Southeast

COCONUT CREEK'S FIRST HOTEL TO BREAK GROUND

by admin January 27, 2012

COCONUT CREEK, FLA. — Doral, Fla.-based Morlin Hospitality Group has acquired a 2.5-acre site, located close to the intersection of the Sawgrass Expressway and State Road 7 in Coconut Creek, from a Peru-based university. The company plans to build a $12 million, 107-room limited service “flag” hotel on the property, the first hotel to be built in Coconut Creek. The flag has yet to be determined, but the company is in talks with a variety of hotel brands. Groundbreaking is slated for July, with completion anticipated for September of 2013.

January 27, 2012

MCDONALD'S GROUND LEASE SELLS FOR $2.14M

by admin January 27, 2012

SNELLVILLE, GA. — A 4,030-square-foot McDonald's ground lease, located in Snellville, has been sold for $2.14 million. Jason Long of Alpharetta-based Shane Investment Property Group represented the seller, an Arizona-based REIT, in the transaction and procured the buyer, a New York-based family trust.

January 27, 2012

Office Southeast

FLOOR AND DECOR OUTLETS SIGNS 30,810 SF LEASE

by admin January 27, 2012

SMYRNA, GA. — Floor and Decor Outlets of America has signed a 30,810-square-foot lease at Lakewood II office building, located at 2233 Lake Park Dr. in Smyrna. Bill Weghorst and Chip Roach of PM Realty Group's Atlanta office, along with Chris Breeden of Parkway Realty Services' Atlanta office, represented the landlord, Parkway Properties Office Fund II, in the transaction. Don Perry of Norcross, Ga.-based Lavista Associates represented the tenant.

January 27, 2012

Multifamily Southeast

WALKER & DUNLOP CLOSES $15.2M LOAN

by admin January 27, 2012

DUNWOODY, GA. —Walker & Dunlop has arranged a $15.2 million refinance loan, structured as a capped ARM, for the 519-unit Dunwoody Glen, located at 6750 Peachtree Industrial Blvd. in Atlanta. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's CME program on behalf of Cortland Partners.

January 27, 2012

Market Reports North Carolina Southeast Market Reports

Raleigh multifamily remains appealing

by admin January 27, 2012

During the last 12 months, the Raleigh/Durham apartment market has continued to maintain a lofty appeal in the eyes of local, regional and institutional investors. The fundamentals of the region, including its growth projections, the diversity of employment and the driving force that is created by three major research universities, has continued to offer good reasons for investors to inject capital into the Raleigh/Durham apartment market. After a slow start in 2010, many developers have set their eyes on taking advantage of the reduced development pipeline that was a casualty of the recession. The institutions as well as local and regional developers with strong balance sheets were those that were in the best position to take advantage of being the first to break ground. After just a few developments started in 2010, the number of new construction starts and new developments in the planning stages during 2011 has exponentially increased. However, number of new apartment units added to the market in 2011 will be the lowest in recent memory. Part of the reason for this increase in development activity is that the investment sales market has been so strong in the Raleigh/Durham marketplace, arguably as strong or stronger than any …

January 27, 2012

Multifamily Southeast

GROUND BREAKS ON $28M APT. COMPLEX

by admin January 26, 2012

SMYRNA, GA. — Atlanta-based Branch Properties has broken ground on the $28 million West Village Phase II, which will include a 188-unit multifamily development located off of Interstate 285 in Smyrna. Atlanta-based Phillips Partnership is the architect for the second phase, Atlanta-based Planners and Engineers Collaborative is the civil engineer, Atlanta-based Site Solutions is the landscape and hardscape designer, and Jacksonville, Fla.-based Summit Contractors Group is building the project. Branch Properties provided internal equity for the project and additional financing was provided by Fifth Third Bank. Amenities will include a resort style pool with fountains, bocce ball court with an adjacent cabana, a poolside grotto with a built-in outdoor grilling station, a club room with an internet cafe, a full-service mailing station and game nooks that will overlook the pool. The first units are slated for completion in September 2012.

January 26, 2012

Office Southeast

SIX-PROPERTY OFFICE PORTFOLIO SELLS

by admin January 26, 2012

RALEIGH AND CARY, N.C. — A six-building office portfolio, located in Raleigh and Cary, has sold. The assets include 5540 & 5565 Centerview Dr., 801 Jones Franklin Rd. and 5520 Capital Center Dr. in west Raleigh; 6501 Weston Pkwy. in Cary; and 1616 Millbrook Rd. in north Raleigh. David Finger and Scot Humphrey of Cassidy Turley's Raleigh office, along with Rob Cochran of the firm's Charlotte, N.C., office, and Jud Ryan, Paul Collins and Drew Flood of the firm's Washington, D.C., office represented Duke Realty, the seller, in the transaction. The buyer was Archon Acquisition.

January 26, 2012

Multifamily Southeast

PARTNERS TO DEVELOP $27M STUDENT HOUSING

by admin January 26, 2012

STATESBORO, GA. — Charlotte, N.C.-based CampusWorks and Raleigh, N.C.-based The Preiss Co. have purchased the 200-unit Varsity Apartments, located at 111 Rucker Ln. #40 in Statesboro, from a Jacksonville, Fla.-based private group for $3.25 million. The property will be razed for the development of a $27 million, 692-bed student housing facility. The development is located across from Georgia Southern University. Construction will begin in spring 2012, with completion slated for fall 2013. Amenities will include an indoor basketball court and a resort-style swimming pool. Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller in the transaction.

January 26, 2012

Multifamily Southeast

M&M BROKERS $2.7M MULTIFAMILY SALE

by admin January 26, 2012

NAPLES, FLA. — Marcus & Millichap has arranged the $2.7 million sale of the 53-unit Oceans 52, an apartment complex located at 4058 Bay Shore Dr. in Naples. William Berthiaume, II, Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a Jupiter, Fla.-based private investor, in the transaction. Alex Zylberglait and Ryan Shaw of the firm's Miami office represented the buyer, a Miami-based private investor.

January 26, 2012

Retail Southeast

AZTEC GROUP SECURES $5M RETAIL LOAN

by admin January 26, 2012

PINECREST AND KENDALL, FLA. — Miami-based Aztec Group has secured two 10-year, refinance loans totaling $4.65 million for two shopping centers, located in suburban Miami, on behalf of the borrower, an affiliate of the Suchman Retail Group. The shopping centers include the 32,665-square-foot Dadeland North Shopping Center, located at the intersection of South Dixie Highway and Ludlam Road in Pinecrest, and the 42,700-square-foot Snapper Creek Shopping Center, located at the intersection of Southwest 72nd Street and Southwest 117th Avenue in Kendall. Jason Shapiro and Kevin Miliffe of Aztec Group arranged the non-recourse, fixed-rate loans.

January 26, 2012

Newer Posts

Older Posts