Southeast

Barton Malow to Construct 225,000 SF Office Building in Daytona Beach for Brown & Brown Insurance

by Alex Tostado February 8, 2019

DAYTONA BEACH, FLA. — Barton Malow will construct an 11-story, 225,000-square-foot glass building for Brown & Brown Insurance Co. in Daytona Beach. The building will be situated on more than 10 acres and will include terraces on the second and 11th floors overlooking the Halifax River. Brown & Brown has worked in the area before, having remodeled Daytona International Speedway and built Embry-Riddle Aeronautical University’s four-story student union. The Daytona Beach-based insurance company will house more than 600 workers at the building upon completion. A timeline for construction was not disclosed.

February 8, 2019

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $48.4M Sale of Seniors Housing Portfolio in Upstate South Carolina

by Alex Tostado February 8, 2019

GREENVILLE, S.C. — Cushman & Wakefield has arranged the $48.4 million sale of a seniors housing portfolio in Upstate South Carolina. Atlas Senior Living acquired the three-property portfolio totaling 198 units in metro Greenville. The assets include Spring Park, a 66-unit community constructed in 2014 in Travelers Rest; Fairview Park, a 66-unit community delivered in 2015 in Simpsonville; and Oakview Park, a 66-unit community built in 2016 in Powdersville. Paul Carr, David Kliewer and Allen McCutry of Cushman & Wakefield represented the seller, Tampa, Fla.-based Graycliff Capital Senior Housing LLC, in the transaction.

February 8, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $35.6M Acquisition Loan for Multifamily Complex in Jacksonville

by Alex Tostado February 8, 2019

JACKSONVILLE, FLA. — Hunt Real Estate Capital has provided a $35.6 million loan to an affiliate of EBSCO Income Properties LLC for the purchase of Integra River Run, a 300-unit apartment complex in Jacksonville. The non-recourse Fannie Mae loan has a 10-year term with five years of interest-only payments, as well as a 30-year amortization schedule. The garden-style community comprises 12 two- and four-story buildings. Amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, clubhouse, coffee bar, gaming room, resort-style outdoor lounge, fire pit, outdoor grills, swimming pool and a dog park. Integra River Run LLC was the seller.

February 8, 2019

Development Georgia Mixed-Use Southeast

Pace Lynch to Break Ground on Mixed-Use Building Within Metro Atlanta’s Pinewood Forest Development

by Alex Tostado February 8, 2019

FAYETTEVILLE, GA. — Pace Lynch Corp. will break ground next month on a 52,824-square-foot mixed-use building in Fayetteville. The site will offer coworking and retail space and is expected to be delivered in January 2020. The building will include ground-level restaurants and retail, three levels of coworking and medical office space and a 2,500-square-foot rooftop with a restaurant and bar. The building will be situated at the 25-acre town center within Pinewood Forest, a master-planned 235-acre development situated about 24 miles south of downtown Atlanta in Fayette County. Wakefield Beasley & Associates designed the building, and Brasfield & Gorrie is the general contractor.

February 8, 2019

Acquisitions Multifamily Southeast Virginia

Thalhimer Realty Purchases Apartment Complex in Richmond for $23.5M

by Alex Tostado February 8, 2019

RICHMOND, VA. — Thalhimer Realty Partners has acquired Towers on Franklin Apartments, a two-building, 332-unit apartment complex in Richmond, for $23.5 million. The buildings are situated at 104 and 311 W. Franklin St., in the heart of Virginia Commonwealth University’s campus. Amenities include a clubhouse, two fitness centers, media lounge, swimming pool and underground parking. Thalhimer has significant renovations planned, including full interior unit renovations to the 311 building. A timeline for the renovations was not disclosed. C&F Bank provided acquisition financing.

February 8, 2019

Company News Georgia North Carolina Southeast Top Stories

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams February 7, 2019

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

February 7, 2019

Acquisitions Georgia Office Southeast

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

Development Industrial Kentucky Southeast

Crossdock Development Breaks Ground on 572,000 SF Spec Industrial Facility Near Louisville

by Alex Tostado February 7, 2019

SHEPHERDSVILLE, KY. — Louisville, Ky.-based Crossdock Development has broken ground on a 572,000-square-foot speculative industrial facility situated within the Salt River Business Park in Shepherdsville. The Class A facility will be located on a 43-acre site off Interstate 65 about 14 miles south of the UPS Worldport in Louisville. The project, which will be shell-ready in June, will feature 36-foot clear heights and expandable parking. This facility marks the eighth industrial project in the Louisville market for Crossdock Development.

February 7, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $50.1M Sale of Apartment Community near Tampa Bay

by Alex Tostado February 7, 2019

CLEARWATER, FLA. — Berkadia has brokered the $50.1 million sale of Estates at Countryside, a 320-unit apartment community located at 2652 N. McMullen Booth Road in Clearwater. The buyer, an affiliate of Insula Cos., plans to improve the property’s energy and water usage. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged a $37.2 million, 10-year, floating-rate loan through Freddie Mac’s Green Up program on behalf of Insula Cos. Built in 1990, the property is situated about 21 miles from downtown Tampa on the other side of Old Tampa Bay. Estates at Countryside comprises one-, two- and three-bedroom apartments with vaulted ceilings, sunrooms, walk-in closets and washer/dryer units. Community amenities include a fitness center, spa, pool and a playground. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. The seller was not disclosed.

February 7, 2019

Acquisitions Multifamily South Carolina Southeast

JLL Arranges $49M Sale of New Multifamily Property in Metro Charlotte

by Alex Tostado February 7, 2019

FORT MILL, S.C. — JLL has arranged the $49 million sale of Beckett Farms, a 280-unit apartment community located at 1111 Gennett Circle in Fort Mill, a suburb of Charlotte in South Carolina. PRG Real Estate purchased the asset from the developer, Miller-Valentine Group. Built along Interstate 77 in 2018, Beckett Farms features a clubhouse, fire pits, pocket parks and play lawns, fitness center and a saltwater/mineral pool with sun shelves and private cabanas. Units average 1,026 square feet and include wood-style flooring, patios and balconies, large closets, granite countertops and stainless steel appliances.

February 7, 2019

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