Southeast

Publix to Occupy 42,514 SF at Interlock Mixed-Use Project by S.J. Collins in Atlanta’s West Midtown

by Julia Sanders April 14, 2021

ATLANTA — Publix will occupy a 42,514-square-foot store for the second phase of The Interlock, a mixed-use development underway at the intersection of Ethel Street and Northside Drive in Atlanta’s West Midtown district. Demolition for the site will begin in May, and vertical construction will start in the fall of 2022. S.J. Collins Enterprises is the landlord. Phase I of The Interlock is a nine-acre, mixed-use property located at 1115 Howell Mill Road N.W. The development includes 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes; 70 single-family homes; and the 161-room Bellyard, a Tribute Portfolio Hotel. Phase I leasing opportunities still include approximately 87,000 square feet of office space and 30,000 square feet of retail and restaurant space. Phase II includes an additional 4.5 acres that will include another 40,000 square feet for retail space, 186,000 square feet of office space, student housing serving students of nearby Georgia Tech and the Publix grocery store. The various components of The Interlock are connected to each other via a one-acre public park. Phase II is currently being designed by Dynamik Design. Puttshack is debuting at The Interlock next week and Bellyard, …

April 14, 2021

Acquisitions Development Georgia Loans Multifamily Southeast

Ready Capital Closes $53.6M Acquisition Financing for Multifamily Property in Atlanta

by Julia Sanders April 14, 2021

ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. 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. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.

April 14, 2021

Alabama Development Multifamily Southeast Top Stories

WSS Development Breaks Ground on $100M Luxury Apartment Project in Huntsville, Alabama

by Kristin Harlow April 14, 2021

HUNTSVILLE, ALA. — WSS Development LLC has broken ground on 2020 at Providence, a $100 million luxury apartment project in Huntsville. The development is situated within the larger 305-acre Village of Providence master-planned community. Located at the intersection of Providence Main Street and Town Center Drive, 2020 at Providence will feature 360 luxury apartment units and 20,000 square feet of ground-floor retail space. More than 70 percent of the retail space has been leased to Starbucks, The Cajun Steamer, Oh Crepe and an unnamed breakfast and lunch concept. Amenities will include a rooftop pool, rooftop fitness center, covered parking deck, high-speed elevators and an electronic package delivery system. The project team includes Humphreys & Associates Contractors LLC, Riverstreet Architects, Goodwyn Mills Cawood and Geo Solutions. BancorpSouth provided financing and Spaces Management will serve as property manager. Completion is slated for the end of 2022. The surrounding Village of Providence, which Duany, Plater-Zyberk & Co. designed and WSS developed, is home to hundreds of single-family homes, townhomes and a town center that includes more than 800,000 square feet of office, restaurants, retail and hotels. “The broader Huntsville market is experiencing unprecedented growth from both a rent and employment standpoint,” says Marc …

April 14, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

by Julia Sanders April 13, 2021

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.

April 13, 2021

Acquisitions Florida Mixed-Use Multifamily Restaurant Retail Southeast

Abbhi Capital Purchases One-Acre Development Parcel at Miami Worldcenter for $20M

by Julia Sanders April 13, 2021

MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. The assemblage includes 45,000 square feet of developable space. The property, known as the west parcel of Miami Worldcenter’s “Block A,” is located between Northeast 10th and 11th streets along Northeast 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million. Miami Worldcenter will total 300,000 square feet of retail, restaurant and entertainment space. Other uses include two completed residential buildings, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet …

April 13, 2021

Acquisitions Retail Southeast Virginia

Stan Johnson Brokers $11.1M Sale of Burlington-Anchored Shopping Center in Metro Richmond

by Julia Sanders April 13, 2021

CHESTERFIELD, VA. — Stan Johnson Co. has brokered the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village St. in Chesterfield. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. The buyers were private investors based in Lexington, Ky., that were represented by Jason Taylor of Equity Management Group Inc. The buyers purchased the property for $11.1 million to complete a 1031 exchange. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, a Virginia-based developer. The Hancock Village Phase II is part of a community center located 20 miles from downtown Richmond. The property was constructed in 2018 and is situated on 4.9 acres. Additional tenants include Tuesday Morning, America’s Best Contacts & Eyeglasses and Grand Nail Spa. The property is shadow-anchored by Walmart Supercenter, Hobby Lobby, Dick’s Sporting Goods and Five Below.

April 13, 2021

Acquisitions Florida Loans Multifamily Single-Family Rental Southeast

Pintar Investment Secures $9.3M Refinancing for Single-Family Rental Community in Winter Haven, Florida

by Julia Sanders April 13, 2021

WINTER HAVEN, FLA. — Pintar Investment Co. has secured $9.3 million in refinancing for Lake Lucerne, a 56-unit single-family rental home community in Winter Haven. LendingHome, a San Francisco-based lender for residential investors, provided Pintar with the loan. Pintar chose LendingHome in 2019 to supply a $6.3 million acquisition loan, and Pintar selected LendingHome again to refinance the bridge loan. Built in 2019, Lake Lucerne’s homes feature four-bedroom floor plans averaging 1,678 square feet. Each home features a dedicated two-car garage and a lot size that averages 6,500 square feet.

April 13, 2021

Acquisitions Affordable Housing Development District of Columbia Multifamily Southeast

Feldman Ruel Arranges $4.2M Sale of Land in D.C., Buyers Plan Mixed-Use Affordable Housing Project

by Julia Sanders April 13, 2021

WASHINGTON, D.C. — Feldman Ruel Urban Property Advisors has arranged the $4.2 million sale of 4618 14th Street NW, a 25,153-square-foot development site located directly across the street from WMATA’s planned redevelopment of the Northern Bus Garage in Washington, D.C. Heleos, a Washington, D.C.-based affordable housing developer, bought the site in partnership with a local performing arts nonprofit. Josh Feldman and Ian Ruel of Feldman Ruel marketed the property on behalf of the seller, Raymar Corp., which had controlled the property since 1964. The sale represents the final parcel in Raymar’s portfolio. The new ownership plans to construct 99 multifamily units at the site, with 66 of those units set aside for residents making up to 60 percent of the area median income (AMI) and approximately 20 three-bedroom units designed for families. The new owners also plan to include solar panels in an effort to make the project a net-zero energy building. The site currently includes a commercial property leased to a local furniture store on the first level and a dance studio on part of the second level. The project will be branded as Dance Loft at 14th and will include up to 16,000 square feet of ground-floor retail …

April 13, 2021

Acquisitions Georgia Industrial North Carolina Southeast Tennessee Top Stories Virginia

Partners Group Sells East Coast Industrial Portfolio for $1B

by John Nelson April 13, 2021

BAAR, SWITZERLAND — Partners Group has sold an industrial portfolio on the East Coast in excess of $1 billion on behalf of its institutional clients. The 8.6 million-square-foot portfolio comprises 88 shallow-bay and bulk distribution centers located across five markets: Raleigh-Durham, Atlanta, Nashville, Norfolk and Shenandoah Valley in Virginia. “We are proud to see the transformational results of the work we have done during the past three years and believe this exit represents an excellent outcome for our clients,” says Ron Lamontagne, managing director and co-head of private real estate for the Americas at Partners Group. Partners Group originally purchased the portfolio across three separate investments with Equus Capital Partners, an investment management firm based in metro Philadelphia. The buyer, an undisclosed life insurance company, is entering into two joint ventures with Equus Capital Partners to recapitalize the portfolio. The recapitalization will include one joint venture that holds assets within the portfolio with a long-term, income-focused return profile. The second joint venture will include assets suited to a shorter term, total return-driven strategy. The shallow-bay portion of the portfolio totals 3.8 million square feet and comprises 54 buildings within six industrial parks in Raleigh-Durham, as well as 19 buildings in …

April 13, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $11.3M Sale of Miami Beach Property Leased to 7-Eleven

by Julia Sanders April 12, 2021

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $11.3 million sale of a 4,370-square-foot retail property leased to 7-Eleven in Miami Beach. Alejandro D’Alba and Scott Sandelin of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust known as Armando’s Service Station, Inc. (dba 7/11 Store). The buyer was Power Petroleum Inc, a fuel supplier based in South Florida that distributes multiple brands. The 7-Eleven convenience store is located on 6348 Collins Ave. and has been operating at this location since 2009. The property has a parking lot size of 20,740 square feet.

April 12, 2021

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