Southeast

The Shopping Center Group Secures $8.4M Sale of Retail Center in Tampa Via Auction

by Camren Skelton January 23, 2018

TAMPA, FLA. — The Shopping Center Group has arranged the $8.4 million sale of Shoppes of Amberly, an 88,000-square-foot shopping center in Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a special servicer, in the transaction that was finalized through the RealINSIGHT Marketplace auction platform. Shoppes of Amberly LLC acquired the center. At the time of sale, Shoppes of Amberly was 86 percent leased to tenants including Crunch Fitness and Peabody’s Billiards. In addition, the center is home to local restaurants and medical, health and beauty services.

January 23, 2018

Data Centers Florida Industrial Southeast

Lincoln Rackhouse to Develop 35,000 SF Data Center in South Florida for Mobile Network Provider

by Camren Skelton January 23, 2018

SUNRISE, FLA. — Dallas-based Lincoln Rackhouse will break ground this month on a 35,000-square-foot build-to-suit data center in Sunrise. In a sales-leaseback agreement, Bo Bond and Ali Greenwood of JLL’s Data Center Solutions secured a 20-year prelease with an undisclosed U.S. mobile network provider. The telecom switch center will expand the network’s delivery platform in the region. Burr Computer Environments Inc. is the project’s engineer, Gensler is the architect and Smith Commercial Contracting Inc. is the general contractor. Lincoln Property Co.’s South Florida office will oversee development and management for the project, which is slated for a fourth-quarter completion.

January 23, 2018

Retail Southeast Virginia

Wheeler REIT Acquires 888,917 SF Shopping Center in Norfolk for $85.7M

by Camren Skelton January 22, 2018

NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.

January 22, 2018

District of Columbia Multifamily Southeast

Gateway, Rise to Deliver 319-Unit Apartment Community in D.C.

by Camren Skelton January 22, 2018

WASHINGTON, D.C. — Gateway Investment Partners and RISE: A Real Estate Co., will soon deliver Trellis House, a 319-unit apartment community located in Washington D.C.’s North Shaw neighborhood. The joint venture broke ground on the property in 2016. The community is designed to meet LEED Platinum-certification, and will feature electric car charging stations, a rooftop hydroponic garden and close proximity to public transportation — three blocks from the U Street/Cardoza Metro Station. Trellis House will offer a mix of studio, one- and two-bedroom units and two-level townhome-style units, ranging from 425 to 1,218 square feet. Community amenities will include a 12,000-square-foot outdoor courtyard, two-level fitness center, pool, subzero test kitchen with video broadcast cooking demonstrations, outdoor fireplaces with grilling stations and an observation deck with downtown and Capitol views. In addition, the community will include 11,500 square feet of ground-floor retail. Preleasing for Trellis House will begin in April, with residents expected to move in by summer.

January 22, 2018

Florida Multifamily Southeast

CBRE Negotiates Sale of Three-Property Multifamily Portfolio in Florida

by Camren Skelton January 22, 2018

INDIAN HARBOUR BEACH AND PALM BAY, FLA. — CBRE has arranged the sale of a three-property multifamily portfolio located in Indian Harbor Beach and Palm Bay. Abacus Capital Group acquired the properties from CFH Group for an undisclosed price. Still Hunter, Chris Smiles, Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented both the buyer and seller in the transaction. The 594-unit portfolio includes two communities in Indian Harbour Beach: The Dunes, located at 201 Harbour City Parkway, and Harbour Pointe Apartments, located at 675 Rosewood Court. In Palm Bay, Abacus acquired The Vinings at Palm Bay, located at 1000 Palm Place Drive. The communities feature 24-hour fitness centers, resort-style pools, poolside kitchens, carports and business centers.

January 22, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $17.7M Sale of Multifamily Community in East Atlanta

by Camren Skelton January 22, 2018

ATLANTA — Cushman & Wakefield has arranged the $17.7 million sale of Broadway at East Atlanta, a 176-unit apartment community located at 1930 Flat Shoals Road in East Atlanta. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. New Jersey-based Liquid Capital acquired the property using a fixed-rate Fannie Mae loan. Constructed in 1967, Broadway at East Atlanta features a fitness center, pool with grilling area, dog park and a playground.

January 22, 2018

Industrial Loans Maryland Southeast

Ready Capital Closes $14M Loan for Acquisition, Renovation of Industrial Asset in Metro Baltimore

by Camren Skelton January 22, 2018

HALETHORPE, MD. — Ready Capital Structured Finance has closed a $14 million loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property located at 2209 Sulphur Spring Road in Halethorpe, roughly seven miles south of Baltimore. The name of the borrower was not disclosed. The 36-month, non-recourse, floating-rate loan features two extension options and flexible prepayment. The borrower plans to fully renovate interiors, as well as upgrade the building’s exterior and infrastructure. Following the renovations, the borrower will re-tenant the property at market rental rates.

January 22, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Charlotte Sees New Construction, Renovations of Second-Generation Office Space

by John Nelson January 22, 2018

It’s impossible to ignore the ongoing boom of new commercial real estate development in downtown Charlotte. Get a glimpse of the skyline from the Interstate 277 loop and you can see the already-present structures standing tall among the handful of cranes and half-completed construction filling in the gaps. More than a dozen projects are currently underway in Center City, with more expected during the next 12 to 18 months. New and Improved Recently opened towers, like 300 South Tryon and 615 South College, have attracted major corporate relocations to downtown CBD, including Regions Bank and Sitehands. Ally Bank just announced its 400,000-square foot move to Ally Charlotte Center, and Crescent Communities just kicked off development of a new tower in the burgeoning Stonewall corridor for a 2020 completion date. Companies seeking the top-of-market space in the city’s newest downtown office developments want to have a presence in the heart of Charlotte’s energy. There, they can recruit elite talent and build their brand. Of course, that presence comes with the highest rental rates and parking costs, in addition to elevated tenant-buildout budgets in a market where construction costs continue to rise. At the other end of the spectrum, some are finding …

January 22, 2018

Office Southeast Virginia

USAA, Lowe Acquire Three-Building, 566,000 SF Office Complex in Metro D.C.

by Camren Skelton January 19, 2018

ALEXANDRIA, VA. — A joint venture between USAA Real Estate and Lowe has acquired Park Center, a three-building, 566,000-square-foot office complex in Alexandria, roughly eight miles north of Washington, D.C. The adjacent office buildings are located at 4300 King St., 3101 Park Center Drive and 4401 Ford Ave. Joe Carrol of Lowe and Bruce Childs of USAA Real Estate led the acquisition team internally. HFF represented the undisclosed seller, and arranged acquisition financing for the asset on behalf of the new owners. The sales price was not disclosed. Lowe and USAA most recently teamed up on the development of the 705,000-square-foot National Science Foundation Headquarters building, which was completed in late 2017 at 2415 Eisenhower Ave. in Alexandria.

January 19, 2018

Multifamily South Carolina Southeast Student Housing

Valeo, Harrison Street to Deliver 994-Bed Student Housing Community Near Clemson University

by Camren Skelton January 19, 2018

CLEMSON, S.C. — Valeo Groupe US, in conjunction with equity partner Harrison Street Real Estate Capital LLC, has unveiled plans to deliver Epoch Clemson, a 310-unit, 994-bed student housing community serving Clemson University in Clemson. Ed Coco, Matt Casey and Libby Malloy of HFF secured a floating-rate construction loan for the property on behalf of the developers. Other terms of the deal were not disclosed. Epoch Clemson will be situated along the shoreline of Lake Hartwell, just off U.S. Highway 123/Clemson Boulevard. The property will comprise 15 buildings with a variety of cottage, townhome, brownstone and apartment units. Community amenities will include a resort-style pool and clubhouse, volleyball court, 24-hour fitness center, computer center and landscaped courtyards. With more than 3,600 feet of Lake Hartwell frontage, the community will also feature waterfront amenities including a private beach, boat docks, lakeside pedestrian paths and select units with lake views. The community is slated for completion in summer 2019.

January 19, 2018

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