Southeast

American Landmark, BentallGreenOak Acquire Multifamily Property in Metro Nashville for $78.9M

by Julia Sanders September 1, 2021

MURFREESBORO, TENN. — American Landmark and its joint venture partner, BentallGreenOak, have acquired Parc at Murfreesboro, a 359-unit multifamily property located in Murfreesboro, about 34.4 miles south of Nashville. Equity Resources sold the property for $78.9 million. Located at 3237 Memorial Drive, Parc at Murfreesboro offers one-, two- and three-bedroom floor plans with an average square footage of 995 per unit. Built in 2021, each apartment has its own washer and dryer, wood-style flooring, smart home thermostats, door locks, lighting fixtures, granite countertops and stainless steel appliances. Community amenities include a swimming pool with cabanas and a fire pit, fitness center, a yoga lawn and Zen area, electric vehicle charging stations, pet park, dog wash station and detached garages. The property was 99 percent occupied at the time of sale with rents starting at $1,169 per month, according to Apartments.com. American Landmark, a Tampa-based multifamily owner-operator, is managing the property. The firm plans to implement additional improvements including adding landscape beautification, a designer clubhouse, pool deck furniture and smart locks throughout the common areas. BentallGreenOak is a global real estate investment management advisor firm that’s U.S. headquarters are in New York City. BentallGreenOak is a part of SLC Management, which …

September 1, 2021

Georgia Hospitality Loans South Carolina Southeast

PMZ Realty Arranges $70M Financing for Two Hotel Properties in Charleston, Augusta

by Julia Sanders September 1, 2021

CHARLESTON, S.C. AND AUGUSTA, GA. — PMZ Realty Capital LLC has arranged $70 million in joint venture equity and debt financing to recapitalize two hotels in Charleston and Augusta. The properties include the Holiday Inn Express Charleston Downtown – Medical Center in Charleston and The Partridge Inn Augusta Curio Collection by Hilton in Augusta. Rio Partners is the owner of the properties, and the firm plans to use the proceeds from the two separate transactions to pay off existing debt and upgrade the properties. The 150-room Holiday Inn Express is located close to Charleston Farmer’s Market, Folly Beach, The Citadel – Johnson Hagood Stadium, Boone Hall Plantation and Gardens and the South Carolina Aquarium. Located at 250 Spring St., the hotel is only 12 miles from Charleston International Airport. Hotel amenities include a pool, breakfast provided for guests, complimentary Wi-Fi and a fitness center. Located at 2110 Walton Way, the 153-room Partridge Inn Augusta is situated less than two miles from Daniel Field Private Airport, 10 miles from Augusta Regional Airport and about 4 miles from the Augusta National Golf Club. Hotel amenities include complimentary Wi-Fi, an onsite restaurant, outdoor pool, fitness center, room service, business center and meeting rooms.

September 1, 2021

Loans Multifamily Southeast Tennessee

KeyBank Provides $44.8M Acquisition Loan for Overlook at Farragut Apartments in Knoxville

by Julia Sanders September 1, 2021

KNOXVILLE, TENN. — KeyBank Real Estate Capital has provided a $44.8 million loan for the acquisition of Overlook at Farragut, a 267-unit multifamily property in Knoxville. The borrower, Valor Residential, is acquiring the community for $61.7 million utilizing the three-year, senior bridge loan. Overlook at Farragut offers one-, two- and three-bedroom units with features including stainless steel appliances, granite countertops, walk-in closets, private patios and washer and dryer connections. Located at 11613 Vista Terrace Way, the property is situated about 16.1 miles from downtown Knoxville and about 15.3 miles from the University of Tennessee. Community amenities include a saltwater pool, business center, café, gaming area with shuffleboard and pool table, fire pit, grilling station, fitness center with an infrared sauna, car wash, pet grooming station, bark park, car wash and a clubhouse. Alan Isenstadt, Pranav Sarda and Jack Hoffman of KeyBank originated the senior loan financing. Moshe Feiner of Sevenstone Capital arranged the acquisition financing and assisted in raising an additional $5.6 million of preferred equity from Walker & Dunlop Investment Partners. Valor Residential contributed the remaining cash equity. The total financing package was provided at 82.5 percent loan-to-cost.

September 1, 2021

Acquisitions Retail Southeast Virginia

Finmarc Management Sells Giant Food-Leased Property in Fairfax, Virginia for $39.8M

by Julia Sanders September 1, 2021

FAIRFAX, VA. — Finmarc Management Inc. has sold a 76,000-square-foot, Giant Food-leased retail building in Fairfax. Signet Springfield, a limited liability corporation based in California, bought the property for $39.8 million. Located at 6364 Springfield Plaza in Fairfax County, the property is situated within Springfield Plaza, a shopping center with retail tenants such as AT&T, Chipotle Mexican Grill, David’s Bridal, CVS/pharmacy and Little Caesars Pizza. Situated along Commerce Street at the intersection of Old Keene Mill Road and Amherst Avenue, Springfield Plaza is located adjacent to Interstates 95 and 395. Last year, Giant Food relocated from Springfield Plaza to the current building under a long-term lease, replacing the Kmart who was the building’s former anchor. The Maryland-based grocer, Giant Food, had anchored Springfield Plaza since 1960 prior to the move. The new store features a full-service Starbucks Coffee shop with seating, as well as a PNC Bank branch. Ryan Sciullo, Chris Bosworth and Bill Kent of CBRE represented Finmarc Management, a Bethesda, Md.-based commercial real estate management and investment firm, in the transaction. David Chasin of Pegasus Investments represented the buyer.

September 1, 2021

Florida Hospitality Loans Southeast Top Stories

Encore Capital Management Receives $98.4M Loan for Refinancing, Expansion of Margaritaville Resort Orlando

by Kristin Harlow September 1, 2021

KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion. Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. Construction is expected to begin later this year, but a timeline for completion was not disclosed. The resort, which opened in January 2019, offers rooms, suites and cottage rentals. Resort guests can dine at Euphoria Fish House, an upscale seafood restaurant; Salty Rim Bar & Grill, a poolside grill; or On Vacation, a cocktail and comedian lounge. The property also offers space for hosting meetings, conferences and weddings. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit arranged the loan on behalf of Encore. The team began marketing the opportunity to potential lenders in spring 2021. Concord Summit also arranged the original construction financing for Margaritaville Resort Orlando in 2017. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly,” says O’Grady. …

September 1, 2021

Development Georgia Multifamily Southeast

Portman, National Real Estate Advisors Break Ground on Multifamily Project in Midtown Atlanta

by Julia Sanders August 31, 2021

ATLANTA — A joint venture between Portman Residential and National Real Estate Advisors LLC has broken ground on 10th and Spring, a 29-story multifamily project in Atlanta’s Midtown district. Portman Residential secured a $117 million construction loan for the project, according to the Atlanta Business Chronicle. Located at the corner of Spring Street and 10th Street NW, 10th and Spring will include 370 residential units, as well as 11,000 square feet of retail space. Community amenities will include a pool, fitness center and a clubroom. The project will serve as the first phase of a 4.1-acre master-planned mixed-use development led by Portman Residential. The larger development plan will also feature a 525,000-square-foot, Class A office building; about 20,000 square feet of event space; and a hotel that will feature at least 225 guest rooms. As part of the project, the historic site of H.M. Patterson & Son’s Spring Hill Chapel will be transformed into a venue with food and beverage options, as well as the new hotel. Atlanta-based Cooper Carry will be the architectural firm for the project. Fogarty Finger will do the interior design for the development, and JE Dunn will oversee construction services. National Real Estate Advisors LLC …

August 31, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 138,887 SF Valrico Commons Shopping Center in Valrico, Florida

by Julia Sanders August 31, 2021

VALRICO, FLA. — CBRE has arranged the sale of Valrico Commons, a 138,887-square-foot shopping center located at 1971 E State Road 60 in Valrico. Built in 1986 and redeveloped in 2011, Valrico Commons was 93 percent leased at the time of sale to tenants including Publix, Ross Dress for Less and Five Below. Casey Rosen and Dennis Carson of CBRE represented the seller, which includes affiliates of North American Development Group and Primerica Group One. An affiliate of Phillips Edison & Co. was the buyer. The sales price was not disclosed.

August 31, 2021

Acquisitions Florida Industrial Southeast

Easton Group, LBA Logistics Acquire Warehouse Property in South Florida for $19.5M

by Julia Sanders August 31, 2021

DORAL, FLA. — The Easton Group and LBA Logistics have acquired a 105,365-square-foot warehouse in Doral for $19.5 million. Hani Jardack of Jardack Commercial Realty represented the locally based seller, Badia, a manufacturer of spices and herbs. Dalton Easton of Easton & Associates represented the Easton-LBA joint venture in the transaction. Located at 9880 NW 25th St., the warehouse property is equipped with air conditioning throughout, solar panels on the roof, 26-foot clear heights and 192 parking spots. Built in 1998, 12,000 square feet is dedicated to office space. Badia was the previous anchor tenant at the property but vacated the building to go to a new location. Easton will begin marketing the property for a new single-user tenant. This warehouse property is Irvine, Calif.-based LBA’s second joint venture with Doral-based Easton Group in South Florida. The two are also partnering on a ground-up development of a 266,760-square-foot warehouse in Hialeah Gardens, Fla., that is due to be delivered in the second quarter of 2022.

August 31, 2021

Acquisitions Alabama Industrial Self-Storage Southeast

Marcus & Millichap Brokers Sale of 460-Unit Self-Storage Facility in Athens, Alabama

by Julia Sanders August 31, 2021

ATHENS, ALA. — Marcus & Millichap has brokered the sale of a 460-unit self-storage facility located in Athens. The sales price was not disclosed. The storage facility is located approximately 25 miles from Huntsville. The facility features 356 climate-controlled units and 104 non-climate-controlled units. The 60,234-square-foot facility was recently delivered and is not open for public use as of this writing. Gabriel Coe, Brett Hatcher and Eddie Greenhalgh of Marcus & Millichap represented the seller in the transaction, and the buyer was self-represented. Both the buyer and seller requested anonymity.

August 31, 2021

Development Multifamily Southeast Tennessee

Fogelman Completes Redevelopment Project at 614-Unit Stewarts Ferry Apartments in Nashville

by Julia Sanders August 31, 2021

NASHVILLE, TENN. — Fogelman Properties has completed the redevelopment of Stewarts Ferry, a 614-unit multifamily community located at 8100 Stewarts Ferry Parkway in Nashville. The renovation project took 18 months, and the development cost was $1 million. Fogelman made interior and exterior upgrades, as well as made enhancements to the pool area including the addition of an outdoor kitchen, LED lighting and brick pool deck. The community also unveiled a new fitness center with equipment and workout programs. Built in 1986, Stewarts Ferry offers one- and two-bedroom apartments and townhomes with rental rates starting at $1,113. The units feature oak cabinets and vanities, washers and dryers, patios or balconies, fireplaces and walk-in closets, as well as upgraded units available for rent. Additional community amenities include two stocked fishing ponds, a lighted tennis court and a community walking trail. The property is currently 97 percent occupied.

August 31, 2021

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