Southeast

Plaza Towers Apartments 6700 Belcrest Road Hyattsville

NorthMarq Capital Arranges $25M Loan for Apartment Community in Metro D.C.

by John Nelson March 31, 2016

HYATTSVILLE, MD. — NorthMarq Capital has arranged a $25 million loan for the refinancing of Plaza Towers Apartments in Hyattsville, a suburb of Washington, D.C. Built in 1963, the 289-unit, 11-story property is located at 6700 Belcrest Road. The building features a key-controlled entrance lobby, an office with a conference room, fitness and laundry rooms and access to an adjacent pool and tennis courts. Doug Westfall and Jonathan Hiller of NorthMarq Capital arranged the refinancing through its Fannie Mae DUS program.

March 31, 2016

Walgreens 0420 Forest Hill Boulevard Wellington

Florida Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Walgreens in West Palm Beach MSA

by John Nelson March 31, 2016

WELLINGTON, FLA. — Marcus & Millichap has arranged the $9.5 million sale of a 14,820-square-foot Walgreens located at 10420 Forest Hill Blvd. in Wellington, a suburb of West Palm Beach. The store is located at the entrance to The Mall at Wellington Green, a 1.3 million-square-foot regional mall anchored by Nordstrom, Dillard’s, JC Penney and Macy’s. The buyer, a limited liability company, purchased the Walgreens store at a sub 5 percent cap rate. Russell Malayery and Walter Chapman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Benjamin Silver, Douglas Mandel and Richard Niewiadomski of Marcus & Millichap’s Fort Lauderdale office represented the buyer.

March 31, 2016

Georgia Seniors Housing Southeast

Winter Construction Breaks Ground on Seniors Housing Community in Metro Atlanta

by John Nelson March 31, 2016

KENNESAW, GA. — Winter Construction has started the construction of Canterfield Senior Living of Kennesaw, a luxury seniors housing community in the Atlanta suburb of Kennesaw. Atlanta-based Medical Development Corp. (MDC) hired Winter to build the three-story, 74,000-square-foot community. The expected completion date for Phase I of construction is spring 2017. Number of units, continuum of care and development costs were not disclosed. MDC launched the Canterfield brand in 2011. Atlanta-based architecture firm Corcoran Ota Group designed the model. Winter Construction is a general contractor based in Atlanta.

March 31, 2016

Waterfront Station II 1000 Fourth Street SW Washington DC

District of Columbia Mixed-Use Southeast

PN Hoffman to Develop 400,000 SF Mixed-Use Project in Southwest D.C.

by John Nelson March 30, 2016

WASHINGTON, D.C. — The Office of the Deputy Mayor for Planning and Economic Development (DMPED) has selected PN Hoffman for the redevelopment of Waterfront Station II in southwest Washington, D.C. DMPED has approved PN Hoffman’s plans, which include a LEED Gold-certified mixed-use asset spanning 400,000 square feet. The project will comprise 310 market-rate apartment residences, 133 affordable multifamily units, 20,000 square feet of retail space and a 10,000-square-foot theater space. The development will be located on a 59,000-square-foot lot at 1000 Fourth St. S.W. The project team includes Paramount Development, ER Bacon Development, CityPartners and AHC Inc. PN Hoffman is also underway on The Wharf, 525 Water and Riverside Baptist Church in southwest D.C.

March 30, 2016

Georgia Multifamily Southeast

CBRE Arranges $64M Sale of Apartment Community in North Atlanta Suburb

by John Nelson March 30, 2016

KENNESAW, GA. — CBRE has brokered the $64 million sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, a northern suburb of Atlanta in Cobb County. White Oak Partners purchased the asset from Arenda Capital Management. White Oak plans to renovate the property with new flooring, lighting, hardware, granite countertops and stainless steel appliances. The apartment community is located directly across the street from a Whole Foods Market set to open later this year. Shea Campbell and Kevin Geiger of CBRE’s Southeast Multifamily Group represented Arenda Capital Management in the sale. Multifamily research firm Axiometrics reports that Kennesaw’s multifamily market has a 1 percent vacancy rate in its Class A subsector and as a whole the market will generate 22.9 percent in total rent growth over the next five years.

March 30, 2016

Centergate at Gratigny 6301 E. 10 Avenue Hialeah

Florida Industrial Southeast

Miller Construction to Build 602,657 SF Industrial Development in Miami-Dade County

by John Nelson March 30, 2016

HIALEAH, FLA. — Miller Construction Co. plans to build two twin industrial assets within Centergate at Gratigny business park totaling 602,657 square feet. The business park is located in Hialeah, a city within Miami-Dade County. Gibson Development Partners is the developer of the $27 million project, which will be located at 6301 E. 10 Ave. Gibson and Miller plan to deliver the asset by the end of the year. Boca Raton-based RLC Architects designed the two buildings, which will feature 32-foot clear heights, 54-foot column spacing, a 185-foot truck court and a 60-foot speed bay. Fairchild Partners is handling leasing on behalf of the owner, an unnamed institutional client.

March 30, 2016

Equitable Building 100 Peachtree Atlanta

Georgia Loans Office Southeast

Principal Global Investors Provides $43.3M Loan for Equitable Building in Atlanta’s CBD

by John Nelson March 30, 2016

ATLANTA — Principal Global Investors has provided a $43.3 million loan for 100 Peachtree, a 625,424-square-foot, Class A office tower in Atlanta’s central business district (CBD). Known locally as the Equitable Building, the 32-story office tower features a conference center with a boardroom, three conference rooms, a mock courtroom, fitness center, dry cleaner, florist, FedEx-Kinko’s, Dunkin’ Donuts, Starbucks and parking for 928 vehicles. The asset was 61 percent leased at the time of sale to tenants such as Koch Properties, Accenture, Fulton County Public Defender, Atlanta BeltLine Inc. and McGuire Woods LLP. Mark Sixour and Gregg Shapiro of HFF arranged the four-year, floating-rate loan on behalf of the borrower, an affiliate of Five Mile Capital Partners LLC, which plans to refinance an existing loan and provide funds for capital improvements, tenant improvements and leasing commissions.

March 30, 2016

Florida Loans Retail Southeast

Aztec Group Secures $26M Construction Loan for Phase II of Riverbend Marketplace in Fort Lauderdale

by John Nelson March 30, 2016

FORT LAUDERDALE, FLA. — Aztec Group has secured a $26 million construction loan for Phase II of Riverbend Marketplace, a 37-acre, Walmart-anchored development in Fort Lauderdale. The 189,000-square-foot Walmart Supercenter opened in January 2016 and sold earlier this month for $26.1 million. Phase II of Riverbend Marketplace will consist of 83,000 square feet of retail and restaurants and five outparcels. The borrower, an affiliate of Gatlin Development Co., broke ground on Phase II earlier this month. The new tenants joining Riverbend Marketplace include Planet Fitness, Chipotle, Lucky Me and T-Mobile. The new outparcel tenants will include Wawa, Krispy Kreme and McDonald’s.

March 30, 2016

one-wells-fargo-center-301-south-college-charlotte

North Carolina Office Southeast Top Stories

Starwood Capital, Vision Properties Sell One Wells Fargo Center in Charlotte for $284M

by Haisten Willis March 30, 2016

CHARLOTTE, N.C. — In one of the largest office building transactions ever in North Carolina, Starwood Capital and Vision Properties have sold One Wells Fargo Center in Charlotte’s central business district for $284 million. According to the Charlotte Observer, the buyer was a limited liability company tied to Dennis Troesh, a Nevada businessman who founded a concrete company in the 1970s that was later acquired by Tokyo-based Mitsubishi Materials Corp. Starwood and Vision purchased the building in 2013 for $245 million. One Wells Fargo Center opened in 1988 and is located at 301 S. College St. The 42-story tower, which spans more than 1 million square feet, is home to a mix of financial, legal and real estate firms. One Wells Fargo Center serves as the East Coast headquarters for Wells Fargo, the largest bank in the world in terms of market capitalization. The building was 98 percent occupied at the time of sale. The building features amenities such as covered parking, two restaurants, the Childress Klein YMCA, a coffee shop and a dry cleaner. It also serves as one of only two downtown buildings with direct access to the LYNX public transportation system. One Wells Fargo Center is on …

March 30, 2016

Bailey Power Plant Wake Forest Innovation Quarter Winston-Salem

Mixed-Use North Carolina Southeast

Wexford Science+Technology to Begin $40M Bailey Power Plant Redevelopment

by John Nelson March 29, 2016

WINSTON-SALEM, N.C. — As part of the Wake Forest Innovation Quarter, Wexford Science+Technology, a BioMed Realty company, plans to redevelop two-thirds of the Bailey Power Plant in Winston-Salem. The $40 million project is Phase I in the redevelopment of the entire plant, which ceased operations almost 20 years ago. Phase I includes the redeveloping of the plant’s main building and most of the surrounding grounds, including the iconic chimney stacks. Wexford will convert the five-story main building into 110,800 square feet of office, entertainment, retail and common space. Wake Forest Innovation Quarter plans to work with additional developers to repurpose two smaller buildings, the Morris Building and Building 23-1, on the southeast and southwest corners of the property. The city of Winston-Salem and Forsyth County have each agreed to provide $3 million through a combination of public infrastructure and economic assistance reimbursements, and Wexford will also utilize historic tax credits for the project. R.J. Reynolds donated the Bailey Power Plant lot and all structures on it to Wake Forest Baptist Medical Center in 2010, along with approximately $2 million for environmental abatement work, which was completed in 2013. Construction is expected to begin this spring. Portions of the main building …

March 29, 2016

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