Southeast

Turnbridge Equities, Fundamental Advisors Sell Five-Property Office Portfolio in Northern Virginia for $220M

by Katie Sloan August 11, 2022

NEW YORK CITY — A joint venture between two New York City-based investors, Turnbridge Equities and Fundamental Advisors LP, has sold its five-building Northern Virginia Cybersecurity and Defense Infrastructure office portfolio for $220 million. The buyer was undisclosed. The joint venture began assembling the 860,000-square-foot portfolio in 2018 with the goal of mitigating rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms. The properties were 96 percent occupied at the time of sale by tenants that include Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp. The portfolio includes a 205,074-square-foot property at 460 Herndon Parkway in Herndon; a 84,652-square-foot property at 14700 Lee Road in Chantilly; a 112,623-square-foot building at 21700 Atlantic Blvd. in Sterling; a 184,414-square-foot property at 12450 Fair Lakes Circle in Fairfax; and a 273,713-square-foot complex located at 10302 and 10304 Eaton Place in Fairfax. Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented the seller in the transaction. “Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune to work-from-home trends …

August 11, 2022

Alabama Development Industrial Southeast

Fairway, Triad Properties to Develop 2 MSF Industrial Park in Huntsville

by John Nelson August 10, 2022

HUNTSVILLE, ALA. — Fairway Investments and Triad Properties have formed a joint venture for the development of Huntsville West Industrial Park, a 2 million-square-foot industrial park located on Greenbrier Parkway in Huntsville. The 135-acre distribution and warehouse project will be situated near I-65/I-565, as well at the $2.3 billion Mazda-Toyota plant and distribution centers leased to Amazon, Vuteq and Target. The Fairway-Triad joint venture has closed on the land purchase and is implementing its pre-development plan for the industrial park. Building sizes will range from 250,000 to 400,000 square feet, with the site plan offering the capability to develop a 650,000-square-foot bulk distribution facility. Early this fall, Fairway and Triad plan to begin infrastructure work along with the construction of a 385,000-square-foot facility that will feature 32-foot minimum clear heights, 60-foot speed bays, ESFR sprinklers, a 185-foot minimum truck court depth and auto and trailer parking.

August 10, 2022

Hospitality Loans Southeast Tennessee

Northmarq Arranges $55M Refinancing of Drury Plaza Hotel in Downtown Nashville

by John Nelson August 10, 2022

NASHVILLE, TENN. — Northmarq has arranged the $55 million refinancing of the Drury Plaza Hotel Nashville Downtown, a 22-story hotel situated at the corner of Korean Veterans Boulevard and Third Avenue South in downtown Nashville. An unnamed life insurance company provided the 10-year, fixed-rate, non-recourse loan, which was underwritten with a 25-year amortization schedule. Jeff Chaney and Dan Baker of Northmarq arranged the loan on behalf of the borrower, Drury Development Corp. Delivered in 2019, the Drury Plaza features 389 guest rooms and more than 8,000 square feet of meeting and event space, as well as a full bar and restaurant called The Kitchen + Bar @ SOBRO. The hotel is located near Bridgestone Arena, Nashville Music City Center and the Country Music Hall of Fame.

August 10, 2022

Development Kentucky Loans Multifamily Southeast

Thorofare Capital Provides $28M Construction Loan for NuLu Yards Apartments in Louisville

by John Nelson August 10, 2022

LOUISVILLE, KY. — Thorofare Capital Inc., a Los Angeles-based affiliate of investment manager Callodine Group, has provided $28 million in construction financing for NuLu Yards, a 189-unit multifamily project in Louisville. The Class A property will anchor a larger mixed-use development in the NuLu neighborhood of Louisville. The borrower, Weyland Ventures, is also developing the first Tempo by Hilton adjacent to NuLu Yards, as well as a structured parking deck. David Perlman, Jacob Yi and Paul Kim of Thorofare Capital originated the financing. Wave Capital Partners arranged the loan on behalf of the borrower. The construction timeline was not released.

August 10, 2022

Acquisitions Alabama Healthcare Southeast

Matthews Brokers $27.2M Sale of Healthcare Property in Vestavia Hills, Alabama

by John Nelson August 10, 2022

VESTAVIA HILLS, ALA. — Matthews Real Estate Investment Services has brokered the $27.2 million sale of Swaid Vestavia Medical Center, a multi-tenant medical facility located at 1021 Montgomery Highway in Vestavia Hills, a southern suburb of Birmingham. The newly built property spans 40,000 square feet and features an ambulatory surgery center and medical office space leased to tenants such as the Surgical Institute of Alabama, Vestavia Diagnostics, Swaid Clinic, Bramlett Orthopedics, Birmingham Vascular Associates, Pain Management Services, Lab First and Champion Physical Therapy. Matthews’ healthcare division sourced the buyer, an institutional healthcare real estate fund based in Dallas. The seller was not disclosed.

August 10, 2022

Acquisitions Arkansas Southeast Student Housing

Rittenhouse Realty, Triad Negotiate $15M Sale of Student Housing Community Near University of Arkansas

by John Nelson August 10, 2022

FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.

August 10, 2022

Denver Lee & Associates Second Quarter Economic Rundown

Content Partner Features Industrial Leasing Activity Lee & Associates Life Sciences Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels August 10, 2022

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

August 10, 2022

Development Seniors Housing Southeast Tennessee

Joint Venture Breaks Ground on Clarendale West End Seniors Housing Project in Nashville

by John Nelson August 9, 2022

NASHVILLE, TENN. — A joint venture between Ryan Cos. US Inc., LCS and Harrison Street Real Estate Capital has broken ground on Clarendale West End, a planned 261,000-square-foot, five-story seniors housing community in Nashville’s West End district. Situated near Vanderbilt University and downtown Nashville, the property will offer 172 independent living, assisted living and memory care units. Amenities and services will include restaurants, bistro and bar options; private dining for events; a movie theater; continuing education programs; fitness equipment and group fitness classes; salon and spa; arts programs; landscaped courtyard; transportation to local shopping, events and appointments; medical care; and garage parking. Ryan Cos. is the developer and builder for the project, Ryan A+E Inc. is the architect of record and Direct Supply Aptura is the development’s interior designer. Upon completion in the third quarter of 2024, LCS will lead day-to-day operations at Clarendale West End.

August 9, 2022

Acquisitions Florida Multifamily Southeast

JLL Brokers $70.6M Sale of Grand Reserve Apartments in Central Florida

by John Nelson August 9, 2022

OCALA, FLA. — JLL has brokered the $70.6 million sale of Grand Reserve Apartment Homes, a 263-unit value-add multifamily community located at 3001 SW 24th Ave. in Ocala. Ken Delvillar led the JLL team that represented the seller, ApexOne Investment Partners, in the transaction. Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets team arranging debt and equity financing totaling $65 million for the buyer, JT Capital. The debt provider was an unnamed life insurance company, and the equity source was an undisclosed institutional investor. Built in 2003, Grand Reserve features one-, two- and three-bedroom units with an average size of 1,072 square feet. Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless steel appliances. Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, firepit, 24-hour fitness center, business center, children’s playground and direct access garages.

August 9, 2022

Acquisitions Florida Retail Southeast

Longpoint Partners Acquires Grocery-Anchored Shopping Center in South Florida for $43.3M

by John Nelson August 9, 2022

HIALEAH, FLA. — Boston-based Longpoint Partners has acquired El Paraiso, a grocery-anchored shopping center in the Miami suburb of Hialeah, for $43.3 million. Anchored by Sedano’s, the property was 98 percent leased at the time of sale to tenants including University Healthcare, Regions Bank and Pet Supermarket, as well as more than 30 shops. The seller was not disclosed. In addition to El Paraiso, Longpoint currently owns and operates three additional specialty grocery-anchored shopping centers in Florida totaling nearly 450,000 square feet: the Sedano’s-anchored Pembroke Place, the Fresco y Mas-anchored Naranja Lakes near Miami and the Presidente-anchored Chickasaw Trail Shopping Center in Orlando.

August 9, 2022

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