Southeast

Childress Klein Breaks Ground on Apartment Community in Wilmington

by John Nelson December 6, 2016

WILMINGTON, N.C. — Childress Klein has begun construction on Element Barclay, a new 402-unit apartment community situated within the mixed-use Barclay development in southwest Wilmington. Phase I will feature 258 units. Located along South 17th Street, Element Barclay will feature a clubhouse, resort-style saltwater pool, bocce ball court, dog park and outdoor fireplaces and grilling areas. The community will be within walking distance of Halyburton Park and adjacent to The Pointe at Barclay, a new retail development that will feature a 14-screen movie theater, restaurants and stores. The development team includes general contractor Harold K. Jordan & Co Inc., architect Rule Joy Trammell + Rubio, civil engineer Hanover Design Services and hardscape and landscape designer Mihaly Land Design. The first units at Element Barclay are expected to be available for occupancy in the summer of 2017, and leasing will begin in the spring of 2017.

December 6, 2016

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Multifamily Industry Needs to Adapt to the Sharing Economy, Say InterFace Panelists

by John Nelson December 6, 2016

How are apartment communities adapting to the sharing economy? That’s the central question that multifamily developers need to ask themselves going forward, according to Wes Taubel, co-founder and managing partner of TWO Capital Partners, a private multifamily developer and investor based in Atlanta. The sharing economy is a term given to the online-driven practices of consumers shopping and ordering food online, renting out their apartment or house via AirBNB and uploading their experiences via social media. “From a development perspective, the biggest thing is a holistic assessment of how you design your community to incorporate the renters’ lifestyle. We’re working with hotel and office interior designers to think about how do we authentically design our amenity and community offerings that work with how this group lives their lives,” said Taubel, who spoke at the seventh-annual InterFace Multifamily Southeast conference on Thursday, Dec. 1 at the Westin Buckhead. Taubel served as a speaker on the development panel entitled “Walking the Tightrope: Will New Development Stay in Balance or Is There Too Much Supply Coming? An Overview of Today’s Development Environment,” which was moderated by Ron Cameron, senior vice president and principal of Colliers International. The sharing economy also includes co-working office …

December 6, 2016

North Carolina Office Southeast

NAI Carolantic Arranges Nutanix’s 70,000 SF Lease in Chesterfied Building in Downtown Durham

by John Nelson December 5, 2016

DURHAM, N.C. — NAI Carolantic has arranged a 70,000-square-foot lease with Nutanix, a San Jose-based software firm that is expanding its East Coast presence. The company will occupy space at the Chesterfield, an adaptive reuse of a former tobacco building in downtown Durham that Wexford Science + Technology is currently redeveloping. Upon completion the property will include lab and office space, a six-story atrium, 11,500 square feet of ground-level retail space and 42,000 square feet of shared lab innovation space. Robin Roseberry Anders of NAI Carolantic is the leasing agent for the Chesterfield building. Other committed Chesterfield tenants include Duke University for 100,000 square feet and BioLabs NC for 42,000 square feet. Marlene Spritzer, Edwin Yarbrough and Whitney Rodgers of Savills Studley’s Durham office advised Nutanix in the lease negotiations. Joe Brady and Mike Mordaunt of Savills Studley’s San Jose office, who have worked with Nutanix’s headquarters office since the tech firm’s founding, collaborated with Savills Studley’s Durham team on the transaction. Wexford plans to deliver the property in January 2017.

December 5, 2016

Loans Multifamily North Carolina Southeast

Walker & Dunlop Originates $26M Acquisition Loan for Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.

December 5, 2016

Loans Multifamily North Carolina Southeast

Eastern Union Funding Arranges $12M Acquisition Loan for Chapel Hill Multifamily Property

by John Nelson December 5, 2016

CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.

December 5, 2016

Retail Southeast Virginia

S2 Capital Partners Buys Shopping Center in Metro Richmond for $12M

by John Nelson December 5, 2016

CHESTERFIELD, VA. — S2 Capital Partners LLC has purchased Stonebridge Shopping Center, an 8.1-acre retail property located at 7000 Tim Price Way in Chesterfield, a suburb of Richmond. S2 Capital Partners purchased the center from an affiliate of Crosland Southeast, Stonebridge’s original developer, for $12 million. Berkeley Capital Advisors represented the seller in the transaction. Stonebridge was 95 percent leased at the time of sale to tenants such as Firestone, Krispy Kreme, Mattress Firm, Virginia ABC, Subway and Qdoba. The center is shadow-anchored by a 123,600-square-foot Kroger Marketplace and a Kroger Fuel Center. S2 Capital Partners plans to construct an additional 15,600 square feet of multi-tenant retail space on the site’s two pad sites, bringing the total footprint of the shopping center to 67,416 square feet.

December 5, 2016

Multifamily North Carolina Southeast

Romans Properties Brokers $10.4M Sale of Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MATTHEWS, N.C. — Romans Properties has arranged the $10.4 million sale of Matthews Lofts, an 88-unit apartment community located at 921 Park Center Drive in downtown Matthews, about 11 miles south of Charlotte. Ginkgo Residential purchased Matthews Lofts from Matthews Loft LLC. Chris Orr of Romans Properties represented the seller, and Robert Podewils of The Berrry Cos. represented Ginkgo in the transaction.

December 5, 2016

Kentucky Market Reports Office Southeast Southeast Market Reports

Expect Louisville’s CBD to Soften Despite Major Commercial Projects Underway

by John Nelson December 5, 2016

As one project finishes, another one is soon to begin. The $2.3 billion Ohio River Bridges Project its nearing its December 2016 completion, and Louisville commuters are yearning for a return to normalcy and enhanced transportation options. The East End Crossing will link Louisville’s fast-growing suburban markets to Southern Indiana’s burgeoning distribution hub at River Ridge. The new Abraham Lincoln Bridge parallels the John F. Kennedy Bridge downtown and carries I-65 across the Ohio River. After three years of disrupting traffic in metro Louisville, both projects are entering their final phase of construction. Just as the Bridges Project nears completion, two major projects in Louisville’s central business district (CBD) may have an impact on the office market. The Kentucky International Convention Center closed in August for a two-year, $200 million renovation project. Sections of 3rd and 4th streets will close during the construction, which could have a drag on downtown commuter traffic. In addition, Louisville will welcome a 600-room, $289 million Omni Hotel in 2018, but not before the major project squeezes Liberty Street and Muhammad Ali Street traffic. Both significant projects will bring dividends to Louisville’s CBD when completed, but the market will have to endure some disruption in …

December 5, 2016

District of Columbia Office Southeast

Roadside Development, North America Sekisui House Buy Fannie Mae Headquarters in D.C. for $90M

by John Nelson December 2, 2016

WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.

December 2, 2016

Mixed-Use North Carolina Southeast

East West Partners to Develop Mixed-Use Crabtree Terrace Project in Raleigh

by John Nelson December 2, 2016

RALEIGH, N.C. — East West Partners plans to develop Crabtree Terrace, a proposed mixed-use development located at 4509 Creedmoor Road in Raleigh. The developer has tapped CBRE | Raleigh to lease both the office and retail components of the project. Situated adjacent to Crabtree Valley Mall and a future hotel and conference center, Crabtree Terrace will be a six-story building with 38,000 square feet of ground-floor retail space, 140,000 square feet of Class A office space, a six-story parking deck and surface parking. Charlie Coyne and Reagan Crabtree of CBRE | Raleigh’s retail services group will be handling the retail leasing efforts for the project, and Brian Carr and John Brewer of CBRE | Raleigh’s investor leasing group will be handling the office leasing efforts. East West plans to deliver Crabtree Terrace in the fourth quarter of 2018.

December 2, 2016

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