Southeast

MedProperties, Aurum Partner to Buy Medical Office Building Near Chattanooga

by Alex Tostado January 17, 2019

CLEVELAND, TENN. — MedProperties Realty Advisors LLC and Aurum Property Partners LLC have created a joint venture to acquire Bradley Professional Building, a four-story, 81,382-square-foot medical office building in Cleveland. The property is situated on the Tennova Healthcare — Cleveland campus, about 30 miles northeast of Chattanooga. The value-add site can accommodate another building up to 40,000 square feet. Bradley Professional Building was 95 percent leased at the time of the transaction. The sales price and seller were not disclosed.

January 17, 2019

Features Midwest Multifamily Northeast Southeast Student Housing Texas Western

NKF Multifamily: Student Housing Sector Outlook for 2019

by Katie Sloan January 17, 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and beyond. There remains great opportunity as the student market, as a whole, is fundamentally sound and viewed as a risk averse asset class within the larger investment community. SHB: Which submarkets will surprise people in 2019? Lang: While average occupancy at major Tier I universities continues to be stable near 95 percent, we believe several markets that have been supply constrained over the past few academic year cycles will begin making noticeable recoveries. Of note, we believe Texas Tech (Lubbock), Ole Miss (Oxford), and Michigan State (Lansing) have the potential to outperform investor expectations. SHB: What market shifts are you noticing that others haven’t? What would you whisper to clients and prospects? Lang: Along with newer construction product, there are clearly more opportunistic assets hitting the market and more yield driven …

January 17, 2019

Leasing Activity Office Southeast Virginia

PBS Signs 15-Year Lease to Keep Headquarters in Metro D.C.

by Alex Tostado January 16, 2019

ARLINGTON, VA. — Public Broadcasting Service (PBS) has signed a 15-year lease to remain with landlord JBG Smith Properties. PBS will relocate from JBG Smith’s 2100 Crystal Drive asset in Arlington’s Crystal City district to JBG Smith’s asset situated at 1225 S. Clark St. in Arlington’s National Landing district. National Landing is a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. The two assets are located less than a mile apart. PBS is expected to relocate in mid-2020, where it will occupy 120,328 square feet alongside March of Dimes, Conservation International and other nonprofits. Paul Darr, Dale Powell and Chaise Schmidt of Cushman & Wakefield represented PBS in the lease transaction.

January 16, 2019

Acquisitions North Carolina Retail Southeast

Loden Properties Sells Target-Anchored Retail Center in Raleigh for $7.4M

by Alex Tostado January 16, 2019

RALEIGH, N.C. — Loden Properties has sold a two-tenant shopping center adjacent to North Carolina State University in Raleigh for $7.4 million. The 24,656-square-foot asset is anchored by a 22,211-square-foot, urban-formatted Target and 2,445 square feet is leased to Guasaca, a fast-casual Venezuelan restaurant. San Francisco-based Stockbridge bought the property. Tom Kolarczyk, Justin Good and Warren Johnson of HFF represented the seller in the transaction.

January 16, 2019

Alabama Loans Multifamily Southeast

Barings Provides $10.9M Fannie Mae Refinance Loan for New Apartment Complex in Downtown Birmingham

by Alex Tostado January 16, 2019

BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not disclosed.

January 16, 2019

Georgia Loans Multifamily Southeast

NorthMarq Arranges $9.3M in Acquisition Financing for Apartment Complex in Athens, Georgia

by Alex Tostado January 16, 2019

ATHENS, GA. — NorthMarq Capital has arranged $9.3 million in acquisition financing for Arbor Ridge Apartments, a 212-unit multifamily community situated at 150 Chateau Terrace in Athens. Andrew Slaton and Griffin Whitlock of NorthMarq arranged the Freddie Mac, seven-year, floating-rate loan on behalf of the borrower, Asia Capital Real Estate (ACRE). Arbor Ridge Apartments was built in 1969 and renovated in 2008 by the undisclosed seller. ACRE plans to further renovate the common areas and amenities over the next couple of years. Amenities include a clubhouse, fitness center, laundry facility, playground, pool, courtyard, tennis court and a business center. The complex is situated about five miles from downtown Athens and about three miles from the University of Georgia.

January 16, 2019

Georgia Leasing Activity Office Southeast

Dilweg Signs Tech Startup to Full-Floor Office Lease in Downtown Atlanta

by Alex Tostado January 16, 2019

ATLANTA — The Dilweg Cos. has signed Steady, an Atlanta-based tech startup, to a full-floor lease at Centennial Tower located at 101 Marietta St. in downtown Atlanta. Steady gained fame when it beat out more than 1,000 competitors at Money Pitch at Money 20/20, the world’s largest innovation event. The startup company will occupy 20,060 square feet of space for six years. Centennial Tower recently underwent a $5 million renovation to improve amenities and workspace. Katherine Lynch of CBRE represented the landlord in the lease transaction, while Greg Baxendale of JLL represented the tenant.

January 16, 2019

Acquisitions Georgia Office Southeast

Insurance Companies Partner to Acquire Buckhead Office Building in Atlanta for $166M

by Alex Tostado January 15, 2019

ATLANTA — A joint venture between New York Life Insurance Co. and Ilmarinen Mutual Pension Insurance Co. has purchased Prominence in Buckhead, a 433,000-square-foot, Class A office building in Atlanta’s Buckhead district. The seller and sales price were undisclosed, but multiple media outlets report that Crocker Partners LLC sold the asset for $166 million. The 19-story building was delivered in 1999 at the intersection of Piedmont and Lenox roads. New York Life Real Estate Investors represented the joint venture in the transaction. According to the firm’s Atlanta’s office, the lobby, amenities and common areas of Prominence will be upgraded.

January 15, 2019

Acquisitions Florida Hospitality Southeast

HFF Arranges $48.7M Sale of Pullman Miami Airport Hotel

by Alex Tostado January 15, 2019

MIAMI — HFF has arranged the $48.7 million sale of the Pullman Miami Airport Hotel, a 281-room hotel in Miami’s Blue Lagoon Office Park. The hotel was constructed in 1986 and underwent a multimillion-dollar renovation in 2016. Amenities include 18,500 square feet of indoor and outdoor meeting and event space; an outdoor pool; tennis courts; fitness center; business center; and two food and beverage outlets, La Riviera and Le Bar. The hotel is located about four miles from Miami International Airport. Alexandra Lalos, Tony Malk and Daniel Peek of HFF represented the undisclosed seller in the transaction. The buyer was London & Regional, a London-based real estate firm.

January 15, 2019

Loans Office Southeast Virginia

Square Mile Capital Provides $36M Acquisition Loan to Meridian Group for Office Building in Arlington

by Alex Tostado January 15, 2019

ARLINGTON, VA. — Square Mile Capital Management LLC has provided a $36 million loan to The Meridian Group for the acquisition of a five-story office building situated in Arlington’s Courthouse District. The office building is located at 2500 Wilson Blvd., about five miles north of Ronald Reagan Washington National Airport and about four miles west of downtown Washington, D.C. The loan also includes funds for capital improvement and leasing plans. Joe Donato and Kassi Sardidakis of Newmark Knight Frank arranged the financing.

January 15, 2019

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