Southeast

KeyBank Secures $47.7M Acquisition Loan for Two Apartment Communities in Little Rock

by John Nelson February 6, 2017

LITTLE ROCK, ARK. — KeyBank Real Estate Capital has arranged a $47.7 million acquisition loan for two Class B apartment communities in Little Rock totaling 712 units. The properties, Chenal Lakes Apartment Homes and Brightwaters Apartment Homes, were built in the mid-1980s and underwent several renovations between 2011 and 2016. Erik Storz of KeyBank arranged the 10-year loan through Fannie Mae’s Green Rewards Loan Program. The financing features five years of interest-only payments and a 30-year amortization schedule.

February 6, 2017

Multifamily Southeast Tennessee

RADCO Buys First Apartment Community in Tennessee for $20M

by John Nelson February 6, 2017

CHATTANOOGA, TENN. — The RADCO Cos. has acquired its first apartment community in Tennessee — Mountain Creek in Chattanooga. RADCO purchased the 296-unit, Class C property for $20 million and has renamed it Radius Mountain Creek, the third community under RADCO’s Radius brand. Marcus Lyons and David Oakley of Berkadia represented the seller, Detroit-based Broder & Sachse Real Estate Services, in the transaction. Berkadia also recently brokered the $8.5 million sale of another asset in Chattanooga, Ledford Apartments, on behalf of Broder & Sachse. RADCO will spend about $6.5 million on capital improvements of Radius Mountain Creek. The Atlanta-based multifamily investor is financing the acquisition and renovations using a $19.8 million loan from Bank of North Georgia and more than $8 million in private capital. RADCO Residential will manage the asset. Built in 1972, Radius Mountain Creek is situated on 50 acres north of the Tennessee River and features views of nearby Signal Mountain. Units average 931 square feet and community amenities include a fitness center, playground, business center and a swimming pool.

February 6, 2017

Alabama Retail Southeast

L&B Realty Advisors Acquires Whole Foods-Anchored Center in Metro Birmingham

by John Nelson February 6, 2017

MOUNTAIN BROOK, ALA. — L&B Realty Advisors has purchased Cahaba Village, a 115,180-square-foot shopping center located along US 280 in the Birmingham suburb of Mountain Brook. The company purchased the property free and clear of existing debt for an undisclosed price on behalf of an institutional separate account client. Cahaba Village’s tenant roster includes Whole Foods Market, Mountain High Outfitters and Bryant Bank. Jim Hamilton, Richard Reid, Barry Brown, Ryan Shore, Mike Allison and Brad Buchanan of HFF represented the undisclosed seller in the transaction. Birmingham-based Bayer Properties developed Cahaba Village in 2007 and sold it to Clarion Partners in 2010, according to the Birmingham Business Journal.

February 6, 2017

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

In the Nation’s Capital, Retail Always Follows Where New Residential Rises

by John Nelson February 6, 2017

The building height restriction — enacted in Washington, D.C. to preserve picturesque views of the United States Capitol Building and the Washington Monument — helps provide clear and exceedingly stunning views of the multitude of construction cranes that currently dot the vertical landscape of the District of Columbia. The majority of these yellow-steeled economic generators are being used to develop new residential and mixed-use projects, ranging from the NoMa district to the southeast Waterfront area and weaving through the neighboring suburbs, including Loudoun, Va., and Bethesda, Md. And, where new residential goes, supporting retail always follows, including the trendiest grocery store chains and hottest fast-casual and dine-in restaurant concepts. In addition, the area’s ever-expanding transportation network that provides a daily lifeline to D.C. and suburban workers is also paving the way for new retail opportunities as our Nation’s Capital continues to retain its reputation as among the most prolific retail locations in the country. Downtown Core Residential-only or mixed-use projects currently underway in the District are too numerous to mention, but here is a glimpse into the frenetic activity as there appears to be a bottomless appetite for new housing, particularly among Millennials. MRP Realty is developing the 1,600-unit Rhode …

February 6, 2017

District of Columbia Loans Office Southeast

KeyBank, Walton Street Originate $204.1M Refinancing for Woodies Building in D.C.

by John Nelson February 3, 2017

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has originated a $204.1 million first mortgage loan for The Woodies Building in Washington, D.C.’s East End. The 10-story, 497,000-square-foot property was constructed in 1897 and was fully redeveloped in 2005. Scott Bois of KeyBank’s Commercial Mortgage Group arranged the financing on behalf of the borrower, Douglas Development Corp. The 12-year loan features a 10-year interest only period and a 30-year amortization schedule. KeyBank and Walton Street Capital previously closed a $196.3 million first mortgage loan on behalf of Douglas Development for the Atlantic Building, also in Washington, D.C.

February 3, 2017

Multifamily Southeast Virginia

Federal Capital, Kettler Sell Apartment Community in Northern Virginia for $55.3M

by John Nelson February 3, 2017

LEESBURG, VA. — Federal Capital Partners and joint venture partner Kettler have sold Fields of Leesburg, a 405-unit garden-style apartment community located at 75 Plaza St. in Leesburg, for $55.3 million. Built in the 1970s, the property participates in a tax credit program that provides affordable residences for renters who qualify. Jeff Kunitz, Brandon Grisham and Jonathan Greenberg of CBRE represented FCP and Kettler in the transaction. The buyer was not disclosed.

February 3, 2017

Office Southeast Virginia

Nestle USA Moves Corporate Headquarters from California to Arlington in $39.8M Move

by John Nelson February 3, 2017

ARLINGTON, VA. — Nestle USA, a subsidiary of global food and drink company Nestle S.A., has decided to move its corporate headquarters from Glendale, Calif., to Arlington’s Rosslyn district. The company will invest $39.8 million to relocate to 206,000 square feet of office space at 1812 N. Moore St. beginning in September. The move is expected to create nearly 750 jobs in the metropolitan Washington, D.C., region. As part of the deal, Nestle USA will receive $6 million from the Commonwealth of Virginia. The grant comprises a $4 million Industrial Development Authority Performance Incentives grant from Arlington County and an additional $2 million from the county for infrastructure purposes. Nestle USA worked closely with Arlington Economic Development in the move.

February 3, 2017

Retail South Carolina Southeast

Morgan Construction to Build Two Aldi Stores in South Carolina

by John Nelson February 3, 2017

CONWAY, S.C. — Morgan Construction Co. has been awarded a contract to build its 100th and 101st Aldi stores in the Southeast. The two new stores will be located in Conway. The Chattanooga, Tenn.-based contractor has previously built Aldi stores in eight states in the region, including all six Aldi stores in southeast Tennessee and northwest Georgia over the past decade. The German grocer awards contracts one project at a time, according to Morgan Construction.

February 3, 2017

Florida Loans Multifamily Southeast

Walker & Dunlop Closes $20M Refinancing for Apartment Community in Palm Beach County

by John Nelson February 3, 2017

LAKE WORTH, FLA. — Walker & Dunlop has closed a $20 million Fannie Mae loan for Avesta Costa Del Lago, a Class B garden-style apartment community located in Palm Beach County’s Lake Worth. The borrower, Avesta Communities, will use the proceeds of the loan to refinance the 177,481-square-foot property, which was built in 1972. Community amenities at Avesta Costa Del Lago include a clubhouse, swimming pool, picnic area, lake views, playground, laundry facilities and a pet play area. Since purchasing the asset in 2013, Avesta has invested $1 million in capital improvements. Alison Williams and Matt Baldwin of Walker & Dunlop originated the 10-year Fannie Mae Structured Adjustable Rate Mortgage loan with five years of interest-only payments and a 30-year amortization schedule.

February 3, 2017

Florida Retail Southeast Top Stories

InvenTrust Acquires Paraiso Parc and Westfork Plaza in Pembroke Pines, Florida, for $163M

by Kristin Harlow February 3, 2017

PEMBROKE PINES, FLA. — InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza retail centers in Pembroke Pines for $163 million. The two adjacent centers are located approximately 20 miles north of Miami. Upon completion of an ongoing expansion project in mid-2017, the two centers will total approximately 389,000 square feet. The properties include national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx. “The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida’s strongest retail submarkets,” says Michael E. Podboy, CFO at InvenTrust. InvenTrust is a self-managed REIT that owns and manages 88 retail properties totaling 15.1 million square feet of retail space. —Kristin Hiller

February 3, 2017

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