Southeast

Apex Tool Group Sells 242,000 SF Manufacturing Facility in Arkansas

by Alex Tostado February 6, 2019

SPRINGDALE, ARK. — Apex Tool Group LLC has sold its 242,000-square-foot manufacturing facility in Springdale to Trickling Creek Properties LLC. The buyer plans to look for new tenants for the building. The facility sits on 52.8 acres less than a mile from the Springdale Municipal Airport, and about 10 miles north of downtown Fayetteville. The building includes eight- to 10-inch reinforced concrete floors, seven-inch concrete block walls, ceiling heights ranging from 20 feet to 32 feet, approximately 24,000 square feet of air-conditioned office space, four eight-by-10-foot and two eight-by-eight-foot dock-high loading doors, and paved and lighted parking for approximately 430 vehicles. Holmes Davis of Binswanger represented the seller in the transaction. Marshall Saviers of Sage Partners represented the buyer. The price was not disclosed.

February 6, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $50M Sale of Victoria Landing Apartment Complex in Central Florida

by Alex Tostado February 6, 2019

LAKELAND, FLA. — Cushman & Wakefield has arranged the $50 million sale of Victoria Landing, a 352-unit apartment complex in Lakeland. Tampa-based Blue Roc Premier purchased the asset and has rebranded it as The Park at Palazzo. The asset totals 383,212 square feet across 12 buildings on 24 acres. The Park at Palazzo offers one-, two- and three-bedroom floor plans and was 98 percent occupied at the time of the sale. Amenities include a resort-style swimming pool, hot tub, athletic facility, business center, sand volleyball court, car care facility, game room, playground, indoor basketball and racquetball courts, two dog parks and a pet washing station. Brad Capas, Luis Elzora and Robert Given of Cushman & Wakefield represented the seller, Minnesota-based Mercury Investment, in the transaction.

February 6, 2019

Acquisitions Hospitality Louisiana Southeast

Stonebridge Buys 280-Room Hotel Near New Orleans Convention Center

by Alex Tostado February 6, 2019

NEW ORLEANS — Stonebridge Cos. has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center hotel in New Orleans’ Art and Warehouse District. The hotel offers modern guest rooms, two- and three-room suites, a fitness center, outdoor pool, complimentary breakfast, complimentary drinks and appetizers nightly, on-site restaurant Stacks, a 24-hour business center and more than 8,000 square feet of versatile function space. This is the first hotel acquisition in New Orleans for Denver-based Stonebridge and the company’s third Embassy Suites by Hilton in the United States, joining locations in Austin, Texas, and Anchorage, Alaska. The seller and sales price were not disclosed.

February 6, 2019

Features Finance Insight Midwest Northeast Southeast Texas Uncategorized Western

Refis, Retail and Resources

by Jaime Lackey February 5, 2019

Chad Thomas Hagwood, senior managing director and regional manager for the Southeast at Hunt Real Estate Capital, closes loans across the nation and sees opportunities in multiple sectors in 2019. While multifamily is still a standout, his scope extends beyond the industry buzzwords common today. Do you think refinancing activity will be as robust as it’s been in the recent past? Hagwood: There is no doubt refinancing will remain very active in 2019. Treasury yields have subsided from north of 3 percent and spreads are still extremely attractive. Many owners intend to hold their properties as opposed to selling. They realize they will have to pay top dollar to find a replacement property, or shell out a portion of their gains to Uncle Sam. It makes a great deal of sense to refinance and cash out versus sell, in many circumstances. What has been Hunt’s most popular loan product as of late? Hagwood: Both the 10- and 12-year fixed-rate conventional products with maximum IO [interest only] have been extremely popular with Hunt’s customers. In my opinion, the level of fixed-rate conventional business will continue to grow well into 2019 and beyond here at Hunt. The fixed-rate offering — compared with adjustable and floating …

February 5, 2019

Industrial Leasing Activity South Carolina Southeast

Bedding Supplier Renews, Expands Industrial Lease to 236,843 SF in North Charleston

by Alex Tostado February 5, 2019

NORTH CHARLESTON, S.C. — Soft-Tex International Inc., a global pillow and bedding supplier, has expanded its lease in North Charleston to fully occupy a 236,843-square-foot warehouse at 3191 Ashley Phosphate Road, about 15 miles north of the Port of Charleston. This is the fourth expansion in North Charleston for the Waterford, N.Y.-based company since 2013, when it occupied just 25,000 square feet of industrial space. Alan Bolduc, Courtney Marous, and Kathleen Isola of Avison Young represented the tenant in the lease agreement. Colliers International represented the undisclosed building owner.

February 5, 2019

Georgia Loans Multifamily Seniors Housing Southeast

SunTrust Provides $35M in Construction Financing for Senior Housing Development in Athens, Georgia

by Alex Tostado February 5, 2019

ATHENS, GA. — SunTrust Bank has provided $35 million in financing to support the development of Presbyterian Village Athens in Athens. The 70-acre continuing care retirement community (CCRC) will feature a total of 229 units. Development costs are estimated at $143 million. Presbyterian Homes of Georgia is developing the property, breaking ground in September 2018. The project is scheduled for completion in early 2021.

February 5, 2019

Acquisitions Development Florida Multifamily Southeast

PTM Partners, EIG Acquire Opportunity Zone in Miami, Plan $100M Multifamily Development

by Alex Tostado February 5, 2019

MIAMI — PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $100 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to include a resort-style, elevated pool deck, fitness center and spa, kids’ playroom, coworking space and resident lounge. The development will be situated at 218 N.W. Eighth St., about two miles north of downtown Miami.

February 5, 2019

Development Retail Southeast West Virginia

Busy Beaver to Open Fourth West Virginia Location in April

by Alex Tostado February 5, 2019

ELKINS, W.VA. — Busy Beaver, a home improvement store, will open a location in Elkins, West Virginia on April 10. The 33,000-square-foot store will be its fourth in the state. It will be situated at 731 Beverly Pike and will feature a lumber yard and farm and ranch departments. The new site will house 20 full-time and 10 to 15 part-time employees. This is Busy Beaver’s 22nd location, with three stores in Ohio and 15 in western Pennsylvania.

February 5, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Acquires 319-Unit Apartment Community in Atlanta’s Buckhead District

by Alex Tostado February 5, 2019

ATLANTA — Cortland has acquired Domain at Phipps, a 319-unit apartment community situated near Phipps Plaza in Atlanta’s Buckhead district. Cortland will rebrand the property as Cortland at Phipps. The complex was 94 percent occupied at the time of the sale and offers amenities such as a pet play area, courtyard, dog grooming station, fitness center, swimming pool, grilling area and an outdoor yoga space. Atlanta-based Cortland now operates more than 11,000 apartment units in Atlanta. Jason Nettles and Megan Thompson of HFF arranged the sale. The sales price was not disclosed.

February 5, 2019

Features Midwest Northeast Office Southeast Texas Western

Cushman & Wakefield: Office Absorption Keeps Up With Construction, Lowering Vacancy Rate

by Kristin Harlow February 5, 2019

CHICAGO — Net absorption in office markets across the United States exceeded new construction in the fourth quarter of 2018, according to Cushman & Wakefield. This enabled the national office vacancy rate to drop to 13.2 percent. Nationwide absorption during the fourth quarter totaled 20 million square feet and marked the 33rd consecutive quarter of positive absorption since 2010. The total volume of space under construction increased slightly to 114.2 million square feet in the fourth quarter, up from 113.2 million in the third quarter. A total of 13.7 million square feet of new office projects delivered in the fourth quarter, bringing the total for 2018 deliveries to 52.7 million square feet, the second-highest amount of new space completed since 2010. Relative to inventory, the markets with the highest construction figures are San Mateo, Calif.; Austin, Texas; Nashville, Tenn.; Seattle; and Midtown Manhattan. On the west side Office markets in the Western United States performed the strongest in 2018 and accounted for 22.6 million square feet of net absorption, the highest volume since 2015. The lowest vacancy rates were seen in tech-driven markets like Seattle (6.2 percent vacancy) and San Francisco (6.4 percent). According to Cushman & Wakefield, the western …

February 5, 2019

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