Southeast

Trez Forman Closes $20.5M Construction Loan for Mixed-Use Project in Burlington, North Carolina

by Alex Tostado January 21, 2019

BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.

January 21, 2019

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

New Orleans Adds Another Chapter to its 300-Year History Book of Multifamily Growth

by John Nelson January 21, 2019

How many cities can boast a multifamily history that goes back 300 years? New Orleans can, as it is celebrating its Tricentennial. New Orleans is home to the first apartment building in the United States. Historians have noted the “oldest continuously rented” multifamily development in the country is the Pontalba Apartments. Built in 1849 by the wealthy Baroness Michaela Pontalba, the iconic apartment’s crown molding, sconces, iron railings and balconies are now synonymous with New Orleans architecture. The Pontalba Apartments occupies prime real estate at the east and west side of the historic Jackson Square in the French Quarter. And yes, there is a waiting list to lease a unit. Today the city that sits on the bend of the Mississippi River has a limited amount of land, which keeps the equilibrium between supply and demand in sync. Thus new development is confined to urban infill locations, adaptive reuse projects or the few submarkets with available land — primarily located to the north of Lake Pontchartrain. Households that have income levels necessary to support the rents required for new properties are fueling market-rate development. The NOLA metro market has an inventory of approximately 54,000 units situated in nine distinct submarkets. …

January 21, 2019

Acquisitions District of Columbia Retail Southeast

Finmarc Acquires Shopping Center in Metro D.C. for $43.9M

by Alex Tostado January 18, 2019

UPPER MARLBORO, MD. — Finmarc Management Inc. has acquired Largo Town Center, a 280,000-square-foot shopping center in Upper Marlboro, for $43.9 million. The asset was fully leased at the time of the sale to tenants such as Marshalls, Regency Furniture, Shoppers Food Warehouse, Advanced Auto, Dollar Tree and Dress Barn. The center’s tenant roster features 35 retailers and restaurants, including both fast-casual and sit-down concepts. Largo Town Center is situated about 18 miles east of downtown Washington, D.C., and about three miles east of FedEx Field, home of the Washington Redskins. Bill Kent, Ryan Sciullo and Chris Decoufle of CBRE represented the seller, Site Centers, in the transaction.

January 18, 2019

Acquisitions Industrial Southeast Virginia

HFF Arranges $25.9M Sale of New Pepsi Bottling Distribution Center in Richmond

by Alex Tostado January 18, 2019

RICHMOND, VA. — HFF has arranged the sale of the newly constructed Pepsi Bottling Distribution Center in Richmond. ElmTree Funds purchased the 220,825-square-foot asset for $25.9 million. The center was delivered in November and is triple-net-leased to Bottling Group LLC, a wholly owned subsidiary of Pepsi Beverages Co. Situated along Interstate 95 near Interstates 64 and 295, the facility is located about 12 miles south of downtown Richmond. Steve Conley, Bruce Strasburg, Chris Norvell, Coler Yoakam and Patrick Nally of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction.

January 18, 2019

District of Columbia Loans Retail Southeast

KeyBank Provides $30.3M Construction Loan for Target-Leased Retail Property in D.C.

by Alex Tostado January 18, 2019

WASHINGTON, D.C. — KeyBank Real Estate Capital has provided a $30.3 million construction loan for a planned 67,000-square-foot, two-story retail property that will be fully leased to Target upon completion. The property is situated at 1515 New York Ave. N.E. in Washington, D.C.’s Ivy City neighborhood. Scott Bois and Ashley Reiser of KeyBank arranged the fixed-rate, non-recourse loan with a 20-year amortization schedule. The loan included a credit tenant lease transaction to facilitate the funding. According to Washington Business Journal, the developer, Douglas Development Corp., is planning to open the Target in fall 2020.

January 18, 2019

Acquisitions District of Columbia Multifamily Southeast

UIP-Led Joint Venture Purchases Historic Apartment Building in D.C. for $22M

by Alex Tostado January 18, 2019

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has purchased The Policy, a 62-unit apartment building in Washington, D.C., for $22 million. The partner and seller were not disclosed, though multiple media outlets report that the partner is Pacolet Milliken Enterprises and the seller was an affiliate of Goldman Sachs. The 90-year-old building is situated in the Adams Morgan historic district. UIP is expected to begin renovations in the first quarter of this year. UIP purchased The Policy in 2009 as part of a separate joint venture, performed a major renovation and sold the asset in 2014. The pet-friendly community offers studio, one- and two-bedroom floor plans, and amenities include bike storage and a clothes care center.

January 18, 2019

Florida Leasing Activity Office Southeast

Coworking Operator to Anchor One Cocowalk in Miami’s Coconut Grove Neighborhood

by Alex Tostado January 18, 2019

MIAMI — Spaces, an international coworking operator backed by Regus, has signed on to anchor One Cocowalk, the office component of Coconut Grove’s mixed-use development CocoWalk. Spaces will occupy a total of 42,883 square feet when construction of One Cocowalk is expected to be complete — first-quarter 2020. Spaces will occupy 2,029 square feet on the ground floor and space on the second and third floors of the five-story, Class A office building. The lease brings One Cocowalk to 50 percent leased. This will be Spaces’ third location in Florida. Spaces operates 160 locations in 80 countries. Coconut Grove is located about four miles south of downtown Miami. Randy Carballo and Gavin Macphail of JLL’s Miami office represented the tenant in the lease transaction. Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate represented the landlord One Cocowalk, a joint venture comprising Federal Realty Investment Trust, Grass River Property and Comras Co.

January 18, 2019

Acquisitions Hospitality New York Northeast Rhode Island Southeast Virginia

Excel Group Acquires Three-Hotel Portfolio in New York, Rhode Island and Virginia

by David Cohen January 18, 2019

FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.

January 18, 2019

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $62.3M Sale of Industrial Park in Broward County

by Alex Tostado January 17, 2019

POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $62.3 million sale of Powerline Business Park, a 443,720-square-foot, small-bay industrial park in Broward County. The park comprises 24 small-bay buildings on about 26.4 acres. The property features 16- 20-foot clear heights, air-conditioned office space and illuminated parking, as well as dock-high truck loading and grade-level, overhead 12-by-14-foot doors. The park was developed between 1983 and 1994 and was 96.8 percent leased at the time of the sale. Mike Davis, Scott O’Donnell, Rick Brugge, Michael Lerner, Dominic Montazemi and Greg Miller of Cushman & Wakefield represented the locally based seller, Industrial Development Co., in the transaction. San Francisco-based Stockbridge was the buyer.

January 17, 2019

Development Mixed-Use North Carolina Southeast

Bootsmead Set to Demolish 3.5 MSF of Manufacturing Space in Metro Charlotte

by Alex Tostado January 17, 2019

CONCORD, N.C. — Bootsmead LeaseCo LLC has announced that demolition will begin at The Grounds at Concord in the next 30 days, and the project is expected to last all year. D.H. Griffin will perform the demolition of the former cigarette manufacturing facility, which entails 3.5 million square feet across 500 acres. The whole site comprises more than 2,000 acres and was once a filming site of “The Hunger Games” and TV series “Homeland.” JLL Carolinas is marketing the site, which offers access to Interstate 85, is serviced by Norfolk Southern Rail Co. and is situated about 19 miles northeast of Charlotte. According to the marketing team, Charlotte-based Bootsmead is clearing the site in compliance with state and local officials to “create a clean canvas that will appeal to potential users and economic development prospects interested in Concord and the greater Charlotte region.” Chase Monroe, Pete Pittroff, John Cashion, Louis Stephens and Britten Mathews of JLL Carolinas are marketing The Grounds at Concord and are working closely with the Cabarrus Economic Development team.

January 17, 2019

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