Southeast

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

Florida Multifamily Seniors Housing Southeast

Ocean Land Investments to Build 401-Unit Seniors Housing Community in South Florida

by Camren Skelton October 12, 2017

FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.

October 12, 2017

Multifamily Southeast Tennessee

North American Properties Delivers 361-Unit Apartment Community Near Nashville

by Camren Skelton October 12, 2017

FRANKLIN, TENN. — North American Properties has delivered Emblem, a 361-unit multifamily community in Franklin, roughly 20 miles south of Nashville. The new community includes a mix of one- and two-bedroom units ranging in size from 617 to 1,209 square feet. Individual units features open floor plans, stainless steel appliances, 11-foot ceilings and accented backsplashes. Emblem also features a fitness center, resort-style pool with outdoor grilling stations, internet café, conference room and a coffee bar. Meeks + Partners was the architect for the project.

October 12, 2017

North Carolina Retail Southeast

ECHO Realty Acquires Two Harris Teeter-Anchored Retail Centers Near Charlotte

by Camren Skelton October 12, 2017

CONCORD AND MATTHEWS, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers in metro Charlotte: Cannon Crossroads in Concord and Matthews Township Shopping Center in Matthews. The sales prices and sellers were not disclosed. The acquisitions bring ECHO’s portfolio in the Charlotte area to six grocery-anchored centers totaling 500,000 square feet. The 67,000-square-foot Cannon Crossroads is located at the intersection of Harris and Poplar Tent roads, roughly 25 miles northeast of Charlotte. At the time of sale, the property was 96 percent leased to Harris Teeter, Great Clips, State Farm Insurance and Johnny Brusco’s. The 128,650-square-foot Matthews Township Shopping Center is located at the intersection of Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles southeast of Charlotte. At the time of sale, the property was fully leased to anchor tenants Harris Teeter and Stein Mart, as well as Rack Room Shoes, Hallmark and Chipotle Mexican Grill.

October 12, 2017

Mixed-Use North Carolina Southeast Top Stories

Eco Group Unveils $800M Mixed-Use Development in Metro Raleigh-Durham, North Carolina

by Camren Skelton October 12, 2017

PITTSBORO, N.C. — Eco Group, a joint venture between John Fugo of Montgomery Carolina LLC and Kirk Bradley of Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, 30 miles southwest of Raleigh-Durham. Upon full completion, Mosaic will feature over 200,000 square feet of local and regional retailers, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster; a 120-room hotel; 210 apartment units and 125 apartments targeting the 55-plus age group integrated into Veranillo, an active adult art colony; 88,000 square feet of technical and creative office space; 30,000 square feet of recreational and civic amenities including performing arts stages and an amphitheater; and 15,000 square feet of educational space. The 350-acre development will serve as the commercial gateway to Chatham Park, a 7,100-acre community under development in Chatham County. Eco Group is working in partnership with Chatham Park’s developer, Preston Development Co., on the combined vision for the two projects. Upon completion, Chatham Park will feature 22,000 residences along with 22 million square feet of office, research, residential, educational and community space. “With Chatham Park delivering its first homes in spring 2019, Mosaic will offer the ideal amenity hub for …

October 12, 2017

Florida Multifamily Southeast

Pollack Shores Buys 512-Unit Multifamily Asset in Broward County for $119.8M

by Camren Skelton October 11, 2017

MIRAMAR, FLA. — Pollack Shores Real Estate Group has acquired Solano at Miramar, a 512-unit apartment community in the South Florida city of Miramar. South Florida Business Journal reports the Atlanta-based firm acquired the asset from TPF Equity REIT for $119.8 million. Constructed in 2008, Solano at Miramar comprises 364 apartment units and 148 townhomes that range in size from 823 to 1,677 square feet, with rents ranging from $1,961 to $3,185 per month. Community amenities include a resort-style pool with a sundeck, business center and a lakeside jogging trail. Pollack Shores will implement capital improvements including new granite countertops, vinyl plank wood flooring, white shaker cabinets and new plumbing and light fixtures. Amenity enhancements will include a full renovation to the clubhouse, conversion of an indoor basketball court into a fitness center and the addition of an outdoor lounge to the pool area. ARA Newmark brokered the transaction. Matrix Residential, a subsidiary of Pollack Shores, will manage the property.

October 11, 2017

District of Columbia Loans Office Southeast

KeyBank Secures $115M in Permanent Financing for Office Building in D.C.

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $115 million in permanent financing for 1111 19th St. N.W., a recently renovated office building in Washington, D.C. Michael Keach and Hugh Hall of KeyBank arranged the seven-year loan through New York Life Real Estate Investors on behalf of the borrower, UNIZO Holdings. The Japanese investment firm originally acquired the asset from Clarion Partners in September for $203 million. The 12-story building features a renovated lobby with 20-foot ceilings, an extended building entrance, expanded retail storefronts and a renovated .

October 11, 2017

District of Columbia Office Southeast

DivcoWest Acquires Office Building in D.C. for $100.5M

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — DivcoWest has acquired 1133 15th St. N.W., a 213,000-square-foot office building located on the border of the Central Business District and East End submarkets of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports DivcoWest acquired the asset from an affiliate of Clark Enterprises for $100.5 million. The 12-story building is across the street from Midtown Center, the future headquarters of Fannie Mae, and was 90 percent leased at the time of sale. The LEED Gold-certified building features underground parking, a conference facility, fitness center and an on-site deli. DivcoWest will implement a capital improvement program to further upgrade the building’s lobby and common areas.

October 11, 2017

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