Southeast

Avison Young Arranges $139M Construction Loan for 1000 Social Office Project at Exchange Raleigh

by John Nelson October 13, 2022

RALEIGH, N.C. — Avison Young has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh. The 350,000-square-foot project represents the first phase of vertical construction at The Exchange Raleigh, a $1 billion, 40-acre mixed-use development that will feature nearly 1 million square feet of trophy office space, a park, apartments, stores and restaurants upon full buildout. Wes Boatwright, Michael Yavinsky, Jon Goldstein and Connor Burke of Avison Young’s Structured Finance Group arranged the financing on behalf of the developer, Dewitt Carolinas. The direct lender was not disclosed. The groundbreaking for 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 square feet of ground-floor retail space, outdoor patios, individual bathroom pods on every floor, event center and a parking structure with over 1,500 spaces.

October 13, 2022

Development Kentucky Southeast Student Housing

Investment Property Advisors, University of Louisville Complete 128-Bed Residence Hall

by John Nelson October 13, 2022

LOUISVILLE, KY. — A public-private partnership between the University of Louisville (UofL), UofL Athletics, the UofL Foundation and Investment Property Advisors has completed Denny Crum Hall. The residence hall, named after former UofL basketball coach Denny Crum, offers 128 beds across 67 apartment-style units with bed-to-bath parity. Each unit includes a full kitchen and living room and is fully furnished. Shared amenities include a rooftop deck, event lounge, two theaters, billiards and gaming lounge, café, study area, conference room, outdoor patio and a pickleball court. The majority of Denny Crum Hall’s units are occupied by the university’s lacrosse and men’s and women’s basketball teams. L&N Credit Union provided special-term construction/permanent financing for the project. Private equity was also contributed, incorporating Opportunity Zone compliant funding and donor funding from UofL Athletics.

October 13, 2022

Development Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 200,147 SF Lease for Warehouse Underway in South Florida

by John Nelson October 13, 2022

TAMARAC, FLA. — Cushman & Wakefield has arranged a new lease totaling 200,147 square feet for Sonny’s Enterprises LLC to fully occupy a new industrial warehouse being developed at Tamarac Business Center. Sonny’s Enterprises is the parent company of car wash chain Sonny’s The CarWash Factory. The locally based company already leases 345,000 square feet of space within Tamarac Business Center. Upon completion in 2023, the industrial warehouse will sit on a 12-acre site located at 5601 N Hiatus Rd. in Tamarac. The land currently houses a 100,000-square-foot office building that will be demolished. Chris Metzger, Rick Etner Jr., Christopher Thomson and Matt McAllister of Cushman & Wakefield’s South Florida Industrial Team represented the landlord, Hiatus Industrial Venture LLC, which is a joint venture between BlackRock and Butters Construction & Development.

October 13, 2022

District of Columbia Leasing Activity Office Southeast

Law Firm Signs 21,065 SF Lease at 1601 K Street Office Building in D.C.

by John Nelson October 13, 2022

WASHINGTON, D.C. — Law firm Cravath, Swaine & Moore LLP has signed a 21,065-square-foot office lease at 1601 K St. in Washington, D.C. The firm will occupy the entire third floor of the 11-story office building. The D.C. space will serve as the second domestic location for the law firm, which has offices in New York and London. Kyle Luby, Andy Eichberg and Matt Pacinelli of Stream Realty Partners represented the unnamed landlord in the transaction. Lou Christopher, Asher Inman, Jordan Brainard O’Neil, Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the lease negotiations. Stream also provides property management and construction management services for building ownership, which plans to debut two new speculative suites next year.

October 13, 2022

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $125.1M Sale of Helix at Lake Mary Apartments in Metro Orlando

by John Nelson October 12, 2022

LAKE MARY, FLA. — CBRE has negotiated the sale of The Helix at Lake Mary, a newly built, 300-unit apartment community located at 962 Bentstation Lane in the northern Orlando suburb of Lake Mary. Los Angeles-based IMT Capital purchased the property for $125.1 million. Chip Wooten and Jeff Gray of CBRE represented the sellers, Jim Heistand of Parkway Properties and Mark Walsh and Brett Bossung of Silverpeak, in the transaction. Built in 2021, The Helix is a multifamily component of Lake Mary Wellness and Technology Park, a 153-acre master-planned community that is anchored by Orlando Health. The apartment property features one-, two- and three-bedroom floor plans averaging 1,122 square feet in size. Community amenities include a saltwater pool with lounge seating, grills, fire pit, cabana with a full kitchen, 24/7 fitness center, game room, bocce ball court, package lockers, storage units and private day workspaces.

October 12, 2022

Acquisitions Florida Office Southeast

Colliers Brokers $51M Sale of South City Plaza Office Building in Boca Raton

by John Nelson October 12, 2022

BOCA RATON, FLA. — Colliers has brokered the $51 million sale of South City Plaza, a four-story, 179,837-square-foot office building located at 1515 S. Federal Highway in Boca Raton. Mark Rubin, Bastian Laggerbauer and Jake Stauber of the Colliers South Florida Investment Services team represented the seller, locally based Penn-Florida Cos., in the transaction. Maria Gomez of Powerful Real Estate represented the buyer, New York-based Renaissance Properties. The property is situated near another Penn-Florida project, Via Mizner, a $1.2 billion mixed-use development that features a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space and a golf course spanning three towers that are all connected by a sky bridge.

October 12, 2022

Development Multifamily Southeast Virginia

Berkadia Arranges $27.7M Equity Placement for Multifamily Project in Williamsburg, Virginia

by John Nelson October 12, 2022

WILLIAMSBURG, VA. — Berkadia has arranged a $27.7 million joint venture equity placement to developer GW Real Estate Partners to build a new 265-unit, garden-style apartment community in Williamsburg. The $77 million property is dubbed Montage at Marquis Apartments and is slated for delivery in May 2024. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the equity partner, an unnamed fund manager that provided the equity behind $48.1 million in senior debt issued by Citizens Bank. GW Builders, a wholly owned subsidiary of GW Real Estate Partners, is the general contractor for the project, which will feature one-, two- and three-bedroom apartments averaging 942 square feet in size.

October 12, 2022

Acquisitions Kentucky Multifamily Southeast

Capital Square Acquires 273-Unit Lyric at Norton Commons Apartments in Prospect, Kentucky

by John Nelson October 12, 2022

PROSPECT, KY. — Capital Square has purchased Lyric at Norton Commons, a 273-unit multifamily community located at 11210 Peppermint St. in Prospect, a suburb of Louisville. The Richmond-based investor purchased the property on behalf of CS1031 Lyric at Norton Commons Apartments DST, a Delaware statutory trust that seeks to raise $68 million in equity from accredited investors. The seller and sales price were not disclosed. Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet in size. Community amenities include a 24-hour fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills. The property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The development is home to more than 90 businesses, including restaurants, shops, salons, a post office, three schools, YMCA and Saint Bernadette Church.

October 12, 2022

Acquisitions Healthcare North Carolina Office Southeast

Insite Properties, BentallGreenOak Purchase 60,000 SF Medical Office Building in Kannapolis, North Carolina

by John Nelson October 12, 2022

KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.

October 12, 2022

Acquisitions Company News Georgia Mixed-Use Retail Southeast

Simon Agrees to Acquire 50 Percent Stake in Jamestown

by John Nelson October 11, 2022

INDIANAPOLIS AND ATLANTA — Indianapolis-based mall giant Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had more than $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership with Simon, Jamestown will gain a partner with a broad platform of resources and operational tools that will enhance its ability to scale and grow. “The partnership with Simon will help position us for our next chapter as we scale our differentiated products in an increasingly global world,” says Michael Phillips, president of Jamestown. With Jamestown, Simon now has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer. Simon will also be able to access the Jamestown platform to accelerate its future densification projects. “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and …

October 11, 2022

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