Southeast

CBRE | Richmond Brokers $31.3M Sale of Industrial Park Near Richmond Airport

by Camren Skelton March 12, 2018

RICHMOND, VA. — CBRE | Richmond has brokered the $31.3 million sale of Byrd Corporate Park, a 10-building industrial park located at the intersection of South Laburnum Avenue and Charles City Road in Richmond. The 475,738-square-foot property is located less than two miles from Richmond International Airport. Will Bradley and Matt Anderson of CBRE | Richmond, Scott Adams of CBRE | Hampton Roads and Frank Fallon of CBRE’s Atlanta office arranged the transaction on behalf of the seller, a joint venture between Adler Real Estate Partners and Trigate Capital (AF Byrd Center VA LLC). WestDulles Station LLC, a joint venture between Dreyfuss Investments and Wells Holding Group, acquired the property. The buildings at Byrd Corporate Park were constructed between 1978 and 2003. At the time of sale, the industrial park was 80 percent leased to tenants such as McKesson, Fastenal, Wawa, CarMax and DPR.

March 12, 2018

Georgia Industrial Southeast

GSK US Acquires 227,735 SF Distribution Center in Metro Atlanta

by Camren Skelton March 12, 2018

TUCKER, GA. — GSK US Properties, a joint venture between Canada-based Cité Industrielle Lasalle and Perceptive Capital, has acquired a 227,735-square-foot distribution center in Tucker. The facility is located at 120 Royal Woods Court, roughly 21 miles northeast of downtown Atlanta. Constructed in 1998, the building features 30-foot clear heights, 45 dock doors and a 160-foot truck court. At the time of sale, the property was fully leased to Lehigh Technologies, a rubber recycling company that was recently acquired by Michelin.

March 12, 2018

Georgia Loans Multifamily Southeast

Trez Forman Provides $13.5M Construction Loan for Multifamily Development in Metro Atlanta

by Camren Skelton March 12, 2018

HIRAM, GA. — Trez Forman Capital Group has provided a $13.5 million construction loan for the development of Greystone, a 115-unit apartment community in Hiram, roughly 26 miles northwest of Atlanta. Greystone Development Partners LLC is developing the community, which will feature townhome-style units. Community amenities will include a pool, outdoor cooking station, dog park, fitness center and a WiFi café. Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group, is projected to complete more than $400 million in deals in 2018.

March 12, 2018

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Is Nashville’s Multifamily Market Overbuilt? Maybe, But Not for Long

by John Nelson March 12, 2018

Nashville has set several notable records in recent years for job growth, rent growth, population growth, tourism and tax revenue, among others. But for the multifamily industry, the most notable benchmarks lately have been related to the amount of inventory that has been delivered. However, the more interesting and less obvious data point is the record level of renter demand that Nashville is currently experiencing. As of third-quarter 2017, Nashville led the country in relative net absorption, with 4.9 percent of the existing inventory being absorbed. This equates to approximately 6,300 units. This demand is fueled by incredibly resilient job creation, as Nashville has increased its employed labor force by 20 percent over the last five years — more than 160,000 jobs. With that as the backdrop, the big question on everyone’s mind is the impact of new supply. In short, yes, there are pockets of oversupply, with approximately 8,500 units delivered in 2017 compared with net renter demand of roughly 6,300. However, with urban deliveries projected to drop off 40 percent in 2018, and 80 percent in 2019, and no slowdown in renter demand on the horizon, the current imbalance is likely to correct itself in relatively short order. …

March 12, 2018

Georgia Industrial Southeast

Capital Development to Build $125M, 2.3 MSF Logistics Center Near Port of Savannah

by Camren Skelton March 9, 2018

POOLER, GA. — Capital Development Partners Inc. plans to develop the Savannah Port Logistics Center, a 2.3 million-square-foot industrial project situated on 197 acres in Pooler, less than 10 miles from the Port of Savannah. The $125 million development will be built in two phases and will offer space for lease with modern specifications, transload capabilities, cross-dock, high cube and trailer storage facilities. Capital Development will break ground on Phase I of the project, totaling 537,000 square feet, in April. The facility will be on the GWRR rail line servicing the port and will be ready for occupancy in April 2019. The second phase will include a 1.3 million-square-foot build-to-suit facility, which will also be on the rail line. Construction is expected to begin on Phase II this year. Savannah Port Logistics Center will offer direct connection onsite to dual Class I railroads via CSX and Norfolk Southern, as well as easy access to the 1,200-acre Georgia Ports Authority Garden City Terminal, the largest and busiest single-container site in North America. Colliers International’s Savannah office and Atlanta-based NAI Brannen Goddard will handle the facility’s leasing assignment, which will offer spaces ranging from 300,000 square feet to 2.3 million square feet.

March 9, 2018

District of Columbia Multifamily Southeast

HFF Arranges $96M in Joint Venture Equity for Apartment Development in D.C.

by Camren Skelton March 9, 2018

WASHINGTON, D.C. — HFF has arranged $96 million in joint venture equity for the development of a 176-unit apartment community in northwest Washington, D.C. Walter Coker, Brian Crivella and Stephen Conley of HFF worked on behalf of the developer, EastBanc Inc., to arrange a joint venture partnership with Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Inc. Overall project costs will total approximately $110 million. The property will be constructed on a former surface parking lot next to the Scottish Rite Center at 2800 16th St. N.W. The Grimshaw Partners-designed building will feature an open-air courtyard, resort-style rooftop pool, fitness center and a residents-only café. The joint venture expects to break ground on the project in early 2019.

March 9, 2018

Georgia Hospitality Loans Southeast

Arriba Capital Provides $40.7M Construction Loan for Dual-Branded Hotel in Midtown Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Arriba Capital has provided a $40.7 million construction loan for the development of a 194-room, dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The two-year, non-recourse loan features three six-month extension options for the borrower, a privately held hospitality management and development company. The seven-story hotel will be located atop a 220-space, five-story parking deck. Hotel amenities will include a market pantry, meeting space, fitness center and business center. The two hotels will share a common front-of-house area, including registration and a breakfast area. The property is located across the street from Emory University Hospital and within walking distance to attractions including the World of Coca-Cola, Georgia Aquarium, Fox Theatre, College Football Hall of Fame and the Mercedes-Benz Stadium. The project is slated for completion in May 2020.

March 9, 2018

Georgia Office Southeast

LPC Southeast Brokers Sale of 215,000 SF Office Building in Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Lincoln Property Co. (LPC) Southeast has brokered the sale of Park Central, a 215,000-square-foot office building located at 2970 Clairmont Road in Atlanta’s North Druid Hills submarket. Florida-based TerraCap Management LLC acquired the asset for an undisclosed price with plans to invest $3.4 million to upgrade the building systems, common areas and amenities. Park Central features 24-hour security, a fitness center, conference center, on-site management and free covered parking. Michael Howell, Hunter Henritze and Caroline Cole of LPC Southeast will be retained to manage and lease the building. The trio recently completed leases at Park Central with tenants such as First Landmark Bank, Everest Campus Services Cos LLC, Delaplex Software LLC and Mallernee, Branch & Daffner LLP.

March 9, 2018

North Carolina Office Southeast

Fallon Co. Unveils Renovation Plans for 13-Story Office Building in Midtown Charlotte

by Camren Skelton March 9, 2018

CHARLOTTE, N.C. — The Fallon Co. has unveiled the renovation and rebranding plans for its 13-story office property located at 301 S. McDowell St. in Midtown Charlotte. The developer originally acquired the 184,144-square-foot tower in July 2017. The Fallon Co. will rename the building 301 Midtown and will implement interior and exterior enhancements. Plans for the exterior of the building include upgrades to the building’s ground floor and parking level entrances, canopies and expanded outdoor plaza space. The exterior lighting system will also be enhanced. Interior renovations will include a new fitness center with locker rooms, a grab-and-go café and added concierge and security services. The Fallon Co. will also modernize the conference center and add tenant storage space. 301 Midtown is situated within walking distance to public transportation, retailers, restaurants, parks and apartment communities. The Fallon Co. plans to begin renovations this spring and finish in the fall.

March 9, 2018

North Carolina Office Southeast

FNB Corp. to Anchor 31-Story Office Tower in Charlotte

by Camren Skelton March 8, 2018

CHARLOTTE, N.C. — FNB Corp., the parent company of First National Bank, has signed on as the anchor tenant for a planned 31-story office tower in Charlotte. Dominion Realty Partners (DRP) will develop FNB Tower–Charlotte, which will be located at 401 S. Graham St. Greg Broujos of Colliers International and David Thor of JLL represented FNB in the lease negotiations, and DRP was represented internally. The new building will serve as the headquarters for FNB’s Charlotte region. Upon opening, FNB will occupy more than 30,000 square feet of office space with additional options to to accommodate further growth. The new tower will create a central hub expand housing leadership, as well as the bank’s small business administration lending, commercial banking, mortgage banking and builder finance departments. The announcement comes on the heels of FNB’s previously announced plans to occupy a new regional headquarters building, FNB Tower-Raleigh, in Raleigh. DRP will manage FNB Tower-Charlotte upon completion in late 2020.

March 8, 2018

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