Southeast

Monday Properties Obtains $205.5M Refinancing for Office Tower, Medical Office Building in Metro D.C.

by John Nelson April 18, 2024

ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.

April 18, 2024

Florida Industrial Loans Southeast

JLL Secures $100M Loan for Warehouse Portfolio in South Florida

by John Nelson April 18, 2024

MIAMI — JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include warehouses at Lakeway Corporate Center in Miami Lakes; 3450 NW 115th Ave. in Doral; Commerce Park in Miami; Miami Gardens Industrial Center in Miami; Deerwood Commerce Center in Miami; Flamingo Park of Commerce in Miramar; and University Park of Commerce in Fort Lauderdale. The portfolio was 99 percent leased at the time of financing.

April 18, 2024

Acquisitions Arkansas Southeast Student Housing

Cushman & Wakefield Brokers Sale of 432-Bed Student Housing Property Near University of Central Arkansas

by John Nelson April 18, 2024

CONWAY, ARK. — Cushman & Wakefield has brokered the sale of The Edge at Donaghey, a 432-bed student housing community situated adjacent to the University of Central Arkansas. Located at 530 S Donaghey Ave. in Conway, the 120-unit property was built in 2013. Sundance Real Estate purchased the community from an entity doing business as Azalea Holdings II LLC for an undisclosed price. Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield’s Student Housing Capital Markets team, along with Martin Bynum of the firm’s Sunbelt Multifamily Advisory Group, represented both the seller and buyer in the transaction. The new buyer plans to bolster The Edge at Donaghey’s amenity package, which currently includes a business center, fitness studio, study areas, resort-style pool and a clubhouse.

April 18, 2024

Acquisitions North Carolina Retail Southeast Virginia

Graystone Negotiates $12M Sale of 7-Eleven Portfolio in North Carolina and Virginia

by John Nelson April 18, 2024

NEWPORT BEACH, CALIF. — Newport Beach-based Graystone Capital Advisors has negotiated the $12 million sale of a portfolio of 7-Eleven properties located throughout North Carolina and Virginia. A Texas-based developer sold the portfolio, which comprises seven newly constructed locations. 7-Eleven occupies the properties on 15-year leases. Shannon Bona and Julius Swolsky of Graystone represented the 1031-exchange buyer in the transaction.

April 18, 2024

Acquisitions Alabama Retail Southeast

SRS Arranges $6.6M Sale of Retail Property in Fultondale, Alabama Leased to Ashley Furniture

by John Nelson April 18, 2024

FULTONDALE, ALA. — SRS Real Estate Partners has arranged the $6.6 million sale of a single-tenant retail property located at 3321 Lowery Park in Fultondale, a suburb of Birmingham. The tenant, Ashley Furniture, purchased the store exercising its right of first refusal. Situated on four acres and built in 2007, the store serves as an outparcel to Promenade Fultondale, a shopping center anchored by Target. Matthew Mousavi and Patrick Luther of SRS Real Estate’s Newport Beach office, along with Martin Smith of the firm’s Birmingham office, represented the privately based seller in the transaction.

April 18, 2024

Development Multifamily Office Southeast Top Stories Virginia

Carr Properties Acquires Vacant Office Building for Multifamily Conversion in Alexandria, Virginia

by Katie Sloan April 18, 2024

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt St. in the Old Town neighborhood of Alexandria with plans to convert the property into a 250,000-square-foot multifamily community. The site, which will be cleared to make way for the new development, is located roughly seven miles south of Washington, D.C., and 1.5 miles south of the former development site for Potomac Yards, a recently cancelled 9 million-square-foot mixed-use project. The community will rise eight stories and feature 234 units in a variety of configurations, ranging from studio apartments to three-bedroom units. An unspecified number of units will be dedicated to affordable housing. The development will also include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue and 7,000 square feet of ground-floor retail space. Shared amenities are set to include an outdoor swimming pool and a resident lounge and amenity center. Carr Properties plans to break ground on the development this fall with completion slated for late 2026. The community will target LEED Silver certification. The development team for the project includes SK+I Architecture and interior design firm Edit Lab by Streetsense, which partnered with Carr on its previous Union …

April 18, 2024

Development Maryland Mixed-Use NAI Southeast

NAI Michael Cos. to Develop 600,000 SF Mixed-Use Project in Bowie, Maryland

by John Nelson April 17, 2024

BOWIE, MD. — NAI Michael Cos. will develop South Lake Marketplace, a 600,000-square-foot mixed-use project within the $1.3 billion South Lake development underway in Bowie, a city in suburban Maryland that is roughly equidistant from Baltimore and Washington, D.C. Karington LLC, an affiliate of NAI Michael Cos., owns South Lake, which also features residential units being developed by Chesapeake Realty Partners. South Lake Marketplace will feature a grocery anchor, as well as other retail, restaurant, sports entertainment and hospitality concepts. The development will be situated adjacent to Liberty Sports Park, which features 10 professional sports fields and attracts 344,000 tournament attendees annually, according to NAI Michael Cos. The ceremonial groundbreaking for South Lake Marketplace is expected to take place in May or June.

April 17, 2024

Development Loans Multifamily Southeast Tennessee

Albion Residential Secures Funding, Breaks Ground on 29-Story Apartment Tower in Nashville

by John Nelson April 17, 2024

NASHVILLE, TENN. — Albion Residential has secured a construction loan for the first of two residential towers at Albion Music Row, the company’s previously announced multifamily development in Nashville. The Chicago-based developer and Clark Construction recently broke ground on the first tower, a 29-story high-rise comprising 458 units. Matthew Schoenfeldt, Mary Dooley and Brian Dawson led the JLL team that secured the undisclosed amount of financing for the first tower through Pacific Life Insurance Co. The first high-rise will include micro, studio, one-, two- and three-bedroom apartments, as well as 4,000 square feet of ground-level restaurant/brewery space. Amenities will include indoor and outdoor fitness studios, a rooftop pool and library, coworking space and a music lounge with a recording studio and podcast room. Albion Residential expects to deliver the first units in fall 2026. Upon completion, Albion Music Row will span two acres and comprise 850 apartments, as well as restaurants, shops and a public plaza on the ground level. The design-build team includes Chicago-based Hartshorne Plunkard Architecture and several Nashville-based companies: Barge Cauthen & Associates (civil engineer), Hodgson Douglas (landscape architect), SDL (structural engineer) and I.C. Thomasson (MEP engineer).

April 17, 2024

Acquisitions Industrial Southeast Virginia

JLL Arranges $85.4M Sale of Cold Storage Facility in Glen Allen, Virginia

by John Nelson April 17, 2024

GLEN ALLEN, VA. — JLL has arranged the $85.4 million sale of Performance Food Group @ Cardinal North, a 328,335-square-foot cold storage facility in Glen Allen, a suburb of Richmond. Bill Prutting, Pete Pittroff, Craig Childs, Dave Andrews, Josh McArdle and Christopher Dale of JLL represented the seller, Scannell Properties, in the transaction. The team also secured the undisclosed buyer. Situated within one mile from I-95, the property was delivered last year and is fully leased to Richmond-based Performance Food Group. The facility includes 160,000 square feet of refrigerated space, a standalone vehicle maintenance and fueling facility, 32-foot clear heights, 52 dock-high doors and 138 trailer spaces. The 59.3-acre site offers room for two expansions that could potentially increase the square footage of the property by 40 percent, according to JLL.

April 17, 2024

Acquisitions Industrial Southeast Virginia

Terreno Realty Acquires Industrial Portfolio in Alexandria, Virginia for $84.3M

by John Nelson April 17, 2024

ALEXANDRIA, VA. — Terreno Realty Corp. has purchased a four-building industrial portfolio located at 6584-6674 Fleet Drive in Alexandria for $84.3 million. Situated on 19.1 acres near the intersection of I-95/395 and I-495 (Capital Beltway), the portfolio spans 357,000 square feet across four separate distribution centers. The buildings were fully leased to 21 tenants at the time of sale, with all leases expiring by 2031. The property features 67 dock-high doors, 38 grade-level loading positions and parking for 580 vehicles. The seller was not disclosed.

April 17, 2024

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