Property Type

Joint Venture Breaks Ground on 268-Unit Multifamily Project in Birmingham

by Alex Tostado May 23, 2019

BIRMINGHAM, ALA. — A joint venture between Novare Group, Prestwick Cos. and Batson-Cook Development Co. (BCDC) has broken ground on Foundry Yards, a 268-unit multifamily project in Birmingham’s Parkside District. Foundry Yards will offer studio, one- and two-bedroom floor plans across two buildings. Community amenities will include an outdoor kitchen, grilling areas, bocce ball court, dog park, swimming pool, 24-hour fitness center, club room and coworking space. The two buildings will be separated by a landscaped green space. Birmingham-based Doster Construction Co. is the general contractor. ELV Associates Inc., BBVA Compass and Cadence Bank provided construction financing. A timeline for completion was not released.

May 23, 2019

Acquisitions Industrial Self-Storage Southeast Tennessee

HFF Negotiates Sale of 952-Unit Self-Storage Facility in Nashville

by Alex Tostado May 23, 2019

NASHVILLE, TENN. — HFF has arranged the sale of Charlotte Pike Storage, a 952-unit self-storage facility in Nashville. Charlotte Pike Storage was delivered in October 2018 and is now managed by Public Storage, a self-storage REIT based in California. Barbara Guffey and Jason Nettles of HFF represented the seller, Provident Realty Advisors Inc., in the transaction. Brent Bowman and Travis Anderson of HFF arranged acquisition financing on behalf of the buyer, Proffitt Dixon Partners. The sales price and amount of the loan were not disclosed.

May 23, 2019

Florida Hospitality Loans Southeast

Mission Capital Arranges $8M Refinancing Loan for Hotel Near Miami International Airport

by Alex Tostado May 23, 2019

MIAMI — Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 N.W. 36th St., across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar, 24-hour fitness center, bar and lounge, as well as business, meeting and event facilities. The hotel also features an onsite restaurant, Miranda. Benefit Street Partners provided the fixed-rate loan. Raymond Salameh, Alex Draganiuk, Ari Hirt and Lexington Henn of Mission Capital represented the borrower in the loan transaction.

May 23, 2019

Acquisitions Florida Office Southeast Top Stories

Joint Venture Acquires 11-Building Office Portfolio in Jacksonville for $231M

by Alex Tostado May 23, 2019

JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and JPMorgan Chase Bank, with leases that expire in 2026, 2022 and 2022, respectively. Investment-grade companies make up 65 percent of the portfolio’s tenants. “The Florida office portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth,” says John McCarthy, CEO and president of SREIT. “SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents and values upward.” The Deerwood Park submarket includes St. Johns Town Center and is situated 10 miles southeast of downtown Jacksonville near Interstates 95 and 295. St. Johns Town Center is home to more than 150 restaurants and retailers. According to Cushman & Wakefield, the submarket has the lowest vacancy rate at 9.2 percent in the Butler/Baymeadows region. It also has highest asking …

May 23, 2019

Kansas Market Reports Midwest Midwest Market Reports Mixed-Use

Momentum Grows in Topeka Via Holistic Economic Development Plan

by Kristin Harlow May 23, 2019

A renaissance is underway in Topeka, Kansas, with undeniable momentum as new commercial, industrial and residential developments emerge citywide. The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue downtown. Local investors have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, The Pennant, Cyrus Hotel and Kansas Avenue Lofts. The 45,000-square-foot Evergy Plaza is slated to open in March 2020 in the shadow of the Kansas Statehouse. A crowning jewel of downtown development, the plaza will feature a 50-foot performance stage, digital screen, programmable fountains, fireplaces and an ice skating rink during the winter. According to a recent market study, growth in the Capital City shows no signs of slowing down. St. Louis-based Development Strategies says downtown could support expansion over the next decade to include 900 new or rehabilitated housing units, 300,000 square feet of new or rehabilitated office space, 690,000 square feet of retail space and at least 200 more hotel rooms. “Investments downtown enhance quality of life and quality of place to help attract and retain a workforce that will take us into the next 15 to 20 years,” …

May 23, 2019

Features Multifamily Seniors Housing

Survey: Investor Confidence in Seniors Housing Still High Despite Occupancy Challenges, Slower Transaction Volume

by Jeff Shaw May 22, 2019

CHICAGO — Investors are still cautiously optimistic about the seniors housing market even after the sector experienced a slight dip in transaction volume in 2018, according to the results of JLL’s Spring 2019 Seniors Housing Survey. The Chicago-based commercial real estate services firm surveyed more than 1,000 specialists in the seniors housing and care space. The results point to generally positive sentiment around the market, and notes that while transaction volume reached just over $13 billion in 2018 (a decline over recent years), the total number of transactions was up 41 percent year-over-year. “There simply weren’t as many large deals with big price tags in 2018 in comparison to the preceding few years,” says Brian Chandler, managing director of JLL Valuation & Advisory Services. “Though there were fewer large transactions, single assets and small portfolios have remained liquid.” Communities that feature the full continuum of care except for skilled nursing remain the most favored product. Eighty-eight percent of survey respondents said these assets were “very” or extremely” desirable, a 2 percent jump over the last quarter’s survey. Freestanding nursing facilities remained the least favorite asset type, though only 41 percent of survey respondents said they were “not at all desirable,” …

May 22, 2019

Arkansas Development Office Southeast

Walmart Unveils Expansion Plans for 350-Acre Corporate Campus in Bentonville, Arkansas

by Alex Tostado May 22, 2019

BENTONVILLE, ARK. — Walmart has unveiled its plans to build a 350-acre office campus in Bentonville that will serve as the company’s home office. Demolition of the retailer’s existing buildings will begin this summer with delivery expected in phases from 2020 to 2024. Reuters reports the campus will house nearly 17,000 employees at full build-out. The campus will include office buildings, expanded food offerings, convenient parking, fitness options, a child care facility, bike paths, green space and lake views. The campus will also feature solar panels atop parking decks and energy-efficient lighting and HVAC systems, as well as regionally sourced building materials. A price for construction was not disclosed.

May 22, 2019

Acquisitions Florida Multifamily Southeast

Toro Real Estate Acquires Three Multifamily Properties in Jacksonville for $39M

by Alex Tostado May 22, 2019

JACKSONVILLE, FLA. — Toro Real Estate Partners has acquired three multifamily properties in Jacksonville for $39 million. The portfolio includes Whispering Oaks, Highlander Apartments and River City Landing, which total 552 units. Toro plans to invest $4 million to renovate the three properties. Renovations will include exterior and amenity enhancements, rebranding and interior improvements. Ben Weddington of CBRE arranged two Freddie Mac small balance loans for Toro’s acquisition of Whispering Oaks and Highlander. Jeremy Nussbaum of Walker & Dunlop arranged the acquisition loan for River City Landing. Dhaval Patel, also with Walker & Dunlop, represented Toro in the sale of River City Landing. Toro purchased the other two assets in off-market deals. Toro has hired Lisa Massis of Lofty Asset Management to manage all three properties.

May 22, 2019

Acquisitions Multifamily North Carolina Southeast

Carlisle Residential Sells Apartment Complex in Greensboro for $33.9M

by Alex Tostado May 22, 2019

GREENSBORO, N.C. — Carlisle Residential Properties has sold Encore North Apartments, a 237-unit apartment complex in Greensboro, for $33.9 million. Denver-based Grimley Residential acquired the property, which was 95 percent occupied at the time of sale. Encore North was built by Lomax Construction in 2016 and is situated five miles north of downtown Greensboro. Carter-Haston will handle leasing efforts on behalf of the buyer. Encore North offers one- and two-bedroom floor plans and communal amenities such as a saltwater swimming pool, resident lounge and a community game room.

May 22, 2019

Loans North Carolina Office Southeast

HFF Arranges $24.5M Acquisition Loan for Office Property in Charlotte’s SouthPark District

by Alex Tostado May 22, 2019

CHARLOTTE, N.C. — HFF has arranged a $24.5 million acquisition loan for Rexford Park I and II, two office buildings in Charlotte totaling 136,812 square feet. The borrower, a partnership between Childress Klein and Gottesman Real Estate Partners, will use the funds to acquire, renovate and re-lease the buildings. Cory Fowler of HFF represented the borrower to secure the six-year, floating-rate loan through Atlantic Union Bank. Planned renovations include new interior common spaces, major improvements to the exterior façade and significant upgrades to building systems. Rexford Park I and II are located at 2100 and 2115 Rexford Road within Charlotte’s SouthPark submarket.

May 22, 2019

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