Southeast

Baltimore’s Multifamily Market is Growing at an Unprecedented Rate

by John Nelson September 10, 2018

For years, others have considered Baltimore a second-tier market on the Interstate 95 Corridor, lacking the excitement that cities like Philadelphia and Washington, D.C., offer. Not so any more. Baltimore has evolved into a top-tier housing market that is nationally recognized by the investment community. No longer a collection of relics from the “rust belt” banking town that it was decades ago, Baltimore is now a mosaic of adaptive reuses and a hot-bed for tech jobs. The Charm City is an incubator for creativity and entrepreneurship that sprouts from the world-renowned medical and educational institutions such as Johns Hop-kins and the University of Maryland Baltimore. As a result, net absorption for new multifamily units in 2017 surpassed city records and continues to grow at unprecedented rates. There are many factors that contribute to strong levels of demand in a market, such as job growth, affordability and developers creating attractive space targeting all demographics. Baltimore’s evolving job market continues its rapid expansion, driven primarily by “eds and meds.” The sector experienced 19 percent growth over the 10-year average and expand-ed 2.5 percent in 2017. Residents speciﬁcally target areas where they can live, work and play, and with an expanding job market, …

September 10, 2018

Florida Industrial Southeast

Tavistock, McCraney to Co-Develop 1.3 MSF Industrial Project within Orlando’s Infinity Park

by Camren Skelton September 7, 2018

ORLANDO, FLA. — Tavistock Development Co. has partnered with McCraney Property Co. to co-develop 1.3 million square feet of industrial space at Infinity Park, Tavistock’s 206-acre, mixed-use development located along John Young Parkway in Orlando. The joint venture expects to break ground on the speculative light distribution and logistics buildings by the end of the year. Infinity Park currently houses a 113,000-square-foot office building and an adjacent 125,000-square-foot office building currently under construction. Orange Lake Resorts, which joined Infinity Park last year, will house its corporate campus at the buildings. Once complete by the end of the year, the two buildings will house nearly 2,100 employees. At full build-out, the park will feature industrial and hotel space, approximately 50,000 square feet of retail space and up to 500,000 square feet of office space available for build-to-suit and pre-lease opportunities. David Murphy and Monica Wonus of CBRE are handling the leasing assignment for the industrial portion of Infinity Park. John Pottinger and Scott Bell of Tavistock are handling leasing for the project’s retail, hospitality and office segments.

September 7, 2018

Industrial Loans Maryland Southeast

HFF Arranges $56.3M Refinancing for Industrial Complex in Suburban Maryland

by Camren Skelton September 7, 2018

JESSUP, MD. — HFF has arranged a $56.3 million loan for the refinancing of Baltimore Washington Logistics Center, a two-building industrial complex in Jessup, located roughly halfway between Baltimore and Washington, D.C. Daniel McIntyre, Fred Wittmann and Greg LaBine of HFF arranged the loan through Citizens Bank on behalf of the borrower, a joint venture between AEW Capital Management LP and Manekin LLC. Building I at the complex is located at 7600 Assateague Drive and totals 853,503 square feet. The asset was vacant at the time of sale. Building II, located at 7540 Assateague Drive, is a 160,255-square-foot refrigerated warehouse/distribution building that is fully leased to G Cefaly & Bro, a seafood and produce food service distributor.

September 7, 2018

Loans Multifamily Southeast Virginia

Berkadia Secures $41M HUD Refinancing for Apartment Community in Richmond

by Camren Skelton September 7, 2018

RICHMOND, VA. — Berkadia has arranged a $41 million loan for the refinancing of Malvern Manor Apartments, a garden-style multifamily community located at 41 Malvern Ave. in Richmond. Steve Murden and David Blake of Berkadia arranged the 34-year loan through the U.S. Department of Housing and Urban Development (HUD)’s 223(f) program on behalf of the borrower, Malvern Manor Apartments LLC. Originally constructed in 1948, Malvern Manor has had numerous improvements in recent years, including a new clubhouse and additional apartment units. The community includes a mix of one- and two-bedroom floor plans and features a resort-style swimming pool, fitness center and onsite management.

September 7, 2018

Development Georgia Retail Southeast

Sembler, Berkley Development Break Ground on 166,465 SF Retail Project in Macon, Georgia

by Camren Skelton September 7, 2018

MACON, GA. — A joint venture between The Sembler Co. and Berkley Development has broken ground on North Macon Plaza, a 166,465-square-foot retail project located in Macon, located roughly 83 miles south of Atlanta. The center will be home to Marshalls/HomeGoods, Michaels, Beall’s Outlet, Old Navy, Five Below, Famous Footwear and Lifeway Christian. North Macon Plaza will be situated adjacent to a 600,000-square-foot Bass Pro Shops retail facility and distribution center, as well as the Shoppes at River Crossing, a 750,000-square-foot shopping center. The new center is scheduled to open in fall 2019. A second phase of the project could accommodate up to 50,000 square feet, according to the developers.

September 7, 2018

Development Retail Southeast Virginia

New Realm Brewing Opens New Location in Virginia Beach

by Camren Skelton September 7, 2018

VIRGINIA BEACH, VA. — Atlanta-based New Realm Brewing Co. has opened a new brewery in Virginia Beach. Co-founded by Carey Falcone, Bob Powers and Mitch Steele, the new location features a tasting room offering more than 15 different types of beer on tap; a 44,000-square-foot outdoor beer garden with fire pits, adult game areas and a patio bar; and private event space. The facility can produce up to 40,000 barrels annually and is built to scale to even larger capacities in the future. The brewery is located four miles from the oceanfront, in the space that was formerly home to Green Flash Brewing Co. Local food trucks will be onsite at New Realm daily, and bands are scheduled every Friday through Sunday. A full-service restaurant is scheduled to open at the brewery in early 2019. The Virginia Beach location is the second facility for New Realm, which opened its first brewery along the Atlanta BeltLine near Ponce City Market this past year.

September 7, 2018

Development Florida Office Southeast Top Stories

Strategic Property Partners Unveils Plans for Two Office Towers Within $3B Water Street Tampa Project

by Kristin Harlow September 7, 2018

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans for a pair of office towers within the $3 billion Water Street Tampa project. The multi-phased development will comprise more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space upon completion scheduled for 2027. The office towers will total approximately 1 million square feet and will be the first ground-up office buildings to be constructed in downtown Tampa in nearly 25 years. “With Tampa’s population growing daily and sustained job creation happening within the community, we saw a tremendous opportunity to build new and efficient office space within the initial phase of the Water Street Tampa neighborhood,” says David Bevirt, executive vice president of corporate leasing and strategy for SPP. One of the buildings, 1001 Water St., will rise 20 stories and span 380,000 square feet. COOKFOX Architects designed the speculative property. Construction is expected to begin in the spring, with completion slated for the second quarter of 2021, according to the Tampa Bay Times. Building features will include a rooftop terrace, conference space, flex rooms and a wellness community center. A Nelson Byrd Woltz Landscape Architects-designed plaza area will link the building …

September 7, 2018

Development Georgia Industrial Southeast

Automotive Supplier to Invest $72M to Expand Manufacturing Facility Near Atlanta

by Camren Skelton September 6, 2018

COVINGTON, GA. — Nisshinbo Automotive Manufacturing Inc. (NAMI), a manufacturer and supplier of brake pads, will invest $72 million to expand its facility in Covington, Georgia Gov. Nathan Deal announced on Tuesday, Sept. 4. The expansion will create 100 production and administration jobs at the facility, which is located roughly 35 miles southeast of Atlanta. NAMI, a subsidiary of Japan-based Nisshinbo Group, has maintained a presence in Covington for 20 years. The Covington facility produces friction materials for automotive manufacturers and develops environmentally friendly, copper-free brake pads. According to the governor’s office, Japanese-affiliated companies currently operate more than 500 facilities in Georgia, employing approximately 30,000 people.

September 6, 2018

Acquisitions Retail Southeast Tennessee

CBRE Arranges $54M Sale of Parking Garage in Downtown Nashville

by Camren Skelton September 6, 2018

NASHVILLE, TENN. — CBRE has arranged the $54 million sale of Public Square Garage, a 12-story, 1,069-space parking garage located at 350 Deaderick St. in downtown Nashville. Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins of CBRE arranged the transaction on behalf of the seller, a joint venture between RBN Equities and a fund managed by Jadian Capital. Nashville Garage LP, an affiliate of Stolz Real Estate Partners, acquired the property. In addition to parking, Public Square Garage features 37,000 square feet of retail and office space on the lower two floors.

September 6, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers Sale of 414,472 SF Office Park in Orlando

by Camren Skelton September 6, 2018

ORLANDO, FLA. — Cushman & Wakefield has brokered the sale of Millenia Lakes I, II and III, a 414,472-square-foot office park in Orlando. The portfolio is part of a 450-acre master-planned development that includes office, apartments, a hotel and retail space. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Barings Real Estate, an affiliate of Barings LLC. An affiliate of Starwood Capital Group acquired the assets for an undisclosed price. The three buildings in the park were built in phases between 2001 and 2007. On-site amenities include a fitness center, café and a walking/jogging path surrounding a lake. The buildings are located adjacent to the Mall at Millenia, a regional shopping mall. The Millenia Lakes portfolio was 91.2 percent leased at the time of sale to tenants such as Prudential and AXA Equitable Life Insurance.

September 6, 2018

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