Southeast

High Street Residential, Deutsche to Develop Apartment Community in D.C.

by John Nelson July 14, 2016

WASHINGTON, D.C. — High Street Residential has partnered with Deutsche Asset Management to develop a 288-unit, Class A multifamily community located at 1441 U St. N.W. in Washington, D.C. Situated in the city’s U Street Corridor adjacent to the Frank D. Reeves Center of Municipal Affairs, the luxury property will feature more than 15,000 square feet of retail space. The companies plan to break ground in the third quarter, with completion slated for mid-2018. The site will also contain Portner Flats, a 96-unit affordable housing complex developed by a joint venture between Somerset Development and Jonathan Rose Cos.

July 14, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $27.4M Sale of Office Building in Metro Tampa

by John Nelson July 14, 2016

TEMPLE TERRACE, FLA. — Cushman & Wakefield has arranged the $27.4 million sale of Riverside at Telecom Park, a 167,744-square-foot, Class A office building located at 12470 Telecom Drive in Temple Terrace. Situated on a 16.8-acre site within Tampa Telecom Park, the property was fully leased at the time of sale to six tenants. Paul Carr and Rick Colon of Cushman & Wakefield represented the seller, Philadelphia-based Equus Capital Partners, which recently invested more than $2 million in capital improvements at the property. The buyer was St. Petersburg-based Cardinal Point Management.

July 14, 2016

Georgia Seniors Housing Southeast

LTC Purchases Assisted Living Community in Athens for $14.3M

by John Nelson July 14, 2016

ATHENS, GA. — LTC Properties Inc., a seniors housing and healthcare REIT, has acquired Village at Athens, a 70-unit assisted living and memory care community in Athens, for $14.3 million. The seller, Atlanta-based developer and operator Thrive Senior Living, finished construction of the community in May. Thrive will stay on to operate under the new ownership. This is the third seniors housing partnership between LTC and Thrive, and the companies expect to open two more developments by year’s end. Village at Athens features 50 assisted living units and 20 memory care units. Home of the University of Georgia, Athens is located approximately 70 miles east of Atlanta.

July 14, 2016

Florida Loans Multifamily Southeast

KeyBank Arranges $12.3M Loan for Apartment Complex in Jacksonville

by John Nelson July 14, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $12.3 million loan for City Ridge Apartments, a 288-unit property in Jacksonville that was built in 1972. Tom Peloquin of KeyBank’s commercial mortgage group arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

July 14, 2016

Florida Industrial Southeast

Clarion Partners Purchases Industrial Complex in Broward County for $77.3M

by John Nelson July 13, 2016

POMPANO BEACH, FLA. — Clarion Partners has purchased Pompano Business Center, a four-building, 624,531-square-foot industrial complex in Broward County’s Pompano Beach. Clarion purchased the asset on behalf of a commingled fund advised by the firm for $77.3 million. The Class A industrial park is located near the Florida Turnpike and I-95. The project features clear heights ranging from 24 to 28 feet, parking and T5 lighting. Pompano Business Center was 95 percent leased at the time of sale.

July 13, 2016

Maryland Office Southeast

Columbia Property Trust Sells Office Asset in Metro D.C. to SunCap for $48M

by John Nelson July 13, 2016

GAITHERSBURG, MD. — Columbia Property Trust Inc. has sold an office property at 800 N. Frederick Ave. in Gaithersburg for $48 million. The buyer, SunCap Property Group, plans to redevelop the asset as a distribution center. The 40-acre property includes a 393,000-square-foot office building that formerly housed an IBM data center. Columbia Property Trust plans to use the proceeds from the transaction to reduce borrowings on its revolving credit facility.

July 13, 2016

Industrial North Carolina Southeast

Beacon Partners to Build 1.2M SF Industrial Park in Charlotte

by John Nelson July 13, 2016

CHARLOTTE, N.C. — Beacon Partners has closed on the purchase of a 95-acre site in north Charlotte known as The Metrolina Expo Center for the development of Metrolina Park, a 1.2 million-square-foot manufacturing and logistics campus. Beacon Partners purchased the site from Linda Pistone for an undisclosed price. The industrial park will be situated off Statesville Road nearly one mile from I-77. Phase I of the development features two spec facilities totaling more than 600,000 square feet, as well as infrastructure and pre-grading on three additional lots to accommodate an additional 600,000 square feet. The two facilities include a 140,634-square-foot rear-load building fronting Statesville Road and a 495,950-square-foot cross-dock facility located near the park’s entrance. Beacon Partners plans to deliver both properties in the second quarter of 2017. The development team includes general contractor Edifice, civil engineer Orsborn Engineering Group and architect Merriman Schmitt. Wells Fargo provided construction financing on behalf of Beacon Partners.

July 13, 2016

Industrial Kentucky Southeast

Dermody Properties Breaks Ground on 546,000 SF Industrial Facility in Metro Louisville

by John Nelson July 13, 2016

SHEPHERDSVILLE, KY. — Dermody Properties has begun construction on LogistiCenter at 480, a 546,000-square-foot industrial facility located in Shepherdsville, about 20 miles south of Louisville near the Louisville International Airport and the UPS Worldport air hub. The project will be situated within Cedar Grove Business Park on Park Loop Road, less than two miles from the I-65 and Kentucky Highway 480 interchange. Users within Cedar Grove Business Park include Amazon, Best Buy, Clorox, eBay, Gordon Foods, UPS and Zappos. LogistiCenter at 480 will include 36-foot clear heights, 49 dock doors, 63 trailer stalls and 320 parking stalls. Dermody and general contractor Gordian Design and Construction expect to deliver the asset by the end of the year. Dermody has selected Kevin Grove and Doug Butcher of CBRE to lease the asset, which Dermody thinks will be well-suited for an e-commerce user.

July 13, 2016

Restaurant Retail Southeast Virginia

JBG Signs Seven Tenants to Join Stonebridge at Potomac Town Center in Metro D.C.

by John Nelson July 13, 2016

WOODBRIDGE, VA. — The JBG Cos. has signed seven new retailers and restaurants at Stonebridge at Potomac Town Center, a 482,631-square-foot retail center located in the Washington, D.C., suburb of Woodbridge. The new tenants include a 4,026–square-foot Brew Republic Bierwerks; a 2,256-square-foot Duck Donuts; a 2,693-square-foot BurgerFI; a 1,255-square-foot Sushi Jin Next Door; a 5,561-square-foot Lane Bryant; a 3,201-square-foot Massage Envy; and a 3,354-square-foot Sleep Number. BurgerFI, Sushi Jin Next Door, Lane Bryant and Massage Envy are already open. Brew Republic Bierwerks, Duck Donuts and Sleep Number will open later this summer. Stonebridge at Potomac Town Center is now 93 percent leased to tenants such as Apple, REI, DSW Shoe Warehouse, Orvis, Uncle Julio’s and South Moon Under.

July 13, 2016

District of Columbia Multifamily Southeast

Quadrangle, Wilkes Break Ground on Apartment Development in D.C.

by John Nelson July 12, 2016

WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Co. have started construction on The Lydian, a 324-unit luxury apartment building located at 400 K St. N.W. in Washington, D.C. Situated within the heart of Mount Vernon Triangle, The Lydian is located adjacent to another Quadrangle/Wilkes K Street apartment development, Lyric 440K. The Lydian will be the Quadrangle/Wilkes development team’s seventh building in its 2 million-square-foot, mixed-use Mount Vernon Place community. The first floor of The Lydian will have 13,410 square feet of shop and restaurant spaces, featuring 14-foot finished ceilings with floor-to-ceiling windows fronting the sidewalks of K Street. Designed by Davis, Carter, Scott, apartments at The Lydian will include 26 studios, 220 one-bedroom, 26 one-bedroom/den and 52 two-bedroom units on 14 floors. Amenities will include a rooftop pool and spa, cyber café with free Wi-Fi, rooftop clubroom with panoramic views, second-floor garden, fitness center, pet washing and grooming areas, underground parking garage and a bike repair and storage room.

July 12, 2016

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