Southeast

“State of CRE” Webcast Frames Market Trends in Face of Potential Downturn

by Sarah Daniels May 23, 2023

By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …

May 23, 2023

Affordable Housing Development Georgia Multifamily Southeast

McShane Completes Construction of 117-Unit Affordable Housing Community in Atlanta

by John Nelson May 22, 2023

ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.

May 22, 2023

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield |Thalhimer Brokers $14.8M Sale of Richmond Apartment Community

by John Nelson May 22, 2023

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $14.8 million sale of The Mill at Manchester Lofts, a 70-unit apartment community located at 815 Perry St. in Richmond. The property, a former paper mill and warehouse, offers apartments in studio, one-, two- and three-bedroom layouts. Jenny Stoner and John Pritzlaff of Cushman & Wakefield | Thalhimer represented the undisclosed buyer, which plans to implement a value-add program, in the transaction. The seller was also not disclosed.

May 22, 2023

Acquisitions North Carolina Retail Southeast

Providence Acquires Two Retail Parcels in Charlotte’s South End

by John Nelson May 22, 2023

CHARLOTTE, N.C. — Providence Group Capital (PGC) has acquired two parcels located at 2429 and 2511 South Tryon St. in Charlotte’s South End neighborhood. Totaling roughly 1.3 acres, the sites feature three existing buildings comprising more than 17,500 square feet. Tenants at the buildings include Euro Cars South End, A&T Auto Body Shop and Paws Whiskers & Wags. PGC has purchased 15 sites in the same section of South End over the past 18 months. Hayes Faulkenberry of Land Advisors represented PGC in the acquisition of 2429 South Tryon St., and Lauren Bremer of The Nichols Co. represented the seller in the sale of 2501 South Tryon St. Providence Group Management Services will manage both properties.

May 22, 2023

Leasing Activity North Carolina Office Southeast

Renesas Electronics Signs 88,998 SF Office Lease at Forty540 II in Morrisville, North Carolina

by John Nelson May 22, 2023

MORRISVILLE, N.C. — California-based Renesas Electronics America, a subsidiary of Renesas Electronics Corp., has signed an office lease at Forty540 II in Morrisville, about 15 miles west of Raleigh. The company now occupies 88,998 square feet at the building, bringing the property to 95 percent occupancy. Built in 2021, Forty540 II totals 198,424 square feet across five stories at 710 Slater Road. Amenities at the building include a fitness center, showers, an internet café and prominent signage opportunities. Brad Corsmeier and Ed Pulliam of CBRE|Raleigh handle leasing at the property, which is managed by the firm’s Property Management group.

May 22, 2023

Acquisitions North Carolina Retail Southeast

Colliers Arranges $3.5M Sale of Lynnwood Plaza Retail Strip Center in Raleigh

by John Nelson May 22, 2023

RALEIGH, N.C. — Colliers has arranged the $3.5 million sale of Lynwood Plaza, a retail strip center located at 4800 Grove Barton Road in Raleigh. Tenants at the 8,943-square-foot property include Little Caesars, Nail Image Salon, Board & Brush and Salt & Lime Cabo Grill. David Stowe of Colliers represented the seller in the transaction, and Rikky Goswami of Insight Property Group represented the buyer. Both parties requested anonymity.

May 22, 2023

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

by John Nelson May 22, 2023

MIAMI BEACH, FLA. — Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA and Citi Real Estate Funding Inc. provided the 10-year, fixed-rate, interest-only loan. The borrower, an affiliate of global private members social club Soho House & Co. (SHCO), is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs. Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall and David Kasten of Walker & Dunlop arranged the loan. The team brought in numerous financing options for the borrower, an entity doing business as Beach House Owner LLC, which ultimately chose the loan package from JPMorgan Chase and Citi. “We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” says Hirt, managing director at Walker & Dunlop. “In this challenging capital markets environment, …

May 22, 2023

Affordable Housing Build-to-Rent Georgia Market Reports Multifamily Single-Family Rental Southeast Southeast Market Reports

Why Investors Should Love Atlanta’s Multifamily Market

by John Nelson May 22, 2023

Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …

May 22, 2023

Acquisitions Florida Office Southeast

PEBB, Intalex Capital Acquire 343,500 SF Office Building in Downtown Fort Lauderdale

by John Nelson May 19, 2023

FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.

May 19, 2023

Georgia Industrial Leasing Activity Southeast

CBRE Arranges 110,441 SF Lease at Busch Logistics Park in Cartersville, Georgia

by John Nelson May 19, 2023

CARTERSVILLE, GA. — CBRE has arranged a 110,441-square-foot industrial lease within Busch Logistics Park at 1187 Cassville White Road NE in Cartersville. The tenant is Ernesta, a New York City-based direct-to-consumer, custom-fit rug company. The company expects to hire up to 50 people at the location. Matt Von der Ahe and Scott Slappey of CBRE represented the tenant in the leasing negotiations. JLL represented the landlord, Houston-based Hines.

May 19, 2023

Newer Posts

Older Posts