Southeast

Navy Federal Credit Union Starts Construction on $100M Office Building in Virginia

by John Nelson January 30, 2017

WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more than $79 billion in assets, 6 million members and 296 branches.

January 30, 2017

Multifamily North Carolina Seniors Housing Southeast

Singh Development Gives Sneak Peek Inside New $50M Seniors Housing Community in Raleigh

by John Nelson January 30, 2017

RALEIGH, N.C. — Singh Development, a multifamily owner-operator with communities in Michigan and North Carolina, has unveiled renderings of the interior of Waltonwood Lake Boone, a 183-unit independent living, assisted living and memory care community in Raleigh. Development costs for the 285,000-square-foot project are estimated at $50 million, and Singh Development expects the facility to create more than 125 jobs and serve more than 200 residents. The property is situated on six acres, and will feature 121 independent living units, 39 assisted living units and 23 memory care units. Waltonwood Lake Boone is Singh’s second seniors housing project in the Raleigh area and is scheduled to open in the first quarter of 2018. As of this month, the construction crews are completing framing in the assisted living area, and framing is completed in the independent living portion of the facility.

January 30, 2017

North Carolina Office Southeast

Bank of America Renews 194,000 SF Office Lease in Charlotte

by John Nelson January 30, 2017

CHARLOTTE, N.C. — Bank of America has renewed its 194,000-square-foot office lease at 525 North Tryon, a 19-story office building in Uptown Charlotte. Charles Jonas and Meredith Ball of Foundry Commercial represented the building’s owners, Grubb Properties and New York Life, in the lease deal. JLL represented Bank of America, according to Charlotte Business Journal. Grubb Properties and New York Life have enhanced existing amenities at 525 North Tryon and added new ones, including a fitness center known as Club 525, bike storage room, free electric car shuttle, conferencing center and an electric car charging station. The owners are also in the final stages of securing LEED Silver certification at the building, which has already earned the EPA’s Energy Star designation.

January 30, 2017

Florida Industrial Southeast

Coca-Cola Signs Industrial Lease Renewal for 93,700 SF in Broward County

by John Nelson January 30, 2017

PEMBROKE PARK, FLA. — Atlanta-based Coca-Cola has signed a long-term lease renewal for 93,700 square feet of industrial space at Seneca Industrial Park, a Class A distribution and warehouse park in Broward County. Located at 2500 S.W. 32nd Ave. in Pembroke Park, Seneca Industrial Park is situated just west of Interstate 95 and directly north of the Miami-Dade County line. Jonathan Kingsley of Colliers International represented Coca-Cola in the lease renewal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, an affiliate of Nuveen (formerly known as TIAA Global Asset Management).

January 30, 2017

Kentucky Office Southeast

CBRE Arranges Sale-Leaseback for New Thorntons Headquarters in Louisville

by John Nelson January 30, 2017

LOUISVILLE, KY. — CBRE has assisted Thorntons, a Louisville-based gas station and convenience store chain, in the sale-leaseback of its corporate headquarters and store support center, which is currently under construction off Old Henry Road in Louisville’s East End. Thorntons will occupy nearly 90,000 square feet of space at the build-to-suit property starting in April. Andrew Sandquist, Anne Rahm, J.C. Asensio, Briggs Goldberg, David Tropp and David Hardy of CBRE represented Thorntons, which currently operates 185 stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida. The buyer and sales price were undisclosed.

January 30, 2017

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Demand is Outpacing Supply in Metropolitan D.C.’s Industrial Market

by John Nelson January 30, 2017

The Washington, D.C., metropolitan industrial market, spreading from Frederick County, Maryland to the north, Prince William County, Virginia to the south and as far west as Loudoun County, Virginia is ideally situated between I-95 and I-81 — major transportation corridors that allow shipments to easily reach much of the country. The industrial market has improved more quickly than other sectors and fairly dramatically to the point where much of the region can be described as land-constrained and under-supplied. Certain industrial sub-segments, such as data centers, have impacted the availability of warehouse and distribution space in key locations for optimal supply chain design. As of the third quarter of 2016, the area’s industrial market totaled 190 million square feet (inclusive of flex space), divided almost equally between the markets of Suburban Maryland (90.6 million square feet) and Northern Virginia (90.2 million square feet). The District of Columbia comprised 9.2 million square feet, and 1.5 million square feet was under construction region-wide. Approximately 4.2 million square feet has been absorbed year-to-date, and vacancy was 7.9 percent — a 250-basis point decrease from 10.4 percent reported as recently as year-end 2013. In comparison, the office market has ranged from 14 to 14.9 percent …

January 30, 2017

Georgia Office Southeast

Childress Klein, MidCity to Develop 370,000 SF Office Project in Atlanta’s Central Perimeter

by John Nelson January 27, 2017

SANDY SPRINGS, GA. — A joint venture between Childress Klein and MidCity Real Estate Partners has purchased 3.7 acres of land in Sandy Springs for the development of NorthPlace, a two-building office campus totaling 370,000 square feet. Situated within Atlanta’s Central Perimeter office submarket, the office development will sit at the intersection of Barfield Road and Mount Vernon Highway, one block from the new Mercedes-Benz U.S. headquarters and two blocks from the Sandy Springs MARTA station. Comprising a 250,000-square-foot building and 120,000-square-foot building, NorthPlace will offer signage visibility along Ga. 400. Childress Klein and MidCity will co-develop the property, and MidCity will oversee day-to-day construction responsibilities and will market the project to prospective corporate and medical tenants. A timeline for construction has not been announced at this time.

January 27, 2017

Multifamily North Carolina Southeast

Pollack Shores to Develop Apartment Community in Charlotte’s South End

by John Nelson January 27, 2017

CHARLOTTE, N.C. — Pollack Shores Real Estate Group plans to develop a 350-unit apartment community at 327 and 349 Tremont Ave. in Charlotte’s South End district. Design is currently underway on the project, which is located within walking distance of Atherton Mill. The residential units will feature stone countertops and stainless steel appliances, and the community amenities will include a pool courtyard, clubroom, sky lounge, two courtyards with outdoor kitchen amenities and a dog park. The community will also feature 2,500 square feet of street-level retail space and “Live Work Units” fronting Tremont Avenue. Pollack Shores expects to deliver the unnamed project in late 2018.

January 27, 2017

Loans Maryland Office Southeast

ACORE Capital Provides $46.6M Acquisition Loan for Office Portfolio in Metro D.C.

by John Nelson January 27, 2017

GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District Attorney’s Office. Morning Calm, who will be moving its primary office to Capital Office Park, plans to upgrade the property’s lobbies, elevators, windows and amenity spaces.

January 27, 2017

Georgia Multifamily Southeast

Berkadia Arranges $38.1M Sale of Two Apartment Communities in Metro Atlanta

by John Nelson January 27, 2017

NORCROSS AND LAWRENCEVILLE, GA. — Berkadia has brokered the $38.1 million combined sale of two apartment communities in metro Atlanta’s Gwinnett County. The properties include the 180-unit Ellington Woods located at 1359 Beaver Ruin Road in Norcross and the 192-unit Lealand Place at 2945 Cruze Road in Lawrenceville. Andrew Mays and Paul Vetter of Berkadia represented the seller, a private entity based in Atlanta, in both sales. Ellington 192 LLC purchased Ellington Woods for $18 million and Lealand 180 LLC purchased Lealand Place for nearly $20.1 million. Richard Levine of Berkadia originated two Freddie Mac loans totaling $26.9 million for the acquisition of both apartment communities. The loans feature seven-year terms and a floating 2.85 percent interest rate.

January 27, 2017

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