Southeast

Marcus & Millichap Executes Sale of 89,250 SF Self-Storage Facility in Melbourne, Florida

by John Nelson October 21, 2022

MELBOURNE, FLA. — Marcus & Millichap has arranged the sale of Melbourne, Florida Storage Opportunity, an 89,250-square-foot self-storage facility located in Melbourne, roughly 70 miles southeast of Orlando on Florida’s Space Coast. The property, which features 66,547 square feet of rentable space and 662 climate-controlled units, was acquired by an undisclosed limited liability company. Meir Perlmuter, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, also an undisclosed limited liability company, and secured and represented the buyer in the transaction. Ryan Nee, the firm’s Florida broker of record, assisted in closing the sale. The sales price was not disclosed.

October 21, 2022

Acquisitions Mixed-Use Southeast Virginia

Feldman Ruel Arranges $5M Sale of Mixed-Use Property in Metro D.C.

by John Nelson October 21, 2022

ALEXANDRIA, VA. — Feldman Ruel Urban Property Advisors has facilitated the sale of 901-905 King Street, a four-level mixed-use property located in Alexandria’s Old Town district. The property, which is occupied by White House Black Market at the street level, sold for $5 million. Tanner Scales, Josh Feldman and Ian Ruel of Feldman Ruel marketed 901-905 King Street on behalf of the seller, an entity doing business as A & H LLC. Windmill Hill Homes acquired the property and has plans to convert its vacant office space into 14 residential units. Retail space at the building will remain as-is.

October 21, 2022

Acquisitions Georgia Office Southeast Top Stories

KDC Acquires Two Office Towers Totaling 1.6M SF in Metro Atlanta

by Jeff Shaw October 21, 2022

DUNWOODY, GA. — Dallas-based corporate development and investment firm KDC has acquired two office buildings totaling more than 1.6 million square feet in Park Center, a 17-acre master-planned, transit-oriented project in the northern Atlanta suburb of Dunwoody. Park Center Buildings 2 and 3 were acquired in a sale-leaseback deal with insurance giant State Farm, along with approximately 40,000 square feet of retail space, a parking structure with more than 4,000 parking spaces and a 2.6-acre parcel for future development. The price was not disclosed. Park Center Building 2 was completed in 2020 and comprises 621,000 square feet, including 39,000 square feet of retail space. Park Center Building 3 is a 440,000-square-foot office tower completed in 2021. KDC described the properties as “a state-of-the-arm, Class A office project.” KDC was the original developer of Park Center. The company purchased the property with its internal capitalization established with an investment by Cadillac Fairview in 2021, along with ongoing ownership and funding from KDC and Compatriot Capital. Northmarq’s Dallas debt and equity team, including Phillip Askew, Ronald Reese and Charlie Robinson, arranged financing for KDC’s acquisition through its life insurance company relationships. KDC has begun planning for future phases of Park Center. According …

October 21, 2022

Acquisitions Georgia Industrial Southeast

GCP, AEW Capital Management Purchase 2.9 MSF Industrial Portfolio in Metro Atlanta

by John Nelson October 20, 2022

MCDONOUGH AND JONESBORO, GA. — A partnership between Birmingham, Ala.-based Growth Capital Partners (GCP) and AEW Capital Management LP has purchased a 2.9 million-square-foot industrial portfolio in Atlanta’s I-75 South industrial submarket. The seller and sales price were not disclosed. The portfolio comprises three Class A facilities in McDonough and Jonesboro that house four tenants, including Whirlpool Corp. and Caterpillar. The assets include 195 King Mill Road in McDonough, 150 Greenwood in McDonough and 9250 S. Main St. in Jonesboro. GCP’s existing portfolio spans 6.7 million square feet in Sun Belt markets such as Atlanta, Nashville, Houston, San Antonio, Charlotte and Jacksonville.

October 20, 2022

Acquisitions Industrial Southeast Tennessee

Blue Vista, Westmount Realty Capital Buy 480,911 SF Shelby Oaks Industrial Park in Memphis

by John Nelson October 20, 2022

MEMPHIS, TENN. — Blue Vista Capital Management and Westmount Realty Capital have acquired Shelby Oaks Industrial Park, a 480,911-square-foot portfolio of light industrial and flex properties located in the Northeast submarket of Memphis. Situated near the interchange of I-240 and I-40, the 50-acre park spans 16 buildings and was more than 95 percent leased at the time of sale to 78 tenants across the technology, telecommunications, manufacturing, service and food-and-beverage industries. Shelby Oaks’ buildings feature distribution, warehouse, office and showroom space with a total of 76 dock-high doors and 90 grade-level doors, as well as clear heights ranging from 14 to 22 feet. The seller and sales price were not disclosed.

October 20, 2022

Acquisitions Florida Retail Southeast

Coro Realty Sells Metro Orlando Shopping Center for $23.5M

by John Nelson October 20, 2022

ALTAMONTE SPRINGS, FLA. — Atlanta-based Coro Realty Advisors has sold Wekiva Square, a 175,175-square-foot shopping center located at 945 Semoran Blvd. in Altamonte Springs, a suburb of Orlando. V3 Capital Group purchased the property for $23.5 million. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented Coro Realty in the transaction. Built in 1981 and most recently renovated this year, Wekiva Square was 99.1 percent leased at the time of sale to tenants including HomeGoods, Dollar Tree, Fancy Fruit and San Jose Mexican Restaurant. The center also includes a Kohl’s store that has a separately parceled ground lease.

October 20, 2022

Acquisitions Multifamily South Carolina Southeast

ECI Group Acquires 271-Unit Factory at Garco Park Apartments in North Charleston

by John Nelson October 20, 2022

NORTH CHARLESTON, S.C. — ECI Group has acquired The Factory at Garco Park, a 271-unit apartment community located at 4993 O’Hear Ave. in North Charleston’s Park Circle neighborhood. SouthState Bank provided an undisclosed amount of acquisition financing. Alex Okulski of Newmark represented the unnamed seller in the transaction. Atlanta-based ECI Group purchased the Factory at Garco Park for an undisclosed price in a 1031 exchange involving the recent sale of The Columns at Vinings in metro Atlanta. Built in 2017, Factory at Garco Park features studio, one-, two- and three-bedroom units, as well as a saltwater pool with cabanas, outdoor kitchen and grill area, outdoor pavilion, 24/7 fitness center, clubroom, conference room, dog park and pet spa, car washing station, Amazon Hub Lockers, boat storage, community bikes and a fire pit. The community represents ECI Group’s entry into the greater Charleston market.

October 20, 2022

Leasing Activity Office Southeast Virginia

JBG Smith Signs HII to 36,809 SF Office Lease at National Landing in Northern Virginia

by John Nelson October 20, 2022

ARLINGTON, VA. — JBG Smith has signed military shipbuilder HII (Huntington Ingalls Industries) to a 36,809-square-foot office lease at National Landing, a neighborhood in Arlington headlined by Amazon’s new HQ2 campus. HII signed the 11.5-year lease to occupy space within the 11-story 2451 Crystal Drive office tower, which was built in 1990. The firm will move into the space in late summer 2023 and will have signage rights on the tower, according to JBG Smith. HII joins the growing roster of defense-adjacent companies with major presences in the region, including Boeing and Raytheon, both of which are establishing their global headquarters in the National Landing area. Adam Schindler and Perry Frazer of Colliers represented HII in the lease negotiations. Andrea Murray and Connor Stewart represented JBG Smith on an internal basis.

October 20, 2022

Affordable Housing Content Partner Development Features Loans Midwest Northeast Southeast Texas Walker & Dunlop Western

Shortage of Tax Credits, Higher Interest Rates Plague Affordable Housing

by Sarah Daniels October 20, 2022

Forty-year-high inflation rates that are outpacing wage growth and eating away at personal income are exacerbating already outsized resident demand for affordable housing financed by the federal Low-Income Housing Tax Credit (LIHTC) program. But it seems that obstacles to supplying new units to meet that demand are only multiplying. Those range from a shortage of housing tax credits needed to fund new supply to resistance to multifamily development at the local level. Meanwhile, higher mortgage rates are making home buying more difficult and expensive. In turn, that is creating more apartment renters, thereby putting upward pressure on rental rates. In September, for example, the average monthly rent price nationwide hit $1,759, an increase of 7.8 percent from the prior year, according to Realtor.com’s monthly rental report. That’s also nearly 25 percent higher than September 2019, the organization reports. What’s more, from 2015 through 2020 — long before mortgage rates spiked — the U.S. lost 4.7 million apartment units with rents less than $1,000 per month, according to U.S. Apartment Demand Through 2035, a report by the National Multifamily Housing Council and National Apartment Association. “Demand for affordable units is only going to become more acute between now and the end of …

October 20, 2022

Development Florida Multifamily Southeast

Joint Venture Begins Construction on 502-Unit Multifamily Project in Lakewood Ranch, Florida

by John Nelson October 19, 2022

LAKEWOOD RANCH, FLA. — A joint venture between Ryan Cos. US Inc., PGIM Real Estate and ParkSprings Development has begun construction on Renata at Lakewood Ranch, a 502-unit multifamily project within the 33,000-acre master-planned Lakewood Ranch community, which is located between Sarasota and Tampa. The project, which will span 37 acres, is slated for completion in 2024, with preleasing to start next year. Renata at Lakewood Ranch will consist of a series of four-story walk-up apartment buildings comprising a mix of one-, two- and three-bedroom floor plans with an average unit size of approximately 985 square feet. Amenities will include resort-style pool, spinning room, yoga room, free weights, bar games, a golf simulator, putting green, dog spa and dog park, lawn sports, multiple barbecue areas, walking trail around the property’s central lake, sand volleyball courts, conference and office rooms for remote workers and a private beach. Ryan and ParkSprings are co-developers, and Ryan is the general contractor. PGIM Real Estate is the equity partner on the deal, and Wells Fargo is providing debt financing. Renata at Lakewood Ranch is Ryan’s third project within Lakewood Ranch.

October 19, 2022

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