Southeast

KBS, Kane Sell Office Building in Raleigh’s North Hills Development for $127M

by Camren Skelton February 27, 2018

RALEIGH, N.C. — Newport Beach, Calif.-based KBS Realty Advisors and Raleigh-based Kane Realty Corp. have sold Midtown Plaza, a 12-story office building in Raleigh, for $127 million. The newly built office property is located within North Hills, a mixed-use development that features hotels, apartment units, a movie theater, retail and restaurant space. KBS and Kane completed construction on the building last spring. Healthcare technology company Allscripts occupies nine of the 12 floors. James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS and Kane in the transaction. The name of the buyer was not disclosed.

February 27, 2018

Georgia Retail Southeast

FCA Signs Two New Tenants at 44,500 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton February 27, 2018

ATLANTA — Charlotte-based FCA Partners has inked leases with two new tenants at The Exchange, a 44,500-square-foot shopping center located on Peachtree Road in Atlanta’s Buckhead district. Tootsie’s, a Houston-based women’s apparel and accessories retailer, relocated from Buckhead’s Shops Around Lenox to a new 7,000-square-foot location at The Exchange on Feb. 7. OVME Aesthetics, a skincare boutique, will open a 2,500-square-foot location at the center on March 1. The new-to-market concept offers services including Botox, Dysport, dermal fillers and volumizers, microneedling, CoolScuplting, hormone replacement therapy and laser hair removal. Stephanie McCall of The Shopping Center Group arranged the lease transactions on behalf of FCA. The new tenants join The Exchange’s existing retailers including Sephora, SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar. Dancing Goats Coffee Bar is expected to open at The Exchange this spring, and a restaurant concept from the creator of Yeah! Burger and Upbeet is expected to resume construction this spring. The Exchange is currently 83 percent leased.

February 27, 2018

Florida Office Southeast

JLL Arranges 48,818 SF Lease Expansion for Data Center Company in Downtown Tampa

by Camren Skelton February 27, 2018

TAMPA, FLA. — JLL has arranged a 48,818-square-foot lease expansion for Equinix at Two Harbour Place, an office property located at 302 Knights Run Ave. in downtown Tampa. The California-based company develops interconnection and data center solutions, and has a physical footprint in 48 markets worldwide. Equinix will be growing from its original space of 30,164 square feet to occupy the seventh and eighth floors of Two Harbour Place. Caleb Lewis and John Heald of JLL negotiated the lease terms on behalf of Equinix, while Jim Moler and Deana Beer of JLL represented the landlord. The expansion brings Two Harbour Place to 92 percent occupancy.

February 27, 2018

Alabama Multifamily Southeast

Berkadia Brokers $6.4M Sale of Two Multifamily Communities in Northeast Alabama

by Camren Skelton February 27, 2018

GADSDEN, ALA. — Berkadia has brokered the $6.4 million sale of two multifamily communities in Gadsden: Pine Ridge and Williamsburg. David Wilson and David Oakley of Berkadia arranged the transaction on behalf of the seller, an affiliate of Strategic Diversified Management Inc., which is based in California. Birmingham-based Abaco Partners LLC acquired the assets. Pine Ridge, a 112-unit community constructed in 1979, offers a mix of one- to three-bedroom units ranging in size from 680 to 1,160 square feet. Williamsburg, constructed in 1973, offers 60 two-bedroom townhomes averaging 1,200 square feet. Over 70 percent of the unit interiors at Williamsburg were renovated in the 18 months prior to the sale. Both properties feature swimming pools and on-site management.

February 27, 2018

Georgia Industrial Southeast

Colliers Brokers $11.4M Sale of Three-Building Industrial Portfolio in Metro Atlanta

by Camren Skelton February 26, 2018

CONYERS AND COVINGTON, GA. — Colliers International has brokered the $11.4 million sale of the I-20 East Portfolio, a three-building industrial portfolio located in Conyers and Covington. Two of the buildings are located at 1665 and 1715 Dogwood Drive in Conyers, roughly 25 miles east of Atlanta, and the third building is located at 11236 Harland Drive in Covington, roughly 35 miles southeast of Atlanta. Dennis Mitchell and Matt Wirth of Colliers arranged the transaction on behalf of the seller, First Industrial Realty Trust. Plymouth Industrial REIT acquired the buildings. The single-tenant portfolio was fully leased at the time of sale to three long-standing tenants: Bio-Lab Inc., Diversitech Corp. and Clarion Metals Corp.

February 26, 2018

Florida Multifamily Southeast Student Housing

Coastal Ridge, H. Katz Capital Buy 1,115-Bed Student Housing Asset Near University of Florida

by Camren Skelton February 26, 2018

GAINESVILLE, FLA. — A joint venture between Coastal Ridge Real Estate and H. Katz Capital has acquired Campus Lodge, a 1,115-bed student housing community located less than three miles from the University of Florida campus in Gainesville. EdR sold the property for an undisclosed price. The property, constructed in 2000, offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity and rents ranging from $1,206 to $2,052 per unit. Community amenities include a resort-style pool, fitness center, basketball court, tanning, a car wash area, picnic areas with barbecues, a computer lab and study rooms. The community is fully occupied for the 2017-2018 school year.

February 26, 2018

Florida Loans Office Southeast

CBRE Arranges $10.5M Sale, $7.1M Loan for Office Building in Metro Orlando

by Camren Skelton February 26, 2018

WINTER PARK, FLA. — CBRE has arranged the $10.5 million sale of 2699 Lee Road, an 87,226-square-foot office building in Winter Park, less than seven miles north of Orlando. Ron Rogg and Chip Wooten of CBRE arranged the transaction. At the time of sale, the building was 84 percent leased. Zac, Jim and Aaron Brumbaugh of CBRE secured a $7.1 million, 10-year loan through a life insurance company on behalf of the buyer, Owens Realty Capital. The non-recourse loan features one year of interest-only payments and a 30-year amortization schedule thereafter.

February 26, 2018

Industrial North Carolina Southeast

Trinity Capital, SilverCap Sell 272,282 SF Industrial Building in Durham

by Camren Skelton February 26, 2018

DURHAM, N.C. — Trinity Capital Advisors, in a joint venture with SilverCap Partners, has sold 3508 Tricenter Blvd., a 272,282-square-foot industrial building in Durham. Dalfen America Corp. acquired the asset for an undisclosed price. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the joint venture, which originally acquired the asset in 2016 at 53 percent occupancy. Trinity and SilverCap implemented capital improvements during their ownership, including additional docks and storefront space, bringing the property to full occupancy. The building features 31 dock-high loading doors, 22-foot clear heights, a 150-foot truck court and parking space for 24 trailers. At the time of sale, the building was home to tenants such as Amcor Rigid Plastics and HatchBeauty Laboratories.

February 26, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Hunt Provides $5.4M Freddie Mac Loan for New Affordable Housing Project in Metro Atlanta

by Camren Skelton February 26, 2018

MABLETON, GA. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the development of Wisteria Place at Mableton, a 104-unit affordable housing community in Mableton, roughly 15 miles northwest of Atlanta. The loan is an 18-month Unfunded Forward Commitment that will include two six-month extension options. Following the construction phase, the loan will convert to a 16-year permanent loan with a 35-year amortization schedule. The loan was arranged on behalf of the borrower, BJS Floyd Wisteria LP. The Unfunded Forward Commitment loan provides construction-to-permanent financing for multifamily properties that are eligible for 9 percent low income housing tax credits (LIHTC). Wisteria Place of Mableton will be an age-restricted (55 and older) community with 21 of the units reserved for those earning 50 percent of the area median income (AMI), 62 reserved for those earning 61 percent of the AMI and 21 units at market rate. Missouri-based Sterling Bank is providing construction financing for the project. The community will feature a picnic area, koi pond, vegetable gardens, butterfly garden, gas grill area, covered gazebo, computer lab, theater, beauty salon and a classroom.

February 26, 2018

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Investment Activity for Class B, C Multifamily on the Rise in Triangle

by John Nelson February 26, 2018

Solid fundamentals in tandem with soaring population growth in the Triangle market continues to drive rents and occupancy to record highs. Raleigh is repeatedly recognized as one of the nation’s best places to live, work and start a business. As a result, the market has a projected population growth of over 73 percent through the year 2044, outpacing cities such as Boston, Atlanta, Nashville and San Francisco, creating a snowball effect of investment and interest. Investors are finding the greatest opportunities in the value-add space in Raleigh for B and C-class product. Significant shortage of single-family home availability in the Triangle region has forced young and new families to turn to multifamily properties as a housing solution. Due to the demand for mid-size accommodation within middle-class budgets, and very few neighborhoods in that criteria, Class B and C apartments have seen a surge in interest, and in turn, attraction of investor attention. Of the 84 multifamily properties sold through Dec. 1 in 2017, 75 were considered Class B or C and totaled over $1.3 billion, or 76 percent of total Raleigh-Durham multifamily market investment in that time frame. Developers have slightly overbuilt Class A property downtown, resulting in a softening …

February 26, 2018

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