Southeast

BLUE RIDGE ACQUIRES TWO VALUE-ADD RETAIL CENTERS IN METRO ATLANTA

by admin April 4, 2013

BUFORD, GA. — Blue Ridge Capital LLC has acquired two value-add retail centers in Buford, approximately a half-mile from I-985 along Lanier Islands Parkway, for $2.5 million. The sale included the 23,750-square-foot Friendship Village, a neighborhood center that includes tenants such as All Eyes Vision, Lanier Dental and La Cazuela, a Mexican restaurant. The second property is the 23,450-square-foot Shoppes at Friendship, with tenants such as Subway, Vinny's New York Pizza and Ark Veterinary Hospital. State Farm also finalized a 1,050-square-foot lease at the property at the close of the deal. Blue Ridge plans to renovate the properties, which were approximately 60 percent vacant at the time of sale.

April 4, 2013

WALKER & DUNLOP ARRANGES $98M FOR APT. COMMUNITIES IN SOUTHEAST

by admin April 3, 2013

BETHESDA, MD. — Walker & Dunlop has arranged $98 million in financing for six multifamily properties in the Southeast, consisting of 1,708 units. The firm arranged a 10-year acquisition loan for Polo Glenn Apartments in Rockledge, Fla., through Freddie Mac on behalf of the borrower, Pollack Shores Real Estate Group. In Georgia, Walker & Dunlop arranged refinancing loans through Freddie Mac for Sinclair Apartment Homes and Springdale Glen Apartments on behalf of the borrower, Cortland Partners. Priderock Capital Partners secured a 10-year acquisition loan through Walker & Dunlop, which arranged the loan through Fannie Mae. The borrower used the funds to acquire Park Place Apartments in Louisville, Ky. In the last deal, the firm arranged two, 10-year loans for multifamily properties in Louisiana — Palmetto Creek Apartments and Regency Club Apartments — on behalf of the borrower, Favrot & Shane Cos.

April 3, 2013

Industrial Southeast

BERLIN PACKAGING TO OCCUPY NEW FLORIDA SPEC BUILDING

by admin April 3, 2013

FORT LAUDERDALE, FLA. — Berlin Packaging, a North American packaging supplier, has signed a 40,000-square-foot lease at a new spec distribution building located at 9682-9689 Premier Parkway in Fort Lauderdale. The new lease at the 87,540-square-foot property brings the building to full occupancy, just one month after Sunbeam Properties brought the spec building to market. The remainder of the building is occupied by a manufacturing company. Steven Medwin, Chris Watts and Nick Wigoda of Jones Lang LaSalle represented the tenant in the transaction.

April 3, 2013

Southeast

NORTHSIDE HOSPITAL RENEWS LEASE AT MERIDIAN MARK PLAZA

by admin April 3, 2013

ATLANTA — Northside Hospital Inc. has signed a 10-year lease renewal for 43,051 square feet at Meridian Mark Plaza in Atlanta, a 160,000-square-foot medical office building developed and owned by Cousins Properties Inc. The property is located along the Glenridge Connector in the “Pill Hill” area — a cluster of the region's major hospitals and doctors' offices near Georgia State Route 400 and I-285. The space primarily houses Northside Hospital's Outpatient Surgery Center in addition to its pharmacy and ancillary services. George Olmstead of Olmstead Realty LLC represented Cousins in the transaction. Joseph Krumdieck of Realty Trust Group represented the tenant.

April 3, 2013

Southeast

HARRISON STREET, TEXLA AND VERMILION BUY $19.3M ASSET NEAR UK

by admin April 3, 2013

LEXINGTON, KY. — VerTex Student Housing Partners, a joint venture of Vermilion Development and Dallas-based TEXLA Housing Partners, has acquired a 182-unit, 676-bed student housing development near the University of Kentucky from McKinney Properties. The acquisition marks the first transaction in a partnership with Chicago-based Harrison Street Real Estate Capital. The acquisition in Lexington has a total cost of $19.3 million and will be financed by a $16.9 million loan assumption with Bank of America. Known locally as The Courtyards, the 676-bed student apartment community was originally constructed in 1996. It consists of eight three-story residential buildings and a one-story clubhouse and leasing office. In addition to re-branding the property, the partnership will invest roughly $3.5 million in capital improvements. Both the buyer and the seller were represented by Dorothy Jackman and Travis Prince of Colliers International Student Housing Group.

April 3, 2013

Southeast

SELF STORAGE PROPERTY SELLS FOR $1.8M IN NASHVILLE

by admin April 3, 2013

NASHVILLE, TENN. — Marcus & Millichap has arranged the $1.8 million sale of Murfreesboro Road Storage, a 54,250-square-foot self storage facility at 4211 Hurricane Creek in Nashville. The facility includes 406 climate and non-climate controlled units. Anne Williams of Marcus & Millichap represented the seller, a limited liability company. Williams and Chico LeClaire, also of Marcus & Millichap, represented the buyer, a private investor.

April 3, 2013

Multifamily Southeast

PANTHER ACQUIRES $75M MULTIFAMILY PORTFOLIO IN TWO SOUTHEAST MARKETS

by admin April 2, 2013

HUNTSVILLE, ALA. AND CORDOVA, TENN. — Boston-based Panther Properties Investment LLC has acquired a three-property multifamily portfolio, totaling 740 units, for $75 million. The three Class A apartment communities include the 276-unit Huntsville Parc at the Arsenal in Huntsville, the 238-unit Villas at Grays Creek in Cordova and the 226-unit Carrington at Houston Levee in Cordova. The acquisition marks Panther's first investment in Alabama and second and third in Tennessee. The private equity real estate firm acquires, develops and manages Class A apartment communities in the Southeast.

April 2, 2013

Multifamily Southeast

GVEST TO BUILD APARTMENTS IN CHARLOTTE ARTS DISTRICT

by admin April 2, 2013

CHARLOTTE, N.C. — Gvest Partners plans to build a new 340-apartment community in Charlotte's historic arts district. Construction is expected to start soon on The Yards at NoDa, a $37 million development in the NoDa district, which is home to galleries, restaurants, bars and performing spaces. The property will include studio, one-, two- and three-bedroom apartments. Amenities will include a resort-style pool, fitness center, clubhouse and a dog park. Gvest is providing the equity investment for the new development and Wells Fargo provided the construction financing.

April 2, 2013

Hospitality Southeast

CHESAPEAKE ACQUIRES W NEW ORLEANS — FRENCH QUARTER

by admin April 2, 2013

NEW ORLEANS — Chesapeake Lodging Trust has purchased the W New Orleans — French Quarter from Starwood Hotels & Resorts Worldwide Inc. for $25.5 million. Starwood has entered a long-term management contract to continue operating the hotel. The 97-room property is located on Chartres Street, near Jackson Square and many of the retail and jazz clubs of the French Quarter. The hotel also includes a fitness center and Creole cuisine restaurant.

April 2, 2013

Seniors Housing Southeast

KANDU, BLOOM BUY TWO SENIORS HOUSING COMMUNITIES IN SOUTH CAROLINA

by admin April 2, 2013

BLUFFTON AND HILTON HEAD, S.C. — Kandu Capital LLC and its operating company, Bloom Senior Living, have acquired two seniors housing communities in Bluffton and Hilton Head, S.C., from Brookdale Senior Living for $7.2 million. The acquisition includes the Carolina House of Bluffton, a 59-unit assisted living and memory care community, which was built in 2000. The second property is Carolina House of Hilton Head, a 58-unit assisted living and memory care community built in 1999. Bloom plans to upgrade the properties.

April 2, 2013

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