Property Type

NAI Mertz Brokers Sale of 116,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton December 23, 2019

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.

December 23, 2019

Leasing Activity Maine Northeast Retail

Cardente Negotiates 8,443 SF Retail Lease for Fitness Concept in Portland, Maine

by Alex Patton December 23, 2019

PORTLAND, MAINE — Cardente Real Estate has negotiated an 8,443-square-foot retail lease for Work Out Anytime fitness center in Portland, located approximately 60 miles southwest of Augusta. The property is situated at 511 Congress St. within the Ocean Gate Plaza retail center. Tenants include Living Room Dance Collective, Northwestern Mutual and nonprofit organization EqualityMaine. Matthew Cardente of Cardente represented the landlord, Ocean Gate LLC, in the lease negotiations. Sylas Hatch of The Dunham Group represented Work Out Anytime.

December 23, 2019

Development Illinois Midwest Office Top Stories

Riverside, Convexity Break Ground on 50-Story BMO Tower Office Building in Chicago

by Taylor Williams December 23, 2019

CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …

December 23, 2019

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Historic Level of Demand Meets Low Availability in Metro D.C. Industrial Market

by Alex Tostado December 23, 2019

As online shopping and a stack of newly delivered boxes by the door have become common in many American households, the behind-the-scenes institutional supports that make these habits possible have transformed the country’s real estate markets. The booming demand for data centers and last-mile staging for e-commerce is driving steady interest in industrial spaces, which shows no sign of waning. Since 2009, the industrial market has experienced 767 percent growth across the United States, surpassing retail to become the third ranked commercial real estate product type by sales volume. This sustained demand is outpacing limited availability, compressing capitalization rates to historic lows. In the metro Washington, D.C., area, there are a number of unique factors that contribute to this trend. High urban property values in the District itself have led to the conversion of a significant percentage of available warehouse space to other uses over the last decade, pushing industrial development into neighboring areas of Northern Virginia and Prince George’s County, Maryland. Many of the sites most easily suited for industrial purposes have already been developed, leaving higher barriers to entry and very few new options. As commercial businesses and government agencies adopt increasingly sophisticated technologies — like cloud computing, …

December 23, 2019

Hawaii Market Reports Multifamily Western Western Market Reports

Hawaii’s Rising Rents Continue to Support Multifamily Investment Interest

by Taylor Williams December 21, 2019

As one of the premier global tourist destinations in the world, the Hawaii market is dominated by condos and hotels. It is also home to mega investment deals. A review of Hawaii’s investment market over the past three years shows that the hotel industry has made up the following percentage of the top 10 deals for each year: • 91 percent in 2017 • 55 percent in 2018 • 23 percent in 2019 The total sales volume for these deals has also seen a decline from more than $1.5 billion in 2017 to less than $926 million in 2019 as a result of a decline in foreign investors. In case you’re wondering, yes, there are multifamily properties in Hawaii. In fact, apartment sales represented 37 percent of the total sales volume for the top 10 deals in 2018. The largest investment deal was the $540 million portfolio recapitalization of Project Europa on Ewa Beach in Oahu. This was larger than the $505 million Global Hyatt Portfolio sale, which included the Grand Wailea in Maui. Institutional sales in 2018 were in the range of $371,000 per unit to $395,000 per unit, with cap rates in the 4.5 percent to 5 percent …

December 21, 2019

Development Loans Multifamily Seniors Housing Southeast Tennessee

HJ Sims, Duncan-Williams Arrange $219.3M Financing Package for Seniors Housing Project in Tennessee

by Alex Tostado December 20, 2019

COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …

December 20, 2019

Acquisitions Office Southeast Tennessee

Highwoods Properties Sells Memphis Office Building for $76.4M

by Alex Tostado December 20, 2019

MEMPHIS, TENN. — Raleigh-based Highwoods Properties Inc. has sold International Paper IV, a 248,000-square-foot, single-customer building, for $76.4 million. The property, located at 1740 International Drive in Memphis, was sold to an undisclosed buyer. Highwoods also expects to sell Atrium I and II, a two-building office complex in nearby Germantown encompassing 84,000 square feet, for $13.2 million prior to the end of 2019. The sales are part of Highwoods’ two-phased plan to exit the Greensboro and Memphis markets. The first phase consists of selling a specific portfolio of assets in Greensboro and Memphis by mid-2020, with the remaining assets to be sold as part of the second phase. No timeline has been announced for the second phase.

December 20, 2019

Acquisitions Development Georgia Mixed-Use Southeast

Third & Urban, FCP Acquire 15.2-Acre Site Along Atlanta BeltLine for Adaptive Reuse Project

by Alex Tostado December 20, 2019

ATLANTA — Atlanta-based Third & Urban LLC and Chevy Chase, Md.-based FCP have acquired 15.2 acres along the Atlanta BeltLine. The joint venture partnership will develop a 275,000-square-foot mixed-use project at 950 W. Marietta St. The seller and price of the property were not disclosed. Designed by Perkins and Will, the development will focus primarily on converting an existing warehouse on the site into adaptive reuse space featuring both offices and retail. The project is directly across from the King Plow Arts Center, adjacent to The Foundry at Puritan Mill and near the Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space after its planned opening in spring 2020. Construction is expected to begin in the third quarter of 2020, with an anticipated occupancy in the third quarter of 2021. Atlanta Paper Co., which was originally Elsas, May Paper Co., built the warehouse on West Marietta Street in the 1940s. It was once used to create packaging for The Coca-Cola Co. Later, it was owned and operated by Atlanta-based WestRock, a corrugated packaging company.

December 20, 2019

Acquisitions Multifamily North Carolina Southeast

Blaze Partners Acquires 229-Unit Legacy Village Apartments in Suburban Charlotte

by Alex Tostado December 20, 2019

MOORESVILLE, N.C. — Charleston, S.C.-based Blaze Partners LLC has purchased Legacy Village Apartments, a 229-unit multifamily community located in Mooresville, a suburb 25 miles north of Charlotte in the Lake Norman submarket. The seller and the price of the 121 Village Green Lane apartment complex were not disclosed. Built in 2017, Legacy Village Apartments is less than one mile from both the Lowe’s Co. Inc. corporate headquarters and Lake Norman Regional Medical Center. The apartments feature one-, two- and three-bedroom floorplans as well as a saltwater pool, pet park, resident clubhouse and a fitness center. Blaze plans to make capital improvements for the units and amenities. With the acquisition of Legacy Village, Blaze now owns four assets in Charlotte.

December 20, 2019

Development North Carolina Retail Southeast

Publix to Anchor 2 MSF Wendell Falls Development Near Raleigh

by Alex Tostado December 20, 2019

WENDELL, N.C. — East West Partners and G.H.K. Developments Inc., the developers behind Wendell Falls, unveiled that Publix will occupy a 48,387 square-foot, freestanding grocery space in Wendell, approximately 11 miles east of Raleigh. Wendell Falls is one of the largest master-planned developments in the Research Triangle. CBRE | Raleigh’s Retail Services and Land Services groups represented the ownership group in the transaction. The store will employee approximately 130 people. An opening date has not yet been announced. Located at the northwest corner of Wendell Falls Parkway and Taylor Road, Publix will join the project’s existing tenants that include KinderCare Daycare, Farmhouse Cafe and Cruizers Convenience Marketplace. Publix at Wendell Falls be the grocer’s seventh store in Wake County. East West and G.H.K. will soon debut a collection of shops and restaurants at Wendell Fallas known as Treelight Square, as well as an office park named The Collective.

December 20, 2019

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