CONYERS, GA. — Chicago-based Dayton Street Partners has broken ground on a 212,232-square-foot speculative distribution center in Conyers. Construction is slated for completion by July. The distribution center will feature 32-foot clear heights, 41 trailer and 203 auto stalls with separate access for cars and trucks and a 185-foot truck court. Located at 2020 East Park Road, the property is situated 28.6 miles east of downtown Atlanta and 31.3 miles from Hartsfield-Jackson Atlanta International airport. Dayton Street most recently completed the development of DSP Rock Hill, a 188,000-square-foot distribution center near Atlanta’s airport. Brookfield acquired the asset in December 2021.
DELRAY BEACH, FLA. — Sleiman Enterprises has acquired Delray Square, a 160,000-square-foot shopping and dining destination in Delray Beach. Berkeley Capital Advisors represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1976 on approximately 16 acres, Delray Square has tenants including Publix, Hobby Lobby, Walgreens, Chipotle and Chick-fil-A. Publix recently relocated to a newly constructed 45,600-square-foot space at the property, while Hobby Lobby recently signed a long-term lease with plans to open in the next few months. Redevelopments occurred in 2019 at Delray Square, which included new LED lighting for the parking lot, newly built anchor store and shops, roof renovation of Hobby Lobby and an overhauled façade. The property was 96 percent occupied at the time of sale. Located at 4771 W. Atlantic Ave., the property is situated 3.2 miles from Delray Beach and 10.4 miles from Boca Raton. The property is also 8.7 miles from the Boca Raton Airport and 7.9 miles from Florida Atlantic University.
CHAPEL HILL, N.C. — Ready Capital has closed a $16.4 million acquisition loan for an unnamed student housing property near the University of North Carolina at Chapel Hill. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. Upon acquisition, the sponsor will implement a capital improvement plan to fix deferred maintenance, renovate unit interiors and exteriors and make common area upgrades.
PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal. The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia. The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users. Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion. “We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm. “This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues. Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic …
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Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions
The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …
ST. PETERSBURG, FLA. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. KeyBank provided a $42.7 million construction bond. KeyBank funded the financing via Fannie Mae’s unfunded forward commitment execution that allows KeyBank to issue a mortgage-backed security (MBS) upon completion of the construction that will convert to a permanent mortgage loan. This Fannie Mae execution is referred to as MBS as Collateral for Tax-Exempt Bonds (MTEB), which is available for 4 percent LIHTC transactions. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents will have first right to return as the redeveloped property begins to reopen. The first phase includes the new construction of a six-floor midrise building for seniors ages 62 and older, as well as the rehabilitation of 41 buildings containing 97 units of affordable housing for families. …
CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Marcus & Millichap has arranged the sale of the Templeton Portfolio, a three-property apartment portfolio in Chesapeake and Elizabeth City. Altay Uzun of Marcus & Millichap facilitated the transaction and secured the buyer, MRKT Capital. The undisclosed seller sold the portfolio for $61 million. The properties within the Templeton Portfolio include Green Tree Apartments and Oak Grove Apartments in Chesapeake and Emerald Lake Apartments in Elizabeth City. Green Tree is a 208-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, clubhouse, volleyball court, walking and biking trails, controlled building access, onsite laundry facilities and a package receiving service. Located at 749 Green Tree Circle, the property is situated 10.6 miles from Norfolk. Oak Grove is a 132-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include onsite laundry facilities, controlled building access, a volleyball court and ample parking. Located at 408 Trotman Way, the property is situated near Chesapeake Regional Medical Center and the Great Bridge Lock Park. Emerald Lake is a 132-unit apartment community that offers three-bed/two-bath floorplans. Community amenities include a pool, clubhouse, parking, onsite management and a package receiving service. Located …
DURHAM, N.C. — StoneBridge Investments has acquired Haven at Patterson Place, a 242-unit apartment community in Durham, for $56.2 million. Howard Jenkins and Kevin Kempf of CBRE’s Southeast Multifamily team represented the seller, an affiliate of Washington, D.C.-based FCP. This property is StoneBridge’s fourth acquisition in the Raleigh-Durham market, and now the company owns a portfolio of more than 1,000 units in the Research Triangle area. Built in 2002, Haven at Patterson Place offers one-, two- and three-bedroom floorplans with an average range of 669 to 1,404 square feet. Community amenities include a swimming pool, fitness center, clubhouse, cyber café, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station and complimentary package service. StoneBridge plans to make renovations to the property including modernizing clubhouse design and decor, adding a 24-hour touchless package locker system and enhancing the pool and outdoor lounge areas. Unit renovations will include the addition of stainless steel appliances, granite countertops, modern Shaker style cabinet fronts, subway tile backsplashes, a modern lighting package, vinyl plank flooring, washer-dryer sets in all units and a tech package. Located at 5110 Old Chapel Hill Road, the property is situated near Interstate 40 and N.C. Highway …
MIRAMAR, FLA. — Conshohocken, Penn.-based Seagis Property Group LP has purchased a 60,831-square-foot warehouse and distribution facility in Miramar. Tommy Gil of Vivo Real Estate Group Inc. represented the buyer in the transaction, while the seller, Megacenter US LLC, was self-represented by Bryan Demello. The sales price was $13.3 million. The property, which is being rebranded as Seagis @ Riviera Boulevard, is immediately available for lease and was vacant at the time of sale. Completed in 2021, Seagis @ Riviera Boulevard features 32-foot clear heights, six dock-high doors, five drive-in doors, a 1.4 per 1,000 parking ratio and the flexibility to accommodate tenants from 25,000 to 60,831 square feet. Located at 7481 Riviera Blvd., the property is situated along the Florida Turnpike. Seagis plans to make renovations on the interior of the property including an addition to office space to complement the distribution facility.
CHARLOTTE, N.C. — BayHaven Restaurant Group, led by chefs Gregory Collier and Subrina Collier, plans to open four new food concepts at Camp North End in Charlotte. The four concepts — Passage Seafood, The Abyss, Bird Is The Word and B.A.D. (Beyond Amazing Donuts) — are expected to open this summer. Developed by ATCO Properties & Management, Camp North End is a mixed-use development located on 76 acres just north of Uptown Charlotte. The project currently has over 300,000 square feet of space already redeveloped for offices, artistic expression, dining and hospitality, entertainment, recreation and community building use, and another 1.5 million square feet is in the works. Construction on the office, retail and parking garage portions of Phase II are slated for completion by June, while the multifamily component is expected to begin construction this year and be complete in 2024. B.A.D. is a donut concept created by pastry chef Jasmine Macon. Bird is the Word is a chicken counter service concept. Passage Seafood will be a seafood restaurant. The Abyss is a modern speakeasy that will offer craft cocktails, food options from Passage Seafood and a late-night menu. Located at 201 Camp Road, the four concepts will line …