford Properties Group, in a joint venture with Norway-based-Norges Bank Real Estate Management, has acquired two office towers in Washington, D.C. — 900 16th Street N.W. and 1101 New York Avenue N.W. The nine-story, 122,000-square-foot 900 16th Street is LEED Gold-certified and features an outdoor terrace, fitness center and underground parking. The property, sold by The JBG Cos. and ICG Properties LLC, was 75 percent leased at the time of sale. The 12-story 1101 New York Avenue, developed in 2007, is LEED Gold-certified and features 180-degree panoramic views of the D.C. skyline, a fitness facility, rooftop terrace and underground parking. W. R. Berkley Corp., an insurance holding company, and Morgan Stanley Real Estate Investing sold the tower for an undisclosed price, according to media reports. The property was 99 percent leased at the time of sale. Toronto-based Oxford Properties Group will manage both office buildings.

July 5, 2017

Florida Retail Southeast

Franklin Street Arranges $23.4M Sale of Shopping Center in Central Florida

by Camren Skelton July 5, 2017

DAVENPORT, FLA. — Franklin Street has brokered the $23.4 million sale of Ovation Town Center, a 96,750-square-foot, Publix-anchored shopping center located at 7800 Lake Wilson Road in Davenport, roughly 35 miles south of Orlando. Publix Super Markets purchased the property. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Armstrong Development, in the transaction. McDonald’s, Wells Fargo, Tropical Smoothie and Anytime Fitness round out the shopping center’s tenant roster.

July 5, 2017

Georgia Industrial Office Southeast

Lincoln Property Closes $3.5M Sale of Office, Industrial Building in Metro Atlanta

by Camren Skelton July 5, 2017

NORCROSS, GA. — Lincoln Property Co. has completed the $3.5 million sale of a 56,600-square-foot office and industrial building located at 4261 Communications Drive in Norcross, roughly 20 miles north of Atlanta. The property features 11,597 square feet of office and showroom space, as well as a 44,389-square-foot warehouse featuring 24-foot clear heights and drive-in, dock-high loading. Young Georgia Properties LLC acquired the asset, and Chip Sipple and Jeff Henson of Lincoln represented the seller, Flooring International Distribution Inc., in the transaction.

July 5, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Retailers are Seizing the Opportunity to Backfill Shuttered Stores in Atlanta

by John Nelson July 3, 2017

It’s long been known that Atlanta, along with many other markets in the United States, is over-retailed. However, not all retailers are “overstored.” With the recent number of store closings announced (Sports Authority, hhgregg, Kmart, Sears, JC Penney, to name a few), it’s understandable that some have concerns over the current state of retail. That said, for many retailers, these closures become opportunities to enter certain markets or grab better positions within an existing market. As some retailers forfeit locations, these Atlanta vacancies will be absorbed. Burlington Stores recently backfilled the former Sports Authority adjacent to the Mall of Georgia in Buford, and will do the same with the former Best Buy adjacent to The Mall at Stonecrest in Lithonia. Ashley HomeStore will backfill the former Staples in Snellville. In Alpharetta, American Signature Furniture opened in the former Sports Authority box, and entertainment destination Dave & Buster’s is set to open in a former AMC Theatres. The retail industry is undergoing a shift as a result of the emergence of e-commerce and morphing consumer habits. It’s the retailers that are able to adapt and evolve along with changes in technology and consumer attitudes that will thrive, as very few are …

July 3, 2017

Georgia Hospitality Southeast

Atlanta Hawks Break Ground on $192.5M Renovation of Philips Arena in Downtown Atlanta

by Camren Skelton June 30, 2017

ATLANTA — The Atlanta Hawks Basketball Club has broken ground on the transformation of Philips Arena, the NBA team’s home venue in downtown Atlanta. The $192.5 million renovation will include a new center-hung scoreboard, concourses with 360-degree connectivity, 250-seat master conference room with four additional breakout rooms and added dining and beverage options. Zac Brown, Atlanta native and lead singer of Zac Brown Band, will open Zac Brown’s Social Club, a Southern gourmet-style restaurant with a live music stage. Sports entertainment company Topgolf will offer Swing Suites to be rented by the hour for groups of up to 15, featuring two Topgolf simulators, HDTVs, lounge seating, food and beverage service and a view into the arena. Rapper, actor and activist Killer Mike will open one of his signature SWAG Shop barbershops, giving fans the opportunity for full hair service while watching the game. HOK is the leading architect on the project. Construction on the city-owned arena is slated for completion during the 2018-2019 NBA season. The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046.

June 30, 2017

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