Southeast

Montecito Medical Purchases Four-Building Healthcare Portfolio in West Little Rock

by Alex Tostado September 28, 2020

LITTLE ROCK, ARK. — Montecito Medical Real Estate has acquired a four-building healthcare property portfolio in Little Rock’s west side. The buildings comprise 72,566 square feet and were fully leased to Arkansas Urology at the time of sale. The portfolio includes three medical office buildings and an ambulatory surgery center. The medical office buildings are situated adjacently to each other at 1300 Centerview Drive, seven miles west of downtown Little Rock. The buildings include a 37,718-square-foot clinic, a 6,723-square-foot cancer treatment center and a 12,475-square-foot outpatient clinic. The 15,650-square-foot ambulatory surgery center is located at 1310 Centerview Drive, less than one mile from the medical office buildings and two miles from Baptist Health-Little Rock Hospital. The seller(s) and sales price were not disclosed.

September 28, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Sells Multifamily Community in Metro Atlanta for $13.1M

by Alex Tostado September 28, 2020

DECATUR, GA. — Olive Tree Property Holdings LLC has sold The Life at Peppertree Circle, a 167-unit multifamily community in Decatur, for $13.1 million. The property offers one- and two-bedroom floor plans and a pool. The asset is located at 3321 Peppertree Circle, 11 miles east of downtown Atlanta. Olive Tree acquired the complex in 2017 for $4.8 million. The New York City-based company implemented a value-add program, which included restoring 32 units that were damaged due to fire. The buyer was not disclosed.

September 28, 2020

District of Columbia Seniors Housing Southeast

Nursing Homes Urge Congress to Provide Additional COVID-19 Funding for Health and Long-Term Care Providers

by John Nelson September 28, 2020

WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has warned Congress that if the federal government doesn’t pass another COVID-19 funding package, public health agencies and healthcare providers could find themselves less than completely prepared heading into the cold and flu season, as well as underfunded to handle another major spike in COVID-19 cases. The Washington, D.C.-based organization represents more than 14,000 nursing homes and assisted living communities across the country that provide care to approximately 5 million people each year. About 70 percent of the $175 billion Provider Relief Fund provided by the CARES Act is already distributed, and remaining funds are likely to be allocated by early October. Healthcare providers, including long-term care facilities, will need additional funds to continue their response to the pandemic heading into the cold and flu season, which provides new challenges, the organization stated in a press release on Monday. Mark Parkinson, president and CEO for AHCA/NCAL, says that Congress needs to end the partisan logjam and prioritize frontline healthcare workers and residents, particularly vulnerable elderly populations. “With the cold and flu season adding a real complication to the ongoing COVID-19 pandemic response, the need for …

September 28, 2020

Development Georgia Southeast

Porsche Revs Up Construction on 33-Acre Extension of North American Headquarters in Atlanta

by Alex Tostado September 25, 2020

ATLANTA — Porsche Cars North America Inc. (PCNA) has started construction on a 33-acre extension of its existing headquarters located near Hartsfield-Jackson Atlanta International Airport. Hennessy Porsche North Atlanta and Porsche Atlanta Perimeter will jointly develop, own and operate the first phase of development with PCNA. Phase I will be a standalone service center, which will span 2.5 acres and 20,815 square feet. The facility will include 13 lift bays to service vehicles, as well as a reception area and waiting lounge for customers. Porsche expects the service center to open in the third quarter of 2021. The extension will be developed over the next three years and will include a new Porsche Classic Factory Restoration facility, track extension for the Porsche Experience Center Atlanta and a parking structure. Phase II is expected to begin in 2021 and be completed in mid-2023. The current headquarters was opened in 2015 and spans 27 acres. The property is situated at the northeast corner of Hartsfield-Jackson.

September 25, 2020

Alabama Development Multifamily Southeast Student Housing

Greystar to Develop $70M Student Housing Community Near University of Alabama

by Alex Tostado September 25, 2020

TUSCALOOSA, ALA. — Greystar has acquired 17 acres in Tuscaloosa to develop Union on Frank, a $70 million student housing community serving students at the University of Alabama. The 200-unit property will comprise 396 beds and will be situated at 512 Frank Thomas Ave., two blocks from Bryant-Denny Stadium. The site currently has existing student and multifamily communities that will be demolished. A timeline for completion was not disclosed. Sean Baird, Jonathan Holt, Carter Brehm, Austin Weathington and Will Mathews of Colliers International represented both the buyer and undisclosed seller in the land transaction.

September 25, 2020

Development Retail Southeast Virginia

Wegmans to Open 80,000 SF Store in Northern Virginia in November

by Alex Tostado September 25, 2020

TYSONS, VA. — Wegmans is slated to open an 80,000-square-foot store in Tysons on Nov. 4. Wegmans Tysons will feature a café with indoor/outdoor seating and The Burger Bar. The store will be located along the McLean Silver Line Metro stop at 1835 Capital One Drive S., 12 miles west of downtown Washington, D.C. Rochester, N.Y.-based Wegmans is hoping to hire 150 employees before the grand opening. The location is situated within Capital One Center, the public-facing portion of the bank’s global headquarters. Other tenants at the property include The Perch Biergarten, which is slated to open this fall, and Starbucks.

September 25, 2020

Development Florida Multifamily Southeast

Daniel Corp. to Break Ground on $60M Multifamily Community in Pensacola

by Alex Tostado September 25, 2020

PENSACOLA, FLA. — Daniel Corp. plans to break ground on a $60 million, a 336-unit multifamily community in Pensacola. The yet-to-be-named property will be situated within Pathstone, a master-planned community featuring more than 200 single-family homes and 75,000 square feet of retail space. Additionally, the community will be situated across the street from Navy Federal Credit Union’s campus on Nine Mile Road, which houses 8,500 employees. The Birmingham, Ala.-based developer expects to deliver the property in fall 2021.

September 25, 2020

Acquisitions Louisiana Multifamily Southeast

Berkadia Arranges Acquisition Financing for Two Apartment Communities in Metro New Orleans

by Alex Tostado September 25, 2020

HARVEY AND GRETNA, LA. — Berkadia has arranged acquisition debt and equity for Waterchase Apartments and Whitney Manor, two multifamily communities built in 1975 in metro New Orleans. One Real Estate Investment (OREI) acquired the properties, which are situated three miles from each other and roughly six miles south of downtown New Orleans. Mitch Sinberg and Brad Williamson of Berkadia originated acquisition loans through Freddie Mac’s Green Advantage program on behalf of OREI, which acquired Waterchase for $31.1 million and Whitney Manor for $14.6 million. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia sourced the undisclosed equity partner. The $23.3 million acquisition loan for Waterchase features a 10-year term with a fixed interest rate and four years of interest-only payments. The $10.9 million acquisition loan for Whitney Manor offers a 10-year term with a fixed interest rate and three years of interest-only payments. Waterchase features two- and three-story buildings offering one- and two-bedroom floor plans. The property is situated at 1013 Manhattan Blvd., in Harvey. Units range from 858 to 1,192 square feet. Communal amenities include a two-story community room, two swimming pools, two laundry facilities, breakfast/coffee concierge, courtyard, fitness center and a business center. Whitney Manor is located …

September 25, 2020

Acquisitions Features Georgia Leasing Activity Southeast Southeast Feature Archive

Sale-Leasebacks are a Popular Choice for Cash-Strapped Companies During the Pandemic, Says Stonemont’s Berryhill

by John Nelson September 25, 2020

The COVID-19 pandemic has forced commercial real estate owners to explore every possible avenue to raise funds, and one of the more popular transactional methods to secure capital in recent months has proven to be sale-leasebacks. Jeff Berryhill, principal of Stonemont Financial Group, says that companies that have traditionally owned their real estate are turning to sale-leasebacks because it mimics many aspects of ownership, such as long-term control of the asset. “During recessionary times or periods of extreme capital markets volatility, a sale-leaseback can appear more attractive to companies that historically owned real estate,” says Berryhill. “However, leasing real estate has always been appealing to both large and small companies, and strong and weak credit profiles.” According to research from Real Capital Analytics (RCA), sale-leaseback deals accounted for 5 percent of all investment sales in the U.S. industrial, office and retail transactions in the second quarter. For the previous three quarters, sale-leasebacks accounted for 2 percent of investment sales in those sectors for deals $2.5 million and greater. Recent sale-leaseback deals include Jervey Eye Group selling and leasing back a portfolio of medical office facilities in Upstate South Carolina; Crash Champions selling a portfolio of auto body shops in metro …

September 25, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

by Alex Tostado September 24, 2020

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year. The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and Knightshade, an 894-bed complex in Orlando. In Georgia, PAC will sell Stadium Village, a 792-bed property in Kennesaw. PAC will also sell Rush, an 887-bed asset in Charlotte, N.C. The Texas communities included in the sale are The Tradition, an 808-bed complex in College Station, and The Bloc, a 556-bed property in Lubbock. CBRE represented the seller in the transaction. PAC is a REIT whose portfolio includes apartment communities, grocery-anchored shopping centers, Class A office buildings and student housing communities.

September 24, 2020

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