Southeast

HFF Brokers $25M Sale of Fitness-Anchored Shopping Center in South Florida

by Camren Skelton October 16, 2017

PALM BEACH GARDENS, FLA. — HFF has arranged the $25 million sale of LA Fitness Plaza, a 105,453-square-foot fitness- and food-anchored shopping center in the South Florida city of Palm Beach Gardens. Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores of HFF represented the seller, an institutional investor of Barings Real Estate Advisers. Fondo Atlas acquired the retail center. Located at 7100 Fairway Drive, LA Fitness Plaza is situated near the entrance of the PGA National Resort & Spa.

October 16, 2017

Florida Industrial Southeast

Warehomes Precisions Acquires 150,000 SF Industrial Building Near Miami for $8.8M

by Camren Skelton October 16, 2017

HIALEAH, FLA. — Warehomes Precisions LLC, an affiliate of Rok Acquisitions, has acquired a 150,000-square-foot industrial building in Hialeah for $8.8 million. The property is located at 15801 N.W. 49th Ave. in the Palmetto Lakes submarket, roughly 16 miles northwest of downtown Miami. Lee Katsikos of The Katsikos Group represented the seller in the transaction, Precision Trading Corp. Ted Konigsberg of Infinity Commercial Real Estate represented Warehomes Precisions. The building features a divisible configuration and IU-2 zoning, allowing for a number of manufacturing and technology uses outside of basic logistics and warehousing.

October 16, 2017

Market Reports Office Southeast Southeast Market Reports Virginia

Office Users Gravitate to Richmond CBD Following Surge in Out-of-Market Activity

by John Nelson October 16, 2017

Over the past 12 months, a surge in out-of-market activity has stabilized Richmond’s downtown office market, which had faced a seemingly insurmountable glut of space just last year. For years, Richmond’s Central Business District (CBD) struggled to retain tenants as many sought more affordable locations in the suburbs, while other tenants shed space as they optimized their footprints. However, with a steady flow of high-profile inbound operations into Richmond’s CBD, the momentum has since shifted and the re-urbanization trend, an established facet of many of the nation’s major markets, has now taken hold in Richmond. Out-of-Market Demand Swells After five consecutive quarters of securing a sizable new-to-market operation, the cumulative direct impact of this inflow climbed to over 300,000 square feet. This surge in inbound activity played a pivotal role in stabilizing the CBD, which captured 94 percent of these inbound operations. Much of this activity has been driven by the explosive 14.9 percent growth in Richmond’s millennial population from 2010 to 2015, per a recent study by the Urban Land Institute for Time magazine. According to the study, Richmond is the second fastest growing city for millennials in the country, only behind Hampton Roads. Similarly, Virginia shot up in …

October 16, 2017

Georgia Office Southeast

Anthem to Anchor New 21-Story Tower in Midtown Atlanta’s Tech Square

by Camren Skelton October 13, 2017

ATLANTA — Anthem Inc. has unveiled plans to locate its information technology hub to a new 21-story tower in Midtown Atlanta’s Technology Square. The health insurance company has entered into a build-to-suit agreement with Portman Holdings, which will develop the 352,000-square-foot building. The new facility will be a hub for approximately 3,000 IT professionals and will create 1,800 new jobs upon completion in 2020. Anthem Technology Center will rise at the corner of 4th and West Peachtree streets, near the Georgia Institute of Technology and Portman’s neighboring 645,000-square-foot Coda building currently under construction. Architectural firm John Portman & Associates designed Anthem Technology Center, which will include more than 14,000 square feet of terrace space and will be LEED- and Fitwel-certified. David DiPietro, Kelly Givens and Liron Nelik of Savills Studley represented Anthem in the lease transaction, and Travis Garland of Portman Management Co. represented the landlord.

October 13, 2017

Loans Maryland Multifamily Southeast

Capital One Provides $51M Acquisition Loan for Multifamily Community in Metro D.C.

by Camren Skelton October 13, 2017

BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.

October 13, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Industrial South Carolina Southeast

SunCap Sells 230,000 SF Industrial Building in Upstate South Carolina for $18.5M

by Camren Skelton October 13, 2017

MOORE, S.C. — SunCap Property Group has sold Magna Distribution Center, a 229,950-square-foot warehouse and distribution facility in Moore, roughly 30 miles east of Greenville. A private investor purchased the asset from SunCap for $18.5 million. Chris Norvell and Patrick Nally of HFF represented SunCap in the transaction. Constructed this year, Magna Distribution Center is a build-to-suit for Magna Seating of America Inc., an automotive seating manufacturer. The building has an expansion capacity of 50,000 square feet and features 214,500 square feet of production space, 15,500 square feet of office space, LED lighting, 50- by 50-foot column spacing, 32-foot clear heights, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 parking spaces. Situated within the 882-acre Tyger River Industrial Park North, Magna Distribution Center is in the Route 290 Industrial submarket, roughly 10 miles from the BMW manufacturing plant in Greer.

October 13, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

District of Columbia Office Southeast

Allianz, Columbia Acquire Office Building in D.C. for $421M

by Camren Skelton October 12, 2017

WASHINGTON, D.C. — A joint venture between Allianz Real Estate of America Inc. and Columbia Property Trust has acquired 1800 M Street, a 580,930-square-foot office building in Washington, D.C. CoStar reports PGIM Real Estate, an affiliate of Prudential Financial, sold the asset. Andrew Weir, Jim Meisel, Stephen Conley and Matt Nicholson of HFF represented PGIM Real Estate in the transaction and procured the buyer. Columbia acquired a 55 percent interest, and will manage the property and handle leasing activities. Allianz acquired the remaining 45 percent interest. The 10-story building is located at the corner of 18th and M Streets in D.C.’s Golden Triangle area, and is within walking distance of three Metro stations. The property recently underwent renovations, including modernization of the façade, construction of a new dual-entry lobby, creation of a 9,000-square-foot fitness center and roof deck, as well as upgrades to the elevators, restrooms and multi-tenant corridors. At the time of sale, the building was 94 percent leased to 34 tenants including Berkeley Research Group and Zuckerman Spaeder. The acquisition marks the fourth asset owned by the joint venture of Columbia and Allianz, which was formed in July.

October 12, 2017

Multifamily North Carolina Southeast

Canyon Provides $10.3M in Preferred Equity for Development of Multifamily Property in Raleigh

by Camren Skelton October 12, 2017

RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $10.3 million preferred equity investment for the development of ParkStone at Knightdale, a 350-unit multifamily community in Raleigh’s Knightdale submarket. An affiliate of The Widewaters Group Inc. is developing the property. ParkStone at Knightdale will be situated adjacent to the Widewaters Commons shopping center, which is anchored by Lowe’s Foods and Planet Fitness, and within walking distance to numerous other shops and restaurants. The community will comprise one- to three-bedroom units with granite countertops and stainless steel appliances. Community amenities will include a fitness center, resort-style pool, outdoor lounge with grilling areas, playground, pet wash station and self-storage units. The project site is part of a 57-acre land parcel owned by Widewaters, which is entitled for a mixed-use master-planned development. Upon completion, the development will comprise the new residential component and 270,000 square feet of retail, entertainment and dining options.

October 12, 2017

Newer Posts

Older Posts