Southeast

Baltimore City’s Retail Market Remains Hot, But Watch Out for the Suburbs

by John Nelson October 12, 2015

An apartment building boom is encouraging a consistent march of new residents to select sections of Baltimore City, and the construction of new retail venues to support this emerging audience has followed in lockstep. The last several years has seen the opening of stylish shopping centers featuring national anchor tenants such as Harris Teeter and Target, including The Shops at Canton Crossing, a 330,000-square-foot retail shopping center situated within the city’s east side, as well as McHenry Row, located in the Locust Point section of the city (next to Under Armour’s headquarters). Other notable retail developments underway in Baltimore City are the capital improvement and re-invention program at Harborplace; The Stadium Square, a $250 million mixed-use project situated near M&T Bank Stadium; the $25 million facelift being given to Lexington Market, a collection of 100 food vendors; the ongoing retail build-out of Harbor East (the recognized “place to be and be seen” spot of the city); and the initiation of construction on Harbor Point, the site of the new Exelon Corp. headquarters (the company merging with Constellation Energy). Baltimore County is Booming Owings Mills, Towson and White Marsh are the sites of four significant projects, several of which have been …

October 12, 2015

Loans Office Southeast Virginia

HFF Secures $30M Loan for Class A Office Building in Tysons Corner District

by John Nelson October 9, 2015

MCLEAN, VA. — HFF has secured a $30 million bridge loan for a 152,000-square-foot, Class A office building located at 1550 Westbranch Drive in the Tysons Corner area of McLean. Completed in 2001, the six-story building is fully leased to MITRE Corp., a not-for-profit organization, through late 2016. Amenities at 1550 Westbranch include a conference center and break-out area, fitness center with shower facilities, café and a 470-space covered parking garage. Daniel McIntyre led HFF’s debt placement team in arranging the three-year, floating-rate loan through EagleBank on behalf of the borrowers, affiliates of Griffith Properties LLC and Reubenstein Partners. The loan has two one-year extension options and is being used to finance the acquisition and repositioning of 1550 Westbranch.

October 9, 2015

Renaissance Atlanta Airport Gateway Hotel

Georgia Hospitality Southeast

Grove Street Partners to Develop New Marriott Hotel Connected to Atlanta Airport

by John Nelson October 9, 2015

ATLANTA — Grove Street Partners has closed financing for and will soon break ground on Renaissance Atlanta Airport Gateway Hotel in Atlanta. The 204-room hotel will be one of three hotels connected to Hartsfield-Jackson Atlanta International Airport. The other two, a Marriott and SpringHill Suites, were developed by Grove Street Partners in 2010. Marriott International will manage all three hotels, which are located adjacent to the Georgia International Convention Center and the ATL SkyTrain, an elevated train that connects the airport’s passenger terminal to the rental car center. Upon completion in March 2017, the hotel will feature 6,500 square feet of meeting space, a 3,200-square-foot ballroom, restaurant and bar.

October 9, 2015

Florida Multifamily Southeast

Capstone Apartment Partners Brokers $9.1M Sale of Apartment Community in Daytona Beach

by John Nelson October 9, 2015

DAYTONA BEACH, FLA. — Capstone Apartment Partners has brokered the $9.1 million sale of Forestlake Apartments, a 146-unit apartment community located at 132 Forest Lake Blvd. in Daytona Beach. Timberland Partners purchased the 1980s vintage property for $61,986 per unit from Harbor Group. Enon Winkler, Deucie Bies, Jad Richa and Brian Hunsicker of Capstone Apartment Partners represented the seller in the transaction.

October 9, 2015

Alabama Multifamily Southeast Student Housing

UHC Buys, Rebrands Student Housing Community Near University of Alabama

by John Nelson October 9, 2015

TUSCALOOSA, ALA. — University House Communities (UHC), formerly Inland American Communities, has purchased South 10 Apartments, a student housing community located near the University of Alabama. UHC plans to rebrand the 200-unit property as University House. The five-story community features 592 beds with one-, two-, three- and four-bedroom floor plans that are fully furnished. The property also features more than 10,000 square feet of ground-floor retail space. Each bedroom has its own bathroom, and the units include 42-inch flat-screen TVs, quartz countertops, stainless steel appliances, nine-foot ceilings and full-size washers/dryers. The community’s amenities include a large gym, resort-style pool, outdoor lounge, 24-hour clubhouse, pet spa with a dog walk, study areas and tanning beds. The property is located blocks from Bryant-Denny Stadium and has direct access to the Crimson Ride transit system. South City Partners developed the property and sold to UHC for an undisclosed amount.

October 9, 2015

Olympia Heights Townhome Apartments Serenity Townhomes at Montgomery

Alabama Multifamily Southeast

Elevation Financial Buys Two Apartment Communities in Montgomery for $6.8M

by John Nelson October 9, 2015

MONTGOMERY, ALA. — Elevation Financial Group LLC has purchased two apartment communities in Montgomery totaling 378 units for a combined $6.8 million. The properties include the 202-unit Olympia Heights Townhome Apartments and the 176-unit Cyprus Court Apartments. Elevation Financial plans to rebrand Olympia Heights as Serenity Townhomes at Montgomery and Cyprus Court as Serenity Apartments at the Park. The company also plans to renovate the common areas, amenities and units of both communities. Elevation Financial purchased the two value-add assets through its subsidiary, Elevation Real Property Fund V LLC. Affiliate company Elevation Property Management LLC will manage both apartment communities.

October 9, 2015

Georgia Office Southeast

Highwoods Properties Acquires Monarch Centre in Buckhead for $303M

by John Nelson October 8, 2015

ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.

October 8, 2015

Madison at Spring Woods Jacksonville The Park at Via Veneto

Florida Multifamily Southeast

Blue Rock Partners, Konover South Buy Multifamily Portfolio in Jacksonville for $64.8M

by John Nelson October 8, 2015

JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.

October 8, 2015

Phase II King Mill Distribution South Atlanta

Georgia Industrial Southeast

Trammell Crow, Allstate to Develop Phase II of Industrial Park in South Atlanta

by John Nelson October 8, 2015

ATLANTA — Trammell Crow Co. and Allstate have acquired an additional 56.8 acres of land along I-75 in Henry County, part of the South Atlanta industrial submarket. CBRE Global Investors advised Trammell Crow and Allstate in the transaction. The land is adjacent to the venture’s 44-acre land site, which will house the King Mill Distribution Park, an 846,496-square-foot, Class A distribution center. The new 56.8-acre site will house Phase II of King Mill Distribution Park, which will comprise a 759,495-square-foot, Class A warehouse property. Phase II will feature 36-foot clear heights, trailer storage and employee vehicle parking, two separate entrances and a design that can accommodate multiple tenants served by separate entrances. Bill Hare of Burke Holdings represented the seller in the transaction. Mark Hawks and Trey Barry of CBRE will be the leasing team for Phase II of King Mill Distribution Park.

October 8, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $12M Sale of Apartment Community in South Florida

by John Nelson October 8, 2015

LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.

October 8, 2015

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