Southeast

Seller’s Market for Jacksonville Retail Creates Opportunities for Investors

by John Nelson January 29, 2018

The Jacksonville and North Florida retail markets are seeing an increase and influx in new investment activity. Analysts are watching the volume, vacancy rate and new construction, and all signs point to a seller’s market, but compared with other Florida cities, the cap rate and the opportunities are still attractive to retail investors. What sets Jacksonville apart from other cities in Florida and across the country is the area’s strong employment growth and the amount of developable land still available. The rate of employment in Jacksonville is growing at double the national average. In addition, the city continues to attract back-office facilities for major banks and for Amazon, and its seaport is busier than ever. Housing also continues to boom in areas like Northern St. Johns County. According to third-quarter 2017 analyst reports, Jacksonville’s retail vacancy rate went down slightly from 4.6 percent in the previous quarter to 4.5 percent, or 93.5 million total square feet. Absorption totaled 710,101 square feet through the first three quarters of 2017, with about 590,000 square feet ready for occupancy or delivered, and 700,109 square feet under construction. Retail Tenant Shift Nationally, we saw stalled volume of sales during the downturn along with declining …

January 29, 2018

District of Columbia Loans Multifamily Southeast

Record Year: Fannie Mae Multifamily’s Deal Volume Tops $67B in 2017

by Camren Skelton January 26, 2018

WASHINGTON, D.C. — Fannie Mae generated more than $67 billion in multifamily financing in 2017, the highest volume ever recorded for its Delegated Underwriting and Servicing (DUS) program, which is in its 30th year of operation. The agency financed more than 750,000 multifamily units last year, breaking records in several segments including green financing, seniors housing, structured transactions and affordable housing. Fannie Mae’s biggest gains came in its seniors housing and green products. The agency generated $5.5 billion in seniors housing loans last year, up 267 percent from 2016. For its green product — loans on properties with Green Building Certification or those targeting a 20 percent reduction in energy/water consumption — Fannie Mae closed $27.6 billion in financing last year, a 667 percent jump from its 2016 volume. Walker & Dunlop closed approximately $9.1 billion of Fannie Mae financing last year, making the firm the No. 1 DUS lender of 2017. The company also produced the most green loans last year for the agency. The top affordable housing DUS lender was Wells Fargo Multifamily Capital, the top small loan DUS lender was Arbor Commercial Funding I LLC and the top DUS lender in the seniors housing space was KeyBank NA.

January 26, 2018

District of Columbia Office Southeast

Stroock Arranges $166.2M Sale of Office Building in D.C.’s West End

by Camren Skelton January 26, 2018

WASHINGTON, D.C. — Stroock has arranged the sale of 1255 23rd St. N.W., a 341,0000-square-foot office building in Washington, D.C. An affiliate of DivcoWest acquired the property for $166.2 million, according to the Washington Business Journal. Jeff Keitelman, Steven Moskowitz, Joseph Miller, Kelly Booker and Logan Wyman of Stroock arranged the transaction on behalf of the seller, D.C.-based Carr Properties. The office building is located in the city’s West End district and is home to tenants including the Humane Society of the United States. Carr originally acquired the building in a joint venture in 2011 and invested in renovations including a new tenant amenity space, outdoor plaza and other common area improvements. During its ownership, Carr signed more than 269,000 square feet of leases at the property. Stroock also represented Carr Properties in the acquisition of 350 Morse St. N.E., a soon-to-be-developed office and retail building in D.C.’s Union Market area. Other terms of the deal were not disclosed. The building will be part of the Market Terminal project, a mixed-use development that will feature a community gathering space, terraced public gardens, parks, a water feature and a retail-anchored pedestrian plaza linking Market Terminal with the Union Market neighborhood. The Washington …

January 26, 2018

Affordable Housing Loans Multifamily North Carolina Southeast

Greystone Closes $79.2M in HUD Financing for Affordable Housing Portfolio in North Carolina

by Camren Skelton January 26, 2018

GREENSBORO, N.C. — Greystone Affordable Development, an affiliate of Greystone & Co. Inc., has closed $79.2 million in financing for a nine-property, 645-unit affordable housing portfolio in Greensboro. The financing was arranged through the HUD Rental Assistance Demonstration (RAD) program on behalf of the Greensboro Housing Authority. HUD’s RAD program provides funding for housing authorities to convert public housing properties to a Section 8 platform using public and private debt and equity, ensuring that the portfolio will remain permanently affordable to low-income households. The Greensboro Housing Authority will renovate the properties, constructed between 1959 and 1996, over the next year. The financing package included tax-exempt bonds, Low Income Housing Tax Credit equity from Boston Financial Investment Management and Fannie Mae loans provided by PGIM Real Estate Finance. Greystone has preserved over 10,000 affordable housing units as both financial advisor and developer.

January 26, 2018

Healthcare Office Southeast Virginia

Avison Young Brokers Sale of 72,255 SF Medical Office Building in Northern Virginia

by Camren Skelton January 26, 2018

FREDERICKSBURG, VA. — Avison Young has arranged the sale of Lee’s Hill Plaza, a 72,255-square-foot medical office building located at 10401 Spotsylvania Ave. in Fredericksburg. A joint venture between Flagship Healthcare Properties and Drake Real Estate Partners sold the Class A building. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Other terms of the deal were not disclosed. Flagship and Drake originally acquired the asset in 2014 and increased occupancy by more than 20 percent. Mary Washington Healthcare System anchors the building, which was 91 percent leased at the time of sale. Additional tenants include the U.S. Department of Veterans Affairs, Radiologic Associates of Fredericksburg and Virginia Interventional and Vascular Associates.

January 26, 2018

Florida Retail Southeast

Nike Factory Store to Open at Celebration Pointe in Gainesville

by Camren Skelton January 26, 2018

GAINESVILLE, FLA. — Representatives of Celebration Pointe have inked a new lease with Nike Factory Store. Celebration Pointe Holdings LLC — a partnership between RaCo Real Estate LLC and Viking Cos. — is leading the 160-acre mixed-use development, located at I-75 and Archer Road in Gainesville. At full build-out, Celebration Pointe will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues. Nike will join Bass Pro Shops, which opened in 2016, as an anchor tenant at the development. A 10-screen Regal RPX theater will open at Celebration Pointe this spring, and a 140-room Hotel Indigo will open in the summer.

January 26, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $40.4M Sale of Apartment Community in Midtown Atlanta

by Camren Skelton January 25, 2018

ATLANTA — Cushman & Wakefield has arranged the $40.4 million sale of 500 Northside, a 351-unit apartment community located in Midtown Atlanta. Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Varden Capital Properties. The Griffin Fund acquired the asset. Constructed in 1968, 500 Northside features a clubhouse, coffee bar, fitness center, pool and a pet play area. The new owner plans to update 50 percent of the community’s un-renovated units, as well as fully renovate the property’s exterior.

January 25, 2018

Florida Retail Southeast

HFF Arranges $38.3M Sale of Bed Bath & Beyond-Anchored Center in South Florida

by Camren Skelton January 25, 2018

DORAL, FLA. — HFF has arranged the sale of Bed Bath & Beyond Plaza, a 97,456-square-foot shopping center in Doral, a city in South Florida’s Miami-Dade County. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, Retail Properties of America Inc. A joint venture between Schmier Property Group and Independencia Asset Management acquired the center. The sales price was not disclosed, but the South Florida Business Journal reports the property sold for $38.3 million. Nat Scarmazzi of HFF arranged a 10-year, fixed-rate loan through Goldman Sachs Mortgage Co. on behalf of the new owners. At the time of sale, Bed Bath & Beyond Plaza was fully leased to tenants including Bed Bath & Beyond, Office Depot, Petco, Party City, Pier 1 Imports, Moe’s Southwest Grill, Doral Dental Partners and Starbucks Coffee.

January 25, 2018

Florida Office Southeast

TerraCap Sells 260,900 SF Office Building in Tallahassee to CoreCivic

by Camren Skelton January 25, 2018

TALLAHASSEE, FLA. — TerraCap Management LLC has sold Capital Commerce Center, a 260,900-square-foot office building located at 2601 Blair Stone Road in Tallahassee. Nashville-based CoreCivic, a publicly traded REIT, acquired the asset for an undisclosed price. Joe Rossi and Bob Cottle of Colliers International arranged the transaction on behalf of TerraCap, which originally acquired the property, then vacant, in 2013. At the time of sale, Capital Commerce Center was 98 percent leased to tenants including the Florida Department of Business and Professional Regulation (DBPR), the Florida Department of Agriculture, CareerSource and TEKSystems. Constructed in 1990, the building underwent renovations during TerraCap’s ownership, with tenant improvements for DBPR continuing into this year. The property comprises three interconnected buildings, including a parking garage attached to the building by a covered walkway. In addition, the property is situated approximately two miles from the Florida State Capitol and three miles from Florida State University.

January 25, 2018

Georgia Retail Southeast

Franklin Street Brokers $13.6M Sale of Retail Center in Metro Atlanta

by Camren Skelton January 25, 2018

BUFORD, GA. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, roughly 35 miles north of Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.

January 25, 2018

Newer Posts

Older Posts