Southeast

Meridian Group Purchases 763,965 SF Office Portfolio in Metro D.C. for $227M

by Taylor Williams February 27, 2017

MCLEAN, VA. — The Meridian Group has purchased Tysons Metro Center, a 763,965-square-foot development of Class A office space in McLean’s Tysons district, roughly 17 miles west of Washington, D.C., from an affiliate of Beacon Capital Partners for $227 million. The portfolio consists of four buildings: Tysons Metro Center I, a 168,006-sqaure-foot, 12-story building constructed in 1984 and renovated in 2012, features a rooftop terrace with outdoor seating, a fitness center and an on-site deli; Tysons Metro Center II, A 129,926-square-foot, six-story property built in 2002 and revamped in 2015, offers an exterior patio and a lounge and gaming center for workplace collaboration; Tysons Metro Center III, a 257,824-square-foot, 12-story site that was erected in 1980 and underwent $18.1 million in improvements in 2014, boasts a 2,800-square-foot café and locker rooms with showers; Tysons Metro Center IV, a 208,219-square-foot, 13-story building, was built in 1999 and later renovated. The four buildings share several amenities, most notably a tenants-only sports court equipped for basketball, short-court tennis and volleyball. The properties span the 8251-8285 stretch of Greensboro Drive, close to the Greensboro Metro station and two malls, Tysons Galleria and Tysons Corner Center. The complex is adjacent to two properties already owned …

February 27, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Jacksonville Retail Market Finally Makes Broad-Based Recovery from Downturn

by John Nelson February 27, 2017

While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report. While this infusion of new space may have a small squeeze on asking rates — currently at $13.24 per square foot — the outlook for Jacksonville’s retail market remains strong. The St. John’s Town Center has had a transformative effect on the Northeast Florida market over the past decade. The shopping center saw huge success when it first opened its doors in 2005 and was relatively immune to the effects of the downturn. As the economy started to trend upward, the St. Johns area saw even greater shopper traffic and with that came expansion; in fact most of the 748,000 square feet of retail space currently under construction is in the St. Johns area. As St. John’s continues to fuel Jacksonville’s retail market, …

February 27, 2017

Georgia Industrial Southeast

Shaw Industries Opens $85M Carpet Tile Facility in Adairsville, Georgia

by John Nelson February 24, 2017

ADAIRSVILLE, GA. — Shaw Industries Group Inc., a carpet manufacturer, has opened its new $85 million carpet tile manufacturing facility located in Adairsville. Known as Shaw Plant T1, the property employs 170 associates and will create 500 new jobs once it reaches full capacity. The facility provides production capabilities for Shaw’s Patcraft, Philadelphia Commercial and Shaw Contract brands of carpet. The company also operates facilities in Cartersville, Ga., and Nantong, China.

February 24, 2017

North Carolina Retail Southeast

Ramey Miller Properties to Deliver Harris Teeter-Anchored Center in Metro Charlotte

by John Nelson February 24, 2017

BELMONT, N.C. — Ramey Miller Properties plans to deliver Belmont Town Center, a 105,000-square-foot, grocery-anchored shopping center in the Charlotte suburb of Belmont this fall. Harris Teeter will anchor the center, which will also include a Harris Teeter Fuel Station. Coldwell Banker Commercial MECA is handling the leasing assignment of Belmont Town Center on behalf of Ramey Miller and has arranged leases with Collins Cleaners, Great Clips, Vitamins 4 Less, Jersey Mikes, Marcos Pizza and I Color Nail Bar. Ramey Miller is also building single-family and multifamily residences adjacent to Belmont Town Center.

February 24, 2017

Florida Hospitality Southeast

Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove for $36M

by John Nelson February 24, 2017

COCONUT GROVE, FLA. — Hersha Hospitality Trust has purchased the 115-room Ritz-Carlton Coconut Grove for $36 million. The hospitality REIT funded the acquisition with proceeds from the recent sale of the Residence Inn in Greenbelt, Md. Situated on 3.4 acres about a half-block from the waterfront, the Ritz-Carlton is part of a two-tower, 22-story residential-hotel condominium complex that opened in 2002. The property features 14,000 square feet of meeting space, a restaurant bar, spa, fitness center, retail space, pool, exterior courtyards and approximately 8,000 square feet of leasable office space. The identity of the seller was undisclosed.

February 24, 2017

District of Columbia Loans Office Southeast

Natixis Provides $24M Development Loan for Multifamily Conversion in D.C.

by John Nelson February 24, 2017

WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.

February 24, 2017

North Carolina Seniors Housing Southeast

NHI Acquires Two Seniors Housing Properties in North Carolina for $16.1M

by John Nelson February 24, 2017

HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.

February 24, 2017

Florida Industrial Southeast

MDH Partners Acquires 3.3 MSF Industrial Portfolio in Florida

by John Nelson February 23, 2017

MIAMI, ORLANDO AND JACKSONVILLE, FLA. — Atlanta-based MDH Partners LLC has purchased a portfolio of 23 distribution buildings in Florida totaling more than 3.3 million square feet. The Class A and B properties are located in Miami, Orlando and Jacksonville. The sales price was undisclosed. Hank Hall and Kevin Troy of Colliers International’s Atlanta office arranged $134 million in acquisition financing through Bank of America, Wells Fargo and Synovus Bank on behalf of MDH. Since May 2014, the company has purchased or developed 93 industrial properties totaling more than 11.7 million square feet. MDH’s other assets are located in Atlanta, Memphis, Tampa, Charlotte, Raleigh, Greenville, Winston-Salem, Norfolk and Richmond.

February 23, 2017

Florida Multifamily Southeast

Cushman & Wakefield Brokers $42M Sale of Apartment Community in Melbourne, Florida

by John Nelson February 23, 2017

MELBOURNE, FLA. — Cushman & Wakefield has arranged the $42 million sale of Highlands Viera West, a 240-unit, Class A apartment community located at 2185 Judge Fran Jamieson Way in Melbourne, a town along the Atlantic Ocean in Brevard County. Atlanta-based JMG Realty Group purchased the asset from Atlanta-based Branch Properties for roughly $175,000 per unit. Built in 2007 on 14.8 acres, the community includes one-, two- and three-bedroom loft and townhome units averaging 1,265 square feet. Community amenities include a resort-style swimming pool, poolside kitchen and grilling area, a gazebo, fitness club with a cardio room, wine tasting lounge, billiards room with plasma TVs, internet café, media center with surround sound, elevators, covered parking, car care center and a walking trail to The Avenue Viera and Viera Market Center. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented Branch Properties in the transaction.

February 23, 2017

Retail Southeast Tennessee

Baker Storey McDonald Closes $21.3M Sale of Shopping Center Near Nashville

by John Nelson February 23, 2017

MADISON, TENN. — Baker Storey McDonald Properties Inc., an X Team International partner, has brokered the $21.3 million sale of McHenry Shopping Center located at 1764 Gallatin Pike North Road in Madison, a suburban town northeast of Nashville. The 191,359-square-foot property was 96 percent leased at the time of sale to tenants such as Hobby Lobby, Books-A-Million, Royal Furniture, CVS/pharmacy and Panera Bread. Baker Storey McDonald represented the buyer, Conscious Capital LLC, in the transaction and will provide management and leasing services at McHenry Shopping Center going forward.

February 23, 2017

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