Southeast

Merchants Capital Provides $141M Financing for Mixed-Income Multifamily Development in Southwest D.C.

by Julia Sanders January 21, 2022

WASHINGTON, D.C. — Merchants Capital has provided more than $141 million in financing for Waterfront Station II, a mixed-income multifamily development currently under construction in the Southwest neighborhood of Washington, D.C. The development team is a joint venture between Hoffman & Associates, AHC Inc., City Partners and Paramount Development. Construction is slated for completion by winter 2023. Situated at 1000 4th Street SW, Waterfront Station II will have 449 apartments, including 313 market-rate units, 68 units affordable to households earning 30 percent of the area median income (AMI) and 68 apartments affordable for households earning 50 percent of AMI. The development will include a single, 12-story apartment building with approximately 29,000 square feet of retail, educational and commercial space on the ground level with below-grade parking. The commercial tenants include AppleTree Public Charter School, a D.C.-based early childhood education provider, as well as a neighborhood restaurant by Good Company Doughnuts. The project has an additional 7,000 square feet of retail space available for lease. Designed by architect Torti Gallas Urban with interiors by Hickok Cole, the project will include more than 19,000 square feet of outdoor and interior amenity space across four floors. Community amenities will include a coworking and …

January 21, 2022

Kentucky Loans Multifamily Southeast

Greystone Funds $30.9M Refinancing Loan for Multifamily Property in Louisville

by Julia Sanders January 21, 2022

LOUISVILLE, KY. — Greystone has provided a $30.9 million Fannie Mae Green Rewards loan to refinance Germantown Mill Lofts, a 189-unit multifamily property in Louisville. Michael Zukerman at Greystone originated the financing on behalf of the borrower, Dearborn Capital Partners LLC. The loan carries a 10-year term and 30-year amortization schedule, along with a low fixed interest rate. Built in 1889, Germantown Mill Lofts originally operated as a fabric mill through the mid-20th century. After subsequent use as a retail facility, the property was eventually converted into residential units in 2017. The rehabilitation included significant environmental remediation, qualifying the project for Green Rewards incentives. Now, the property offers studio, one- and two-bedroom floorplans. Unit features include open concept kitchens with designer countertops, shelving and cabinetry, as well as stainless steel appliances. Units also feature washers and dryers and hardwood flooring. Community amenities include a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa and a clubhouse. Located at 946 Goss Ave., the property is situated 2.6 miles from downtown Louisville and two miles from the University of Louisville. The property is also 4.3 miles from Louisville Muhammad Ali International Airport.

January 21, 2022

Acquisitions Industrial Maryland Southeast

Newmark Brokers $30M Sale of Two Industrial Properties in Jessup, Maryland

by Julia Sanders January 21, 2022

JESSUP, MD. — Newmark has brokered the $30 million sale of 8215 and 8220 Wellmoor Court, two industrial warehouse buildings totaling 191,700 square feet within Baltimore Washington Industrial Park in Jessup. Christopher Abramson, Brian Kruger, Ben McCarty, Nicholas Signor and Erik Evans of Newmark represented both the seller, Spector Family LLC, and the buyer, Berkley Partners. Both properties were fully leased at the time of sale. Built in 2006, 8215 Wellmoor Court is a 79,600-square-foot warehouse and distribution building situated on six acres. Building features include approximately 2,000 square feet of office space, 28-foot clear heights, six dock-high loading doors and an ESFR sprinkler system. The property’s tenants include Archive Systems and Big 10 Tires. Built in 1972, 8220 Wellmoor Court is a 112,150-square-foot warehouse situated on 10.4 acres. Property features include 25-foot clear heights, 20 external loading doors, 60 surface parking spaces and a fenced lot. The property’s tenants include Acme Paper and Giant Foods.

January 21, 2022

Acquisitions Florida Retail Southeast

JLL Arranges $19.1M Sale of Shopping Center in Gainesville, Florida

by Julia Sanders January 21, 2022

GAINESVILLE, FLA. — JLL Capital Markets has arranged the sale of Gainesville Plaza, a 165,705-square-foot shopping center in Gainesville. Brad Peterson and Whitaker Leonhardt of JLL represented the sellers, Wicker Park Capital Management and Riverstone Capital Group, in the transaction. Cobalt Real Estate Solutions, an affiliate of Divaris Real Estate Inc, purchased the property for $19.1 million. Anchored by Burlington and Ross Dress for Less, Gainesville Plaza was 96.7 percent leased at the time of sale to tenants, including 2nd & Charles, Save-A-Lot, Five Below and Hibbett Sports. Built in 1971 and renovated in 2015, the property is currently expanding with the addition of a new two-tenant outparcel pad preleased to Firehouse Subs and Tropical Smoothie Café, along with a new adjacent Wendy’s location. Located on 16.5 acres at 2649 NW 13th St., Gainesville Plaza is situated 1.8 miles from the University of Florida and 4.8 miles from the Gainesville Regional Airport.

January 21, 2022

Development Florida Multifamily Southeast

Mast Capital, AEW Break Ground on Second Phase of Waterline Miami River Multifamily Project

by Julia Sanders January 20, 2022

MIAMI — Coconut Grove, Fla.-based Mast Capital and AEW Capital Management have partnered to break ground this month on the second phase of Waterline Miami River. In late 2020, the joint venture built the first phase, which comprised a 346-unit multifamily community spanning 280,000 square feet. The second phase will add an additional 342 units on a 2.7-acre development site. The joint venture has secured an undisclosed amount of financing from Wells Fargo for the project’s construction. The project’s general contractor is Kaufman Lynn and the architect is Corwil Architects. The second phase of Waterline Miami River will offer studios, one-, two- and three-bedroom floorplans and span approximately 280,000 square feet. The unit features of Phase II will include modular European closets, washers and dryers, private balconies, quartz countertops and stainless steel appliances. Community amenities will include a fitness center, one-acre park, dog park, open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remotely, conference rooms, Wi-Fi in social hubs, private access parking, pet spa with washing station and secure bike room with a repair station. Located along the Miami River, Waterline Miami River is located a half-mile south of the Miami …

January 20, 2022

Affordable Housing Development Multifamily North Carolina Seniors Housing Southeast

Greystone, Urban Trends to Develop $28.9M Affordable Housing Project for Seniors in Charlotte

by Julia Sanders January 20, 2022

CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. plan to develop Eastway Crossings, a $28.9 million affordable housing Low-Income Housing Tax Credit (LIHTC) community located on Charlotte’s east side. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior residents aged 55 years and older with household incomes at or below 60 percent of area median income (AMI). Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The property will be situated close to the recently completed Eastway Recreational Center, as well as the multimillion-dollar Community Resource Center planned by Mecklenburg County. Community amenities will include a conference room, private one-on-one meeting room, exercise room and other areas that can be used for health and wellness activities. Additionally, onsite staff will coordinate activities with local service providers as well as shuttle services for residents. To fund the development of Eastway Crossings, the partnership was awarded 4 percent LIHTC funds …

January 20, 2022

Acquisitions Healthcare North Carolina Office Southeast

JLL Income Property Trust Purchases Medical Office Property in Durham

by Julia Sanders January 20, 2022

DURHAM, N.C. — JLL Income Property Trust has purchased Duke Medical Plaza at Patterson Place, a 59,978-square-foot medical office building in south Durham. Brannan Knott, John Mikels, Daniel Flynn and Woody Flythe of JLL Capital Markets represented the seller, an entity doing business as BP Phase2 LLC, and procured the buyer. The sales price was not disclosed. Completed in 2010, Duke Medical Plaza at Patterson Place is fully leased with Duke Health leasing more than 80 percent of the space. The property offers a variety of services, including dermatology, micrographic surgery, radiology, women’s health, urogynecology and obstetrics/gynecology (OB/GYN). Located at 5324 McFarland Dr., the four-story property is situated adjacent to Patterson Place Shopping Center. Additionally, the medical office facility is situated at the intersection of U.S. 15/501 and Interstate 40. The property is also 5.3 miles from Duke University, 6.3 miles from Duke University Hospital and 5.3 miles from UNC Medical Center.

January 20, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $20M Sale of Staples-Occupied Property in Miami

by Julia Sanders January 20, 2022

MIAMI — SRS Real Estate Partners’ National Net Lease Group has brokered the $20 million sale of a single-tenant retail property in Miami. Joseph Simon of SRS represented the seller, Crescent Heights, a real estate development firm with offices in New York and Miami. The buyer was a Texas-based undisclosed private investor that was in a 1031 exchange. The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located at 2121 Biscayne Blvd., the property is situated less than 4.5 miles west of South Beach. The property is also located between Interstates 95, 195 and 395, and is near retailers including Target, Ross Dress for Less, Publix, Marshalls, Walgreens and Starbucks.

January 20, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $12.6M Sale of Two Retail Properties in Metro Orlando

by Julia Sanders January 20, 2022

ORLANDO AND KISSIMMEE, FLA. — Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The combined sales price for both transactions totaled $12.6 million. Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments, in the deal. The seller, an entity known as DCP Edgewood Isle LLP, sold the asset for $7.5 million. Built in 1964, Edgewood Isle Plaza was approximately 30 percent occupied at the time of sale to tenants including Dollar Tree, Pizza Hut and Pinch-a-Penny. Located at 5601 S Orange Ave. on a 6.3-acre site, the plaza is situated within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport and downtown Orlando. Sunrise Plaza, a 24,088-square-foot retail plaza, was sold for $5.1 million. Valiani also represented the seller, an entity known as Sunrise Plaza Enterprise Inc. The buyer was Paradise Apartments. Located at 4137 W Vine St. on 2.9 acres, the property is situated 10.1 miles from Walt Disney World Resort and 22.6 miles from downtown Orlando. Built in 1992, Sunrise Plaza property was 95 percent occupied at the time …

January 20, 2022

Development Florida Industrial Southeast

Stonemont Breaks Ground on 1.3 MSF Spec Industrial Development in Fort Pierce, Florida

by Julia Sanders January 19, 2022

FORT PIERCE, FLA. — Atlanta-based Stonemont Financial Group has broken ground on South Florida Logistics Center 95, a two-building, 1.3-million-square-foot speculative industrial development in Fort Pierce. Construction is slated to be complete by the fourth quarter. South Florida Logistics Center 95 is a Class A development that will include one cross-dock facility totaling 1.1 million square feet with a 40-foot clear heights, along with a rear-load facility totaling 202,400 square feet with 32-foot clear heights. Located at the intersection of South Kings Highway and Orange Avenue, the project is situated adjacent to Interstate 95. The site and buildings are being developed for possible future e-commerce and third-party logistics tenants. JLL is overseeing leasing for the project, which will have spaces ranging from 50,000 to 1.1 million square feet available for lease. The project marks Stonemont’s first venture in the South Florida region, with the firm already active in Jacksonville, Orlando, Lakeland and Tampa. The firm currently has nearly 4 million square feet of new industrial space under construction across Florida.

January 19, 2022

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