Property Type

Transwestern Brokers $16.6M Sale of Retail Center in Orlando’s Tourist Corridor

by Amy Works October 29, 2018

ORLANDO, FLA. — Transwestern has closed the $16.6 million sale of Sand Lake Corners North, a community shopping center located at 8115-8379 S. John Young Parkway in Orlando’s tourist corridor. Situated on 15 acres, the retail center features 151,487 square feet of retail space. At the time of sale, the property was 95.3 percent occupied by a variety of tenants, including Old Time Pottery, PetSmart and Dollar Tree. The property is also shadow-anchored by Walmart and Lowe’s Home Improvement Warehouse. John Bell of Transwestern represented the undisclosed seller in the deal. The name of the buyer was not released.

October 29, 2018

Development Louisiana Retail Southeast

Gulf States Real Estate Opens Rouses-Anchored Shopping Center in Covington, Louisiana

by Amy Works October 29, 2018

COVINGTON, LA. — Copperstill Marketplace, a neighborhood shopping center, has opened in at the intersection of Highway 1007 and Highway 1085 in Covington. Gulf States Real Estate built the shops, Byron Talbot Construction performed the site work package and BETCO Construction built the anchor tenant space. A 43,320-square-foot Rouses Market anchors the 60,000-square-foot retail center. Additional tenants include In & Out Urgent Care, H2K Nail Salon and Wow Café. Heritage Bank has purchased the corner outparcel and plans to develop a retail building with space for a bank branch and other tenants.

October 29, 2018

Acquisitions Mississippi Multifamily Southeast

Majestic RV Resorts Acquires Beachfront Land Parcel in Biloxi, Plans Upscale RV Park

by Amy Works October 29, 2018

BILOXI, MISS. — Majestic RV Resorts has purchased 22.8 acres of beachfront property from Trustmark Bank for nearly $3 million. The buyer plans to develop an upscale RV park on the property, which is a vacant commercially zoned property. The property is located one block east of the Mississippi Coast Coliseum and adjacent to the former Broadwater Hotel. Sam Ford, an agent affiliated with Coldwell Banker Commercial Alfonso Realty, represented the seller. Marques Thomas with Biloxi-based Latitude Realty represented the buyer in the deal. Majestic RV Resorts has existing RV parks in Savannah, Ga., and Naples, Fla.

October 29, 2018

Acquisitions District of Columbia Office Southeast Top Stories

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

by Taylor Williams October 29, 2018

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and David Baker of HFF represented JBG Smith in the sale. This quartet of investment advisory professionals also procured the buyer, a joint venture between private investment manager GreenOak Real Estate and Mid-Atlantic investment firm MRP Realty. Cary Abod, Dan McIntyre and Robert Carey of HFF arranged $47.6 million in acquisition financing for the transaction. The lender and loan terms were not disclosed. JBG Smith’s stock price closed at $37.10 per share on Friday, October 26, up from $31.26 per share a year ago. The company, which is listed on Standard & Poor’s MidCap 400 Index, owns and operates assets in infill markets around the Washington, D.C. area. — Taylor Williams

October 29, 2018

Market Reports Office Southeast Southeast Market Reports Virginia

Richmond’s Office Market Grows in Prominence as Corporate-Friendly Destination

by John Nelson October 29, 2018

Richmond is thriving and the office market is following suit. The office market, like the broader Richmond region, benefits from Richmond’s diverse economy, high-quality of life at a reasonable cost of living and the steadily growing, highly educated workforce. These attributes make Richmond an attractive option for large employers evaluating cities for operations. Recent entrants to Richmond include CoStar Group, ICMA-RC and Owens & Minor. The CEO of CoStar pointed to Richmond’s educated workforce, affordability and excellent quality of life as the reasons Richmond recently beat out several other Southeast U.S. cities as the new home for the company’s global research headquarters. Growth from within Richmond is also driving the market with new developments of over $1 billion in the pipeline or currently under construction from two of Richmond’s largest employers: Virginia Commonwealth University Health System and Dominion Energy. Their developments in downtown Richmond are accompanied by a wide array of creative office developments in the formerly industrial Scott’s Addition micro-market located near the convergence of Interstates 64 and 95. The city of Richmond continues to be the recipient of most new office development with suburban development being limited and mainly healthcare centric, led by Bon Secours Health System and …

October 29, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $57M Sale of Multifamily Portfolio in the Upper West Side

by David Cohen October 26, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the $57 million sale of a 120-unit, five-building multifamily portfolio in the Upper West Side of Manhattan. The properties are located at 4, 8, 10-16 Manhattan Ave. and 3-5 and 7-9 W. 108th St. Rosewood Realty’s Aaron Jungreis represented the seller, The Orbach Group, in the transaction. The buyer was undisclosed. The purchase price of the portfolio equates to a 4.7 percent capitalization rate.

October 26, 2018

Hospitality Loans Northeast Rhode Island

Fantini & Gorga Secures $7M in Financing for Boutique Hotel in Providence, Rhode Island

by David Cohen October 26, 2018

PROVIDENCE, R.I. — Fantini & Gorga has secured $7 million in permanent financing for The Dean, a 52-room, four-story boutique hotel in Providence. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the financing on behalf of the undisclosed borrower. The lender was a regional bank. The property is located in historic downtown Providence across from the Dunkin Donuts Center and Rhode Island Convention Center. The hotel was fully renovated in 2014. Terms of the financing were not disclosed.

October 26, 2018

Development Industrial Texas

Goodyear Tire to Open 1.2 MSF Industrial Facility in Metro Dallas

by Taylor Williams October 26, 2018

FORNEY, TEXAS — Goodyear Tire Co. will open a 1.2 million-square-foot warehouse and distribution center in Forney, a city located about 20 miles east of Dallas, according to a recent announcement from the Forney City Council. The property will be situated on 102 acres at the corner of South Gateway Boulevard and U.S. Highway 80. According to local media sources, a developer for the project, which is expected to create up to 160 new jobs, has not yet been named.

October 26, 2018

Loans Mixed-Use Texas

HFF Arranges Refinancing for Mixed-Use Property in Arlington

by Taylor Williams October 26, 2018

ARLINGTON, TEXAS — HFF has arranged debt financing for 101 Center, a mixed-use property located adjacent to the University of Texas at Arlington. The property, which was completed earlier this year, features 244 conventional apartments and student housing units totaling 493 beds, as well as 18,400 square feet of retail space. Jeremy Sain of HFF arranged the non-recourse, floating-rate loan through Credit Suisse on behalf of the borrower and developer, Catalyst Urban Development.

October 26, 2018

Development Mixed-Use Texas

Land Tejas to Build 70-Acre Entertainment Destination Near Galveston

by Taylor Williams October 26, 2018

TEXAS CITY, TEXAS — Houston-based Land Tejas Development will build a 70-acre entertainment destination within Lago Mar, a 2,033-acre master-planned community in the Galveston suburb of Texas City. The project will deliver a resort complex, as well as condos, townhomes and 250,000 square feet of retail and restaurant space. Completion of Phase I of the project is slated for early 2020. Trez Capital is providing project financing.

October 26, 2018

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