Southeast

Laurel Street Residential Breaks Ground on Affordable Housing Community in Charlotte

by John Nelson August 24, 2016

CHARLOTTE, N.C. — Laurel Street Residential, a Charlotte-based affordable housing developer, has broken ground on a 112-unit affordable multifamily community in the Belmont neighborhood of Charlotte. St. Paul Baptist Church is a partner in the development, which includes apartments for both seniors and the general public. The seniors housing component includes 60 units. The units are designated for seniors and families earning 60 percent of the area median income. The development is scheduled for completion by the end of 2017. Miles McClellan Construction is the general contractor, Bohler Engineering is the civil engineer and Neighboring Concepts is the architect. Public and private investments are funding the development, including a 4 percent tax credit and tax-exempt bond allocations from the North Carolina Housing Finance Agency, a $4.4 million loan from the City of Charlotte Housing Trust Fund, an $8 million construction loan from Bank of America, permanent financing from Greystone and loans from the Zechariah Alexander Community Development Corp. and St. Paul Baptist Church.

August 24, 2016

Florida Office Southeast

Belle Amie Anthem Realty Buys 11-Story Office Building in Sarasota for $23M

by John Nelson August 24, 2016

SARASOTA, FLA. — Belle Amie Anthem Realty LLC has purchased the BMO Harris Bank Building, an 11-story, Class A office building in Sarasota, for $23 million. The 128,389-square-foot property is located at 240 S. Pineapple Ave. The building was 95 percent leased at the time of sale to tenants such as BMO Harris Bank, the Shumaker, Loop & Kendrick law firm, Kirk Pinkerton law firm and Brown & Brown Insurance. Michele Fuller of Ian Black Real Estate represented the buyer in the transaction. HFF and Jag Grewal, also with Ian Black Real Estate, represented the seller, 240 S. Pineapple Office-Sarasota LLC.

August 24, 2016

Georgia Retail Southeast

South Coast Commercial Acquires Grocery-Anchored Center in Metro Atlanta for $5.7M

by John Nelson August 24, 2016

CANTON, GA. — South Coast Commercial has acquired Riverstone Mill, a 43,350-square-foot shopping center located in the Atlanta suburb of Canton, for $5.7 million. ALDI anchors the 87 percent occupied center, which was developed in 2002. Fred Victor of Transwestern represented the seller, Coro Realty Advisors LLC, in the transaction.

August 24, 2016

Maryland Multifamily Southeast

S.L. Nusbaum Realty Breaks Ground on $50M Apartment Community in Maryland

by John Nelson August 23, 2016

FREDERICK, MD. — S.L. Nusbaum Realty Co. has broken ground on The Fred, a $50 million, 240-unit apartment community located within the Waverly View Planned Neighborhood Development in Frederick. Norfolk, Va.-based S.L. Nusbaum partnered with the Maryland Community Development Administration, AGM Financial Services Inc., Wells Fargo Bank N.A. and Boston Financial Investment Management to develop The Fred. The general contractor, Morgan-Keller Construction Co., expects to deliver the project by early to mid-2018. Thomas Johnson III and Richard Counselman are leading S.L. Nusbaum’s development team.

August 23, 2016

Florida Industrial Southeast

Monmouth REIT Buys Industrial Facility in Metro Orlando Leased to FedEx Ground for $37.8M

by John Nelson August 23, 2016

DAVENPORT, FLA. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT based in Freehold, N.J., has purchased a 310,922-square-foot, newly built industrial building located at 5000 N. Ridge Trail in Davenport, a suburb of Orlando. Monmouth purchased the property from an undisclosed seller for approximately $37.8 million. Situated on nearly 47 acres, the property is net-leased to FedEx Ground Packaging System Inc. for 15 years. The facility is located near I-4 and two Walmart fulfillment centers totaling more than 2.3 million square feet.

August 23, 2016

Florida Office Southeast

Colliers Arranges $24.5M Sale of Biscayne Building in Downtown Miami

by John Nelson August 23, 2016

MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.

August 23, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $10.4M Sale of Apartment Community in Tampa

by John Nelson August 23, 2016

TAMPA, FLA. — Marcus & Millichap has brokered the $10.4 million sale of The Mirasol, a 58-unit apartment community located at 84 Davis Blvd. in Tampa. The waterfront property is situated within a mile of downtown Tampa and near Channelside Drive and Ybor City. Built in 1925 as a luxury hotel, The Mirasol was converted to apartments in 1962. The Mediterranean Revival-style community features a grand lobby, pointed Venetian archways, ceiling woodwork, Gothic-inspired French doors and windows and original chandeliers. Community amenities include a swimming pool overlook the property’s 15-slip marina, a three-tiered back patio and a covered waterfront pavilion. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, a local multifamily investor.

August 23, 2016

Georgia Office Southeast

Atlanta Property Group Acquires Two Office Buildings in Metro Atlanta

by John Nelson August 23, 2016

ATLANTA AND DULUTH, GA. — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has acquired two office buildings in metro Atlanta totaling 151,000 square feet. The sales price was not disclosed. The projects include the 65,000-square-foot 5871 Glenridge Building in Atlanta’s Central Perimeter submarket and the 86,000-square-foot Waterford Centre building located at 5555 Triangle Parkway in Duluth’s Peachtree Corners submarket. Both assets span four stories and were built in 1985. Waterford Centre was 88 percent leased at the time of sale, and 5871 Glenridge was 61 percent leased. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the single seller in the transaction. These acquisitions bring APG’s total portfolio of owned and third-party assignments to 12 properties spanning over 3.3 million square feet.

August 23, 2016

Hospitality Louisiana Southeast Top Stories

Laguna Development Corp., Eagle Holdings to Acquire Isle of Capri Casino Hotel Lake Charles in Louisiana for $134.5M

by Katie Sloan August 23, 2016

WESTLAKE, LA. — Kicks Entertainment LLC, a newly formed entity owned by Albuquerque, N.M.-based Laguna Development Corp. and Eagle Holdings LLLP, has agreed to acquire Isle of Capri Casino Hotel Lake Charles in Westlake for $134.5 million. The casino is located in Southwest Louisiana, approximately midway between New Orleans and Houston, Texas. The property — to be acquired from Isle of Capri Casinos Inc. (NASDAQ: ISLE) — includes a 50,000-square-foot riverboat casino, a 493-room hotel, a variety of dining and beverage outlets and covered parking, according to reports by Albuquerque Business First. Isle of Capri Casinos has owned and operated the Lake Charles location for over 20 years. The sale is expected to close in late 2017 or early 2018. Isle of Capri Casino Hotel Lake Charles features 1,150 slot machines, 35 table games, 13 poker tables, two hotels totaling 490 rooms, three restaurants, 14,000 square feet of meeting/banquet space, an RV park and a concert venue. Laguna Development Corp. is a wholly owned subsidiary of Pueblo of Laguna. The Native American Pueblo also owns Dancing Eagle Casino, Route 66 Casino and Casino Xpress in New Mexico. Isle of Capri Casinos Inc. owns or operates a portfolio of 14 casinos …

August 23, 2016

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Secures $54.3M Fannie Mae Green Loan for Apartment Community in D.C.

by John Nelson August 22, 2016

WASHINGTON, D.C. — Walker & Dunlop Inc. has structured a $54.3 million Fannie Mae loan to refinance The Esplanade at National Harbor, a 262-unit, Class A apartment community located in National Harbor, just south of Washington, D.C. The property’s LEED certification qualified the loan for Fannie Mae’s Green MBS program, which enabled the borrower, The Peterson Cos., to receive lower pricing. The 10-year, refinance loan term includes five years of interest-only payments followed by a 30-year amortization schedule. Dan Martin and Brendan Coleman led the Walker & Dunlop team in originating the loan. The property is situated within National Harbor, the Peterson Cos.’ flagship master-planned development across the Potomac River from Alexandria, Va., and just south of the Capital Beltway (I-495). Anchored by the Gaylord National Resort and Convention Center, National Harbor features five additional hotels, 150 stores and over 30 dining locations. National Harbor is also the site of the Tanger Outlet Mall and the upcoming MGM Casino National Harbor. Amenities include a courtyard area, resort-style pool, fitness center, virtual golf and walkable access to the Potomac River waterfront.

August 22, 2016

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