ATLANTA—SouthCrest Financial Group appointed of George T. Hovis to its board of director. Brian D. Schmitt, president and CEO of SouthCrest Financial Group and its subsidiary, SouthCrest Bank, says the appointment is a key component of the firm's strategy to expand its share of private business banking in the Atlanta region. In October, respected business growth expert Daniel G. Broos joined the SouthCrest Financial Group board, the second new director to come aboard since Schmitt was named president and CEO of SouthCrest Financial Group in August.

DEAL TRACKER

NEW ORLEANS—CBRE'S Debt and Structured Finance Group arranged $32.5 million of financing proceeds originated by Benefit Street Partners, on behalf of Belmont Commons. Jonathan Rice of CBRE's Atlanta office, led the capital markets effort to source and negotiate the facility to refinance 925 Common in Downtown New Orleans. The 15-story mixed-use building opened in 1952 as the offices for Shell Oil and was converted to a 108-unit luxury multifamily community in 2006. “This financing represents the final stage of a well-executed business plan to fully convert and stabilize 925 Common, that has endured 2 phases of renovation and now allows ownership to benefit from the tremendous growth in the Central Business District,” says Rice.

LAWRENCEVILLE, GA—Heritage Zetabid Realty & Auction Services, a division of Heritage Global, is holding a sale for public auction of a fully leased medical office building in Gwinnett County 30 minutes East of Atlanta, Georgia. The 14,688 square foot building was built in 2001 and is located at 545 Old Norcross Road, Lawrenceville. The online sealed bid auction is scheduled to take place December 12-15, 2016 and will be conducted at www.zetabid.com. The starting bid is $900,000 or $61 per square foot. The property was listed previously at $1.30 million. A complete due diligence package is available on the website. “This prime medical office building is being sold by order of the lender/special servicer and represents an outstanding investment opportunity to acquire a fully leased and ideally located medical building complete with 60-car parking at below replacement cost,” says sMichael Davin, managing director of Heritage. “At the starting bid price, the net operating income for the facility produces a cap rate of over 13%.”

SPRING HILL, TN—Chad Owens, vice president of NorthMarq Capital's Houston-based regional office arranged acquisition financing of $24.845 million for The Crossings of Spring Hill, a 219,905 square-foot retail property located at 1001-1041 Crossing Boulevard and 1017-2020 Crossing Circle in Spring Hill.. The transaction was structured with a 10-year term with three-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, TCSH, an entity controlled by Azad Commercial Realty Services, through its relationship with a CMBS lender.

SPANISH FORT, AL—Chad Owens, vice president of NorthMarq Capital's Houston-based regional office arranged acquisition financing of $24 million for Eastern Shore Plaza, a 270,105-square-foot retail property located at 10200 Eastern Shore Boulevard in Spanish Fort. The transaction was structured with a 10-year term with two-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Eastern Shore Plaza, an entity controlled by Azad Commercial Realty Services, through its relationship with a CMBS lender.

BUILDING BLOCKS

DECATUR, GA—U-Haul Moving & Storage of Avondale at 3653 Memorial Drive added 646 indoor climate-controlled self-storage units. “We have another U-Haul facility four miles up Memorial Drive that is completely occupied with regards to our self-storage units,” says U-Haul Company of Central Georgia president Jason Petty. The 13.75-acre property features 145,978 square feet of space and is directly across the street from the Wal-Mart Supercenter. Located in Avondale Square, the building was constructed in 1969 and has housed many businesses as a shopping plaza.

Early this week in the Southeast, we're seeing a diversity of deals closing and some strategic executive moves to position firms for success in 2017. The biggest trend early this week is capital markets deals.

BY THE NUMBERS

Third quarter leasing activity of 1.7 million square feet in Louisville's industrial sector pushed the year-to-date total to over 4.9 million square feet. The bulk of this activity was shared between the South, Bullitt County and Southern Indiana submarkets. Warehouse and distribution product represented 85% of the total activity followed by manufacturing with 11%. (Cushman & Wakefield)

NEWS & NOTABLES

ATLANTA—SouthCrest Financial Group appointed of George T. Hovis to its board of director. Brian D. Schmitt, president and CEO of SouthCrest Financial Group and its subsidiary, SouthCrest Bank, says the appointment is a key component of the firm's strategy to expand its share of private business banking in the Atlanta region. In October, respected business growth expert Daniel G. Broos joined the SouthCrest Financial Group board, the second new director to come aboard since Schmitt was named president and CEO of SouthCrest Financial Group in August.

DEAL TRACKER

NEW ORLEANS—CBRE'S Debt and Structured Finance Group arranged $32.5 million of financing proceeds originated by Benefit Street Partners, on behalf of Belmont Commons. Jonathan Rice of CBRE's Atlanta office, led the capital markets effort to source and negotiate the facility to refinance 925 Common in Downtown New Orleans. The 15-story mixed-use building opened in 1952 as the offices for Shell Oil and was converted to a 108-unit luxury multifamily community in 2006. “This financing represents the final stage of a well-executed business plan to fully convert and stabilize 925 Common, that has endured 2 phases of renovation and now allows ownership to benefit from the tremendous growth in the Central Business District,” says Rice.

LAWRENCEVILLE, GA—Heritage Zetabid Realty & Auction Services, a division of Heritage Global, is holding a sale for public auction of a fully leased medical office building in Gwinnett County 30 minutes East of Atlanta, Georgia. The 14,688 square foot building was built in 2001 and is located at 545 Old Norcross Road, Lawrenceville. The online sealed bid auction is scheduled to take place December 12-15, 2016 and will be conducted at www.zetabid.com. The starting bid is $900,000 or $61 per square foot. The property was listed previously at $1.30 million. A complete due diligence package is available on the website. “This prime medical office building is being sold by order of the lender/special servicer and represents an outstanding investment opportunity to acquire a fully leased and ideally located medical building complete with 60-car parking at below replacement cost,” says sMichael Davin, managing director of Heritage. “At the starting bid price, the net operating income for the facility produces a cap rate of over 13%.”

SPRING HILL, TN—Chad Owens, vice president of NorthMarq Capital's Houston-based regional office arranged acquisition financing of $24.845 million for The Crossings of Spring Hill, a 219,905 square-foot retail property located at 1001-1041 Crossing Boulevard and 1017-2020 Crossing Circle in Spring Hill.. The transaction was structured with a 10-year term with three-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, TCSH, an entity controlled by Azad Commercial Realty Services, through its relationship with a CMBS lender.

SPANISH FORT, AL—Chad Owens, vice president of NorthMarq Capital's Houston-based regional office arranged acquisition financing of $24 million for Eastern Shore Plaza, a 270,105-square-foot retail property located at 10200 Eastern Shore Boulevard in Spanish Fort. The transaction was structured with a 10-year term with two-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Eastern Shore Plaza, an entity controlled by Azad Commercial Realty Services, through its relationship with a CMBS lender.

BUILDING BLOCKS

DECATUR, GA—U-Haul Moving & Storage of Avondale at 3653 Memorial Drive added 646 indoor climate-controlled self-storage units. “We have another U-Haul facility four miles up Memorial Drive that is completely occupied with regards to our self-storage units,” says U-Haul Company of Central Georgia president Jason Petty. The 13.75-acre property features 145,978 square feet of space and is directly across the street from the Wal-Mart Supercenter. Located in Avondale Square, the building was constructed in 1969 and has housed many businesses as a shopping plaza.