Southeast

Berkadia Secures $56.2M in Construction Financing for Multifamily Development in Norfolk, Virginia

by Julia Sanders November 11, 2021

NORFOLK, VA. — Berkadia has secured $56.2 million in construction financing for Gravity on 400, a 273-unit high-rise multifamily development in Norfolk. Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The HUD 221(d)(4) loan through the Green MIP Reduction program features a 40-year term and an 85 percent loan-to-cost ratio. Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans. The six-story apartment building will offer first-story garage parking and an elevator. Community amenities will include a fitness center, club room, courtyard with a swimming pool, grilling stations and fire pits. Located at 400 Waterside Drive, Gravity on 400 will be situated off the Elizabeth River and near Interstate 264. Additionally, the property will be located approximately 0.3 miles from the MacArthur Square light rail station and next to the Waterside District, a mixed-use dining and entertainment hub with restaurants, live music and festivals.

November 11, 2021

Development Industrial Southeast West Virginia

Joint Venture Breaks Ground on 730,000 SF Tabler Station Logistics Park in Martinsburg, West Virginia

by Julia Sanders November 11, 2021

MARTINSBURG, WV. — Hines, along with an investor advised by MetLife Investment Management, MetLife, Inc.’s institutional asset management business, has broken ground on the first phase for Tabler Station Logistics Park, which will feature a total of over 730,000 square feet in Martinsburg. Located close to Interstate 81 on a 145-acre site, the first phase of Tabler Station Logistics Park will include two Class A, industrial buildings with each building consisting 365,400 square feet. Both buildings will feature 40-foot clear heights at first column, cross-dock configuration with 450-foot building depths, 185-foot-deep truck courts and full-building circulation with segregated car and trailer traffic. Construction on Phase I of the project is slated for completion by the fourth quarter of 2022. The overall project will feature three buildings with approximately 1.6 million square feet of industrial space. Powers Brown Architects and Pennoni Engineering designed the project. RS Mowery will construct Phase I of the development. Wells Fargo is providing an undisclosed amount of construction financing. Chuck Watters, Tom Griggs, John Carroll, Julia Craig and Eric Mitman of Hines worked on the development team for the project.

November 11, 2021

Alabama Development Industrial Southeast

Amazon Plans to Build Four Operations Sites in Alabama

by Julia Sanders November 11, 2021

HUNTSVILLE, MONTGOMERY AND BIRMINGHAM, ALA. — Seattle-based Amazon.com Inc. (NASDAQ: AMZN) has unveiled plans to build four new operations sites in Huntsville, Montgomery and Birmingham. The company will build two new fulfillment centers in Huntsville, a receiving center in Montgomery and a delivery station in Birmingham. In Huntsville, Amazon recently opened a fulfillment center that allows Amazon employees to pick, pack and ship larger items to customers, such as bulk paper goods, outdoor equipment or rugs. Additionally, the 1 million-square-foot facility uses technologies and energy-efficient, zero-emission power industrialized truck (PIT) equipment. In 2022, Amazon plans to open another new fulfillment center in Huntsville. The 1 million-square-foot facility will be designed to receive, store and package heavy or bulky items like home appliances and will also use advance technologies and energy-efficient PIT equipment. The facility will provide more than 250 full-time jobs, according to Amazon. Also in 2022, Amazon plans open an inbound cross-dock facility in Montgomery. The 650,000-square-foot facility will be used to receive and consolidate items from vendors and facilitate shipment to fulfillment centers. The property will provide more than 500 full-time jobs, according to the retailer. Lastly, Amazon plans to break ground on a new Birmingham delivery station …

November 11, 2021

Acquisitions Louisiana Retail Southeast

SRS Brokers $10.9M Sale of Two Winn-Dixie Properties in Metro New Orleans

by Julia Sanders November 11, 2021

SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was self-represented. Located at 2985 Gause Blvd. and 3030 Pontchartrain Drive, the properties are the only Winn-Dixie stores located within Slidell. Built in 1998, the Gause Boulevard location occupies 44,788 square feet and is situated on 5.7 acres of land. Built in 1973 on 6.7 acres of land, the Pontchartrain Drive store occupies 44,780 square feet.

November 11, 2021

Industrial Loans South Carolina Southeast

Ready Capital Closes on Acquisition Loan for 235,000 SF Industrial Property in Greenville

by Julia Sanders November 11, 2021

GREENVILLE, S.C. — Ready Capital has closed on a $6.6 million financing for the acquisition, renovation and stabilization of a 20-bay, 235,000-square-foot, Class B industrial property in the South/Donaldson submarket of Greenville. The loan is a non-recourse, interest-only, floating-rate loan with a 36-month term and two extension options. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. Upon acquisition, the property will receive cosmetic updates. The buyer and seller were not disclosed.

November 11, 2021

Acquisitions Southeast Texas Top Stories

RREAF Holdings Acquires 21-Property Multifamily Portfolio for $534M

by Katie Sloan November 11, 2021

DALLAS — RREAF Holdings, in partnership with DLP Capital and 3650 REIT, has acquired a 21-property multifamily portfolio for $534 million. The portfolio — named TransCoastal 21 — consists of 4,000 units located in Georgia, Alabama, Florida, Texas, Arkansas, Louisiana and North Carolina. RREAF’s multifamily division acquired the communities from three different sellers, the names of which were undisclosed. RREAF’s in-house property management company, RREAF Residential, will manage 16 of the 21 assets, with DLP Real Estate Management managing the remaining five. Properties include: 2626 Park, located at 2626 E. Park Ave. in Tallahassee, Fla. Ascend at Savannah, located at 10714 Abercorn St. in Savannah, Ga. Ascend Midtown, located at 2200 E. Victory Drive in Savannah, Ga. Azure Cove, located at 1326 US-80 in West Garden City, Ga. Carriage House, located at 125 Tibet Ave. in Savannah, Ga. Falls at Spring Creek, located at 1900 Wesleyan Drive in Macon, Ga. Kessler Point, located at 901 Kessler Court in Garden City, Ga. Legacy at River Crossing, located at 1800 Wesleyan Drive in Macon, Ga. Mill Creek, located at 802 Limestone Circle in Russellville, Ark. Park Place, located at 400 Park Ave. in Foley, Ala. Pelican Pointe, located at 3400 Pelican Pointe …

November 11, 2021

Acquisitions Multifamily South Carolina Southeast

Greystar Agrees to Sell Multifamily Portfolio for Approximately $3.6B

by Julia Sanders November 10, 2021

CHARLESTON, S.C. — Greystar Real Estate Partners LLC has agreed to sell a 30-property multifamily portfolio for approximately $3.6 billion. Eastdil Secured served as the exclusive financial advisor to Greystar. Canadian-based Ivanhoé Cambridge purchased the portfolio, which includes 10,000 units, according to several media outlets. The Greystar Equity Partners IX fund was formed as part of Greystar’s flagship U.S. rental housing value-add fund series in which the company focused on acquiring well-located, institutional-quality apartment communities in target markets throughout the country. Since its launch in 2015, the fund series raised $5 billion, and it includes a group of global institutional investors from North America, Continental Europe and Asia-Pacific. Greystar is a Charleston-based real estate firm that manages and operates approximately $220 billion of real estate in more than 210 markets across the world. The company manages over 748,000 multifamily units globally.

November 10, 2021

Development Florida Mixed-Use Southeast

Joint Venture to Develop $500M Transit Village Mixed-Use Project in Downtown West Palm Beach

by Julia Sanders November 10, 2021

WEST PALM BEACH, FLA. — A joint venture between Globe Invest, Related Group and BH Group are planning to develop Transit Village, a transit-oriented mixed-use project spanning 10 acres in downtown West Palm Beach. Keith O’Donnell, John Crotty, Gary Gottlieb, Michael Fay, David Duckworth and Brian de la Fé of Avison Young represented the project’s principal, Mike Masanoff, during the development planning process. The amount and terms of the investment were not disclosed. Related Group will serve as the project’s developer. Transit Village is projected to cost over $500 million to develop. The site is approved for approximately 1.5 million square feet of flexible zoning uses. The city granted approval for $25 million in tax increment and grants. Located at 150 Clearwater Drive and 203 S. Tamarind Ave., Transit Village will be situated close to Interstate 95 and less than three miles from the Palm Beach International Airport. Additionally, the project is directly connected to the Tri-Rail and Amtrak Station, providing direct transit access to Palm Beach International, Fort Lauderdale-Hollywood International and Miami International Airports. Related Group is a Miami-based developer that has developed, rehabilitated and managed more than 100,000 condominium, rental and commercial units. For the Transit Village development, …

November 10, 2021

Development Mixed-Use North Carolina Office Southeast

Highwoods Properties to Build $94.4M Mixed-Use Office Property in Raleigh

by Julia Sanders November 10, 2021

RALEIGH, N.C. — Highwoods Properties Inc., a Raleigh-based REIT, has plans to build GlenLake III, a 218,000-square-foot mixed-use office development in Raleigh with retail and restaurant space. The company’s projected investment is $94.4 million, including the value of the land. Construction is scheduled to begin in the fourth quarter and is slated for completion by the third quarter of 2023. Plans for GlenLake III include 205,000 square feet of office space and 13,000 square feet of retail and restaurant space. The project will also have LEED and Fitwell certifications. According to Highwoods’ website, GlenLake III will be a seven-story building built with floor-to-ceiling glass windows, and offer amenities such as a café and lounge, fitness center, outdoor function space and a four-story parking structure. Highwoods has preleased 16 percent of the property’s office portion to McKim & Creed, a national engineering and surveying firm, for its corporate headquarters. GlenLake III is part of the GlenLake Park, an office development with up to seven planned office buildings. The office park is situated between Interstates 440 and 40. From 2001 to 2020, Highwoods has developed five office buildings within GlenLake Park encompassing 732,000 square feet. The company’s most recent project, GlenLake VII, …

November 10, 2021

Loans Louisiana Multifamily Southeast

JLL Secures $31.3M Refinancing for Multifamily Tower in New Orleans

by Julia Sanders November 10, 2021

NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management. Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring. Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale. Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and …

November 10, 2021

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