Southeast

Colliers International Arranges $29M Sale of Office Tower in Columbia

by Camren Skelton July 12, 2017

COLUMBIA, S.C. — Colliers International has arranged the $29 million sale of Wells Fargo Tower, a 264,857-square-foot office tower located at 1441 Main St. in Columbia. Mark De Riemer of Colliers International brokered the sale to Atlanta-based Glenfield Capital on behalf of the seller, Franklin Street Properties Corp. The Class A building was 79 percent leased at the time of sale to 17 tenants including Wells Fargo, GSA, Centene and Accenture. Glenfield Capital has retained Tommy Johnson and David Lockwood of Colliers International to handle the leasing assignment for Wells Fargo Tower.

July 12, 2017

Maryland Multifamily Southeast

Morgan Properties to Begin $25M Renovation of Multifamily Portfolio in Metro Baltimore

by Camren Skelton July 12, 2017

WINDSOR MILL, MD. — Morgan Properties has unveiled plans to launch a $25 million renovation of a six-property portfolio consisting of 1,979 units in Windsor Mill. Known as Rolling Road, the portfolio underwent a rebranding and property consolidation into three communities: The Townhomes at Diamond Ridge, The Glens at Diamond Ridge and The Apartments at Diamond Ridge. Pennsylvania-based Morgan Properties purchased the assets, located roughly 30 miles northwest of Baltimore, from Harbor Group International for $247 million in February. The renovations will take place over a five-year period and include improvements to common area amenities, in-unit kitchen and bathroom upgrades, clubhouse upgrades and the addition of dog parks, playgrounds, outdoor grilling areas, fire pits, putting greens, sport courts and outdoor fitness stations.

July 12, 2017

Georgia Multifamily Southeast

NexPoint Residential Trust Acquires 708-Unit Multifamily Community in Metro Atlanta for $113.5M

by Camren Skelton July 11, 2017

MARIETTA, GA. — NexPoint Residential Trust Inc. has acquired Rockledge, a 708-unit apartment community located in the Atlanta suburb of Marietta, for $113.5 million. NexPoint Residential Trust acquired the property as part of a reverse 1031 exchange with cash on hand, borrowings of approximately $113.5 million under a bridge facility with KeyBank National Association and a new first mortgage with the Federal Home Loan Mortgage Corp. Rockledge is situated on 78 acres and has average monthly rental rates of $1,153. Located approximately one mile from the new Atlanta Braves stadium, SunTrust Park, the property features seven swimming pools, an indoor basketball court, tennis courts, grilling area, volleyball court, indoor track, fitness center, yoga studio and access to the Chattahoochee River National Recreation Area. The community was 93.6 percent occupied at the time of sale. The seller was not disclosed.

July 11, 2017

Georgia Industrial Loans Southeast

Colliers International Arranges $81M in Refinancing for Industrial Portfolio in Atlanta

by Camren Skelton July 11, 2017

ATLANTA — Colliers International has arranged $81 million in refinancing for a 40-property industrial portfolio in Atlanta. The portfolio is owned by a joint venture advised by New York-based Clarion Partners LLC. Kevin Troy and Hank Hall of Colliers International arranged the financing through Principal Global Investors on behalf of Clarion Partners. The portfolio, which includes 3.7 million square feet of Class A and Class B industrial buildings, was fully leased at the time of sale.

July 11, 2017

Loans Multifamily North Carolina South Carolina Southeast

Hunt Mortgage Provides $51.5M in Refinancing for Two Multifamily Properties in Carolinas

by Camren Skelton July 11, 2017

CHARLOTTE, N.C. AND COLUMBIA, S.C. — Hunt Mortgage Group has provided $51.5 million in financing for two apartment communities in the Carolinas — $31.9 million for the refinancing of Highlands at Alexander Pointe in Charlotte and $19.6 million for the refinancing of Carrington Place at Wildewood in Columbia. Hunter Mortgage Group arranged the seven-year, adjustable-rate loans through Freddie Mac on behalf of the borrower, an undisclosed national real estate fund. Built in 2002, Highlands at Alexander Pointe features a fitness center, clubhouse, grill area, pool, laundry center and a dog park. Constructed in 2005, Carrington Place at Wildewood includes a fitness center, grill area, pool, laundry center, playground and a dog park.

July 11, 2017

North Carolina Retail Southeast

Sembler Co. to Develop Publix-Anchored Shopping Center in Metro Raleigh

by Camren Skelton July 11, 2017

CARY, N.C. — The Sembler Co. has unveiled plans to develop a 72,000-square-foot, Publix-anchored shopping center in Cary, roughly 11 miles west of Raleigh. The project, which will be known as Amberly Place, is situated on 22 acres of land at the northwest corner of Greenlevel Church and Carpenter Fire Station roads. The Sembler Co. has developed approximately 325 projects totaling 27 million square feet.

July 11, 2017

Healthcare Maryland Office Southeast

Avison Young Arranges $24M Sale of Medical Office Building in Metro D.C.

by Camren Skelton July 11, 2017

SILVER SPRING, MD. — Avison Young has negotiated the $24 million sale of Forest Glen, a 62,379-square-foot medical office building situated on the Holy Cross Hospital campus in Silver Spring, roughly six miles north of Washington, D.C. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the sale on behalf of the buyer, Healthcare Realty. The Nashville-based REIT purchased the asset from a joint venture between Washington, D.C.-based developer Foulger-Pratt and a global investment firm.

July 11, 2017

Florida Industrial Southeast

Amazon to Open 850,000 SF Fulfillment Center in Orlando’s Lake Nona Development

by Camren Skelton July 10, 2017

ORLANDO, FLA. — Amazon has unveiled plans to open an 850,000-square-foot fulfillment center at Lake Nona, Orlando’s 17-square-mile master-planned development. Slated to open in 2018, the new site will create 1,500 full-time jobs. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. Tavistock Development Co., master developer of Lake Nona, sold the site and will develop the infrastructure for the project. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 9,000.

July 10, 2017

Florida Loans Mixed-Use Southeast

Terra Secures $32M Construction Loan for Mixed-Use Development in Miami

by Camren Skelton July 10, 2017

MIAMI — Miami-based development firm Terra, in partnership with Mayfair Real Estate Advisors, has secured a $32 million construction loan from BB&T Bank for the development of Mary Street, a Class A office and retail complex in Miami’s Coconut Grove neighborhood. Designed by Touzet Studio, the project will transform a parking garage into 78,000 square feet of office space with 18,000 square feet of ground-level retail space. The building will feature 24-hour security, above ground public and office parking, electric car charging stations, bicycle stations and bicycle storage. Construction is expected to begin next month, with completion slated for late 2018.

July 10, 2017

North Carolina Office Southeast

The Fallon Co. Acquires 184,144 SF Office Building in Uptown Charlotte for $24.5M

by Camren Skelton July 10, 2017

CHARLOTTE, N.C. — The Fallon Co., a Boston-based real estate developer, has acquired a 13-story, 184,144-square-foot office building located at 301 S. McDowell St. in Uptown Charlotte’s Second Ward neighborhood. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $24.5 million. The property will serve as The Fallon Co.’s Southeast regional headquarters. HFF negotiated the transaction.

July 10, 2017

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