CAPRE’s Commercial Real Estate Headlines for September 25, 2019
Check out the latest deals and developments in commercial real estate for September 25, 2019:
- Greystone Brown Real Estate Advisors Closes $26 Million Sale of Multifamily Property in Hinesville, GA: Greystone Brown Real Estate Advisors announced it has closed the $25,975,000 sale of Independence Place, a multifamily property in Hinesville, GA. Greystone Brown advised the seller and brought the buyer, Reynolds Asset Management, to the deal. The sale was handled by Taylor Brown, Jim Jarrell, and Bo Brown. Built in 2008, Independence Place is a multifamily community offering 264 one-, two-, three- and four- bedroom units with modern finishes and energy efficient appliances. Residents also enjoy access to the property’s other amenities, including a clubhouse and game room, swimming pool, fitness center, outdoor recreation areas and playground, business center, detached garages and a dog park. Located at 1300 Independence Place Drive, the property is close to the Fort Stewart military reserve base. Greystone Brown Real Estate Advisors is one of the largest and oldest privately held apartment brokerage firms in the region. Greystone Brown real estate professionals are committed to understanding the objectives of maximizing yields and profits while being able to meet critical time frames.
- Admiral Capital Real Estate Fund II, LP and Security Properties Acquire Cambridge at Hickory Hollow in Nashville: Admiral Capital Real Estate Fund II, LP, an affiliate of Admiral Capital Group, and Security Properties has purchased Cambridge at Hickory Hollow, a 360-unit multifamily property located in Nashville, TN. Cambridge at Hickory Hollow is a garden-style apartment community constructed in 1997 and is located 15 miles southeast of downtown Nashville in Antioch, one of Nashville’s fastest growing sub-markets. The property is within a 25-minute drive of more than 610,000 jobs. Antioch’s proximity to major employment centers has been a major draw to renters, and as a result, the population has grown by 37,000 people (over 70%) since 2000. Over the past five years, Antioch has attracted several blue-chip employers, including Bridgestone, Asurion, CHS, HCA Health, SmileDirectClub and LKQ.
- Madison Realty Capital Providers $23.7 Million Loan to Finance Soho Mixed Use Building: The Commercial Observer is reporting that Madison Realty Capital has provided a $23.7 Million USD loan to refinance 54 Thompson Street, a seven-story mixed-use building in Soho. “The 28,164-square-foot building is now fully leased. Flex office firm Breather recently inked a deal for 12,777 square feet on the building’s fourth and fifth floors, and part of the proceeds will be dedicated to completing the buildout of its new offices. The lease was signed in June, sources external to the deal confirmed, and the firm is expected to take occupancy in November,” writes The Observer. “Additional tenants include Cheshire Films, a branding studio that develops campaigns for luxury brands; Thompson Studios, a multi-room recording complex; and Visualhouse USA, a creative agency focused on creating brand stories for architecture and design. Mediterranean restaurant Pera occupies the ground floor.”
- Joint Venture Partners DRA Advisors and Jera Partners LLC Acquire $205 Million Net-Lease Industrial Portfolio: Jera Partners LLC (Jera Partners), a commercial real estate investment firm focused on the acquisition, management and disposition of properties that are net-leased to quality credit tenants, announced the acquisition of 27 industrial assets that are fully leased totaling approximately 3.3 million square feet for an aggregate price of $205 million. Jera Partners bought the properties in a joint venture with a fund managed by New York City based DRA Advisors (DRA). The portfolio is well diversified with 14 tenants, properties located in 15 states, and comprises a mix of warehouse, distribution, and manufacturing assets. It has a weighted average lease term of approximately 13 years with weighted average annual rent increases of approximately 2%.
- CBRE Arranges $20.5M Construction Loan for Multifamily Property Near Boston: CBRE has arranged a $20.5 million construction loan for a multifamily property in Revere, a northern close-in suburb of Boston. Located at 90 Ocean Ave., the six-story property will offer 75 apartment units, including studio, one- and two-bedroom floor plans. The building will also include a fitness center and rooftop lounge. John Kelly of CBRE arranged the financing on behalf of the borrower, Helge Capital Inc. Revere is situated in close proximity to the MBTA Blue Line, offering direct access to downtown Boston in minutes.
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