Southeast

PCCP, Panattoni to Build Industrial Developments in Metro Atlanta, Richmond

by Camren Skelton August 10, 2017

BUFORD, GA. AND RICHMOND, VA. — PCCP LLC, in a joint venture with Panattoni Development Co., has unveiled plans to develop two speculative industrial properties in Buford and Richmond totaling over 1.1 million square feet. In Buford, the 208,656-square-foot, Class A building will be situated on 17 acres at Broadmoor Boulevard in the Northeast Atlanta industrial submarket. The property is part of Panattoni’s Buford Logistics Center, which includes three adjacent warehouses totaling approximately 1.4 million square feet. Construction on the new development is slated for completion in early 2018. In Richmond, the joint venture will develop Commerce Road Logistics Center, a two-phased, two-building, Class A warehouse and distribution center totaling 923,400 square feet. The 62-acre site is situated four miles south of downtown Richmond and is adjacent to the Richmond Marine Terminal. The first building in the development is slated for completion in the third quarter of 2018.

August 10, 2017

Maryland Office Southeast

Cushman & Wakefield Completes $30.1M Sale of Four-Building Office Portfolio in Metro Baltimore

by Camren Skelton August 10, 2017

COLUMBIA, MD. — Cushman & Wakefield has arranged the $30.1 million sale of Lakeview I and II, a four-building office portfolio in Columbia, roughly 20 miles southwest of Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller, Goldman Sachs, in the transaction. CSG Partners acquired the buildings, which are situated at 9801, 9821, 9841 and 9861 Broken Land Parkway. The portfolio was 82 percent leased at the time of sale. CSG Partners has retained Cushman & Wakefield’s Andrew Smith and Scott Matthews to handle the property’s leasing assignment.

August 10, 2017

Georgia Healthcare Southeast Top Stories

Healthcare Realty Trust to Buy Medical Office Portfolio in Atlanta for $612.5M

by John Nelson August 10, 2017

ATLANTA — Healthcare Realty Trust Inc. (NYSE: HR), a healthcare REIT based in Nashville, has agreed to purchase 15 medical office buildings located in the metro Atlanta area from Meadows & Ohly for $612.5 million. More than 85 percent of the portfolio is located on hospital campuses, and all of the assets are associated with three leading health systems in Atlanta. The portfolio spans 1.3 million square feet and was 96.2 percent leased at the time of the deal announcement. The assets have an average building age of 9.7 years. The portfolio is expected to produce net operating income of $29.9 million in 2018. The portfolio includes nine properties totaling 772,400 square feet associated with WellStar Health System, including a 165,400-square-foot, off-campus facility currently under construction. Set to open in September, the asset is fully preleased to WellStar. The other eight facilities are situated on three hospital campuses and are nearly 60 percent leased to WellStar, which operates 11 hospitals and has a 21 percent market share, making it the leading health system in the Atlanta MSA. Three medical office buildings totaling 276,700 square feet are affiliated with Piedmont Healthcare, the third-largest healthcare system in the Atlanta market with 14.5 …

August 10, 2017

Georgia Industrial Southeast

Panattoni Begins Construction of 1.6 MSF Industrial Development in South Atlanta

by Camren Skelton August 9, 2017

MCDONOUGH, GA. — Panattoni Development Co. Inc. has broken ground on nearly 1.6 million square feet of space at Lambert Farms Logistics Park in McDonough, roughly 30 miles south of Atlanta. Located in the South Atlanta industrial submarket, 1 million square feet of space has been preleased to an international consumer brand, and the additional 550,000 square feet is being developed as speculative space. Wit Truitt, Chris Tomasulo and Reed Davis of JLL represented Panattoni in the lease negotiations and is marketing the speculative portion of the project. Construction on the development began in June and is slated for completion in the second quarter of 2018. In 2016, upscale retailer Tory Burch leased a 753,000-square-foot distribution center at Lambert Farms, which is expected to be operational later this year, creating roughly 150 new jobs.

August 9, 2017

Affordable Housing Loans Multifamily Southeast Virginia

Capital One Provides $57.2M in Financing for Development of Affordable Housing Project in Metro DC

by Camren Skelton August 9, 2017

ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits. Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West. The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 …

August 9, 2017

Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $22M Sale of Multifamily Property in Durham

by Camren Skelton August 9, 2017

DURHAM, N.C. — Cushman & Wakefield has brokered the $22 million sale of Bainbridge in the Park, a 216-unit apartment community in Durham. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, PRG Real Estate. Dasmen Residential acquired the property. Constructed in 1986, Bainbridge in the Park is located roughly three miles from the Meridian Corporate Center and Research Triangle Park. At the time of sale, the property was 94.9 percent occupied.

August 9, 2017

Loans Multifamily North Carolina Southeast

SunTrust Community Capital Provides $17.4M in Financing for Multifamily Project Near Asheville

by Camren Skelton August 9, 2017

ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of the borrower. Perry Lane Apartments will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. Construction is scheduled to begin this month, with completion slated for August 2018.

August 9, 2017

Multifamily South Carolina Southeast

Monument Capital Management Acquires 222-Unit Apartment Community in North Charleston

by Camren Skelton August 9, 2017

NORTH CHARLESTON, S.C. — Monument Capital Management has purchased Plantation Flats, an apartment community located at 2181 Dunlap St. in North Charleston. The property comprises 32 two-story buildings with one- and two-bedroom, garden-style and townhouse floor plans. The community also features a clubhouse, swimming pool, fitness center, laundry center and a tennis court. Plantation Flats is situated across from Trident Technical College and is roughly four miles north of Charleston International Airport, home to The Boeing Co. Monument Real Estate Services, an affiliate of Monument Capital Management, will manage the property. The sales price and seller were not disclosed.

August 9, 2017

Florida Multifamily Southeast Top Stories

Rockpoint Group Buys 365-Unit Town City Center Apartments Near Miami for $87M

by Nellie Day August 9, 2017

PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site. The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts. VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller. “This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” …

August 9, 2017

Affordable Housing Maryland Multifamily Southeast Virginia

CBRE Brokers Sale of 43-Property Affordable Housing Portfolio in Mid-Atlantic

by Camren Skelton August 8, 2017

COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.

August 8, 2017

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