Southeast

Ridgeline, USAA to Develop 558,600 SF Distribution Center Near Nashville

by Camren Skelton September 19, 2017

LEBANON, TENN. — Ridgeline Property Group (RPG), in a joint venture with USAA Real Estate Co., has unveiled plans to develop Park 840 East Building 100, a 558,600-square-foot distribution and logistics facility in Lebanon, roughly 30 miles east of Nashville. The Class A property will be developed on a 29-acre site at the southeast corner of Central Pike and Interstate 840. Steve Preston and Hayes McWilliams of CBRE will handle the building’s leasing assignment. The project will feature concrete-tilt panel construction, 36-foot clear heights, 56- by 50-foot column spacing, 62.5-foot speed bays, 96 dock doors and 113 trailer stalls. Construction is slated to begin in the fourth quarter, with completion estimated for the second quarter of 2018.

September 19, 2017

Loans Multifamily South Carolina Southeast

NXT Provides $33M Acquisition Loan for Apartment Community in Metro Charlotte

by Camren Skelton September 19, 2017

ROCK HILL, S.C. — NXT Capital has provided a $33 million first mortgage loan for the acquisition of Gateway at Rock Hill Apartments, a 312-unit multifamily community located in downtown Rock Hill, located five miles from Winthrop University and roughly 20 miles south of Charlotte in South Carolina. Michael Ortlip and Joshua Davis of Grandbridge Real Estate Capital arranged the transaction. The borrower was not disclosed. Gateway at Rock Hill’s community amenities include a business center, fitness center, movie theater, grill and a picnic area.

September 19, 2017

Florida Industrial Self-Storage Southeast

Jernigan Capital Invests $14.7M for Self-Storage Project in Miami

by Camren Skelton September 19, 2017

MIAMI — Jernigan Capital Inc. has invested $14.7 million for the development of a 69,175-square-foot self-storage facility in Miami. Ocoee, Fla.-based Self Storage Associates Inc. is developing the ground-up project, which will be located at 4250 S.W. 8th St., roughly one mile from the central business district of Coral Gables and approximately two miles from the University of Miami. Construction on the multi-level, climate-controlled facility is expected to begin in the first quarter of 2018, with completion slated for the second quarter of 2019. Jernigan Capital and Self Storage Associates have co-invested in four other self-storage development projects.

September 19, 2017

Florida Retail Southeast

Marcus & Millichap Brokers $12.8M Sale of Retail Center Near Fort Lauderdale

by Camren Skelton September 19, 2017

DEERFIELD BEACH, FLA. — Marcus & Millichap has arranged the $12.8 million sale of the Shoppes of Hillsboro, a 61,465-square-foot retail center located at 2201-2265 W. Hillsboro Blvd. in Deerfield Beach, roughly 18 miles north of Fort Lauderdale. Douglas Mandel and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the sellers, BREF Hillsboro LLC, managed by Butters Construction and Development Partners, and Dhanya of Miami, managed by Sukrit Agrawal. The team also procured the buyer, a private investor based in Hallandale Beach, Fla. At the time of sale, the Shoppes of Hillsboro was leased to tenants including Bank United, Sage Dental, Optimum Bank and JByrd’s Muddy Waters.

September 19, 2017

Multifamily North Carolina Southeast

SunCap Property Begins Construction on Upscale Apartment Asset in Charlotte

by Camren Skelton September 18, 2017

CHARLOTTE, N.C. — SunCap Property Group has broken ground on Draper Place, a four-story, 47-unit apartment community located at the intersection of Randolph Road and Dotger Avenue in Charlotte. The high-end community will include two- and three-bedroom units ranging in size from 1,650 to 2,200 square feet, with rental rates starting at $3,400 per month. Individual units will feature gas stoves, under-cabinet lighting, dry bars with wine refrigerators, walk-in closets and 10-foot ceilings. Community amenities will include a community clubroom, private conference room, shared kitchen and an outdoor gas grill and custom fireplace. The first units at Draper Place are expected to deliver by late 2018. Cline Design is the architect for the project, Metrolina Builders is the general contractor and Rivergate KW Residential will lease and manage the community. Draper Place is SunCap’s first multifamily development in Charlotte.

September 18, 2017

Georgia Multifamily Southeast

PointOne Holdings, Biscayne Atlantic Sell Multifamily Community in Metro Atlanta for $33.5M

by Camren Skelton September 18, 2017

LITHIA SPRINGS, GA. — PointOne Holdings, in a joint venture with Biscayne Atlantic, has sold Waterford Point Apartments, a 344-unit multifamily community in Lithia Springs, for $33.5 million. The buyer was not disclosed. Located at 670 Thornton Road, Waterford Point is roughly 18 miles west of Atlanta. The joint venture originally acquired the property in 2014 for $18.7 million and invested roughly $2.5 million in capital improvements, including upgraded interiors, added amenities and updated infrastructure. Community amenities include a swimming pool, fitness center and clubhouse. At the time of sale, the community was 98 percent occupied.

September 18, 2017

Louisiana Retail Southeast

Edge Realty Capital Brokers Sale of 112,108 SF Retail Center in Lafayette, Louisiana

by Camren Skelton September 18, 2017

LAFAYETTE, LA. — Edge Realty Capital Markets has brokered the sale of Parkway Plaza, a 112,108-square-foot shopping center in Lafayette. Brandon Beeson and Kevin Holland of Edge Realty Capital represented the seller, 1996 Parkway Plaza Partnership LLC. TCP Capital Partners LLC acquired the property for an undisclosed price. At the time of sale, the property was 98.3 percent leased to tenants including Citi Trends, Sears Outlet, It’s Fashion Metro, Dollar Tree, Kool Smiles and Rainbow.

September 18, 2017

North Carolina Office Southeast

Vestis Capital Arranges $8.2M Sale of Office Building in Durham

by Camren Skelton September 18, 2017

DURHAM, N.C. — Vestis Capital Partners has brokered the $8.2 million sale of Valley View, a 54,000-square-foot office building located at 3511 Shannon Road in Durham. Drew Eller of Vestis Capital Partners arranged the transaction on behalf of the seller, Valley View Office LLC. Bo Hargrove and Street Jones of Rich Commercial Realty represented the buyer, a Massachusetts-based private investor. At the time of sale, Valley View was 90 percent leased.

September 18, 2017

Georgia Office Southeast

Avison Young Secures 40,000 SF Lease for Boston Consulting Group in Downtown Atlanta

by Camren Skelton September 18, 2017

ATLANTA — Avison Young has arranged a 10-year, 40,000-square-foot lease for The Boston Consulting Group (BCG), a global management consulting firm, at 100 Peachtree in downtown Atlanta. Phil and Hilton Barry of Avison Young represented BCG in the lease transaction. Scott DeMyer and C. Deming Fish of Colliers International represented the landlord, Zeller Realty Group. BCG is expected to bring roughly 200 jobs to Atlanta upon moving to the building, in an effort to co-locate business support jobs into one central office. The Boston-based company will invest nearly $9 million renovating two floors of the building. Construction is slated for completion in the first half of 2018. Formerly known as the Equitable Building, the 622,084-square-foot 100 Peachtree features a conference center, fitness center and is located within walking distance of a variety of restaurants. The building is home to Georgia’s Own Credit Union, Koch Industries and CallRail.

September 18, 2017

Loans Mixed-Use Southeast Virginia

Berkadia Arranges $157M Construction Loan for Target-Anchored Mixed-Use Project in Metro D.C.

by Camren Skelton September 15, 2017

ARLINGTON, VA. — Berkadia has secured a $157 million construction loan for 750 North Glebe, a mixed-use project under construction in Arlington, roughly five miles west of Washington, D.C. Upon completion, 750 North Glebe will feature 491 residential units and 61,000 square feet of retail space, which will be anchored by a 41,000-square-foot Target store. J. Tyler Blue, Paul Wallace and Jimmy Meadows of Berkadia secured the 18-year loan through Northwestern Mutual Life Insurance Co. on behalf of the developer, Bethesda, Md.-based Saul Centers.

September 15, 2017

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