Southeast

Meridian Group Purchases 277-Acre Distribution Site in Winchester, Virginia

by Julia Sanders December 22, 2021

WINCHESTER, VA. — Bethesda, Md.-based Meridian Group has purchased One Logistics Park, a 277-acre distribution center campus in Winchester that will be built over multiple phases. The sales price was not disclosed. JGR Three, Hockman Investments and Governor’s Hill LLC were the sellers. The Meridian Group has selected Colliers to market the $150 million project once completed. Construction will break ground in the first quarter of 2022 with delivery of Phase I set for the second half of 2023. The first phase will span nearly 1.4 million square feet spread across two facilities: a 1 million-square-foot building and a 360,000-square-foot building. Meridian Group and co-developer Wickshire Industrial plan for One Logistics Park to feature 2.8 million square feet of distribution logistics space and over 100,000 square feet for gas service, quick-service restaurants and other retail options. One Logistics Park will be located along Interstate 81 and offer access to the Baltimore-Washington Corridor via Interstates 66 and 70, with close proximity to the Virginia Inland Port, which is also located in Winchester.

December 22, 2021

Development Office Southeast Virginia

CoStar Group Plans 1 MSF Corporate Campus Expansion in Richmond

by Julia Sanders December 22, 2021

RICHMOND, VA. — CoStar Group Inc., a Washington, D.C.-based provider of online real estate marketplaces, information and analytics, plans to expand its research and technology center in Richmond to exceed 1 million square feet campus. The new corporate campus is expected to bring together over 3,000 employees focused on next generation technology, research and development, marketing, sales and operations in support of the real estate industry. Over the next five to 10 years, the planned growth would make CoStar Group the largest technology company and one of the largest private employers in Richmond, according to the company. The planned corporate campus, situated on the James River, will comprise 750,000 square feet across two new planned buildings, combined with CoStar’s current building at 501 S. 5th St. The campus is expected to include a new 26-story LEED Platinum-certified office tower and a six-story, mass timber building to be used as a multipurpose campus hub for employee and community amenities. Amenities at the CoStar campus will include conference space, fitness and wellness amenities, an auditorium, 50,000 square feet of occupiable green roof terraces, shops and a variety of restaurants and dining options, as well as over 2.7 acres of outdoor green space. …

December 22, 2021

Acquisitions Florida Multifamily Southeast

Carroll, PGIM Buy 12-Property Multifamily Portfolio Across Florida

by Julia Sanders December 22, 2021

ATLANTA AND NEWARK, N.J. — Atlanta-based Carroll, in partnership with Newark-based PGIM Real Estate, has bought 12 multifamily communities in Orlando, Sarasota, West Palm Beach and Fort Lauderdale totaling 3,976 units. All properties were acquired through Carroll’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. The sales price was not disclosed. Carroll will manage the properties, which include seven Orlando properties, three Sarasota-Bradenton communities, one West Palm Beach property and one Fort Lauderdale community. The properties will all be rebranded under the Arium name, including: • Arium Altamonte Springs (previously Ashford Altamonte Springs) • Arium Winter Park (Bishop Park) • Arium Springs Colony (Springs Colony) • Twelve Oaks at Windemere by Arium (Twelve Oaks at Windemere) • Arium Valencia Gardens (Verona at Valencia Park) • Arium Mission Bay (Mission Bay) • Arium Mariner’s Village (Valencia Plantation) • Arium Bristol Bay (Perico Apartments) • Arium Citrus Run (Mcintosh Apartments) • Arium Grove Walk (Heron’s Run) • Gardens East by Arium (Gardens East) and • Park Place at Turtle Run by Arium (Park Place at Turtle Run) Carroll currently manages 39 properties throughout Florida and more than 13,000 units, totaling $3.5 billion in assets under management. Between 2015 and 2021, Carroll …

December 22, 2021

Acquisitions North Carolina Office Southeast

Pickett Sprouse Brokers $3.4M Sale of Office Building in Durham for Healthcare Conversion

by Julia Sanders December 22, 2021

DURHAM, N.C. — Durham-based Pickett Sprouse Commercial Real Estate has brokered the $3.4 million sale of 3114 Croasdaile Drive, an office building in Durham that will be redeveloped into a new Veterans Outpatient Clinic. The 45,000-square-foot office building is situated on 3.7 acres just off Interstate 85. Jerry Gambill of Pickett Sprouse represented the seller, an entity doing business as HBR Properties LLC, in the sale of the property to the buyer, an entity doing business as VAF 3114 Croasdaile Drive LLC. Pickett Sprouse, which offers commercial real estate brokerage and property management services, is the commercial real estate division of West & Woodall Real Estate.

December 22, 2021

Acquisitions North Carolina Office Southeast Top Stories

PRP Acquires Honeywell Corporate Headquarters in Charlotte for $275M

by Kristin Harlow December 22, 2021

CHARLOTTE, N.C. — PRP Real Estate Investment Management has acquired the global corporate headquarters of Honeywell International Inc. (NYSE: HON) in Charlotte for $275 million. Lincoln Harris and Goldman Sachs Asset Management were the sellers. The property, which opened earlier this month, is dubbed the smartest building in the world given the advanced Honeywell technology implemented in the design, according to PRP. Located at 855 S. Mint St. in Charlotte’s central business district, the headquarters spans 373,921 square feet and rises 23 stories. The building is adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The property is part of Legacy Union, a 10-acre mixed-use project developed by Lincoln Harris and Goldman Sachs that comprises two city blocks on the former site of The Charlotte Observer. The building design showcases proprietary Honeywell technology, supported by a unit within the company that develops building management solutions, including energy conservation, enhanced security systems, surveillance, health monitoring, air quality measuring and network-based infrastructure. The property can house up to 1,300 Honeywell employees. The building includes ground-floor retail space, terraces on the 22nd and 23rd floors and a podium parking garage with 814 spaces. “Infill trophy office properties like …

December 22, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $315M Office Sale in Orlando

by Julia Sanders December 21, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $315 million sale of SouthPark Center, a 10-building suburban office park in Orlando totaling approximately 1.3 million square feet. PPF Real Estate, part of PPF Group, acquired the property. The property is located near John Young Parkway and Sand Lake Road. The property was sold for the highest amount ever for the office market in Orlando, according to the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zach Eicholtz, Brooke Tulley and Ryan Jenkins of Cushman & Wakefield represented the seller, Boston-based AEW Capital Management, in the sales transaction. Additionally, Brian Linnihan, Jason Hochman, Mike Ryan and Ron Granite of Cushman & Wakefield arranged $233 million in acquisition financing on behalf of PPF Real Estate.

December 21, 2021

Florida Loans Multifamily Southeast

Square Mile Capital Provides $277.5M in Total Financing for Two Multifamily Properties in Fort Lauderdale

by Julia Sanders December 21, 2021

FORT LAUDERDALE, FLA. — New York-based Square Mile Capital Management LLC has provided two separate acquisition loans totaling $277.5 million for two downtown Fort Lauderdale multifamily properties: Las Olas Walk and 4 West Las Olas. Purvesh Gosalia of Newmark arranged the $174 million and $103.5 million loans on behalf of the buyer, Aventura, Fla.-based Cardone Capital. Orlando-based ZOM Living developed and sold Las Olas Walk, and a partnership between NCC Development and Elevate Partners developed and sold 4 West Las Olas. Both properties were delivered in 2020. Las Olas Walk is an eight-story, 456-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a pet spa, coworking spaces, dockside marina lounge and grill, reserved parking, bike storage, outdoor gaming space, bark park, fitness center, electric car charging stations and an infinity edge pool. Located at 106 S. Federal Highway, the property is situated close to Morton’s The Steakhouse, Posh, Starbucks and the NSU Art Museum Fort Lauderdale. 4 West Las Olas is a 26-story, 260-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. The units feature open concept living rooms, quartz countertops, stainless steel appliances and full-size washers and dryers. Community amenities …

December 21, 2021

Development Florida Multifamily Southeast

Related Group, Integra to Develop 354-Unit St. Regis Condo Project in Miami

by Julia Sanders December 21, 2021

MIAMI — Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s sales and marketing partner. St. Regis Residences, Miami will offer 354 residential units across both towers. The units will range in size from a 1,300-square-foot one-bedroom to a 7,000-square-foot duplex. The prices will start at $2 million per unit and go up to over $40 million, according to Bloomberg. Condo reservations for St. Regis Residences, Miami will begin this January, with the official sales slated to begin shortly thereafter. The property will also include over 55,000 square feet in amenity areas, including an indoor lap pool, St. Regis Tea Room and butler service. The amenities and features are similar to the original St. Regis, a hotel property in New York City dating back to 1904. Located at 1809 Brickell Ave., the project will be located 12 miles from Miami Beach, about 11 miles from Miami International Airport and 6.6 miles from the University of Miami. The property will also …

December 21, 2021

Affordable Housing District of Columbia Loans Lument Multifamily Southeast

Lument Provides $16.9M in Freddie Mac Financing for Affordable Housing Project in D.C.

by Julia Sanders December 21, 2021

WASHINGTON, D.C. — Lument has provided two Freddie Mac tax-exempt loans (TEL) totaling $16.9 million for the development of 1515 North Capitol Apartments, a 15-story affordable housing development in Washington, D.C. Construction for the project is slated to be complete in 27 months. The borrower is So Others Might Eat (SOME), a Washington, D.C.-based local nonprofit organization that provides services to those facing poverty and homelessness. 1515 North Capitol will feature 136 affordable studio units, with 75 units subsidized through D.C.’s Local Rental Supplement Program (LSRP), 61 units restricted to tenants earning 50 percent of area median income (AMI) and three units reserved for staff. The units features will include vinyl plank flooring, ranges with vented hoods, microwave ovens and garbage disposals. Community amenities will include a community room, conference and meeting rooms, classrooms, library, computer room, fitness center, bike storage, two roof terraces and a laundry room on every residential level. Lument structured two portions of debt for the Freddie Mac TEL. The first part of financing was in the amount of $11.8 million and featured a 17-year term and 40-year amortization schedule. The other loan was in the amount of $5.1 million based on the LSRP overhang to …

December 21, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires 93,728 SF Shopping Center in Metro Atlanta

by Julia Sanders December 21, 2021

STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.

December 21, 2021

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