Southeast

Hollingsworth Underway on 253,180 SF Industrial Building in Mocksville, North Carolina

by Camren Skelton September 19, 2018

MOCKSVILLE, N.C. — The Hollingsworth Cos. is underway on a 253,180-square-foot building within SouthPoint Business Park in Mocksville, located roughly 60 miles north of Charlotte. The industrial building is the second in a four-building, 644,644-square-foot expansion within the park, and the 10th building overall. The new facility will feature 30-foot clear heights, 60- by 60-foot column spacing and LED lighting. The ninth building in the park — the first building in the expansion — is a 108,960-square-foot speculative facility. Two additional buildings totaling 152,160 and 130,344 square feet are planned in the park. Both facilities will be able to expand to more than 230,000 square feet. Construction is scheduled to begin on the two buildings in 2019.

September 19, 2018

Company News Georgia Southeast

Cousins Properties Names Colin Connolly CEO, Gellerstedt Remains as Executive Chairman

by Camren Skelton September 19, 2018

ATLANTA — Atlanta-based REIT Cousins Properties Inc. (NYSE: CUZ) has named Colin Connolly CEO, effective Jan. 1, 2019. Larry Gellerstedt, the company’s current chairman and CEO, will transition to executive chairman. “Colin’s promotion is part of a deliberate and planned succession effort that will allow Cousins Properties to benefit from his ideas, energy and strategic leadership skills, while continuing its evolution into a larger, highly focused company,” said Gellerstedt. Since joining Cousins Properties in 2011, Connolly, 42, has held the roles of senior vice president, chief investment officer, executive vice president and chief operating officer. Last year, he was named president of the company, a title he will retain in addition to his role as CEO. “Growing up in Atlanta, I have a deep appreciation for Cousins Properties and its importance to this community,” said Connolly. “The opportunity to work side by side with Larry and our outstanding team for more than seven years has been tremendous, and I have total confidence that our top-quality Sunbelt portfolio and strong balance sheet leave us well positioned to maintain our position as one of the top urban [REITs] in the marketplace.” Cousins Properties’ stock price closed at $9.08 per share on Tuesday, Sept.18, …

September 19, 2018

Acquisitions Maryland Multifamily Southeast

FCP Sells Two Multifamily Communities in Metro D.C. for $56M

by Camren Skelton September 18, 2018

ST. CHARLES, MD. — FCP has sold two multifamily properties in St. Charles, roughly 30 miles south of Washington, D.C., for $56 million. Preservation Partners acquired the assets, which include the 136-unit Headen House and the 204-unit Huntington. The communities are part of a larger portfolio that FCP acquired in 2009. Over the past eight years, FCP repositioned and sold portions of the portfolio. All of the units at Headen House and Huntington are affordable under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 program.

September 18, 2018

Florida Loans Multifamily Southeast

Berkadia Arranges $45.8M Acquisition Loan for Apartment Tower Along Miami River

by Camren Skelton September 18, 2018

MIAMI — Berkadia has arranged a $45.8 million bridge loan for the acquisition of River Oaks Marina & Tower, a 199-unit apartment community located along the Miami River at 1951 N.W. S. River Drive in Miami. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan through a correspondent life company on behalf of the buyer, a Miami-based real estate investment firm. The new ownership will use proceeds of the loan to modernize the 20-story community and update its amenity base. River Oaks Marina & Tower offers a mix of one-, two- and three-bedroom units ranging in size from 720 square feet to 1,942 square feet. Community amenities include a clubhouse, pool, business center and a barbecue/picnic area.

September 18, 2018

Development Georgia Mixed-Use Southeast

Grubb Properties Unveils Plans to Develop 19-Acre Mixed-Use Project in Metro Atlanta

by Camren Skelton September 18, 2018

DUNWOODY, GA. — Grubb Properties is moving forward with Park at Perimeter Center East, a 19-acre mixed-use project in Dunwoody, roughly 17 miles north of Atlanta. The Charlotte-based company has submitted a rezoning request to the Dunwoody City Council to rezone the site from “Office Industrial” to include residential and retail. The proposed project would include a mix of 900 condominiums, 500,000 square feet of new office space, approximately 12,000 square feet of retail space and three acres of green space. The site is already home to three office buildings totaling 285,000 square feet. After acquiring the site, Grubb Properties refreshed the buildings’ interiors and updated the lobbies. The buildings house tenants such as Veritas Collective, Alzheimer’s Association, Hotel Equities and Marx Okubo Associates. Grubb Properties will focus on making the project walkable and bikeable, encouraging the utilization of nearby transit options such as MARTA. Park at Perimiter East will have a 12-foot shared-use path around the perimeter that will run alongside an existing bike lane. An approval timeline and construction schedule were not disclosed.

September 18, 2018

Acquisitions Office South Carolina Southeast

Norvell Real Estate Negotiates $16.9M Sale of Office Building in North Charleston

by Camren Skelton September 18, 2018

NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has arranged the $16.9 million sale of Ashley Center, a 70,000-square-foot office building located at 4401 Belle Oaks Drive in North Charleston. Frank Norvell of Norvell Real Estate arranged the transaction on behalf of the seller, RCF Ashley Center LLC. Norvell also renewed leases with Ingevity South Carolina LLC, which occupies 20,758 square feet, and Aerotek Inc., which occupies 8,834 square feet. Chris Fraser of Avison Young represented the buyer.

September 18, 2018

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Brokers $7M Sale of Hotel in Port Charlotte, Florida

by Camren Skelton September 18, 2018

PORT CHARLOTTE, FLA. — DSH Hotel Advisors has arranged the $7 million sale of a Microtel Inn & Suites by Wyndham in Port Charlotte. Dennis Hopper of DSH Hotel Advisors represented both the seller, Interdevco, and the buyer, Maingate East Development, in the transaction. The Microtel Inn & Suites features a business center, fitness center, complimentary breakfast, free Wi-Fi, outdoor pool and meeting rooms. The hotel is located near the Charlotte County Historical Center, Bayshore Park Fishing Pier and the Cultural Center of Charlotte County.

September 18, 2018

Development Michigan Midwest Northeast Pennsylvania Southeast Student Housing Tennessee Top Stories

Campus Apartments Opens Four Student Housing Communities in Tennessee, Michigan, Pennsylvania

by John Nelson September 18, 2018

PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …

September 18, 2018

Loans Maryland Multifamily Southeast

Walker & Dunlop Arranges $69.9M Fannie Mae Financing for Multifamily Acquisitions in Atlanta, Richmond Suburbs

by Camren Skelton September 17, 2018

BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.

September 17, 2018

Development Georgia Retail Southeast

Publix to Open GreenWise Market in Metro Atlanta

by Camren Skelton September 17, 2018

MARIETTA, GA. — Publix Super Markets Inc. has announced plans to open the fifth location for its new-format GreenWise Market in Marietta, a suburb roughly 20 miles north of Atlanta. The store will be located at the southeast corner of Sandy Plans and Shallowford roads. Atlanta-based developer Fuqua Development inked the lease with Publix Super Markets. Owned and operated by the Lakeland, Fla.-based grocer, GreenWise Market is a specialty, natural and organic store that features house-prepared meals, grab-and-go items and groceries under its GreenWise brand. The first GreenWise market is scheduled to open in Tallahassee, Fla., next month. Other announced locations include Mount Pleasant, S.C., and Lakeland and Boca Raton, Fla. The Mount Pleasant and Lakeland stores are expected to open in 2019. An opening date for the Marietta location was not released.

September 17, 2018

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