Southeast

Eyzenberg & Co. Selects Greystar to Develop 850-Bed Student Housing Community Near UNC Chapel Hill

by Camren Skelton June 6, 2018

CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and will feature study spaces, a swimming pool, fitness facilities, five-level parking garage and a rooftop deck. Townhouse Apartments LLC, owned by the Segar Family, which also owns the land, developed the project concept, managed the design, coordinated the entitlement and delivered the permits. Greystar expects to break ground on the community this summer and deliver the project prior to the 2020-2021 school year.

June 6, 2018

Acquisitions Maryland Multifamily Southeast

Morgan Properties, Core Real Estate Buy Apartment Community Near Baltimore for $50M

by Camren Skelton June 5, 2018

ELLICOTT CITY, MD. — Morgan Properties, in a joint venture with Core Real Estate Partners, has acquired Orchard Meadows in Ellicott City for $50 million. The 240-unit community, located roughly 16 miles west of Baltimore, was constructed in two phases in 1998 and 2012. The new ownership will invest $2 million to upgrade the property. Planned renovations included kitchen upgrades, an enhanced fitness center, new grilling area and fire pit and a refreshed clubhouse, leasing office and business center. In addition, the joint venture will add a putting green, outdoor gaming area, playground, exterior fitness stations, a dog park and package rooms. Orchard Meadows features a mix of one- and two-bedroom apartment units. The transaction marks Morgan Properties’ seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012.

June 5, 2018

Company News District of Columbia Southeast

Gunnar Branson to Join AFIRE as Next CEO

by Camren Skelton June 5, 2018

WASHINGTON, D.C. — Gunnar Branson will join the Association of Foreign Investors in Real Estate (AFIRE) as CEO following the September retirement of the organization’s long-time head, James Fetgatter. Branson joins AFIRE following seven years as CEO of the National Association of Real Estate Managers (NAREIM). Previously, Branson held leadership positions at GE Capital Real Estate and Heller Financial, and has consulted with companies including JLL, Wells Fargo, Wrightwood Capital, CIBC and Fidelity Investments. “I am excited to begin work with AFIRE and to continue the high-level relationships fostered by Jim Fetgatter for so many years,” said Branson. “AFIRE is an essential forum for navigating the unique challenges of global institutional real estate investing, and I look forward to participating in that discussion.” Founded in 1988, Washington, D.C.-based AFIRE provides a platform for investors to communicate through global meetings in key cities around the world, including in the United States and Europe. Two former U.S. presidents, four former secretaries of state, four former secretaries of defense and former prime ministers from the UK, Ireland, Spain and Australia have addressed AFIRE conferences.

June 5, 2018

Development Georgia Loans Multifamily Southeast

Cushman & Wakefield Secures $37.8M Construction Financing for Multifamily Project on Atlanta’s Upper Westside

by Camren Skelton June 5, 2018

ATLANTA — Cushman & Wakefield has secured $37.8 million in construction financing for the development of Vue at the Quarter, a 271-unit multifamily community that will be located at 2048 Bolton Drive N.W. in Atlanta’s Upper Westside submarket. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged a $32.8 million senior loan through Ameris Bank and $5 million in preferred equity through RSE Capital Partners on behalf of the project developer, GJ Enterprises Acquisitions. The 359,000-square-foot community will include five four- and five-story buildings. GJ Enterprises expects to wrap up construction on the project in May 2020.

June 5, 2018

Acquisitions Florida Multifamily Southeast

FCP Acquires 264-Unit Apartment Community in Orlando for $23.6M

by Camren Skelton June 5, 2018

ORLANDO, FLA. — Federal Capital Partners (FCP) has acquired Royal Isles, a 264-unit multifamily community in Orlando, for $23.6 million. The community includes a mix of one-, two- and three-bedroom units and features a 24-hour fitness center, swimming pool with sundeck, playground, picnic area with grills and an onsite laundry center. Evan Kristol and Felipe Echarte of Marcus & Millichap’s The Kristol Group arranged the transaction on behalf of the undisclosed seller. Berkadia arranged the assumption of the existing Fannie Mae mortgage.

June 5, 2018

Development Leasing Activity Maryland Retail Southeast

Kimco Realty Adds Five Anchors at $108M Retail Development Near Baltimore

by Camren Skelton June 5, 2018

OWINGS MILLS, MD. — Kimco Realty Corp. has signed five new tenants to Mill Station, a $108 million open-air retail development in Owings Mills, located roughly 20 miles northwest of Baltimore. Lowe’s Home Improvement, Marshalls, HomeSense, Burlington and Five Below will join the anchor lineup at the development, located at the site of the former Owings Mills Mall. With the addition of the new retailers, the project is 75 percent preleased. Previously announced tenants include AMC Theatre and Costco, which is expected to open later this year. The other announced tenants are scheduled to open throughout the first half of 2019. At full build-out, Mill Station will total 620,000 square feet and will house up to 30 retailers and restaurants.

June 5, 2018

Conference Coverage Features North Carolina South Carolina Southeast Southeast Feature Archive

‘Broadening’ Economy on Track for Longest Expansion Cycle in U.S. History, Says Wells Fargo’s Mark Vitner

by John Nelson June 5, 2018

CHARLOTTE, N.C. — It’s been nine years since the Great Recession ended, and if the economy can make it to June 2019 without suffering a relapse, it will be the longest business cycle in U.S. history. Mark Vitner, managing director and senior economist of Wells Fargo Securities, believes that will happen because of how broad-based the recovery has been. “For the most part, over the last nine months to a year all 50 states have been growing, which is something that hasn’t happened before,” says Vitner, who is based in Wells Fargo’s Charlotte office. “Typically, when the economy broadens it makes for a more durable expansion. When the strength of the economy begins to narrow, with fewer industries and states expanding, that’s usually a sign that a recession is a year to 18 months ahead.” Vitner’s commentary came during his keynote address at the ninth annual Carolinas InterFace conference. The half-day event, which took place on Thursday, May 31 at the Hilton Charlotte City Center hotel in Uptown Charlotte, drew 212 attendees from across the commercial real estate industry in North and South Carolina. The veteran economist says that the United States is currently at full employment with a majority …

June 5, 2018

Acquisitions Industrial Loans Southeast Tennessee

HFF Arranges $50M Sale, Acquisition Financing for 4.2 MSF Industrial Portfolio Near Memphis Airport

by Camren Skelton June 4, 2018

MEMPHIS, TENN. — HFF has brokered the $50 million sale of Memphis Depot, a 43-building industrial portfolio located one mile from Memphis International Airport. Adam Herrin, Stephen Bailey and Jason Nettles of HFF arranged the transaction on behalf of the seller, Mayfield Properties LP. Brian Carlton, David Wheless and Nielsen Keopfgen of HFF arranged a seven-year, $32.5 million acquisition loan through Allegiant Real Estate Capital on behalf of the buyer, a partnership between Diamond Properties and funds managed by Ares Management LP. The industrial property was originally constructed in 1942 as a military supply base for use in World War II. The military used the buildings until 1997, when it was redeveloped into an industrial park by the City of Memphis and Shelby County. The portfolio is 91 percent leased and totals 4.2 million square feet of distribution and warehouse facilities. The buildings are divided into three groups: North Park, which includes 25 buildings with clear heights ranging from 14 to 16 feet; South Park, which comprises 14 buildings with an average clear height of 20 feet; and Interior Park, which includes four buildings with an average clear height of 25 feet.

June 4, 2018

Development Florida Industrial Southeast

Xebec to Build $39.3M Logistics Facility in Central Florida

by Camren Skelton June 4, 2018

LAKELAND, FLA. — Dallas-based developer Xebec has acquired 60 acres in the Central Florida community of Lakeland with plans to develop a $39.3 million regional bulk logistics facility. The 533,000-square-foot building will be designed to meet demand from retailers, distributors and third-party logistics providers. Users will be able to reach 19 million consumers within a 200-mile radius of the project and be within an hour drive from three international airports. The facility will feature 40-foot clear heights, a 185-foot truck court with 114 docks, 367 car parking spaces and 102 container parking spaces. Xebec plans to break ground on the building in the fourth quarter, and wrap up construction in the third quarter of 2019.

June 4, 2018

Acquisitions Industrial South Carolina Southeast

Stockbridge Capital Acquires 350,856 SF Industrial Building North of Charleston for $30.5M

by Camren Skelton June 4, 2018

HANAHAN, S.C. — Stockbridge Capital Group has acquired a newly constructed industrial facility in the north Charleston suburb of Hanahan for $30.5 million. The 350,856-square-foot facility is located at 1025 N. Pointe Industrial Road, five miles from the Port of Charleston’s North Charleston terminal and nine miles from Charleston International Airport. The building features an ESFR sprinkler system, 32-foot clear heights, LED lighting, 180-foot truck courts and on-site trailer storage. The facility is fully leased to AmerCare and ManTech International. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, SunCap Property Group and WestRock, which developed the facility in 2016.

June 4, 2018

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