ALPHARETTA, GA. — Avison Young’s Atlanta office has brokered the $14 million sale of Royal 400, a three-building portfolio of single-story office buildings situated within an office park in Alpharetta. Totaling 137,600 square feet on 22.9 acres, Royal 400 was 80.5 percent leased at the time of sale to national and regional tenants. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, NNN Royal 400 LLC, in the transaction.
NEW ORLEANS — The 14th annual National Multifamily Housing Council (NMHC) Student Housing Conference & Exposition was held Sept. 28-30 at the New Orleans Marriott in Louisiana, with over 700 leaders from all facets of the sector convening to network, discuss and dine over a range of industry topics. The outlook throughout the conference was overwhelmingly bright. Each panel and session showed the sector to be robust, with reports of rising rental rates, a record year in asset sales in the sector, and increasing investor interest and capital entering the student housing market. The conference began on Wednesday, Sept. 28, with opening remarks by NMHC president Doug Bibby, followed by a panel titled “Keeping Count: The Public Company Perspective.” Led by CEO of Peak Campus Bob Clark, the panel went in-depth with the CEOs of the two public REITs in the industry — Bill Bayless, president and CEO of American Campus Communities (ACC), and Randy Churchey, chairman and CEO of Education Realty Trust (EdR). Clark began the panel with a variety of statistics on the sector today, as reported by Axiometrics. New supply deliveries for the last five years have been 61,000-beds in 2013; 62,000-beds in 2014; 47,000-beds in 2015; 48,000-beds in 2016; and 36,000 …
WASHINGTON, D.C. — Invesco Real Estate has sold The Executive Building, a 332,022-square-foot, LEED Gold-certified office building in downtown Washington, D.C. UNIZO Holdings Co. Ltd. purchased the Class A asset from Invesco for $228 million. Stephen Conley, Andrew Weir, Jim Meisel, Dek Potts and Matt Nicholson led the HFF investment sales team representing the seller. HFF also procured UNIZO Holdings. Located at 1030 15th St. N.W., The Executive Building is situated in close proximity to the McPherson Square and Farragut North and West Metrorail stations; across from Midtown Center, the future Fannie Mae headquarters; and three blocks from the White House. Completed in 2008, the 12-story building is 93 percent leased to tenants such as The Atlantic Council of the United States and National Quality Forum. The property’s amenity package features a tenant-only fitness center, conference facilities, concierge, on-site retail space and a 178-space underground parking facility.
KEY WEST, FLA. — Berkadia has arranged a $70 million loan for the refinancing of Ocean Walk, a 296-unit multifamily property in Key West. The recently renovated community features one-, two- and three-bedroom units with upgraded cabinetry and finishes, stainless steel appliances and plank flooring. Community amenities include a swimming pool, basketball court, tennis court and a nearby jogging trail. Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia arranged the Fannie Mae loan on behalf of the borrower, a joint venture between Mast Capital and Rockpoint Group.
HYATTSVILLE, MD. — Fore Property Co. has formed a joint venture with PCCP LLC to develop The Edition, a five-story, Class A apartment community located at 3401 East-West Highway in downtown Hyattsville, roughly six miles north of Washington, D.C. Situated on a 3.7-acre site, The Edition will be part of an 11-acre mixed-use development that formerly housed a Kiplinger magazine publishing plant. The Edition’s amenities will include an outdoor recreational area with billiards, ping pong, barbecue stations and a fire pit. The community will also include a 412-space parking deck. The unit mix will consist of 72 studios, 148 one-bedroom units, 113 two-bedroom units and 18 three-bedroom units. Fore Property and PCCP are aiming for The Edition to be certified LEED Silver upon completion, which is scheduled for spring 2019.
LOUISVILLE, KY. — KeyBank Real Estate Capital has arranged a $12.1 million CMBS loan for SpringHill Suites Louisville Airport, a 75,000-square-foot hotel situated directly north of Louisville International Airport. Located at 820 Phillips Lane, the hotel features a market, meeting room, coffee station, business center, breakfast buffet, fitness center and an indoor swimming pool. Jake Proctor of KeyBank arranged the fixed-rate, non-recourse loan.
RIDGELAND AND BYRAM, MISS. — NAI UCR Properties has brokered the sale of two triple-net leased retail properties in the metro Jackson area totaling $3.8 million. The properties include a multi-tenant, 21,000-square-foot center located at 950 E. County Line Road in Ridgeland and a 4,500-square-foot, single-tenant facility leased to Drayer Physical Therapy Institute at 7213 Siwell Road in Byram. Micah McCullough of NAI UCR represented the seller, a private local investor.
ATLANTA — The Georgia Tech Foundation has finalized its purchase of The Biltmore, a 286,931-square-foot mixed-use property located on West Peachtree Street in Midtown Atlanta. The property features Class A loft office space, three ground-floor restaurants and two restored ballrooms for events. According to the Atlanta Business Chronicle, the asset sold for $64 million. The Biltmore is situated across West Peachtree Street from Technology Square and will serve as an extension of Georgia Tech with a focus on growing startups and attracting corporations. Jay O’Meara, Will Yowell and Justin Parsonnet of CBRE’s Atlanta office represented the seller, Atlanta-based Novare Group.
MATTHEWS, N.C. — JPMorgan Chase Bank NA has provided the $60 million refinancing of Windsor Square Shopping Center, a 661,156-square-foot retail power center in Matthews, a suburb of Charlotte. Completed in 1987 and renovated in 2014, Windsor Square was 96 percent leased at the time of financing to tenants such as Sam’s Club, hh gregg, J.C. Penney, PetSmart, Tuesday Morning, Kohl’s, Lifetime Fitness, Ross Dress for Less, Outback Steakhouse, DSW, Shoe Carnival and Mattress Firm. Chris Drew, Brent Bowman and Brian Gaswirth of HFF arranged the 10-year, fixed-rate loan through JPMorgan Chase. The borrower, Sterling Organization, used the loan to pay off a maturing CMBS loan.
ARLINGTON, VA. — Washington, D.C.-based Kettler has opened m.flats Crystal City, an 11-story, 198-unit high-rise apartment tower in Arlington’s Crystal City neighborhood. Situated on the former Crystal City Post Office, m.flats was the first residential building proposed to the Arlington County Board since the adoption of the Crystal City Sector Plan in 2010. KTGY Architecture + Planning designed the high-rise to meet LEED Silver certification. The property features one- and two-bedroom units with washed oak flooring, quartz countertops and stainless steel appliances. Community amenities include a clubroom, Wi-Fi access, fitness center, bike storage and workstation, all-season courtyard with fire and water features, rooftop swimming pool, sundeck with cabanas, outdoor kitchens and entertainment spaces with outdoor seating and dining areas. The design team includes civil engineer and consultant Bohler Engineering and general contractor John Moriarty & Associates.
