Southeast

Cushman & Wakefield Arranges $174M in Acquisition Financing for Multifamily Portfolio in Maryland, Virginia

by Camren Skelton June 29, 2018

WASHINGTON, D.C. — Cushman & Wakefield has arranged $174 million in financing for the acquisition of a 13-property multifamily portfolio located throughout Maryland and Virginia. Philip Mudd and Brad Geiger of Cushman & Wakefield’s Washington, D.C., office arranged 13 separate loans, each with 15-year terms, on behalf of the borrower, Kay Management. PGIM Real Estate Finance provided the fixed-rate loans through Fannie Mae. The portfolio totals 5,007 units and includes: Londonderry Apartments, Seneca Club, Wayne Manchester and White Oak Towers in Montgomery County, Md.; Deerfield Run, Gateway Square, Iverson Towers, Kenilworth Towers, Kirkwood Apartments, Lansdowne Village and Top of the Hill in Prince George’s County, Md.; Harbour Gates in Anne Arundel County, Md.; and London Park Tower in Alexandria, Va. The apartment mix includes mid-rise, high-rise, garden-style and townhomes.

June 29, 2018

Florida Loans Multifamily Southeast

NorthMarq Provides $93.7M Fannie Mae Financing for Two Apartment Assets in Broward County

by Camren Skelton June 29, 2018

MIAMI AND DAVIE, FLA. — NorthMarq Capital has arranged $93.7 million in acquisition financing for Sundance Village and The Gardens at Nova, two apartment communities located in Miami and the nearby suburb of Davie, respectively. The financing package included fixed- and floating-rate debt, as well as joint venture equity. Stephen Whitehead of NorthMarq secured the Fannie Mae financing on behalf of the undisclosed borrower, and a correspondent life company provided the joint venture equity. Both loans feature 10-year terms, five years of interest-only payments and 30-year amortization schedules. Sundance Village totals 304 units and features a resident clubhouse, pool and private balconies. The 140-unit Gardens at Nova features a business center, clubhouse, coffee bar, fitness center and a pool.

June 29, 2018

Development Industrial North Carolina Southeast

Avison Young Negotiates Sale of 42.6-Acre Site in Charlotte, Buyer Plans 420,000 SF Industrial Project

by Camren Skelton June 29, 2018

CHARLOTTE, N.C. — Avison Young has negotiated the sale of a 42.6-acre site near the Norfolk Southern intermodal facility in Charlotte. The buyer, The Silverman Group, plans to develop a 420,000-square-foot industrial facility at the site, which is located at Charlotte Douglas International Airport, less than a mile from the $96 million Charlotte Regional Intermodal Facility. Dubbed the Charlotte Intermodal Logistics Center, the new facility will feature 36-foot clear heights and cross-docking designed to suit a single tenant or multiple tenants. The intermodal facility at the airport is capable of handling up to 200,000 lifts annually and is part of the Southern Crescent project, Norfolk Southern’s capital improvement project for its rail transportation network. Chris Skibinski, Chris Loyd and Henry Lobb of Avison Young arranged the land sale on behalf of The Silverman Group. Avison Young will also handle the property’s leasing assignment. A construction timeline for the project was not disclosed.

June 29, 2018

Acquisitions Kentucky Office Southeast

Rainier Realty Acquires Two Office Buildings Totaling 178,300 SF in Frankfort, Kentucky

by Camren Skelton June 29, 2018

FRANKFORT, KY. — Rainier Realty Investments has acquired two office buildings totaling 178,300 square feet in Frankfort, roughly 25 miles northwest of Lexington. The adjacent buildings are located at 1024 and 1025 Capital Center Drive, five miles from the Kentucky State Capitol. The buildings are fully leased to agencies of the State of Kentucky. The seller and sales price were not disclosed.

June 29, 2018

Acquisitions Office South Carolina Southeast

Dominion Realty Purchases 61,047 SF Office Building in Downtown Greenville

by Camren Skelton June 29, 2018

GREENVILLE, S.C. — Dominion Realty Partners (DRP), a full-service real estate firm, has acquired The Ogletree Building, a 61,047-square-foot office property located at 300 N. Main St. in downtown Greenville. The seller and sales price were not disclosed. The property underwent renovations and updates in 2016, and was fully leased at the time of sale to financial services and law firms. The Ogletree Building features a dedicated, adjacent parking garage and is located near various hotels, restaurants, retailers, entertainment venues and public parks.

June 29, 2018

Acquisitions Florida Multifamily Southeast

ARA Newmark Arranges $43.9M Sale of Apartment Community in Palm Beach County

by Camren Skelton June 28, 2018

BOYNTON BEACH, FLA. — ARA Newmark has arranged the $43.9 million sale of Aventine at Boynton Beach, a 216-unit apartment community in Boynton Beach, a city in Palm Beach County. Avery Klann, Hampton Beebe and Jonathan Senn of ARA Newmark arranged the transaction on behalf of the seller, Massachusetts-based Claremont Cos. Tampa-based Robbins Property Associates acquired the asset. Constructed in 2002, Aventine at Boynton Beach includes a mix of one-, two- and three-bedroom units and features a fitness center, resort-style pool, car care center and barbecue and picnic areas. The new ownership plans to upgrade unit interiors and enhance the community’s amenity package.

June 28, 2018

Acquisitions North Carolina Office Southeast

RealOp Investments Acquires Seven-Building Office Portfolio in Triangle for $30.6M

by John Nelson June 28, 2018

RALEIGH, N.C. — RealOp Investments has purchased a seven-building office portfolio spanning more than 223,000 square feet in the Raleigh-Durham area. The Greenville, S.C.-based investor purchased the portfolio from Sun Life Assurance Co. of Canada, a subsidiary of Sun Life Financial, for $30.6 million. The properties in the sold portfolio include RDU Center I, a 60,083-square-foot office building located near Raleigh-Durham International Airport; Horizon I, II and IV, three office assets located along Six Forks Road in north Raleigh spanning 105,747 square feet; and Franklin Park, a three-building brick campus in Chapel Hill totaling 57,288 square feet. Blake Thomas and Grant Linderman of Avison Young’s Raleigh-Durham office represented the seller in the transaction. RealOp Investments has tapped Arnold Siegmund and Carlo DiGiorgio of Avison Young to provide leasing services for the portfolio.

June 28, 2018

Acquisitions Maryland Retail Southeast

Velocis, Katz Buy 230,925 SF Grocery-Anchored Retail Center Near D.C.

by Camren Skelton June 28, 2018

BRANDYWINE, MD. — Velocis, in partnership with Katz Properties, has acquired Brandywine Crossing, a 230,925-square-foot retail center located at 15922 Crain Highway in Brandywine, roughly 20 miles southeast of Washington, D.C. The name of the seller and sales price were not disclosed. Safeway anchors the open-air center, which is also home to tenants such as Marshalls, Target and Costco. Katz will manage the property. The transaction marks Velocis’ fifth acquisition in the Washington, D.C., metro area since 2011.

June 28, 2018

Acquisitions Florida Restaurant Retail Southeast

HFF Brokers Sale of 109,890 SF Retail Center Along Orlando’s Restaurant Row

by Camren Skelton June 28, 2018

ORLANDO, FLA. — HFF has brokered the sale of Dellagio Town Center, a 109,890-square-foot retail center located along Orlando’s Restaurant Row. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF arranged the transaction on behalf of the undisclosed seller. Concorde Group Holdings LLC acquired the property for an undisclosed price. Constructed in 2009, Dellagio Town Center was 95.8 percent leased at the time of sale to tenants including Fleming’s Prime Steakhouse, BRAVO! Cucina Italiana, Dragonfly Sushi, Big Fin Seafood Kitchen and Urbain40.

June 28, 2018

Development Healthcare Southeast Tennessee

Rendina Breaks Ground on 120,000 SF Medical Facility in Germantown, Tennessee

by Camren Skelton June 28, 2018

GERMANTOWN, TENN. — Rendina Healthcare Real Estate has broken ground on a new 120,000-square-foot medical facility for Campbell Clinic in Germantown, roughly 21 miles southeast of Memphis. The Tennessee-based orthopaedic clinic currently offers care at five outpatient clinics and two ambulatory surgery centers. The new facility will be located adjacent to Campbell Clinic’s existing orthopaedics building, which will be renovated in conjunction with the new construction. The new building will include an ambulatory surgery center with eight operating rooms, an outpatient orthopaedic clinical space and an expanded physical therapy and sports performance area. Rendina expects to wrap up construction on the four-story building by fall 2019.

June 28, 2018

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