Southeast

MDH Signs RP Construction Services to 180,000 SF Industrial Lease in Louisville

by John Nelson June 28, 2023

LOUISVILLE, KY. — Atlanta-based MDH Partners has signed RP Construction Services, a distributor and assembler of utility solar equipment, to a 180,000-square-foot industrial lease in Louisville. The tenant will occupy space at Park 65 Business Center, a 260,000-square-foot distribution center located at 100 Brooks Way. The RP Construction Services lease brings Park 65 to full occupancy. Robert Walker and Greg Charmoli of Cushman & Wakefield represented the landlord in the lease transaction. MDH Partners purchased Park 65 in 2019 when it was 30 percent occupied. The firm currently owns 101 properties across 20 states, including 570,000 square feet in Kentucky.

June 28, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Connolly, Coro Realty Unveil Mixed-Use Redevelopment in Sandy Springs, Georgia

by John Nelson June 28, 2023

SANDY SPRINGS, GA. — Connolly and Coro Realty have announced the repositioning of the commercial portion of a mixed-use development in metro Atlanta formerly known as Sandy Springs Gateway. The duo purchased the 120,000-square-foot component in February 2022 for $40.5 million. The property, which comprises 92,000 square feet of shops, restaurants and service retailers and 28,000 square feet of second-story office space, is now known as Chastain Market due to its proximity to Chastain Park in the nearby Buckhead district of Atlanta. Connolly and Coro Realty have also inked new leases for the project, including an Italian eatery from chef Kevin Maxey, Alloy Personal Training and United Community Bank. In addition to re-tenanting the development’s former Sprouts Farmers Market grocery store, Connolly and Coro Realty are undertaking a multimillion-dollar renovation to the property. Additionally, a new mural was painted for the project at the corner of Roswell Road and Windsor Parkway. Chastain Market is adjacent to two apartment communities totaling 630 units: The Gateway Chastain and The Collection.

June 28, 2023

Florida Loans Mixed-Use Southeast

Berkadia Secures $40.7M Loan for One Eleven Mixed-Use Tower in Downtown Orlando

by John Nelson June 28, 2023

ORLANDO, FLA. — Berkadia has secured a $40.7 million loan for the recapitalization of One Eleven, a 30-story mixed-use tower located at 111 E. Washington St. in downtown Orlando. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s South Florida office originated the five-year, interest-only loan through Morgan Stanley on behalf of the borrower, Lincoln Orlando Holdings LLC. Built in 2008, One Eleven features a mix of 11,076 square feet of ground-floor retail space with outdoor patio seating, nine levels of parking, 152,360 square feet of office space and a 164-unit apartment component called Aspire. Commercial tenants include Ocean Bank, Daily Bread, Innovative Systems Group of Florida, McDonald Toole Wiggins PA, National Society of Leadership and Success, Atwell Engineers, Skanska and Huitt-Zollars Inc. The residential and office portion have separate lobbies, and residential amenities include the highest rooftop pool deck in the city and an amenity level with a balcony, health club and fitness center.

June 28, 2023

Development Florida Multifamily Southeast

MG Developer, Baron Property Group to Develop $600M Residential Campus in Metro Miami

by John Nelson June 27, 2023

HIALEAH, FLA. — Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be split between three communities — Metro Parc, Metro Parc North and Metro Parc South — that will be situated within walking distance of the Metrorail and Tri-Rail Transfer Station. MG’s first multifamily building, Metro Parc, is a 559-unit, 10-story building that broke ground in 2022. The 620-unit Metro Parc North will rise next to Metro Parc at 983 E. 26th St. and is expected to be completed in 2026. The new 347-unit Metro Parc South building will be located at 954 and 934 E. 25th St. and is slated for completion in 2027.

June 27, 2023

Development Industrial Southeast Virginia

Davis Cos., Lingerfelt to Build 325,500 SF Industrial Project Near Richmond

by John Nelson June 27, 2023

RUTHER GLEN, VA. — The Davis Cos. and Lingerfelt have formed a joint venture to develop Carmel Church Business Center, a 325,500-square-foot industrial park situated 25 miles north of Richmond in Ruther Glen. The rear-load warehouse park will be located off the I-95 corridor and near the Port of Virginia. ARCO Design/Build Richmond, a division of ARCO DB Cos., the construction partner on the project, will break ground immediately. The joint venture expects to deliver Carmel Church in second-quarter 2024.

June 27, 2023

Acquisitions Retail South Carolina Southeast

JLL Brokers Sale of 255,868 SF Shopping Center in Indian Land, South Carolina

by John Nelson June 27, 2023

INDIAN LAND, S.C. — JLL has brokered the sale of Promenade at Carolina Reserve, a 255,868-square-foot shopping center in Indian Land, a South Carolina suburb of Charlotte. Jim Hamilton, Brad Buchanan, Tom Kolarczyk and Andrew Kahn of JLL represented the seller, Bandera Ventures, in the transaction. The Dallas-based firm acquired the property early last year. Rikky Goswami with Insight Property Group represented the undisclosed buyer. The sales price was also not disclosed. Completed in 2018 by Chattanooga, Tenn.-based Hutton, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby and Petco. Located at US Highway 521 at Jim Wilson Road, Promenade at Carolina Reserve is situated 25.4 miles from Charlotte and is about 27 miles from Charlotte Douglas International Airport.

June 27, 2023

Florida Loans Multifamily Southeast

Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami

by John Nelson June 27, 2023

MIAMI — Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months. Units at Oak Plaza range from 800 to 1,213 square feet, according to Apartments.com. Amenities include a clubhouse, pool, fitness center, controlled access and a business center.

June 27, 2023

Georgia Loans Office Southeast

CBRE Arranges Refinancing of 312,591 SF Platinum Tower Office Building in Atlanta

by John Nelson June 27, 2023

ATLANTA — CBRE has arranged a loan for the refinancing of Platinum Tower, a 312,591-square-foot office building located at 400 Interstate N. Parkway in Atlanta’s Cumberland/Galleria submarket. The 17-story office tower is situated near the intersection of I-75 and I-285 and within walking distance of the Chattahoochee River and The Battery, a mixed-use development surrounding Truist Park, the home ballpark of the Atlanta Braves. Brian Linnihan, Mike Ryan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, Accesso, in the deal. An undisclosed financial services firm provided the five-year CMBS loan, the amount of which was not disclosed.

June 27, 2023

Brian Cornell Hotel to Mulitfamily conversion

Affordable Housing Content Partner Features Hospitality Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Underutilized Hotel Properties Present Conversion Opportunities for Multifamily, Affordable Housing

by Sarah Daniels June 27, 2023

Walker & Dunlop is finding financial success while helping to provide high-demand, affordable housing in key markets by converting hotel assets into multifamily buildings. Brian Cornell, managing director at Walker & Dunlop Investment Partners (WDIP), says his firm is identifying hotels that are already built out and can accommodate market-rate multifamily use. Extended-stay hotels have the best layout for this type of conversion because their footprint already includes the floor plans and many of the amenities that multifamily residents expect. “The units are typically one-bedroom, but with some two-bedroom suites and studios,” he outlines. “This creates a variety of unit types within the existing physical build-out of the property, and these assets can operate as true multifamily without having to combine walls and do extensive capital renovations.” When it comes to location, Cornell explains, “We prefer infill locations that have strong employment drivers and a dearth of affordable housing.” Underutilized Properties, Multifamily Strategies The three investments Walker & Dunlop has done in the past two years are in the heart of commercial corridors, in areas where there are limited multifamily projects within a two-to-three-mile radius offering rents that can support an 80 percent area median income (AMI) threshold. One is …

June 27, 2023

Georgia Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 234,200 SF Industrial Lease in Locust Grove, Georgia

by John Nelson June 26, 2023

LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 234,200-square-foot lease at Gardner Logistics Park, an industrial development located at 381 Davis Lake Road in Locust Grove, roughly 40 miles southeast of Atlanta. Tenant NVH Korea, an acoustic and thermal management company, will occupy Building 2 at the property, which was built as part of Phase II of the three-phase development. James Phillpott, Ray Stache, Lisa Pittman and Helen Cauthen of Cushman & Wakefield represented the landlord, Indianapolis-based Scannell Properties, in the leasing negotiations. NVH Korea marks the sixth major tenant to lease space at Gardner Logistics Park.

June 26, 2023

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