Southeast

Lantower Residential Purchases Newly Constructed Apartment Community in Tampa Bay Area for $57.7M

by Camren Skelton June 14, 2018

ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.

June 14, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $40.4M Financing for Multifamily Conversion in Metro D.C.

by Camren Skelton June 14, 2018

ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.

June 14, 2018

Company News District of Columbia Southeast

Madison Marquette, PMRG Finalize Previously Announced Merger

by Camren Skelton June 14, 2018

WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have closed on their previously announced merger. News of merger discussions was originally announced at the end of May. “Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets. Merging operations with PMRG meets that demand,” says Amer Hammour, chairman of Madison Marquette. “Our combined capabilities also make us uniquely qualified to meet shifting market demand for mixed-use development, management and investment expertise.” Leadership of both firms will remain in place. While the operating platforms are in transition and until the combined company reveals its new name, the two companies will retain their individual brands. The combined company will be headquartered in Washington, D.C., with a major presence in Houston.

June 14, 2018

Acquisitions Georgia Industrial Southeast

Avison Young Brokers $9M Sale of 130,250 SF Warehouse in Metro Atlanta

by Camren Skelton June 14, 2018

KENNESAW, GA. — Avison Young has brokered the $9 million sale of 3075 Chastain Meadows Parkway, a 130,250-square-foot warehouse in the northwest Atlanta suburb of Kennesaw. Brent Weitnauer, Chip Watson and Ben Parker of Avison Young arranged the transaction on behalf of the seller, Suzuki. Exeter 3075 Chastain Meadows LLC, an affiliate of Exeter Property Group, acquired the asset. The building has the capability to expand by an additional 2.9 acres.

June 14, 2018

Florida Loans Retail Southeast Top Stories

Turnberry, Simon Refinance Aventura Mall in South Florida With $1.75B Loan

by Camren Skelton June 14, 2018

AVENTURA, FLA. — Aventura Mall Venture, a partnership between Turnberry Associates and Simon Property Group (NYSE: SPG), has received $1.75 billion in financing for Aventura Mall in Aventura, a city in South Florida’s Miami-Dade County. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank provided the financing. According to multiple news outlets, the loan will be used to pay off a $1.2 billion CMBS loan that Turnberry and Simon secured in 2013, and a $214 million loan that mall owners took out in 2016 to fund a 315,000-square-foot expansion. The new three-level wing includes experiential additions to the Arts Aventura Mall program, a 93-foot-tall Aventura Slide Tower, the first Topshop Topman in Florida, Zara, Under Armour, Treats Food Hall and new dining options offering indoor and outdoor seating. The nearly 3 million-square-foot Aventura Mall is home to more than 300 tenants, including Nordstrom, Bloomingdale’s, Macy’s, Gucci, Louis Vuitton, Burberry, Anthropologie, H&M, Urban Outfitters and a 24-screen AMC movie theater. Jack Kessler, Rebecca Livingston Lando, Bruce Booken, Jason D’Amico, George Cass, Rebecca Trinkler and Haley Ayure of Buchanan Ingersoll & Rooney PC provided legal representation for Turnberry and Simon. “This transaction is important because it enables Aventura Mall to …

June 14, 2018

Conference Coverage Features Healthcare North Carolina Property Type South Carolina Southeast Southeast Feature Archive

Healthcare Systems, Physicians are ‘More Sophisticated’ When it Comes to Real Estate, Says InterFace Healthcare Panel

by John Nelson June 13, 2018

CHARLOTTE, N.C. — Healthcare systems and physicians groups once viewed their real estate operations as a line item on a ledger and not as high a priority as staffing, education or equipment. In the years since reimbursements from Medicare began tightening as it went from a fee-for-service model to an outcome-based one, healthcare systems and physicians are getting more savvy when it comes to their real estate strategies. “With respect to real estate, healthcare systems used to be naïve,” said Mark Curtis, director of Greenville Health System, a not-for-profit system serving the Upstate South Carolina area. “Now they’re far more sophisticated than they were five years ago.” Curtis was one of five healthcare real estate experts on stage at a panel entitled “What Do Hospitals & Systems See Coming in 2018?” Rex Noble, senior vice president of asset management at Flagship Healthcare Properties, moderated the discussion. The panel was the closing act at the eighth annual InterFace Healthcare Real Estate Carolinas show, which took place on May 31 at the Hilton City Center hotel in Uptown Charlotte. The event drew 160 attendees in the healthcare real estate space from across North and South Carolina. Operations are Under the Microscope Spurred …

June 13, 2018

Florida Loans Multifamily Southeast

HFF Arranges $53.2M Construction Financing for Multifamily Community in Miami’s Wynwood Neighborhood

by Camren Skelton June 13, 2018

MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.

June 13, 2018

Development North Carolina Office Southeast

Trinity Capital to Break Ground on 198,195 SF Office Building Within Charlotte’s Toringdon Office Park

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — Trinity Capital Advisors will begin construction this month on Toringdon 7, a 198,195-square-foot office building located in Charlotte. The eight-story building will be the seventh and final office building within Toringdon Office Park, which Trinity Capital began acquiring in 2012. After bringing the park under single ownership, the firm invested in capital improvements that included a new fitness center and pocket park. Toringdon 7 will feature column-free floor plans, floor-to-ceiling windows and a parking ratio of four spaces per 1,000 square feet. Architecture firm Gensler designed the building, Brasfield & Gorrie is the project’s general contractor and D&A Wolverine is the civil engineer. Trinity Capital expects to wrap up construction on the building in summer 2019. Located immediately off Interstate 485, Toringdon Office Park is 95 percent leased to tenants such as Blue Cross Blue Shield of North Carolina, Coats, Coldwell Banker, Crown Castle, Harsco, Keller Williams, Novolex, PepsiCo, Regus, Selective Insurance, Heartland Payment Systems and TIAA.

June 13, 2018

Acquisitions Multifamily North Carolina Southeast

Phoenix Realty Group Buys 345-Unit Apartment Community in Durham for $37.2M

by Camren Skelton June 13, 2018

DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.

June 13, 2018

Acquisitions North Carolina Office Southeast

Dilweg Acquires 14-Building Office Park in Charlotte for $45.6M, Plans Renovation

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — The Dilweg Cos. has acquired Vanguard Center, a 14-building office park in Charlotte, in two separate transactions. The sales price was not disclosed, but the Charlotte Business Journal reports the Durham-based company acquired the assets from True North Management Group for $45.6 million. Dilweg plans to invest significant capital to improve the park, which was constructed between 1975 and 1997. Planned renovations include exterior improvements, updates to mechanical systems and common area and tenant amenity upgrades. Perkins + Will, an architectural firm, will assist with the renovations. Vanguard Center totals 563,504 square feet and was 65 percent leased at the time of sale to tenants including MapAnything, National Welders, MI Home and The Home Depot. Patrick Gildea and Matt Smith of CBRE arranged the transaction on behalf of the seller. Dilweg has retained CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey and Katherine Richey to handle the park’s leasing assignment. The purchase of Vanguard Center brings Dilweg’s Charlotte office portfolio to more than 1.7 million square feet and its Southeast office holdings to more than 6.4 million square feet.

June 13, 2018

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