Southeast

Edens, Gables Residential Break Ground on Mixed-Use Project in Alexandria

by John Nelson March 9, 2017

ALEXANDRIA, VA. — Edens and Gables Residential have broken ground on a new mixed-use project located at 530 First St. in Alexandria. The groundbreaking ceremony was attended by principals of Edens and Gables Residential, as well as Alexandria Mayor Allison Silberberg and members of the city government. The project will include 232 apartment residences and 50,000 square feet of commercial space. The property will also feature an enhanced streetscape, public art on-site and a Capital Bikeshare station. Edens and Gables Residential plan to open the 530 First Street project in 2019.

March 9, 2017

Georgia Seniors Housing Southeast

McShane to Build Affordable Seniors Community Near Atlanta

by John Nelson March 9, 2017

CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.

March 9, 2017

Georgia Loans Office Southeast

MetLife Provides Refinancing for 348,000 SF Office Tower in Atlanta

by John Nelson March 9, 2017

ATLANTA — MetLife Real Estate has provided a loan for the refinancing of Buckhead Tower, a 348,000-square-foot, Class A office building located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. The 19-story office tower is situated on two acres and is directly connected to Lenox Square Mall and the JW Marriott Hotel. The property features a full-service café, fitness center, structured parking and 24/7 access. Ed Coco and Matt Casey of HFF placed the loan through MetLife Real Estate on behalf of the borrower, a partnership managed by Parmenter Realty Partners. Details of the financing were not released.

March 9, 2017

Arkansas Multifamily Southeast

BSR Trust Acquires Apartment Community in Fayetteville, Arkansas

by John Nelson March 9, 2017

FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

March 9, 2017

Maryland Office Southeast Top Stories

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

by John Nelson March 9, 2017

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …

March 9, 2017

Maryland Multifamily Southeast

Washington Property Co. Breaks Ground on Apartment Tower in Metro D.C.

by John Nelson March 8, 2017

SILVER SPRING, MD. — Washington Property Co. (WPC) has broken ground on Solaire 8250 Georgia Avenue, a 20-story apartment tower in Silver Spring, about six miles north of Washington, D.C. The 470,000-square-foot property will be situated two blocks from the Silver Spring Metro station and will feature studio, one- and two-bedroom units averaging 760 square feet with quartz countertops, stainless steel appliances, wood flooring, oversized windows and private balconies. Community amenities will include a rooftop swimming pool and pool deck, cyber café with free Wi-Fi, private courtyard with grilling areas, fitness center and a clubroom. The property will also feature 15,000 square feet of street-level retail space and three levels of below-grade parking. The WPC-led project team, including general contractor Lendlease and architect Design Collective, expects to deliver Solaire 8250 Georgia Avenue in spring 2019. Bethesda, Md.-based Streetsense will lease the property’s retail space, which will include room for outdoor restaurant seating.

March 8, 2017

Alabama Industrial Southeast

GCP Inks Four Leases Totaling 833,927 SF with Automotive Suppliers in Alabama

by John Nelson March 8, 2017

BIRMINGHAM AND HUNTSVILLE, ALA. — Birmingham-based GCP has closed four separate lease deals totaling 833,927 square feet with automotive suppliers in Birmingham and Huntsville. The landlord has signed Mercedes-Benz U.S. International Inc. to a 225,496-square-foot lease for parts storage at Shelby Commerce Park, a 1.5 million-square-foot industrial park in Birmingham’s Shelby County submarket. The lease brings the project to full occupancy. Two of Mercedes-Benz’s vendor companies, Antolin Alabama Inc. and Neovia Logistics Services LLC, signed leases at GCP-Gazelle II within Jefferson Metropolitan Park in Birmingham’s I-20/59 West industrial submarket. Antolin Alabama signed for 240,240 square feet and expects to start operations at GCP-Gazelle II in late 2017, and Neovia Logistics Services renewed its 160,160-square-foot lease at the facility. In Huntsville, Navistar Inc. has renewed its 208,031-square-foot lease at GCP’s Airport Distribution Center.

March 8, 2017

Georgia Retail Southeast

Sprouts Opens New Store in Metro Atlanta, Two More to Open in Second Quarter

by John Nelson March 8, 2017

DECATUR, GA. — Sprouts Farmers Market has opened its newest 30,000-square-foot store at 2551 Blackmon Drive in Decatur, a suburb of Atlanta in DeKalb County. The Phoenix-based natural and organic grocer plans to open two other stores in metro Atlanta: a Tucker location that will open in April and a Woodstock store that will open in June. With these three new stores, Sprouts will have a total of 16 locations in the metro Atlanta area. The grocer currently operates more than 250 stores in 13 states.

March 8, 2017

Florida Loans Multifamily Southeast

HC Real Estate Capital Arranges $30M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson March 8, 2017

JACKSONVILLE, FLA. — HC Real Estate Capital has arranged a $30 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community in Jacksonville. Built in 2009, the property was 98 percent occupied at the time of financing and features one-, two- and three-bedroom units. Community amenities include a clubhouse, leasing and management offices, resort-style pool, lakes, barbecue grills, fitness center, cardio theater and an aerobics/yoga room. Chris Caveglia and Kurt Hoffman of HC Real Estate Capital arranged the seven-year, fixed-rate loan through New York Life Real Estate Investors.

March 8, 2017

Georgia Industrial Southeast

Ackerman & Co. Acquires 274,791 SF Industrial Portfolio in Atlanta for $7.6M

by John Nelson March 8, 2017

ATLANTA — Ackerman & Co. has purchased a three-building industrial portfolio within Westgate Business Park in Atlanta from Clarion Partners LLC for $7.6 million. The 274,791-square-foot portfolio is situated at 5215, 5245 and 5260 Westgate Drive in Atlanta’s I-20 West industrial submarket. The three front-load, shallow-bay facilities were fully leased at the time of sale. Stewart Calhoun and Casey Masters of Cushman & Wakefield brokered the transaction. The all-equity transaction was sourced through a partnership with a European private equity group. Ackerman & Co.’s in-house team will provide leasing and management services for the portfolio. The company is also currently developing a 1 million-square-foot bulk distribution center in Atlanta’s I-85 Northeast industrial submarket in Braselton, Ga.

March 8, 2017

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