Southeast

HFF Arranges $62M Financing for Seven-Property Retail Portfolio in the Southeast

by John Nelson September 21, 2016

PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.

September 21, 2016

Florida Seniors Housing Southeast

Watercrest Opens 90-Unit Assisted Living Community in Jacksonville

by John Nelson September 21, 2016

JACKSONVILLE, FLA. — Watercrest Senior Living has opened Watercrest of San Jose, a 90-unit assisted living and memory care community in Jacksonville. The 79,000-square-foot, resort-style property offers 66 units of assisted living and 24 memory care apartments. Situated on the banks of Goodby’s Creek, the property features a signature spa (Spa W), wine bistro and multiple dining venues. Watercrest of San Jose will be co-owned by Starling Senior Living.

September 21, 2016

Southeast Virginia

Benning Construction Opens New Office in Richmond Led by Richard Heinkel

by John Nelson September 21, 2016

RICHMOND, VA. — Atlanta-based Benning Construction has hired Richard Heinkel to lead the general contractor’s new office in Richmond. As the firm’s director of East Coast operations, Heinkel will manage new and existing clients in Virginia and North Carolina. Heinkel has 40 years of commercial construction experience and is personally licensed in six states. Heinkel graduated from the University of Florida in 1981 with a bachelor’s degree in Building Construction.

September 21, 2016

California Florida Georgia Kansas Michigan Midwest Multifamily Southeast Student Housing Top Stories Virginia Washington Western Wisconsin

CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year

by Haisten Willis September 21, 2016

CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …

September 21, 2016

Georgia Industrial Southeast

Duke Realty to Develop 1.4 MSF Distribution Center for Floor & Décor in Savannah

by John Nelson September 20, 2016

SAVANNAH, GA. — Duke Realty Corp. plans to develop a 1.4 million-square-foot, build-to-suit distribution center in Savannah for Floor & Décor, an Atlanta-based retailer that sells hard-surface flooring, countertops, sinks and related accessories. Duke Realty will build the property on 90 acres located within Morgan Business Center between I-16 and I-95. The facility will have truck and rail access to Port of Savannah. Bill Sparks of CBRE represented Floor & Decor in the 1.4 million-square-foot lease transaction, while Duke Realty was represented internally by Brian Sutton. Duke Realty worked with the Savannah Economic Development Authority on the transaction, which represents one of the area’s largest development projects. Duke Realty plans to break ground in November, with Floor & Décor relocating to the new facility in early 2018.

September 20, 2016

District of Columbia Retail Southeast Virginia

Saks Fifth Avenue OFF 5TH Expands Footprint in Greater D.C. Area

by John Nelson September 20, 2016

SPRINGFIELD, VA. AND WASHINGTON, D.C. — Saks Fifth Avenue OFF 5TH has two locations opening in the metro Washington, D.C., area within a week of each other. The new locations total more than 60,000 square feet. The retailer has opened a two-level, 30,000-square-foot store at Springfield Town Center in Springfield, with plans to open a 33,000-square-foot store at 555 12th St. N.W. in Washington, D.C., this week. The Springfield store is the first Saks OFF 5TH to open in northern Virginia and the first in PREIT’s portfolio. The D.C. store will open on Thursday within the historic Thurman Arnold Building. According to Jonathan Greller, president of Saks OFF 5TH, there will be two more locations opening in the Mid-Atlantic region in October.

September 20, 2016

Florida Industrial Southeast

Meridian Breaks Ground on 237,000 SF Industrial Facility in South Florida

by John Nelson September 20, 2016

HOMESTEAD, FLA. — Meridian Design Build has begun construction on a 237,000-square-foot package sortation and distribution center in South Florida. The property will be located on a 40.5-acre lot at the intersection of S.W. 127th Avenue and S.W. 272nd Street in Homestead. The project will be developed by SunCap Property Group as a build-to-suit for an unnamed provider of global shipping and information services. The property will feature 63 loading docks, seven drive-in doors, a freestanding gateway building, 180 interior van loading positions, 431 parking spaces, a 125-stall trailer storage yard and 8,270 square feet of office space. The design team includes architect Ware Malcomb and civil engineer Langan.

September 20, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $35M Refinancing of Apartment Community in Tampa Bay Area

by John Nelson September 20, 2016

LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.

September 20, 2016

Affordable Housing District of Columbia Loans Multifamily Southeast

D.C. Housing Finance Agency Provides $21.6M Financing for Affordable Housing Community

by John Nelson September 20, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …

September 20, 2016

Georgia Office Southeast Top Stories

Rubenstein Partners-Led JV Acquires 1.6 MSF Office Park in Metro Atlanta for $265M

by John Nelson September 20, 2016

ALPHARETTA, GA. — Rubenstein Partners LP, along with a minority equity partner, has purchased Sanctuary Park, a 1.6 million-square-foot office park complex located in the northern Atlanta suburb of Alpharetta, for $265 million. The joint venture purchased the asset from J.P. Morgan. (NYSE: JPM), according to the Atlanta Business Chronicle. Sanctuary Park has been institutionally owned, developed and maintained for nearly 20 years. The property comprises nine mid-rise buildings within a 152-acre, master-planned campus, which features three zoned development sites that can accommodate an additional 750,000 square feet of build-to-suit office space. Sanctuary Park is currently 96 percent leased to tenants that include Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corp., LeasePlan and Verizon Wireless. Verizon is expected to vacate its office space at the campus in the near future, which will lower Sanctuary Park’s occupancy to approximately 75 percent. “Sanctuary Park is exactly the kind of unique value-add opportunity Rubenstein Partners seeks out,” said Taylor Smith, regional director of the Southeast for Rubenstein Partners. “The Class A property is generally regarded as the top office park in North Fulton, and we are thrilled to complete the acquisition of this asset. We believe Verizon’s departure created an opportunity for …

September 20, 2016

Newer Posts

Older Posts