Southeast

Bearing Point Breaks Ground on 272-Unit Apartment Community Near Baton Rouge

by Camren Skelton May 8, 2018

GONZALES, LA. — Bearing Point Properties has broken ground on Sawgrass Point, a 272-unit apartment community in Gonzales, located roughly 25 miles south of Baton Rouge. The community will include four apartment buildings and two townhome-style buildings. Amenities will include a clubhouse, resort-style pool, outdoor kitchen, dog park and a fitness center. Doster Construction Co. is the general contractor for the project, and Humphreys & Partners Architects is the architect of record. The development team expects to wrap up construction on Sawgrass Point in spring 2019.

May 8, 2018

Acquisitions District of Columbia Office Retail Southeast

Calkain Arranges $14.9M Sale of Retail, Office Building in D.C.’s Palisades Neighborhood

by Camren Skelton May 8, 2018

WASHINGTON, D.C. — Calkain Cos. has arranged the $14.9 million sale of MacArthur Retail & Professional Center, a 45,543-square-foot mixed-use building located at 5185 MacArthur Blvd. N.W. in Washington D.C.’s Palisades neighborhood. Rick Fernandez and Andrew Fallon of Calkain Cos. arranged the transaction on behalf of the undisclosed seller. A group of New York-based private investors acquired the asset, which was 90 percent leased at the time of sale to tenants such as Starbucks Coffee and The UPS Store on the ground floor. The upper two floors of the building house office space.

May 8, 2018

Acquisitions Hospitality Southeast Virginia

HREC Secures Sale of 295-Room Hilton-Branded Hotel in Williamsburg, Virginia

by Camren Skelton May 8, 2018

WILLIAMSBURG, VA. — HREC Investment Advisors has brokered the sale of the 295-room DoubleTree by Hilton Hotel in Williamsburg. Ketan Patel and Monty Levy of HREC arranged the transaction on behalf of the seller, an affiliate of Waramaug Hospitality. An affiliate of Shamin Hotels, a Virginia-based hotel owner and operator, acquired the asset. The sales price was not disclosed. The DoubleTree by Hilton Hotel is located adjacent to the Busch Gardens theme park, a half-mile from Anheuser Busch’s Williamsburg Budweiser brewery and five miles from the Yorktown Naval Weapons Station.

May 8, 2018

Data Centers Development Industrial Southeast Virginia

PointOne Development to Deliver $1.6B Data Center Campus in Northern Virginia

by Camren Skelton May 7, 2018

REMINGTON, VA. —Canada-based PointOne Development Corp. is underway on Remington Technology Park (RTP), a 234-acre data center campus in Remington, a city in northern Virginia. PointOne is investing $1.6 billion to develop the project, which will be supported by 300 megawatts of utility power and will have connectivity to terrestrial and undersea fiber-optic cables. Diode Ventures, in conjunction with Enfinite Capital, secured initial funding for RTP and will continue to provide financial modeling support and capital assembly for the balance of the project. Black & Veatch is providing design-build services. The Diode/Enfinite partnership will operate and maintain the campus upon completion. The project marks PointOne’s first investment in the U.S. data center market. A construction timeline was not disclosed.

May 7, 2018

Acquisitions Office Southeast Virginia

Grubb Properties Acquires 275,000 SF Office Building in Metro D.C. for $38.8M

by Camren Skelton May 7, 2018

FAIRFAX, VA. — Charlotte-based Grubb Properties has acquired Argon Plaza, a 275,000-square-foot office building in Fairfax, for $38.8 million. The property is located within the Fair Lakes master-planned community, roughly 19 miles west of Washington, D.C. The mixed-use development is home to a Hyatt Regency hotel and more than 1 million square feet of retail and restaurant space. C-III Asset Management sold Argon Plaza, and HFF and NAI Global arranged the transaction. Grubb Properties plans to make capital improvements to the building that will upgrade its tenant amenities. The property’s anchor tenant, a defense contractor specializing in military technology and intelligence, occupies more than half of the building and recently signed a five-year lease renewal.

May 7, 2018

Development Multifamily Southeast Tennessee

JMJ to Deliver $21.9M Multifamily Community in Eastern Tennessee

by Camren Skelton May 7, 2018

SEVIERVILLE, TENN. — JMJ Development LLC will deliver Overlook at Allensville Square II, a 144-unit apartment community in eastern Tennessee’s Sevierville. Developers broke ground on the project in January, and expect to wrap up construction in July 2019. Total project costs for the development are projected to be $21.9 million. The three-story community includes a mix of one-, two- and three-bedroom units and features a clubhouse, resort-style pool with sundeck, playground, business center, car wash and a dog park.

May 7, 2018

Affordable Housing Loans Multifamily North Carolina Southeast

SunTrust Provides $11.4M Financing for New Affordable Housing Community Near Charlotte

by Camren Skelton May 7, 2018

DALLAS, N.C. —SunTrust Community Capital, a division of SunTrust Banks, has provided $11.4 million in financing for Long Creek Apartments II, an 80-unit affordable housing community in Dallas, roughly 25 miles west of Charlotte. SunTrust Community Capital invested $4.7 million of equity into the project and provided a $6.7 million construction loan. In addition, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency provided a $509,000 loan. Long Creek will feature onsite management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. All of the units will be reserved for residents earning 60 percent or less of the area median income (AMI). Mills Construction Co., the project’s general contractor, plans to break ground on the community this month, and wrap up construction in May 2019.

May 7, 2018

Acquisitions Industrial Mississippi Southeast

Finmarc Acquires Three-Building Industrial Campus in Metro D.C. for $6.2M

by Camren Skelton May 7, 2018

COLLEGE PARK, MD. — Finmarc Management Inc. has acquired the Stone Mountain Industrial campus in College Park for $6.2 million. The three-building campus, located at 9207 51st Ave., is roughly nine miles north of Washington, D.C., and less than two miles from the University of Maryland. Stone Mountain Industrial campus comprises 115,000 square feet of industrial, manufacturing and office space. Christopher Kubler and Alan Coppola of NAI KLNB arranged the transaction on behalf of Finmarc. The name of the seller was not disclosed. The warehouse building at the property features 18-foot ceiling heights, and the manufacturing building offers 17-foot ceiling heights. Finmarc is considering multiple uses for the property, including maintaining its status as industrial or rezoning the site to support a townhouse development, according to a release. A small portion of the campus is already zoned for residential.

May 7, 2018

Alabama Market Reports Property Type Retail Southeast Southeast Market Reports

Multifamily Projects, Experiences Redefining Birmingham’s Growing Retail Market

by John Nelson May 7, 2018

It’s no longer a secret that Birmingham and its surrounding communities are confidently moving forward, bursting with festivals, arts, concerts, parks, reimagined spaces and a red-hot local dining scene. These revitalized spaces represent opportunities to find affordable housing, a vibrant social life and a place where all can participate in the community’s ongoing progress. Tourism is also on the rise, with a 50 percent increase in expenditures over the past 10 years as visitors flock to the region to dine at the restaurants of culinary legends, cheer on Minor League Baseball teams in a downtown stadium, attend the Sidewalk Film Festival, watch IndyCar racing at the Barber Motorsports Park, visit the historic Civil Rights Museum and enjoy live music venues throughout the area. With all of its history, charm and new amenities, Birmingham is no longer a pass-through; it is the destination. The greater downtown Birmingham area experienced a 40 percent increase in its multifamily inventory in 2017, which is nearly three times the amount added in 2015. These spaces are filling up quickly as the submarket’s occupancy rate is currently at 92.5 percent and climbing. Everyone from millennials who are marrying later and waiting longer to buy homes to …

May 7, 2018

Development Georgia Industrial Southeast

Core5 to Build $52M Industrial Facility, Corporate Headquarters for Beverage Distributor in Metro Atlanta

by Camren Skelton May 4, 2018

AUSTELL, GA. — Atlanta-based Core5 Industrial Partners has unveiled plans to construct a 601,350-square-foot build-to-suit facility for Empire Distributors at 685 Hartman Road in Austell, roughly 18 miles west of Atlanta. Total project costs are estimated at more than $52 million. Upon completion of the property in the fourth quarter, the beverage distributor will relocate to the new facility from its current 300,000-square-foot location at Atlanta Industrial Park. The new climate-controlled facility will house Empire’s corporate headquarters and regional distribution operations, and will include 80,000 square feet of two-story office space. Empire will move more than 440 employees to the new facility, with anticipated growth to more than 510 employees within 10 years. Randall Paulson Architects and Southeast Engineering Inc. are designing the building, Plateau Excavating is the site work contractor, and KBDG Inc. is the general contractor. Bilijack Bell of Wilson, Hull & Real Estate represented Core5 in the land acquisition, and Blaine Kelley of CBRE represented Empire in the acquisition of the facility.

May 4, 2018

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