Southeast

KeyBank Arranges $42.5M Refinancing of Multifamily Portfolio in Wilmington

by John Nelson December 23, 2016

WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged $42.5 million in Freddie Mac loans for the refinancing of a four-property multifamily portfolio in Wilmington. The assets total 695 units and include Hawthorne at New Centre, Hawthorne Commons, Hawthorne Centre North and Hawthorne Lofts. All four properties were constructed between 1990 and 1998 and were renovated in 2014. Timothy DeWispelaere of KeyBank arranged the financing with a 10-year term, five years of interest-only payments and a 30-year amortization schedule.

December 23, 2016

Loans Maryland Retail Southeast

Natixis Provides $26.5M Loan for Shopping Center in Bethesda

by John Nelson December 23, 2016

BETHESDA, MD. — Natixis has provided a $26.5 million, floating-rate loan for Shops of Wisconsin, a 71,748-square-foot neighborhood shopping center in Bethesda. The borrower, Douglas Development, will use the proceeds to refinance the property and provide funds for the tenant improvements of the new Target Express. In addition to the new Target Express, the center also contains nine other national and local tenants, including Trader Joe’s, Gymboree, Jenny Craig and H&R Block.

December 23, 2016

Georgia Seniors Housing Southeast

Caddis Breaks Ground on Seniors Housing Community in Metro Atlanta

by John Nelson December 23, 2016

FAYETTEVILLE, GA. — Caddis has broken ground on Heartis Fayetteville, a 168-unit independent living, assisted living and memory care community in Fayetteville, approximately 20 miles south of Atlanta. The community will comprise three buildings totaling 157,029 square feet that will house 80 independent living units, 56 assisted living apartments and 32 memory care units. This is the first entry into Georgia for Caddis, a healthcare real estate firm based in Dallas, though the company is also planning another Heartis-branded community in nearby Suwanee. Portland, Ore.-based Frontier Management will operate Heartis Fayetteville upon completion, which Caddis expects to be in late 2017. Chicago-based investment firm Singerman Real Estate is a joint venture development partner on the project. The Atlanta office of Choate Construction will be the general contractor.

December 23, 2016

Louisiana Retail Southeast

Home Depot to Open New Store at Stirling Properties’ Hammond Square in Louisiana

by John Nelson December 23, 2016

HAMMOND, LA. — The Home Depot has closed on its purchase of 9.7 acres of land for a new 106,000-square-foot store and 28,000-square-foot garden center as part of the redevelopment of Hammond Square, a 850,000-square-foot shopping center in Hammond developed and managed by Stirling Properties. Hammond Square is situated on nearly 100 acres at the corner of I-12 and US Highway 51 Business. Existing tenants include Target, AMC Theatres, Dillard’s, JC Penney, Academy Sports + Outdoors and Sears. The Home Depot is set to begin construction on the new store before the end of the year and open in 2017.

December 23, 2016

Retail South Carolina Southeast

Big V Capital Acquires Haywood Plaza Shopping Center in Greenville

by John Nelson December 23, 2016

GREENVILLE, S.C. — Big V Capital LLC has acquired Haywood Plaza, a 93,357-square-foot shopping center located in Greenville, for an undisclosed price. The property is located across from Haywood Mall, one of the three largest malls in South Carolina. The Local Cue, Bargain Hunt and Portofino’s restaurant anchor the center, which is also home to tenants including Asian Supermarket, Alpine Ski Center, Clothes Mentor, Sally Beauty, Tony’s Pizza and Reed’s Uniforms. The seller in the transaction was undisclosed.

December 23, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Atlanta for $60M

by John Nelson December 22, 2016

ATLANTA — The RADCO Cos. has purchased Legends of Dunwoody, a 532-unit, Class B apartment community located in Atlanta, for $60 million. The Atlanta-based multifamily investment firm will invest roughly $8.7 million on capital improvements and rebrand the property Radius Sandy Springs, the second community under RADCO’s Radius brand. RADCO Residential will manage the property, which is the 24th community that RADCO owns in metro Atlanta. RADCO financed the acquisition using a $50.4 million Freddie Mac loan and $21.6 million in private capital. The renovations will include unit interior upgrades, building repairs, a remodeled clubhouse, pool deck expansion, new pool, new dog park additions, exterior lighting upgrades, landscaping and a refurbished tennis court. Built in 1980, Radius Sandy Springs is situated in Atlanta’s Central Perimeter office submarket, home of State Farm’s new East Coast hub and the corporate relocation of Mercedes-Benz USA.

December 22, 2016

Florida Office Southeast

Cushman & Wakefield Arranges Wells Fargo’s Office Relocation, Expansion in Downtown Miami

by John Nelson December 22, 2016

MIAMI — Cushman & Wakefield has arranged a relocation and lease expansion for Wells Fargo at Wells Fargo Center in downtown Miami. The long-term, 54,160-square-foot expansion is valued at $32 million and is downtown Miami’s largest office lease in 2016, according to Cushman & Wakefield. Wells Fargo will relocate its personal banking, small business banking, commercial banking and investment advisory services from Southeast Financial Center in downtown Miami in November 2017. The move increases Wells Fargo’s existing footprint at Wells Fargo Center from 96,656 square feet to 150,816 square feet. Built in 2010, Wells Fargo Center is a 47-story, 752,488-square-foot office tower that adjoins the JW Marriott Marquis Hotel and Hotel Beaux Arts. Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza of Cushman & Wakefield represented the building owner, Metropolitan Life Insurance Co., in the deal. David Preve of JLL represented Wells Fargo.

December 22, 2016

Florida Multifamily Southeast

BRG Sells Apartment Property in Orlando for $52M

by John Nelson December 22, 2016

ORLANDO, FLA. — Bluerock Residential Growth REIT Inc. (BRG) has sold EOS Orlando Apartments, a 296-unit multifamily property located at 12221 E. Colonial Drive in Orlando. An undisclosed buyer purchased the asset from BRG for $52 million. The property includes studio, one- and two-bedroom residences featuring granite countertops, kitchen islands, wood flooring, washer and dryer units and balconies or patios in select units. Community amenities include a clubhouse with a kitchen and bar, cyber lounge, billiards, stand-up tanning bed, conference room, indoor mail center, pet walk and a two-story, 24-hour fitness center. Other amenities include courtyards with stack-stoned fireplaces, fountains, hammock havens and two “caves” with media zones and USB connectivity.

December 22, 2016

Maryland Multifamily Southeast

StoneBridge Investments Acquires Apartment Community in Maryland for $25.5M

by John Nelson December 22, 2016

COLUMBIA, MD. — Washington, D.C.-based StoneBridge Investments has purchased Beech’s Farm, a 135-unit apartment community located in Columbia, roughly 21 miles southwest of Baltimore. StoneBridge acquired the asset from an entity controlled by McDowell Properties for $25.5 million. Built in 1985 along Eden Brook Drive, the apartment community is situated across the street from King’s Contrivance Village Center, a Harris Teeter-anchored shopping center. StoneBridge plans to renovate the property’s apartment interiors and add a fitness center. ZRS Management, an affiliate of StoneBridge, currently manages Beech’s Farm. CBRE’s Mid-Atlantic multifamily represented the seller in the transaction.

December 22, 2016

Retail Southeast Tennessee

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

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