Southeast

Berkadia Brokers $24.5M Sale of Apartment Community in Columbia

by John Nelson May 18, 2016

COLUMBIA, S.C. — Berkadia has brokered the $24.5 million sale of The Crossroads Apartments, a 622-unit apartment community located at 716 Zimalcrest Drive in Columbia. Built in 1979, the property was 95 percent occupied at the time of sale. Apartment units include fully equipped kitchens, carpeting, hardwood floors, cable and wireless internet access and fireplaces and washer and dryer connections in select units. Community amenities include two swimming pools with sundecks, four tennis courts, two picnic and playground areas, a clubhouse, fitness center and a laundry facility. David Oakley, David Etchison, Mark Boyce and Blake Coffey of Berkadia brokered the transaction between the buyer, Asia Capital Real Estate Management LLC, and the seller, AMAC I Crossroads LLC.

May 18, 2016

Florida Loans Multifamily Southeast

Grandbridge Arranges $23M Loan for Apartment Community in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Grandbridge Real Estate Capital has closed the $23 million refinancing of Azul at Baldwin Park, a 178-unit, Class A apartment community located in Orlando’s Baldwin Park district. The multifamily property features a swimming pool, spa, cyber café, business center, clubroom and a fitness center. Bill Mattice and Phillip Cox of Grandbridge arranged the five-year, interest-only loan through an unnamed insurance company on behalf of the borrower, a joint venture between Jefferson Apartment Group and Pacolet Milliken Enterprises Inc.

May 18, 2016

Anthropologie Grand Boulevard at Sandestin

Florida Retail Southeast

Anthropologie Opens New Store in Grand Boulevard at Sandestin in Northwest Florida

by John Nelson May 18, 2016

MIRAMAR BEACH, FLA. — National women’s retailer Anthropologie has opened a new 9,000-square-foot store in Grand Boulevard at Sandestin, a mixed-use development near northwest Florida’s beaches in Miramar Beach. The store features clothing, accessories and homewares. Grand Boulevard at Sandestin’s owners, Howard Group and Merchants Retail Partners, have recently signed leases with other retailers including Lilly Pulitzer, Vineyard Vines, J. McLaughlin, Starbucks Coffee, Jimmy John’s, The Craft Bar, Menchie’s Frozen Yogurt and Grand Fitness. Anthropologie’s new store is located in the new Center building, located on the west side of the development across from the Boulevard 10 Cinema.

May 18, 2016

Hospitality Maryland Mixed-Use Multifamily Office Retail Southeast Top Stories

Construction Begins on $750M Mixed-Use Development in Metro Baltimore

by Haisten Willis May 18, 2016

WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …

May 18, 2016

Multifamily Southeast Tennessee

Terwilliger Pappas to Build $64M Apartment Community in Nashville

by John Nelson May 17, 2016

NASHVILLE, TENN. — Terwilliger Pappas Multifamily Partners plans to build Solis North Gulch, a $64 million, 271-unit apartment community located in Nashville’s North Gulch district. Construction will start within 30 days, with the first apartments and amenities targeted for a late 2017 delivery. The five-story multifamily community will be built atop a two-level parking deck. Terwilliger Pappas is partnering with Clarion Partners on the development, and Citizens Bank of Providence, Rhode Island provided construction financing. Amenities will include a rooftop clubroom and terrace, resort-style swimming pool, club-grade fitness center and a pet park. Units will feature stainless steel appliances and quartz countertops. The project team includes architect and interior design firm Preston Partnership, landscape architect and civil engineer Littlejohn and general contractor Construction Enterprises Inc.

May 17, 2016

College Inn Raleigh North Carolina State University

Multifamily North Carolina Southeast Student Housing

The Preiss Co. Acquires Two Student Housing Properties in Raleigh in Joint Venture

by John Nelson May 17, 2016

RALEIGH, N.C. — The Preiss Co., in a joint venture with an undisclosed private investment group, has acquired two student housing communities near North Carolina State University (NCSU) in Raleigh. The acquisitions include College Inn, a 440-bed community located at 2717 Western Blvd., and University Village at 2505, a 288-bed community located at 2505 Red Lodge Place. Amenities at College Inn include a clubhouse, fully furnished units with washers and dryers, study rooms, fitness center and a game room. Preiss will oversee a redevelopment at the property beginning in the fourth quarter of this year, which will include substantial room upgrades, new lighting, appliances, cabinets, countertops and furniture with enhancements to the clubhouse, building exterior and landscaping. Amenities at University Village at 2505 include a clubhouse with an internet café, a fitness center, self-serve Starbucks Coffee bar, resort-style swimming pool, sand volleyball court and fully furnished suites with bed to bath parity and walk-in closets. University Village also offers a free shuttle to the main and centennial campuses of NCSU.

May 17, 2016

Florida Multifamily Southeast

CBRE Brokers $25.5M Sale of Apartment Community in Orlando

by John Nelson May 17, 2016

ORLANDO, FLA. — CBRE has arranged the $25.5 million sale of The Serrano, a 252-unit apartment community located at 4860 Cypress Woods Drive in southwest Orlando. The property is situated near the Universal Orlando Resort and The Mall at Millenia and seven miles from downtown Orlando. Built in 1990, the property is located within a wooded conservation and was 94 percent occupied at the time of sale. Ann Arbor, Mich.-based McKinley Inc. purchased The Serrano from an undisclosed seller. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 17, 2016

Retail Southeast Tennessee

IKEA to Install Tennessee’s Largest Solar Rooftop System on Future Memphis Store

by John Nelson May 17, 2016

MEMPHIS, TENN. — IKEA plans to install Tennessee’s largest solar rooftop system atop its Memphis store set to open in the fall. The 271,000-square-foot IKEA Memphis will be situated on 35 acres in the Wolfchase Corridor along the southwestern side of I-40 near the Germantown Parkway exit. The store will feature approximately 800 parking spaces. Atlanta-based Hannah Solar is installing the 250,675-square-foot solar array beginning this summer. Linkous Construction is managing the site work and building the store, which will represent the 44th solar project for IKEA. The Swedish-based retailer plans for its stores to be energy independent by 2020.

May 17, 2016

Mixed-Use Multifamily Retail Southeast Top Stories Virginia

Regency Centers, AvalonBay Acquire Market Common Clarendon Mixed-Use Property in Arlington for $406M

by Katie Sloan May 17, 2016

ARLINGTON, VA. — A joint venture between Regency Centers Corp. (NYSE: REG) and AvalonBay Communities Inc. (NYSE: AVB) has acquired Market Common Clarendon, a mixed-use development located in Arlington, for $406 million. The project, located approximately five miles from Washington, D.C., consists of 300 Class A apartments and 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The asset also features an adjacent vacant building for future development. Arlington County records show that TIAA-CREF bought the properties for a little more than $166 million in 2002, according to the Washington Business Journal. AvalonBay will acquire all of the residential components, while Regency will acquire the retail and all remaining components. To reach the $406 million purchase price, AvalonBay contributed $120.3 million and Regency contributed $285.7 million. “Market Common Clarendon is a seasoned and cycle-tested 10-acre urban shopping center,” says Barry Argalas, senior vice president of national transactions for Regency Centers. “The combination of a dense, affluent and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers.” Regency Centers’ stock price closed at $78.27 per share …

May 17, 2016

District of Columbia Office Southeast

Carr Properties Breaks Ground on 862,000 SF Midtown Center in D.C.

by John Nelson May 16, 2016

WASHINGTON, D.C. — Carr Properties has broken ground on Midtown Center, a Class A, 862,000-square-foot trophy office development in Washington, D.C. The LEED Gold-certified project will be located at the corner of 15th and L streets, a 90,000-square-foot site that served as the headquarters location for The Washington Post for over 50 years. Fannie Mae will anchor the 14-story development with its new national headquarters upon completion, which is slated for June 2018. Fannie Mae will pay roughly $38 million annually to occupy Midtown Center, according to the Washington Business Journal. The project team includes architect SHoP Architects and general contractor Clark Construction. The groundbreaking ceremony took place on Thursday, May 12 and was attended by Washington, D.C. Mayor Muriel Bowser and Councilmember Jack Evans. Midtown Center will feature two office towers separated by a European-style public plaza. The amenities will include three levels of below-grade parking, an 8,300-square-foot fitness center, 1,300-square-foot bike room, 1,000-square-foot rooftop conference center and 50,000 square feet of retail space.

May 16, 2016

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