Southeast

Improved Land Surveys, Due Diligence Can Ensure Development Project Success

by Sarah Daniels August 17, 2023

Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …

August 17, 2023

Development Florida Loans Multifamily Seniors Housing Southeast

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Development Georgia Multifamily Southeast

Joint Venture to Develop 330-Unit Apartment Community in Acworth, Georgia

by John Nelson August 16, 2023

ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.

August 16, 2023

Acquisitions Georgia Multifamily Southeast

CBRE Negotiates Sale of 256-Unit Latitude at Godley Station Apartments Near Savannah

by John Nelson August 16, 2023

POOLER, GA. — CBRE has negotiated the sale of Latitude at Godley Station, a 256-unit apartment community located at 1502 Benton Blvd. in Pooler, a suburb of Savannah. The property was built in 2015 and features one-, two- and three-bedroom apartments ranging in size from 734 to 1,494 square feet, according to Apartments.com. Amenities include a clubhouse, coffee bar, business center, pool, fitness center, lounge, game room, picnic area, car wash area, laundry facilities and a pet play area. Jim Sewell and Dave Lansbury of CBRE’s Charleston office, along with Erika Maston of the firm’s Savannah office, brokered the transaction. Atlas Real Estate Partners purchased Latitude at Godley Station and plans to invest in capital improvements. The seller and sales price were not disclosed.

August 16, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.9M Sale of Miami Store Leased to Walgreens

by John Nelson August 16, 2023

MIAMI — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction. The store, which is located directly across the street from LoanDepot Park, the home ballpark for the Miami Marlins, is situated on land zoned for 180 multifamily units up to eight stories.

August 16, 2023

Acquisitions Georgia Industrial Southeast

Atlanta Property Group Purchases 50,000 SF Industrial Building in Marietta, Georgia

by John Nelson August 16, 2023

MARIETTA, GA. — Atlanta Property Group (APG) has purchased 1900 West Oak, a 50,000-square-foot industrial building located at 1900 W. Oak Circle in Marietta, a northern suburb of Atlanta. Built in 1990 roughly two miles from I-75, the facility was 50 percent leased at the time of sale and features 12 dock-high doors and 20-foot clear heights. The property is APG’s 12th distribution facility purchased since 2022. The seller and sales price were not disclosed.

August 16, 2023

Acquisitions Arizona Florida Retail Western

SRS Real Estate Negotiates $94M Sale of Seven EoS Fitness-Occupied Properties in Arizona, Florida

by Amy Works August 16, 2023

ARIZONA AND FLORIDA — SRS Real Estate Partners has arranged the sale of seven single-tenant EoS Fitness properties in Arizona and Florida for a combined purchase price of $94 million. Barclay Group sold the properties to a publicly traded REIT. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller. Tyler McRae of SRS, along with Echelon Realty Advisors, were responsible for leasing the assets on behalf of EoS Fitness. The portfolio comprises three new-construction gyms that opened in 2023, as well as four formerly vacant grocery stores that are currently undergoing redevelopment. All of the properties have 15-year, corporate-guaranteed, triple-net leases in place with scheduled rental increases. The properties include:

August 16, 2023

Acquisitions Florida Illinois Midwest Retail Southeast Top Stories

Aldi to Acquire Winn-Dixie, Harveys Supermarket from Southeastern Grocers

by Kristin Harlow August 16, 2023

BATAVIA, ILL. AND JACKSONVILLE, FLA. — German discount grocer Aldi has entered into a definitive agreement to acquire Winn-Dixie and Harveys Supermarket as part of a larger divestiture of Jacksonville-based parent company Southeastern Grocers to various entities. Financial terms of the transaction were not disclosed. The Southeast-focused acquisition includes approximately 400 Winn-Dixie and Harveys locations across Alabama, Florida, Georgia, Louisiana and Mississippi. Aldi, which maintains its U.S. headquarters in Batavia, Ill., first established its presence in the Southeast in the mid-1990s and has since invested $2.5 billion in the region. Most recently, Aldi opened its 26th regional headquarters and distribution center in Loxley, Ala., to help support new stores in the region. The retailer plans to open 20 new locations in the area by the end of the year. Jason Hart, CEO of Aldi, says the acquisition supports Aldi’s long-term growth strategy across the country. The grocer plans to open 120 new stores this year to reach a total of more than 2,400 stores by year’s end. Aldi will evaluate which Winn-Dixie and Harveys locations will be converted into Aldi stores. The stores that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Deutsche Bank served …

August 16, 2023

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Cushman & Wakefield Arranges $62M Construction Financing for Multifamily Development in Leland, North Carolina

by John Nelson August 15, 2023

LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.

August 15, 2023

Acquisitions Georgia Retail Southeast

Atlantic Capital Partners Brokers $17.5M Sale of Kroger-Anchored Shopping Center in Cumming, Georgia

by John Nelson August 15, 2023

CUMMING, GA. — Atlantic Capital Partners has brokered the $17.5 million sale of Sharon Greens, a Kroger-anchored shopping center located in Cumming, a northern suburb of Atlanta. Justin Smith, Fred Victor, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the institutional seller and secured the buyer, a joint venture between ShopOne Centers REIT Inc., Pantheon and an unnamed global institutional investment firm. Built in 2001, Sharon Greens spans 98,301 square feet and was 98 percent leased at the time of sale to 21 tenants, including Kroger, Chase Bank and Heartland Dental. The property is located at the intersection of Sharon Road and Peachtree Parkway.

August 15, 2023

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