Southeast

Accesso, Torchlight Acquire 10 Office Buildings in Triangle for $108.1M

by Camren Skelton March 23, 2018

DURHAM, N.C. — Florida-based Accesso Partners LLC, along with capital partner Torchlight Investors, has acquired 10 office buildings totaling 690,520 square feet within Meridian Corporate Center, a 270-acre office park in Durham. The campus is located adjacent to Research Triangle Park. The sales prices were not disclosed, but the Triangle Business Journal reports Accesso acquired a nine-building portfolio within Meridian Corporate Center from New York-based Investcorp for $95.7 million. The portfolio was 91 percent leased at the time of sale. In addition, Accesso acquired another 74,072-square-foot building on the campus from Origin Investments for $12.4 million. Ryan Clutter, Scot Humphrey and Chris Norvell of HFF arranged the transactions on behalf of the sellers. Susan Hill of HFF arranged acquisition financing through J.P. Morgan Chase Bank on behalf of the buyers. The new ownership plans to enhance the office campus with a conference center, tenant lounge, collaborative areas, fitness center and exterior landscaping. The majority of tenants at the park are in the software, technology and life science fields, including NVDIA, Parexel, EBSCO Information System’s NoveList division, Spoonflower and Avaya. In addition to office space, Meridian Corporate Center is also home to a 332-unit apartment community (The Heights at Meridian) and a …

March 23, 2018

Development Multifamily North Carolina Southeast

Alliance Residential Breaks Ground on 345-Unit Apartment Community in Charlotte

by Camren Skelton March 23, 2018

CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Bryant Park, a 345-unit apartment community in Charlotte’s FreeMoreWest neighborhood, just west of Uptown. The community will offer a mix of studio, one-, two- and three-bedroom units. Community amenities will include a 24-hour fitness center with yoga studio, coworking space, pool with sundeck, electric car charging stations, bike storage, 24-hour package and dry-cleaning pick-up and a pet spa with a grooming station. The project is Alliance’s first in Charlotte and second in North Carolina. Construction is slated to begin immediately, and the first units are expected to deliver in summer 2019.

March 23, 2018

Loans Multifamily Southeast Virginia

HFF Secures $18.8M Freddie Mac Acquisition Loan for Multifamily Asset in Hampton Roads Area

by Camren Skelton March 23, 2018

NEWPORT NEWS, VA. — HFF has secured an $18.8 million loan for the acquisition of Meadow View Townhomes, a 400-unit apartment community located at 4801 Marshall Ave. in Newport News, a town in Virginia’s Hampton Roads region. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, a joint venture between Brick Lane and Red Starr Investments. The 77-building property includes a mix of one- to four-bedroom units. The property, which was fully renovated in 2017, features a clubhouse, playground and on-site parking.

March 23, 2018

Development Multifamily Seniors Housing Southeast Tennessee

Confluent, Harbor to Build 123-Unit Seniors Housing Community Near Memphis

by Camren Skelton March 23, 2018

GERMANTOWN, TENN. — Confluent Senior Living, in partnership with Harbor Retirement Associates (HRA), is set to begin construction of HarborChase of Germantown, an assisted living and memory care community in the east Memphis suburb of Germantown. The 114,450-square-foot community will feature 86 assisted living units and 37 memory care units in a three-story building. It is scheduled to open in summer 2019. Rosemann & Associates is serving as the architect on the project, and Catamount Construction is the general contractor. Vero Beach, Fla.-based HRA will operate the community upon completion. Confluent Senior Living is a subsidiary of Denver-based real estate investment firm Confluent Development. This is the third project by the Confluent and HRA partnership. The companies also have several land parcels under contract in nearby Cordova with plans for a second seniors housing community in the Memphis area.

March 23, 2018

Acquisitions Georgia Retail Southeast

Colliers Brokers $8.6M Sale of Shopping Center in North Georgia

by Camren Skelton March 23, 2018

ROME, GA. — Colliers International has brokered the $8.6 million sale of West Town Square, an 84,828-square-foot shopping center in Rome, a city in north Georgia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, Eck-Phoenix LLC. Attic XII Self Storage LLC acquired the center. The three-tenant West Town Square was fully leased at the time of sale to Bargain Hunt, Harbor Freight Tools and Redmond Regional Medical Center Medical Complex.

March 23, 2018

Development Georgia Industrial Southeast

PNK Group Breaks Ground on 1.1 MSF Spec Industrial Building in Metro Atlanta

by Camren Skelton March 22, 2018

MCDONOUGH, GA. — PNK Group has broken ground on the first building at Southern Gateway at Lambert Farms, a more than 3 million-square-foot speculative industrial development in McDonough, a southern suburb of Atlanta. The first building is a 1.1 million-square-foot, cross-dock distribution facility with 40-foot clear heights. Additional plans for the Southern Gateway project include an adjacent 1.5 million-square-foot cross-dock building and two rear-load facilities totaling 358,000 and 275,000 square feet. Pat Murphy, Ray Stache, Lisa Pittman and Tara Healy of Cushman & Wakefield are handling the development’s leasing assignment. Upon completion, the park will feature a 1.2-mile landscaped walking trail, a food truck court and electric vehicle charging stations. Pattillo Construction Corp. is the project’s general contractor, Macgregor Architects & Associates is the architect and Eberly & Associates, Contour Engineering and Contour Environmental make up the project’s engineering team.

March 22, 2018

Development Multifamily Southeast Virginia

Perseus TDC, Four Points Start Construction on Multifamily Redevelopment in Metro D.C.

by Camren Skelton March 22, 2018

ALEXANDRIA, VA. — Perseus TDC, in partnership with Four Points LLC, has started construction on a multifamily redevelopment at 200 Stovall St. in Alexandria, roughly eight miles south of Washington, D.C. Perseus TDC is a joint venture formed in 2017 between Perseus Realty LLC and Transwestern Development Co. The site currently houses a vacant, 610,000-square-foot office building, which the joint venture will convert into a 520-unit apartment community with 25,000 square feet of ground-floor retail. The project will offer a mix of studio, one- and two-bedroom units and will feature a three-story fitness facility, sports bar, coworking lounge and more than 10,000 square feet of rooftop amenities including a pool, lounge, fireplace and dining area. Atlanta-based Cooper Carry is the architect for the project, and London-based Balfour Beatty PLC is the general contractor. Boston-based ELV Associates is the majority equity partner. The first units at the development are expected to deliver in the fourth quarter of 2019. The building is located within Hoffman Town Center, which is home to restaurant, retail and entertainment options, as well as the National Science Foundation headquarters. Across the street from the project, a planned 1 million-square-foot, Wegmans-anchored mixed-use development is scheduled to break ground in …

March 22, 2018

Acquisitions Multifamily North Carolina Southeast

Preferred Apartment Communities Sells Multifamily Asset in Triangle for $43.5M

by Camren Skelton March 22, 2018

APEX, N.C. — Preferred Apartment Communities (PAC) has sold Lake Cameron, a 328-unit apartment community in Apex, for $43.5 million. Tennessee-based Fogelman Properties acquired the asset through a joint venture with New York-based DRA Advisors. The property is located at 1000 Cameron Woods Drive, roughly 15 miles west of Raleigh. Constructed in 1997, Lake Cameron offers a mix of one-, two- and three-bedroom units. Community amenities include barbeque grills, a lake with jogging trails, gazebo, playground, swimming pool and a fitness center. The property was 95 percent occupied at the time of sale.

March 22, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Arranges $35.2M in Acquisition Financing for Two Apartment Properties in Greenville

by Camren Skelton March 22, 2018

GREENVILLE, S.C. — Grandbridge Real Estate Capital has arranged two acquisition loans totaling $35.2 million for Metropolitan Apartments and 2900 North Apartments in Greenville. Mike Ortlip and Josh Davis of Grandbridge arranged the non-recourse loans with an initial period of interest-only payments and a 30-year amortization schedule through its lending platform, BB&T Real Estate Funding. The Charlotte-based firm is a subsidiary of BB&T. The financing included a $21.6 million, first mortgage loan for Metropolitan Apartments, a 246-unit community located at 660 Halton Road, and a $13.6 million loan for 2900 North Apartments, a 172-unit community located at 2900 E. North St. The names of the borrowers were not disclosed. Both properties feature swimming pools, fitness centers and grilling stations.

March 22, 2018

Acquisitions Georgia Industrial Southeast

LRC Properties, Ladder Capital Acquire 644,040 SF Industrial Building in Metro Atlanta

by Camren Skelton March 22, 2018

LITHIA SPRINGS, GA. — LRC Properties, in a joint venture with Ladder Capital, has acquired 7705 Staples Drive, a 644,040-square-foot industrial building in Lithia Springs. The manufacturing and food processing facility is located on 40 acres roughly 18 miles west of Atlanta. The building, constructed in 2007 and renovated in 2015, features a wastewater treatment plant, air compressors, large electrical load capacity, air conditioned space and a laboratory. Colliers International arranged the transaction on behalf of the seller, a joint venture between Keurig and AB InBev. The sales price was not disclosed.

March 22, 2018

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