Commercial Real Estate

NEWS - Commercial Real Estate

Deal includes multifamily properties in Florida, Georgia and Tennessee for $102.5 million

May 7, 2013 – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, along with investment partner NorthStar Realty Finance Corp. has acquired Links at Georgetown in Savannah. The purchase is part of a $102.5 million deal which includes multifamily properties located in Florida, Georgia, and Tennessee.

Among the properties are the Club at Danforth in Jacksonville, FL; Harbour Green in Panama City Beach, FL; and Vintage at the Parke in Murfreesboro, TN. This acquisition marks Carroll Organization’s ninth purchase since the beginning of 2013 and now owns/manages more than 10,000 multifamily units in seven states.

“All four properties are situated in markets with exceptional market fundamentals and provided Carroll Organization with a great investment opportunity,” said M. Patrick Carroll, founder and chief executive officer of the Carroll Organization. “This acquisition is parallel with our strategy of buying in good locations with excellent visibility, and the additional opportunity to increase value through capital improvements and marketing strategies.”

The Links at Georgetown in Savannah is a 360-unit, garden-style multifamily community situated adjacent to, and offering spectacular views of, The Henderson Golf Club. It is also within close proximity to the Savannah Port, one of the country’s fastest growing ports. Links at Georgetown features spacious one, two, and three-bedroom homes with private, ground-floor entryways, security systems, and high vaulted ceilings. Select units have wood-burning fireplaces and garden tubs. The complex is currently 92 percent occupied. 

All the properties within the portfolio boast numerous amenities including resort-style swimming pools, tennis courts, fitness centers, internet cafes, and business centers. Carroll Organization will continue to enhance the resident experience through hands-on management, while simultaneously rebranding the properties under the proprietary “ARIUM” name, in keeping with the identity of Carroll Organization’s rapidly growing national portfolio.

During the past 18 months, Carroll Organization has completed over $500 million of multifamily acquisitions.  The company sources many of its deals “off-market” directly from developers, and has also become known within the brokerage community as a go-to buyer that performs. Children’s Playground

About Carroll Organization
Carroll Organization is among the leading privately-held real estate companies in the United States.  Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily property, including acquisitions, property and asset management services, and fund management.  The firm has raised over $200 million of equity through Carroll Organization sponsored funds and joint ventures, and its current investment portfolio is valued in excess of $550 million.  Carroll Organization’s regional offices are located in Houston, Orlando, and Miami.  Today, the company manages over 10,000 multifamily units in seven states and has purchased other multifamily owner/operators throughout the U.S.  The firm has also developed student housing, single-family residential and retail properties, and has overseen millions of dollars in construction management for both its owned and fee partners.  From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.

NEWS - Commercial Real Estate

SBJ Special Report

April 8, 2013 - CBT Commercial Realty, a division of Cora Bett Thomas Austin Hill & Associates Realtors, recently formed a partnership with the CoStar Group, Inc., a world leader in commercial real estate market intelligence.

“We’re excited to provide our clients an elevated level of commercial real estate service,” said Austin Hill, director of operations at Cora Bett Thomas Austin Hill & Associates and CBT Commercial Realty. “The new CoStar real estate market intelligence platform enables our Realtors to help our clients make highly-informed and thoroughly researched commercial property sale and acquisition decisions, in addition to eliminating unnecessary risk.”

Through this new partnership with the CoStar Group, CBT Commercial Realty will gain access to an advanced system of commercial real estate information, including marketing and analytical services throughout the entire state of Georgia and nationwide. This sophisticated software allows agents to research commercial property inventory, comparable sales and leases, demographic data, traffic counts, maps, photos and historical data to strategically position properties in the real estate marketplace.

In addition, with the ability to analyze the financial implications of commercial property sales or acquisitions, CBT Commercial Realty can provide sensitive data and market analysis to clients, offering comprehensive assessments of current market conditions and trends.

“It significantly enhances market information for the savvy and sophisticated client and provides accurate up-to-date information in an ever-changing commercial real estate environment,” said David Minkovitz, a commercial realtor at CBT Commercial Realty.

Cora Bett Thomas Austin Hill & Associates Realtors has a longstanding reputation as a leader in the coastal region’s real estate market throughout coastal Georgia and South Carolina. The CBT Commercial Realty division works closely with investors, tenants, property owners and developers and offers a comprehensive suite of commercial brokerage services including management, leasing, sales and acquisition.

The CBT Commercial Realty team includes Cora Bett Thomas, Austin Hill, David Minkovitz, Graham Sadler, Allen Eager, Mark Reavis, Tommy Thompson, Kim Malphrus and Cristina Emberton, marketing specialist.

For more information about Cora Bett Thomas Austin Hill & Associates Realtors and CBT Commercial Realty, please visit online at www.cbtah.com or call 912.233.6000.

NEWS - Commercial Real Estate

May 8, 2013 – The Realty Building, a high-rise commercial office building located at 24 Drayton St. in the heart of historic downtown Savannah, was recently purchased by SCGII-Drayton, LLC, a real estate company based in South Carolina with ownership managed by South Coast Commercial, LLC.

Built during the Art Deco era in 1921, The Realty Building will undergo significant improvements and interior enhancements, which are currently in the planning stages. J.T. Turner Construction Co. will serve as the general contractor and Hansen Architects will serve as the lead architect on the project.

The 10-story Realty Building is one of the tallest commercial buildings in Chatham County and includes nearly 60,000 square feet of commercial and retail office space. Designed with neoclassical-style accents, the property’s exterior façade features a simple geometric design, crafted with brown brick and white stone columns with detailed trim engravings. A grand foyer welcomes tenants and guests with high ceilings, custom moldings, glass walls, marble floors, mahogany doors, oversized windows and brass trim throughout the building.

Ideally situated between Reynolds Square and Johnson Square – the hub of legal, banking and municipal businesses in the downtown area – The Realty Building is adjacent to The Olde Pink House and within walking distance of many of the city’s finest hotels, parks, museums, shops and award-winning restaurants.

The Realty Building is currently occupied by a dynamic group of co-tenants including Hansen Architects, P.C.; ILA Local #1475; Ivy Funding Company, LLC; Kathleen Aderhold, P.C.; Amy Lee Copeland, LLC; Morris, Manning & Martin, LLP;  K. Craig Dobson; B.P. Barber & Associates, Inc.; Sebring Engineering, Inc.; and Gray & Pannell, LLP.

The Savannah office of Colliers International, a leader in global real estate services, will act as the new property manager and leasing agent for The Realty Building and will oversee all property management needs and leasing negotiations for current and future tenants.

For information about The Realty Building and leasing options, please contact Ashley Smith at Colliers International at 912-233-7111.

NEWS - Commercial Real Estate

Dec. 21, 2012 – Judge Realty, a leading full-service real estate brokerage headquartered in Savannah, has announced  that the firm’s agents have brokered a deal to bring Tondee’s Tavern, an exciting new locally-owned restaurant and bar, to the former location of Tony Roma’s restaurant at 7 E. Bay St.

“This is a major commercial real estate deal, which will have wonderful benefits for Savannah residents and visitors,” said Lori Judge, owner and broker-in-charge. “I’m proud of our team for listing and selling this business and for helping to bring such an exciting new restaurant concept to fruition in a prime downtown Savannah location.”

Rhett Mouchet, a commercial agent for Judge Realty, represented the owner of the property in negotiating the lease. Judge Realty agent Kim Iocovozzi, the company’s 2011-2012 Top Producer, represented the buyer, Willie Tuten of Savannah, in negotiating the sale of the business without the franchise as well as a 10-year lease on the building with an option to buy.

“There was so much synergy on this deal,” said Judge Realty agent Kim Iocovozzi. “It was a beautiful thing. This is an in-town, local deal that shows we have a team with the ability to close the most complicated of transactions.”

Tondee’s Tavern is set to open on Jan. 11, 2013 and will feature 4,500 square feet of space, with seating for more than 140. Restauranteur Willie Tuten, a Savannah native, decided to convert the former 1850 bank building into Tondee’s Tavern, a casual, locally-owned dining establishment specializing in fresh local seafood, baby back ribs and high-quality steaks.

The name recalls one of Savannah’s earliest and most successful taverns, originally located at the corner of Broughton Street and Whitaker Street between 1770 and 1785. The city’s Sons of Liberty, an early American group of patriots and soldiers, met there regularly. Legend has it that the Declaration of Independence was read aloud in Georgia for the first time at this infamous 18th-century establishment.

“We’re trying to recreate Tondee’s Tavern, which was the place in Savannah in the late 1700s,” said Tuten. “We’re trying to bring an old Savannah landmark back to life.”

Menu highlights will include crab-stuffed flounder, bacon-wrapped scallops and fried shrimp, as well as a number of dishes named after legendary early Georgians like General James Edward Oglethorpe, Mary Musgrove and James Habersham. A convenient soup and salad buffet will be available in addition to a full lunch menu for diners on the go.

“When visitors come to Savannah, they want to enjoy local food, not something a franchise ships in a box,” said Tuten. “We’re proud to be a locally-owned restaurant serving fresh local food.”

Signature drinks at Tondee’s Tavern will include a Frozen Chatham Artillery Punch, inspired by the original drink recipe pioneered in Savannah during the Revolutionary War, as well as a Frozen Mint Julep. The restaurant also has an innovative beer tap capable of delivering beer at a colder-than-ice 28 degrees.

Unlike many fine dining establishments in Savannah’s National Landmark Historic District, Tondee’s Tavern will offer a decidedly casual dining environment.

“I want people to feel comfortable in their shorts and Topsiders,” Tuten enthused.

Tondee’s Tavern will be open from 7 a.m.-11 p.m. Sunday through Thursday and 7 a.m.-2:30 a.m. Friday and Saturday. The restaurant will serve breakfast, lunch and dinner daily. For more information about Tondee’s Tavern, please call 912-341-7427.