Southeast

Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Rockville, Maryland for $52.3M

by Alex Tostado September 13, 2019

ROCKVILLE, MD. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Rockville. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in 1988. Ryan Sciullo and Bill Kent of CBRE represented the seller in this transaction.

September 13, 2019

Acquisitions Alabama Industrial Self-Storage Southeast

Marcus & Millichap Arranges Sale of 447-Unit Self-Storage Facility in Southern Alabama

by Alex Tostado September 13, 2019

GULF SHORES, ALA. — Marcus & Millichap has arranged the sale of Gateway Storage, a 447-unit self-storage facility in Gulf Shores. The 47,925-square-foot property was delivered in April and sits on three acres. Gateway Storage is located at 21371 Coastal Gateway Blvd., 38 miles west of downtown Pensacola, Fla. Brett Hatcher, Gabriel Coe and Jonathan Fawley of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction. The sales price was not disclosed.

September 13, 2019

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Memory Care is Down But Not Out, Say Investors

by John Nelson September 12, 2019

ATLANTA — Seniors housing investors are pumping the brakes on acquiring memory care facilities as the property type’s fundamentals and high turnover have proven to be worrisome. That’s according to an investment panel during the annual InterFace Seniors Housing Southeast conference. Held on Wednesday, Aug. 28 at the InterContinental Buckhead Atlanta, the one-day conference attracted more than 430 seniors housing professionals from all over the Southeast. Memory care is a subsector of seniors housing real estate for seniors suffering from Alzheimer’s disease or other forms of dementia. According to the National Investment Center for Seniors Housing & Care (NIC), memory care is often located within assisted living facilities but also exists in standalone settings. Memory care residents are typically separated from assisted living residents in a secured area with specialized programming. The panelists said that memory care was a hot product type in the recent past but that the sector’s current distress is a direct result of overzealous developers. “Memory care was low hanging fruit for developers but now it has become overbuilt and has fallen out of favor,” said the panel’s moderator Adam Heavenrich, managing director of Heavenrich & Co., a seniors housing investment brokerage firm based in Chicago. …

September 12, 2019

Development Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista Capital Complete 525-Bed Student Housing Community in Atlanta

by Alex Tostado September 12, 2019

ATLANTA — Peak Campus Development and investment partner Blue Vista Capital Management have completed Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Atlanta. The property offers fully furnished studio, one-, two-, three- four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool with a sundeck, outdoor grilling area, 24-hour fitness center, computer lab, study lounges, game room with billiards, outdoor lounge with a fire pit, roof deck with seating and grilling stations, business center and 10,500 square feet of retail space. The property was designed by Niles Bolton Associates Inc. and built by Summit Contracting Group.

September 12, 2019

Acquisitions Development Florida Hospitality Southeast

Urbanica Acquires Land in Miami Beach for $40M, Plans 200-Room Beachfront Hotel

by Alex Tostado September 12, 2019

MIAMI BEACH, FLA. — Hotel developer Urbanica has acquired a one-acre plot of land in Miami Beach for $40 million from China City Construction (CCC). Urbanica plans to develop a 200-room, beachfront hotel on the site. The plot is the last undeveloped beachfront lot in North Beach, located between the Deauville Beach Resort and Sterling Condominium buildings on Collins Avenue. Urbanica expects to break ground immediately. Slated to open in approximately two years, the hotel will feature a restaurant helmed by the Urbanica’s partner, chef Fernando Trocca, an indoor bar, pool bar and beach service.

September 12, 2019

Acquisitions Affordable Housing Georgia Multifamily Southeast

Legacy Shamrock Community Sells Affordable Housing Property in Atlanta for $23.5M

by Alex Tostado September 12, 2019

ATLANTA — Legacy Shamrock Community has sold Shamrock Gardens, a 344-unit affordable housing community in Atlanta, for $23.5 million. Built in 1967, Shamrock Gardens is an all-brick property offering one-, two- and three-bedroom floor plans. Communal amenities include a community center, computer room, two playgrounds, onsite laundry facilities, community garden and an orchard. The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is near Camp Creek Market and Hartsfield-Jackson Atlanta International Airport. Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction and procured the buyer, Alcott Capital. Greystone also provided a 10-year, $19.3 million Fannie Mae acquisition loan to Alcott.

September 12, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $32M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado September 12, 2019

BOYNTON BEACH, FLA. — Hunt Real Estate Capital has provided a $32 million Fannie Mae acquisition loan to an undisclosed borrower for Savona Grand, a 214-unit apartment complex in Boynton Beach. The seven-year, fixed-rate, interest-only loan features prepayment flexibility with the interest rate dropping to 1 percent over last two years of the loan term. Built in 2003, Savona Grand was recently renovated and was 95 percent occupied at the time of sale. New management will spend $162,000 to upgrade water and energy efficiency and spend an additional $1.4 million on improvements throughout the property. Communal amenities include a swimming pool, heated spa, two tennis courts, half-basketball court, playground and a combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen, meeting rooms, central lounge and a fitness center with locker rooms and saunas. The seller was not disclosed.

September 12, 2019

Acquisitions Florida Retail Southeast

JLL Arranges $13.5M Sale of Three Adjacent Retail Outparcels in Orlando

by Alex Tostado September 12, 2019

ORLANDO, FLA. — JLL has arranged the $13.5 million sale of three newly constructed retail pads leased to Starbucks Coffee, LongHorn Steakhouse and Bahama Breeze in Orlando. The three buildings were delivered in 2018 and are located at 5460, 5540 and 5620 W. Oak Ridge Road, across the street from Orlando International Premium Outlets. Brad Peterson, Whitaker Leonhardt, Michael Brewster Marc Mandel and Steve Schrenk of JLL represented the seller, a partnership between North American Properties and JP Morgan Asset Management, in the transaction. Orion Real Estate Group purchased the assets.

September 12, 2019

Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Independent Living Struggles to Keep Up With Active Adult, Say Conference Panelists

by Alex Patton September 11, 2019

ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …

September 11, 2019

Development Georgia Hospitality Southeast

Majestic Realty, Portman Architects Unveil Design of $350M Hotel Near Atlanta Airport

by Alex Tostado September 11, 2019

ATLANTA — Majestic Realty has unveiled design plans for its $350 million hotel near Hartsfield-Jackson Atlanta International Airport in Atlanta. Atlanta-based Portman Architects designed the 14-story hotel, which will be situated on the site of the current West economy parking lot. Majestic expects the hotel will be branded under a Hilton flag. Construction of the 541-room hotel, the first to be built at Hartsfield-Jackson and attached to the airport, is expected to begin later this year and be completed in 2022. Wimberly Interiors will design the guest rooms, and Tihany Design will design the lobby and restaurant space. The hotel is part of Majestic Realty’s larger master-planned development that will include 50,000 square feet of meeting space, an office building, a second hotel and a 1,150-space parking deck.

September 11, 2019

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