Southeast

Forest City Unveils Vision for 3 MSF Second Phase of The Yards in D.C.

by Camren Skelton April 12, 2018

WASHINGTON, D.C. — Forest City Washington has unveiled plans for the second phase of The Yards, a master-planned mixed-use development in Washington, D.C. Phase II of the waterfront development will include an additional 3 million square feet on the western side of the property, between 1st Street S.E. and New Jersey Avenue. Planned elements include 1,200 residential units, 1.5 million square feet of Class A office space and 150,000 square feet of retail and dining space. Phase II will be organized around a pedestrian-friendly street with ground-level retail and dining, extended green spaces and public gathering areas. The six-block area will begin at the intersection of New Jersey Avenue and M Street S.E., and will extend to the Anacostia River at Diamond Teague Park. The second phase of the project is expected to break ground in 2019 and deliver in 2030. At full build-out, The Yards will span 48 acres and will feature 1.8 million square feet of office space, 400,000 square feet of retail and dining and up to 3,400 residential units. In addition, The Yards will be home to the 225-room Thompson D.C. hotel, slated to open in 2020.

April 12, 2018

Development Georgia Leasing Activity Mixed-Use Retail Southeast

Selig Reveals Retail Lineup of $229M City Springs Mixed-Use Project in Metro Atlanta

by Camren Skelton April 12, 2018

SANDY SPRINGS, GA. — Atlanta-based developer Selig Enterprises has unveiled the retail tenant lineup at City Springs, a $229 million mixed-use development in Sandy Springs, about 14 miles north of downtown Atlanta. Serving as the downtown district of Sandy Springs at the corner of Roswell Road and Mount Vernon Highway, City Springs will soon be home to four new restaurants and three health and wellness concepts totaling roughly 20,000 square feet. The new eateries will include Café Vendome, a bread and sandwich bistro with an existing location in Sandy Springs; Flower Child, a health-conscious restaurant chain serving vegetables, fruit, grains and healthy proteins; Nam Kitchen, a Vietnamese restaurant headed by Alex Kinjo of MF Sushi, executive chef Thuy Bich and Ahn Hoang from Nam Midtown; and The Select, an American comfort food concept that will feature an extensive wine list. The health and wellness outfits coming to City Springs will include Turn, the first indoor cycling and boot camp fitness studio from owner Ashley Francis; SculptHouse, a high-intensity, low-impact fitness concept with existing locations in Buckhead and Nashville; and Vida-Flo, a hydration treatment center staffed by licensed medical professionals. Build-out has begun on several of the spaces, with the first tenants expected …

April 12, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Greystone Arranges $168.6M Financing for Recapitalization of 26 Affordable Housing Properties in Georgia

by Camren Skelton April 12, 2018

NEW YORK — New York-based Greystone Affordable Development has arranged $168.6 million in financing for the recapitalization of 26 affordable housing properties located across 17 counties in Georgia. The financing, which combined both public and private funding, was arranged on behalf of the owner, The Hallmark Cos. The financing package included $54.3 million in tax-exempt bonds from the Housing Authority of Macon-Bibb County; 4 percent in low income housing tax credits (LIHTCs) purchased by Boston Financial Investment Management, generating $54 million in capital contributions; a $28 million loan through the United States Department of Agriculture (USDA) Section 515; $27.3 million in USDA Section 538 loans provided by Greystone Servicing Corp. Inc.; and $5 million in excess reserves, project operations, investment income and deferred developer fees. Hallmark will substantially renovate the portfolio’s interiors and exteriors over the next two years. Planned renovations focus on modernizing the properties — built between the late 1970s and mid-1990s — and addressing accessibility, functional obsolescence and deterioration. The owner plans to achieve overall energy savings of at least 20 percent at each property through the use of Energy Star-certified appliances and windows.

April 12, 2018

Acquisitions Florida Industrial Southeast

Colony Industrial Acquires 1.3 MSF Industrial Park in Jacksonville for $77.5M

by Camren Skelton April 12, 2018

JACKSONVILLE, FLA. — Colony Industrial, an affiliate of Colony NorthStar, has acquired Westside Industrial Park in Jacksonville for $77.5 million. The 1.3 million-square-foot park, located at 4601 and 4910 Bulls Bay Highway, includes four Class A industrial buildings. The Jacksonville Business Journal reports Pattillo Industrial Real Estate sold the portfolio, which was 99.8 percent leased at the time of sale to nine tenants. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the seller. The acquisition marks Colony Industrial’s fourth investment in the Jacksonville market over the last nine months.

April 12, 2018

Acquisitions Industrial Kentucky Southeast

Phoenix Investors Buys Eight-Property Industrial Portfolio in Kentucky for $9.3M

by Camren Skelton April 12, 2018

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investors have acquired an eight-property industrial portfolio located throughout Kentucky for $9.3 million. The properties total 831,000 square feet and are located in Morehead, Carrollton, Danville, Maysville and Mount Sterling. Affiliates of Pope Cos. sold the properties, which were constructed between 1989 and 2004. The new owners plan to renovate the portfolio, which was 63 percent leased at the time of sale, and find new tenants for the vacant space. Bryan Flaherty of CBRE arranged the sale, and Walker & Dunlop Commercial Property Funding LLC provided financing.

April 12, 2018

Development Florida Office Southeast

Hispanic Media Giant Telemundo Opens $250M Global Headquarters in Miami

by Camren Skelton April 11, 2018

MIAMI — Telemundo has opened its $250 million global headquarters in Miami’s Beacon Lakes Industrial Park. The Spanish-language media company is a subsidiary of NBCUniversal and Comcast Corp. Telemundo Center is situated on 21 acres and spans nearly 500,00 square feet, with the capacity to house 1,500 employees. The new facility brings all of the division’s offices, broadcast and production operations under one roof, including Telemundo Network, Telemundo Global Studios, Universo channel, Telemundo’s digital media operations and NBCUniversal International Group’s Latin American offices. The building features 15 studios, including two digital studios, virtual and augmented reality sets and a news operation. In addition, the facility houses the recently launched Telemundo Academy, a multimedia educational institution that partners with high schools and universities to train future media leaders. The LEED-certified building is constructed to sustain a Category 5 hurricane and remain in operation during weather and other environmental emergencies. Telemundo Center is estimated to contribute approximately $360 million in state taxes over the next 20 years.

April 11, 2018

Acquisitions Florida Southeast

Crocker, JV Partners Acquire 1.8 MSF Office Campus in Boca Raton for $179.3M

by Camren Skelton April 11, 2018

BOCA RATON, FLA. — Crocker Partners, in a joint venture with Rialto Capital and Siguler Guff, has acquired Boca Raton Innovation Campus (BRIC), a 1.8 million-square-foot office complex in Boca Raton. The 125-acre property — the former home of IBM — sold for $179.3 million, according to local media reports. Mike McDonald, Kennedy Hicks and Joe Gibson of Eastdil Secured arranged the transaction on behalf of the sellers, Farallon Capital Management and Next Tier HD. BRIC was originally developed in the 1960s as IBM’s North American Research & Development facility, and is credited as the birthplace of the personal computer. The campus was 73 percent leased at the time of sale to tenants such as Bluegreen Vacations Corp., Johnson Controls Security Solutions, TransUnion, MDVIP and Modernizing Medicine. BRIC’s amenities include a private shuttle to Tri-Rail, the city’s public transportation system, as well as a dining marketplace, conference centers, daycare center, walking trails and a fitness center. The acquisition brings Crocker Partners’ Boca Raton portfolio to 2.9 million square feet.

April 11, 2018

Acquisitions Georgia Office Southeast

New York Life, Dilweg Sell Three Office Buildings Totaling 634,487 SF in Metro Atlanta to Bridge

by Camren Skelton April 11, 2018

ALPHARETTA, GA. — A joint venture between New York Life Real Estate Investors and The Dilweg Cos. has sold Royal Centre II, III and IV in Alpharetta. Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC, acquired the assets, which total 634,487 square feet. The sales price was not disclosed, but the Atlanta Business Chronicle reports New York Life and Dilweg originally acquired the Royal Centre buildings in 2015 for $85.3 million. The buildings are located in the Royal 400 office park, roughly 26 miles north of Atlanta and less than two miles from Avalon, an 86-acre mixed-use development. Bridge plans to invest $12 million to further modernize the properties with the addition of collaborative work spaces, tenant amenity centers, upgrades to the fitness center, café and conference facilities, upgraded landscaping and new exterior common spaces. The properties, constructed between 1998 and 2000, were 85 percent leased at the time of sale.

April 11, 2018

Florida Loans Multifamily

Trillium Capital Arranges $21.6M Loan for New Multifamily Community in Titusville, Florida

by Camren Skelton April 11, 2018

TITUSVILLE, FLA. — Trillium Capital Resources (TCR) has arranged a $21.6 million loan for Solamere Grand, a 216-unit apartment community in Titusville. TCR arranged the 15-year, non-recourse, fixed-rate loan through Aegon Realty Advisors on behalf of the borrower, Solamere Grand LLC. The community was completed this month and features a clubhouse, business center, TV lounge, resort-style swimming pool, fitness center, sauna, playground, dog park and grilling stations.

April 11, 2018

Loans Multifamily Southeast Tennessee

CBRE Provides $18.1M HUD Refinancing for Apartment Community in Knoxville

by Camren Skelton April 11, 2018

KNOXVILLE, TENN. — CBRE Capital Markets has provided an $18.1 million loan through the U.S. Department of Housing and Urban Development (HUD) for the refinancing of The Villas of Emerald Woods, a 198-unit apartment community in Knoxville. Ann Cone and K.O. Kennedy of CBRE originated the 35-year loan on behalf of the borrower, The Williams Co. LLC. The Knoxville-based company developed the property in three phases between 2006 and 2009. The Villas of Emerald Woods features two- and three-bedroom, townhome-style apartments. Community amenities include a fitness center, tennis court, resort-style pool, hot tub and attached garages.

April 11, 2018

Newer Posts

Older Posts