Southeast

JLL Secures $48.9M Refinancing for Two Office Towers in Fort Lauderdale

by Julia Sanders November 5, 2021

FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs. Tower 101 is a 21-story office tower that connects to the six-story Centre 101. The properties are collectively 75.6 percent leased. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse. In 2020, Ivy Realty renovated the property including outfitting the structured parking with electric vehicle charging stations and upgrading the full-service café and common areas, as well as modernizing the exterior entrance. Located at 101 NE 3rd Ave., the towers total 230,757 square feet. The towers are situated close to the Fort Lauderdale Brightline inner-city rail station, which connects to Miami, Fort Lauderdale and West Palm Beach.

November 5, 2021

Development Maryland Multifamily Southeast

Urban Atlantic Opens 282-Unit Apartment Community in Metro D.C.

by Julia Sanders November 5, 2021

HYATTSVILLE, MD. — Urban Atlantic has opened Stella, a 282-unit apartment community located at 3950 Garden City Drive in Hyattsville, about 11.2 miles from Washington, D.C. The property’s monthly rent ranges from $1,865 to $4,004, according to Apartments.com. Stella offers studios, one-, two- and three-bedroom and penthouse units ranging in size from about 500 square feet to more than 1,200 square feet. Unit features include oversized windows, wood-style plank flooring, stainless steel appliances, keyless entry and contemporary cabinetry. Select units also feature large balconies and terraces. Community amenities include a 2,000-square-foot fitness center, dedicated exercise studio for yoga and other classes, front desk concierge and an onsite pet grooming station. Located in Prince George’s County, Stella was developed near New Carrollton, a transit-focused community where the Washington Metropolitan Area Transit Authority (WMATA) and Kaiser Permanente have committed to new office space. In 2019, Urban Atlantic delivered the first phase of the New Carrollton office complex, which was a 176,000-square-foot administrative building for anchor tenant Kaiser Permanente. Stella is located right on the Metro line at New Carrollton Station.

November 5, 2021

District of Columbia Loans Multifamily Southeast

MBA: Third-Quarter Commercial, Multifamily Originations Increase by 119 Percent

by Julia Sanders November 5, 2021

WASHINGTON, D.C. — The total amount for commercial and multifamily mortgages originated in the third quarter is up 119 percent compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Thursday. The third-quarter volume is also up by 19 percent from second-quarter 2021. All property types showed an increase in year-over-year originations. The highest dollar volume hike was for hotel loans, with an 866 percent increase. Following that figure was a 317 percent increase for retail loans, 156 percent increase for industrial properties, 105 percent increase for multifamily properties, 102 percent increase for office properties and a 45 percent increase for healthcare property loan originations. “Borrowing hit an all-time quarterly high during the third quarter, driven by strong or improving market fundamentals, higher property values, low interest rates and solid mortgage performance,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Borrowing and lending backed by industrial and multifamily properties are each running at a record annual pace. And while year-to-date office and retail lending are each up significantly from last year, both remain below 2019 levels.” The dollar volume of loans originated for investor-driven lenders (such …

November 5, 2021

District of Columbia Southeast

US Economy Adds 531,000 Jobs in October, Exceeding Expectations

by Julia Sanders November 5, 2021

WASHINGTON, D.C. — The U.S. economy added 531,000 jobs in October and the unemployment rate dropped by 20 basis points to 4.6 percent, the Bureau of Labor Statistics (BLS) reported Friday. These figures are better than what economists surveyed by Dow Jones had expected with an increase of only 450,000 jobs and an unemployment rate of 4.7 percent, according to CNBC. October’s unemployment numbers are much improved from September, which had total job gains that were revised upward from 194,000 to 312,000. October’s numbers outgained August as well, which had job gains revised up from 235,000 to 483,000. Since the beginning of the pandemic in April 2020, nonfarm employment has risen by 18.2 million but remains down by 4.2 million from its level before the pandemic started, according to the BLS. The highest job gains in October were in the leisure and hospitality sectors with 164,000 jobs added. In the year 2021, leisure and hospitality regained 2.4 million job positions lost during the COVID-19 pandemic. Despite the gains in employment, the sector is still down by 1.4 million jobs, or 8.2 percent, from Feb. 2020. The second highest job gains for the month were in professional and business services, which …

November 5, 2021

Acquisitions Florida Multifamily Southeast

Fifteen, Meritage Group Sell Apartment Complex in Orlando for $107.8M

by Julia Sanders November 4, 2021

ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has sold Patterson Court Apartments, a 384-unit multifamily property in Orlando, for $107.8 million. West Hollywood, Calif.-based Trion Properties was the buyer, according to the Orlando Business Journal. Brett Moss and Jaret Turkell of Berkadia represented the seller. Patterson Court offers one-, two- and three-bedroom apartments ranging in size from 772 to 1,312 square feet. Community amenities include a pool, fitness center, grill, picnic area, courtyard, sundeck, business center, clubhouse, conference room and car charging station. Located at 8151 Patterson Woods Drive, the property is situated near Interstates 4 and 417 and Orlando International Airport. Built in 2008, Patterson Court has historically been utilized by Walt Disney World Resort as housing for participants in its Disney College Program, which is an internship program operated by The Walt Disney Co. for college students. The new owner plans to renovate the property.

November 4, 2021

Acquisitions Industrial Mississippi Southeast Tennessee

Industrial Logistics Properties Trust Buys Three Industrial Assets in Metro Memphis for $100M

by Julia Sanders November 4, 2021

MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.

November 4, 2021

Development Multifamily North Carolina Southeast

HHHunt Breaks Ground on Two Apartment Communities in North Carolina

by Julia Sanders November 4, 2021

CARY AND CHARLOTTE, N.C. — Raleigh-based HHHunt Corp. has broken ground on two apartment communities: Abberly Commons in Charlotte and Abberly Alston in Cary. The two communities total 617 apartments. Located at 10601 Harrisburg Road in Charlotte, Abberly Commons will include 287 apartments. Slated for completion by the winter of 2023, the property is expected to cost over $56 million to develop. The other property, Abberly Alston, will include 330 apartment homes with 41 built-to-rent townhomes located at 2124 Alston Ave. in Cary, a suburb of Raleigh. The project is expected to cost over $84 million to build and is slated for completion by winter 2023. Both communities will include one-, two- and three-bedroom apartment homes that offer granite countertops, stainless steel appliances and wood-style flooring. ADT is a partner on the project so all units will feature an assortment of smart home technology including smart hubs, smart thermostats, monitored security alarms and smart locks. Community amenities at both properties will include an adrenaline cardio and strength studio with separate studio space; private pool with sundeck and in water seating; outdoor entertainment area; bark park; car care center with car charging stations; valet trash removal; elevator access and a clubhouse …

November 4, 2021

Acquisitions Alabama Retail Southeast

SRS Brokers $13.9M Sale of Retail Center in Metro Birmingham

by Julia Sanders November 4, 2021

HOOVER, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Stadium Trace Village, a 33,625-square-foot retail center in Hoover. MAP Development sold the property for $13.9 million to Liberty Retail Properties. Boris Shilkrot, Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller. The buyer was self-represented in the transaction. Built in 2019, Stadium Trace Village is shadow-anchored by Aldi, Duluth Trading Co. and UAB Medicine. The center is fully occupied by retailers such as OHenry’s Coffee, Edgar’s Bakery, Mooyah Burgers, Cookie Cutters, Taco Mama and Super Chix. Located at 5220 Peridot Place, the property has access to Interstate 459 and is situated directly across from Brookwood Baptist Health Center. The property is part of a master-planned mixed-use development that was approved by Hoover’s City Council to be the city’s first open container entertainment district. The development is also set to include two hotels and a 1,000-seat amphitheater.

November 4, 2021

Development Florida Mixed-Use Retail Southeast

Stevens Construction Begins 13,712 SF PopStroke Project in Orlando

by Julia Sanders November 4, 2021

ORLANDO, FLA. — Stevens Construction has begun construction on PopStroke Orlando, a 13,712-square-foot experiential golf and casual dining concept. The project is slated for completion in spring 2022. PopStroke Orlando will be an interactive and competitive golf experience with food and beverage options, including an open-air restaurant with multiple open decks and covered dining areas and bars. The venue will also have a commercial kitchen, restrooms, covered playground, beer garden and lobby with retail space. The project will also include two 18-hole putting courses designed by TGR Design, and a jumbotron screen to display scores and sporting events. Located at 321 N. Alafaya Trail within Waterford Lakes Town Center, PopStroke Orlando will be the fourth PopStroke location to open in Florida. Stevens Construction is currently under construction on a Sarasota location and previously completed PopStroke Fort Myers in September 2020. Bruce Chartrand, Robert Koller and Corrie Cochran of Stevens Construction are overseeing development. MHK Architecture & Planning is the project’s architect.

November 4, 2021

Build-to-Rent Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth

by Sarah Daniels November 4, 2021

Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …

November 4, 2021

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