Southeast

Cushman & Wakefield Arranges $29.8M Land Sale in Atlanta for Future Mixed-Use Development

by Camren Skelton October 31, 2017

ATLANTA — Cushman & Wakefield has arranged the $29.8 million sale of a land site located at the corner of Memorial Drive and Bill Kennedy Way in Atlanta’s Reynoldstown submarket. The site was formerly occupied by manufacturer Leggett & Platt. Matt Hawkins, Pierce Owings and Ron Willingham of Cushman & Wakefield represented the undisclosed seller in the transaction. Atlanta-based Fuqua Development acquired the 17-acre property, with plans to develop a $250 million mixed-use development dubbed Madison Yards. The project will include 160,000 square feet of retail space — including anchor tenants Publix and AMC Theatres — 80,000 square feet of loft office space, 550 apartment units and townhomes. Madison Yards is expected to open as early as 2019.

October 31, 2017

Maryland Multifamily Southeast

UIP Acquires Multifamily Community in Metro D.C. for $31.8M

by Camren Skelton October 31, 2017

GAITHERSBURG, MD. — Urban Investment Partners (UIP) has acquired Walker House, a 212-unit apartment community located along the Interstate 270 corridor in Gaithersburg, roughly 23 miles northwest of Washington, D.C. CBRE represented the seller, Washington REIT, in the $31.8 million transaction. Capital One provided acquisition financing for the asset. Walker House includes 196 apartment units constructed in 1971, plus 16 garden apartments constructed in 2003. UIP will renovate the property with updated cabinets, counters, appliances, lighting and flooring. UIP will also update the existing fitness center, lounge and other amenity spaces. Walker House was fully occupied at the time of sale.

October 31, 2017

Florida Retail Southeast

Stan Johnson Co. Brokers $29.5M Sale of Retail Center Near Disney World

by Camren Skelton October 31, 2017

CELEBRATION, FLA. — Stan Johnson Co. has arranged the $29.5 million sale of the Shoppes at Celebration Place, a 44,095-square-foot retail center located at 6200-6296 W. Irlo Bronson Memorial Highway in Celebration, roughly 3 miles south of Walt Disney World. Joey Odom, Mike Sladich, K.B. Yabuku and Maggie Holmes of Stan Johnson Co. represented both the seller, South Florida-based Flagler Realty & Development, and the buyer, New York-based Ben Hur Investments. At the time of sale, the Shoppes at Celebration Place was fully leased to tenants including Walgreens, Applebee’s, Arby’s, Dunkin’ Donuts, Chipotle Mexican Grill and Five Guys Burgers & Fries.

October 31, 2017

Florida Multifamily Southeast

Interest Rates, Tax Uncertainty Help Slowdown of Multifamily Investment Sales, Says Franklin Street’s Darron Kattan

by John Nelson October 31, 2017

For the first time since 2009, the U.S. multifamily real estate sector’s annual sales volume is flirting with falling below the preceding year’s total. Through the first three quarters of 2017, U.S. multifamily investment sales totaled a little over $104 billion, according to Real Capital Analytics (RCA), which tracks sales of multifamily properties and portfolios that are $2.5 million and greater. Experts don’t anticipate sales activity in the last quarter of the year to be enough to surpass last year’s grand total of $160.6 billion in trade volume. As a follow up to the cover article “Coming Back Down to Earth” from the September issue of Southeast Real Estate Business, we caught up with Darron Kattan, managing director of Franklin Street’s Tampa office, to get his take on the U.S. multifamily market. The following is an edited interview: Southeast Real Estate Business: Thus far in 2017, multifamily investment sales are on track to be below 2016 totals. In your opinion, what is causing the decreasing volume? Kattan: A few factors are contributing to this trend. First, the slight increase in the interest rates have given the market pause. Many sellers that have owned for a long time are sitting squarely …

October 31, 2017

North Carolina Office Southeast

MetLife to Deliver Third Building at Global Technology Campus Near Raleigh

by Camren Skelton October 30, 2017

CARY, N.C. — MetLife Inc. has broken ground on the third office building at its Global Technology Campus in Cary, roughly 12 miles west of Raleigh. Raleigh-based Highwoods Properties developed all three assets, the first two of which was delivered in 2015. Upon completion, the new building will bring more than 500 jobs to the Cary area. The Global Technology Campus sits on 26.5 acres and, at full build-out, will include three, 213,500-square-foot office buildings. The existing buildings are LEED-certified, and the new building is being designed to achieve the certification as well. The campus features a terrace overlooking Lake Crabtree, an outdoor amphitheater, basketball court, walking trails, campus-wide Wi-Fi, sit-stand desks, wellness rooms, collaborative meeting rooms, coffee bars and structured parking. The new building is slated for completion in the first quarter of 2019.

October 30, 2017

Florida Industrial Southeast

PREMIER Design + Build Breaks Ground on 221,542 SF Industrial Facility in Broward County

by Camren Skelton October 30, 2017

PLANTATION, FLA. — PREMIER Design + Build Group is leading the design and construction of a 221,542-square-foot warehouse located at the intersection of Interstate 95 and Broward Boulevard in Plantation. Bridge Development Partners LLC is the project developer. Upon completion, the warehouse will have the flexibility to accommodate multiple tenants from 40,000 square feet. The building will feature an ESFR sprinkler system, T-5 energy efficient warehouse lighting, 44 rear-loading dock doors and three drive-in doors. RLC Architects is providing architectural services for the project. Flynn Engineering Services is the civil engineer and DDA Engineers is the structural engineer. Colliers International will represent the building. Construction on the warehouse is slated for completion in the third quarter of 2018.

October 30, 2017

Florida Retail Southeast

Avison Young Arranges $23.8M Sale of Publix-Anchored Center Near Orlando

by Camren Skelton October 30, 2017

OCOEE, FLA. — Avison Young has arranged the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot, Publix-anchored center located at 8805-8995 W. Colonial Drive in Ocoee, roughly 13 miles west of Orlando. John Crotty, Ray Hayhurst, Steve Tanner and Joshua Ladle of Avison Young arranged the transaction on behalf of the seller, IMC Equity Group, and secured the buyer, Canadian-based Slate Retail REIT. Good Homes Plaza was 96 percent leased at the time of sale to anchor tenant Publix, Pet Supermarket and Beall’s Outlet Store.

October 30, 2017

Loans Multifamily South Carolina Southeast

Hunt Mortgage Provides $22.3M Loan for Multifamily Portfolio in Columbia, South Carolina

by Camren Skelton October 30, 2017

COLUMBIA, S.C. — Hunt Mortgage Group has provided $22.3 million in financing for the acquisition of a three-property multifamily portfolio in Columbia. Aline Capital LLC arranged the financing utilizing the Fannie Mae Green Rewards Program. In addition to purchasing the portfolio, the undisclosed borrower will use the funds to invest in energy efficient renovations and improve the apartment unit interiors. The portfolio totals 625 units and includes Park Place Apartments, Copperfield Apartments and Hunter’s Ridge Apartments.

October 30, 2017

Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges Sale of 18,316 SF Retail Center in Blacksburg, Virginia

by Camren Skelton October 30, 2017

BLACKSBURG, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of University Crossroads, an 18,316-square-foot retail center located at the main entrance of Virginia Tech in Blacksburg. Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the sale on behalf of the undisclosed seller. Additional terms of the transaction were not disclosed. Constructed this year, the center is part of the larger University Crossroads mixed-use development, which includes additional retail space, a freestanding CVS/pharmacy and two hotels with a total of 250 rooms. Graystone Cos. developed University Crossroads. At the time of sale, the center was home to Chipotle Mexican Grill, Panda Express and Tropical Smoothie Café. John Nielsen of Cushman & Wakefield | Thalhimer completed the lease-up of the property. The Thalhimer Commercial Property Services team will manage the asset under the new ownership.

October 30, 2017

Kentucky Market Reports Retail Southeast Southeast Market Reports

Louisville Experiences New Retail Development Across the Metro Area

by John Nelson October 30, 2017

Louisville’s evolving retail market has presented a mix of new development and infill redevelopment opportunities that have created a substantial amount of activity in targeted areas. While rents and absorption activity have fluctuated, several of these new developments have proven that well-designed, experiential retail projects can still gain traction and create the buzz necessary for successful brick-and-mortar retail. No project in Louisville encapsulates this more than the Whiskey Row project that is taking place downtown in the central business district (CBD). It has been several years since retail development or retailers have ventured downtown, but this new project has created the level of excitement that has attracted national retailers. The driving force behind Whiskey Row is the tourism industry centered around Louisville’s well-known bourbon scene. The $30 million mixed-use project will be a redevelopment of former distilleries, with the developer preserving and restoring the historic facades, while building out world-class retail, restaurant and office space in the existing structures. The entire project will consist of 24,000 square feet of retail. With new distilleries and restaurants opening around the mixed-use development, retailers have been drawn by the foot traffic that will undoubtedly be delivered by tourists traveling to Louisville for the …

October 30, 2017

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