Negative quarterly absorption of 80,047 square in the Louisville CBD, largely the result of downsizing by tenants at Waterfront Plaza, reduced the overall year-to-date absorption to only 16,653 square feet. Class A absorption year-to-date reported 50,735 square while class B absorption year-to-date declined to negative 29,252 square feet. (Source: Cushman & Wakefield)

NEWS & NOTABLES

NASHVILLE, TN—Marty Rothchild, general manager of Embassy Suites by Hilton Nashville SE – Murfreesboro in Tennessee, returned to the John Q. Hammons Hotels & Resorts' (JQH) hospitality family earlier this year. Under his direction, the 283-suite hotel recently achieved the highest brand inspection status of “outstanding” for quality and service. An award-winning hospitality veteran Rothchild oversees the contemporary hotel that features the largest convention space in Middle Tennessee outside of Davidson County. Springfield, Missouri-based JQH is a leading private, independent owner and manager of hotels in the United States, including operating more than 1 million square feet of superb meeting space.

ATLANTA—Build with Strength, a coalition of the National Ready Mixed Concrete Association, held a roundtable event with Georgia state lawmakers, officials and members of the build and code communities to discuss a recent Massachusetts Institute of Technology (MIT) study entitled “A Break-Even Hazard Mitigation Metric.” The study confirms the importance of using resilient construction techniques in regions prone to extreme weather events such as Hurricane Matthew. The roundtable focused on life cycle savings, long-term value, and cost-effective structures in Georgia. “Too much emphasis is place on minimizing initial building costs and not enough attention is paid to the high costs of rebuilding after a storm,” says Jeremy Gregory, executive director of the Concrete Sustainability Hub at the Massachusetts Institute of Technology. “We need elected officials to take a more long-term and sustainable view by supporting resilient building efforts.”

DEAL TRACKER

LAWRENCEVILLE, GA—Walker & Dunlop structured a $23 million bridge loan for The Views at Coolray Field, a class A, multifamily building next to Coolray Field, home of the Gwinnett Braves, in Lawrenceville. Walker & Dunlop's Investment Sales platform facilitated the sale of The Views at Coolray Field by Brand Properties to Starlight US Multi-Family Core Fund. David Gahagan, senior vice president in the Capital Markets group, led Walker & Dunlop's team throughout this transaction.

AUGUSTA, GA—Walton Communities secured more than $14 million in financing through a deal with SunTrust Community Capital. The proceeds will be used to construct an affordable, 80-unit senior living apartment complex in Augusta. The development is a partnership between Walton Communities and Augusta Housing Authority. Financing for the project includes an $8.6 million federal equity investment from STCC, $3.55 million equity investment from Walton Communities and a $1.93 million loan from Augusta Housing Authority. “Augusta needs more affordable housing options for seniors and this financing brings us one step closer to providing more options for this demographic,” says Dave Loeffel, head of affordable housing investments for Walton Communities. “We believe everyone deserves better housing no matter their stage in life, and that's why we're excited to announce we are one step closer to completing this important development.”

ATLANTA—Olympia Heights Management's mixed-use development located at 98 14th Street in Midtown Atlanta has been named Opus Place. The master plan is being designed by world-class architect and Pritzker Prize-winner Richard Meier. Meier, known in Atlanta for his design of the High Museum, is also the architect of the Getty Center in Los Angeles, the Des Moines Art Center in Iowa and the Jubilee Church in Rome, among many other commissioned works throughout the world. Berkshire Hathaway HomeServices Georgia Properties' City Haus Division has been tapped to handle the sales and marketing for No2 Opus Place (No2).

ATLANTA—Stein Investment Group has acquired two office properties in metro Atlanta marking its expansion into one of Atlanta's hottest real estate sectors. The firm's first major office buy in the region, Northside Tower and East Cobb Office were acquired for a combined $18 million, diversifying Stein Investment's portfolio that was predominantly retail and self-storage at the time. Sitting in the heart of Sandy Spring's downtown core, Northside Tower sold for $13 million along with East Cobb Office Complex in Marietta for $5 million this summer.

HOOVER, AL—Colliers International has brokered the sale of South Shades Crest Station, a 25,500-square-foot multi-tenant retail shopping center located at 3421 AND 3435 South Shades Crest Road in Hoover. Cantor Real Estate Income and Opportunity Fund II, LLC purchased the shopping center from WBCMT 2003-C9 Crest Road Retail, LLC for $2.975 million. Josh Randolph of Colliers International | Alabama represented the seller in the transaction. Colliers International | Alabama retained leasing and management for the center.

LAFAYETTE, LA—American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., acquired the 107-unit Lafayette Assisted Living Portfolio in Lafayette. Built in 1997 and 2015, the two buildings of Lafayette Assisted Living Portfolio total approximately 80,000 square feet of senior housing space comprised of 107 licensed beds, 37 of which are dedicated to memory care residents. The portfolio is 100 percent private pay and operated by Colonial Oaks Senior Living, LLC (“Colonial Oaks”) and leased to its affiliate under a 15-year absolute net lease with two 10-year renewal options and annual rent escalators of 6.3% after the first year and 2.5% thereafter.

ATLANTA—State Bank Financial Corporation announced the bank has received regulatory approval from the Federal Deposit Insurance Corporation for its previously announced merger transactions between the Bank and The National Bank of Georgia, the wholly-owned subsidiary of NBG Bancorp, and S Bank, the wholly-owned subsidiary of S Bankshares. NBG's shareholders approved its merger with the Company on July 25, 2016. The S Bankshares transaction remains subject to approval by its shareholders. S Bankshares' shareholder meeting to vote on the merger is scheduled for December 13, 2016.

BUILDING BLOCKS

WOODSTOCK, GA—Duke Realty is developing a multi-disciplinary outpatient surgery center at the 100,797-square-foot Northside-Cherokee Towne Lake Medical Office Building near Atlanta, which opened in the summer of 2013. The surgery center is expected to be open for business in summer 2017. The medical office building is located about four miles south of Northside's Holly Springs Medical Campus and 11 miles south of the future home of the Northside Hospital-Cherokee replacement campus, which is also expected to be completed in summer 2017. The development team for the expansion includes the partners for the original building: Architect Lyman Davidson Dooley and general contractor Brasfield & Gorrie.

MIAMI—Here's a look at the trends, announcements and deals you may have missed early this week in Nashville, Atlanta, Louisville, Lawrenceville, Augusta, Lafayette, Woodstock.

Financing is the name of the game this week in the Southeast. There were also plenty of acquisitions as the year winds down and new projects are still getting underway.

BY THE NUMBERS

Louisville CBD third quarter 2016 leasing activity of a paltry 6,385 square feet pushed the CBD year-to-date total to 122,631 SF, 38% less than 198,606 square feet recorded last year through the third quarter of 2015. The overall CBD vacancy rate increased from 12.5% to 13.2% during the quarter. The Class A vacancy rate decreased slightly from 12.5% to 12.4% while the Class B vacancy rate increased from 12.4% to 13.8%. (Source: Cushman & Wakefield)

Negative quarterly absorption of 80,047 square in the Louisville CBD, largely the result of downsizing by tenants at Waterfront Plaza, reduced the overall year-to-date absorption to only 16,653 square feet. Class A absorption year-to-date reported 50,735 square while class B absorption year-to-date declined to negative 29,252 square feet. (Source: Cushman & Wakefield)

NEWS & NOTABLES

NASHVILLE, TN—Marty Rothchild, general manager of Embassy Suites by Hilton Nashville SE – Murfreesboro in Tennessee, returned to the John Q. Hammons Hotels & Resorts' (JQH) hospitality family earlier this year. Under his direction, the 283-suite hotel recently achieved the highest brand inspection status of “outstanding” for quality and service. An award-winning hospitality veteran Rothchild oversees the contemporary hotel that features the largest convention space in Middle Tennessee outside of Davidson County. Springfield, Missouri-based JQH is a leading private, independent owner and manager of hotels in the United States, including operating more than 1 million square feet of superb meeting space.

ATLANTA—Build with Strength, a coalition of the National Ready Mixed Concrete Association, held a roundtable event with Georgia state lawmakers, officials and members of the build and code communities to discuss a recent Massachusetts Institute of Technology (MIT) study entitled “A Break-Even Hazard Mitigation Metric.” The study confirms the importance of using resilient construction techniques in regions prone to extreme weather events such as Hurricane Matthew. The roundtable focused on life cycle savings, long-term value, and cost-effective structures in Georgia. “Too much emphasis is place on minimizing initial building costs and not enough attention is paid to the high costs of rebuilding after a storm,” says Jeremy Gregory, executive director of the Concrete Sustainability Hub at the Massachusetts Institute of Technology. “We need elected officials to take a more long-term and sustainable view by supporting resilient building efforts.”

DEAL TRACKER

LAWRENCEVILLE, GA—Walker & Dunlop structured a $23 million bridge loan for The Views at Coolray Field, a class A, multifamily building next to Coolray Field, home of the Gwinnett Braves, in Lawrenceville. Walker & Dunlop's Investment Sales platform facilitated the sale of The Views at Coolray Field by Brand Properties to Starlight US Multi-Family Core Fund. David Gahagan, senior vice president in the Capital Markets group, led Walker & Dunlop's team throughout this transaction.

AUGUSTA, GA—Walton Communities secured more than $14 million in financing through a deal with SunTrust Community Capital. The proceeds will be used to construct an affordable, 80-unit senior living apartment complex in Augusta. The development is a partnership between Walton Communities and Augusta Housing Authority. Financing for the project includes an $8.6 million federal equity investment from STCC, $3.55 million equity investment from Walton Communities and a $1.93 million loan from Augusta Housing Authority. “Augusta needs more affordable housing options for seniors and this financing brings us one step closer to providing more options for this demographic,” says Dave Loeffel, head of affordable housing investments for Walton Communities. “We believe everyone deserves better housing no matter their stage in life, and that's why we're excited to announce we are one step closer to completing this important development.”

ATLANTA—Olympia Heights Management's mixed-use development located at 98 14th Street in Midtown Atlanta has been named Opus Place. The master plan is being designed by world-class architect and Pritzker Prize-winner Richard Meier. Meier, known in Atlanta for his design of the High Museum, is also the architect of the Getty Center in Los Angeles, the Des Moines Art Center in Iowa and the Jubilee Church in Rome, among many other commissioned works throughout the world. Berkshire Hathaway HomeServices Georgia Properties' City Haus Division has been tapped to handle the sales and marketing for No2 Opus Place (No2).

ATLANTA—Stein Investment Group has acquired two office properties in metro Atlanta marking its expansion into one of Atlanta's hottest real estate sectors. The firm's first major office buy in the region, Northside Tower and East Cobb Office were acquired for a combined $18 million, diversifying Stein Investment's portfolio that was predominantly retail and self-storage at the time. Sitting in the heart of Sandy Spring's downtown core, Northside Tower sold for $13 million along with East Cobb Office Complex in Marietta for $5 million this summer.

HOOVER, AL—Colliers International has brokered the sale of South Shades Crest Station, a 25,500-square-foot multi-tenant retail shopping center located at 3421 AND 3435 South Shades Crest Road in Hoover. Cantor Real Estate Income and Opportunity Fund II, LLC purchased the shopping center from WBCMT 2003-C9 Crest Road Retail, LLC for $2.975 million. Josh Randolph of Colliers International | Alabama represented the seller in the transaction. Colliers International | Alabama retained leasing and management for the center.

LAFAYETTE, LA—American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., acquired the 107-unit Lafayette Assisted Living Portfolio in Lafayette. Built in 1997 and 2015, the two buildings of Lafayette Assisted Living Portfolio total approximately 80,000 square feet of senior housing space comprised of 107 licensed beds, 37 of which are dedicated to memory care residents. The portfolio is 100 percent private pay and operated by Colonial Oaks Senior Living, LLC (“Colonial Oaks”) and leased to its affiliate under a 15-year absolute net lease with two 10-year renewal options and annual rent escalators of 6.3% after the first year and 2.5% thereafter.

ATLANTA—State Bank Financial Corporation announced the bank has received regulatory approval from the Federal Deposit Insurance Corporation for its previously announced merger transactions between the Bank and The National Bank of Georgia, the wholly-owned subsidiary of NBG Bancorp, and S Bank, the wholly-owned subsidiary of S Bankshares. NBG's shareholders approved its merger with the Company on July 25, 2016. The S Bankshares transaction remains subject to approval by its shareholders. S Bankshares' shareholder meeting to vote on the merger is scheduled for December 13, 2016.

BUILDING BLOCKS

WOODSTOCK, GA—Duke Realty is developing a multi-disciplinary outpatient surgery center at the 100,797-square-foot Northside-Cherokee Towne Lake Medical Office Building near Atlanta, which opened in the summer of 2013. The surgery center is expected to be open for business in summer 2017. The medical office building is located about four miles south of Northside's Holly Springs Medical Campus and 11 miles south of the future home of the Northside Hospital-Cherokee replacement campus, which is also expected to be completed in summer 2017. The development team for the expansion includes the partners for the original building: Architect Lyman Davidson Dooley and general contractor Brasfield & Gorrie.