Southeast

JLL Secures $28.4M Loan for Lake Arbor Towers Apartments in Metro D.C.

by John Nelson January 10, 2023

MITCHELLVILLE, MD. — JLL has secured a $28.4 million loan for Lake Arbor Towers, a 209-unit apartment community located at 11411 Lake Arbor Way in Mitchellville, about 14 miles east of Washington, D.C. Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan of JLL arranged the 10-year, fixed-rate loan through Eastern Bank on behalf of the borrower, The Dolben Co. Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake. The community features 110 one-bedroom and 99 two-bedroom units, ranging in size from 675 square feet to 1,100 square feet. Community amenities include a swimming pool, sundeck, social room and a fitness center.

January 10, 2023

Loans Seniors Housing South Carolina Southeast

Greystone Arranges $27.1M Financing for Seniors Housing Community in Columbia, South Carolina

by John Nelson January 10, 2023

COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.

January 10, 2023

Acquisitions Georgia Retail Southeast

Northmarq Brokers $7.3M Sale of Retail Strip Center Near Savannah

by John Nelson January 10, 2023

POOLER, GA. — Northmarq has brokered the $7.3 million sale of Shops at Tanger Parkway, a 15,600-square-foot retail strip center located at 240 Tanger Outlets Blvd. in Pooler, a suburb of Savannah. David Annett and Anne Perrault of Northmarq’s Tulsa office represented the seller, a Utah-based developer, in the transaction. Mark Lovering of Northmarq’s Chicago office represented the buyer, a private equity firm based in Mexico City. Built in 2020, Shops at Tanger Parkway was fully leased at the time of sale to Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich?, America’s Best Contacts & Glasses and Pita Mediterranean Street Food. The property is shadow-anchored by Tanger Outlets Savannah, an open-air outlet mall developed in 2015.

January 10, 2023

Acquisitions Florida Kansas Midwest Multifamily Southeast Top Stories

JRK Property Holdings Initiates Newly Closed $1B Multifamily Fund with $168.5M in Acquisitions

by Jeff Shaw January 10, 2023

LEAWOOD, KAN. AND SARASOTA, FLA. – JRK Property Holdings has acquired Residences at Park Place, a 258-unit mid-rise apartment and townhome community in the Kansas City suburb of Leawood, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota from a separate seller. The total acquisition price for both properties $168.5 million. Los Angeles-based JRK is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets multifamily investments built after 1990. JRK presently owns and operates $7 billion in multifamily assets through its predecessor funds. Built in phases between 2014 and 2019 by the seller, Residences at Park Place is the residential component of Park Place Village, a mixed-use development offering retail, restaurants and nearly 500,000 square feet of office space. The property comprises three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. Community amenities include a saltwater pool with grilling area, media and game rooms, coworking space, two 24-hour fitness facilities and customized concierge services. The property was 98 percent leased at closing. “The dramatic rise in interest rates …

January 10, 2023

Development Mixed-Use Office Retail South Carolina Southeast

Keith Corp. to Break Ground on 400,000 SF Adaptive Reuse Project in Rock Hill, South Carolina

by John Nelson January 9, 2023

ROCK HILL, S.C. — The Keith Corp., with partners Springsteen Properties and Capitol Broadcasting Co., will break ground Tuesday, Jan. 17 on The Thread, a 400,000-square-foot adaptive reuse project located in Rock Hill, roughly 30 miles southwest of Charlotte. Built in 1946, the property originally housed a textile mill and warehouse. Upon completion, the first phase of development will feature 170,000 square feet of office space and 30,000 square feet of ground-floor retail space. Delivery is scheduled for January 2024. Horizon Bank is providing construction financing. A second phase — construction of which will commence upon completion of the first — will include 200,000 square feet of residential and retail space, with apartments in one-, two- and three-bedroom layouts.

January 9, 2023

Acquisitions Development Life Sciences North Carolina Office Southeast

Cushman & Wakefield Brokers Sale of 438,144 SF Office Property in Charlotte, Buyer Plans Life Sciences Conversion

by John Nelson January 9, 2023

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of The Commons at the Park, an adaptive reuse campus located at 6800 Solectron Drive in Charlotte. The property comprises a 438,144-square-foot office building and two additional land parcels. The buyer, Albemarle U.S. Inc., a specialty chemicals company, will utilize the property as a lithium research and development center. Completion of the project, dubbed Albemarle Technology Park, is scheduled for late 2026. Keith Bell, Matt Treble, Dirk Riekse and Eric Sorenson of Cushman & Wakefield represented the buyer in the transaction. Jessica Brown, David Dorsch and Jordan Williams of Cushman & Wakefield represented the seller, a Shorenstein Properties entity doing business as 6800 Solectron Owner LP.

January 9, 2023

Alabama Loans Retail Southeast

Northmarq Arranges $22.5M Refinancing of Shopping Center in Huntsville

by John Nelson January 9, 2023

HUNTSVILLE, ALA. — Northmarq has arranged a $22.5 million refinancing loan for Village on Whitesburg, a 118,356-square-foot shopping center located at 4800 Whitesburg Drive SE in Huntsville. Randy Wolfe of Northmarq’s Atlanta office secured the permanent, fixed-rate loan, which features a seven-year term and 25-year amortization schedule, through an unnamed regional bank. The borrower was also not disclosed. The Fresh Market anchors Village on Whitesburg, and other tenants include AT&T, Bonefish Grill, Drake’s, Nadeau, Panera Bread and Learning Express.

January 9, 2023

Acquisitions Florida Multifamily Southeast

IPA Arranges Sale of 300-Unit Canterbury Cove Apartments in Orlando

by John Nelson January 9, 2023

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Canterbury Cove, a 300-unit multifamily community located in Orlando. Built in 2006, the property comprises 14 buildings with apartments in one-, two- and three-bedroom layouts, with an average unit size of 1,026 square feet. Amenities at the community include a pool, sundecks, an outdoor kitchen and grill, a fitness studio, playground, game room and lounge. Justin Basquill, Luke Wickham and Sean Williams of IPA represented the undisclosed seller, a limited liability company, and procured the buyer, a fund manager.

January 9, 2023

Acquisitions Georgia Multifamily Southeast

GREA Arranges Sale of 66-Unit Cielo at Lanier Apartment Community Near Atlanta

by John Nelson January 9, 2023

GAINESVILLE, GA. — Global Real Estate Advisors (GREA) has brokered the $9.1 million sale of Cielo at Lanier Apartments, a multifamily community located at 3656 Browns Bridge Road in Gainesville, roughly 50 miles northeast of Atlanta. Built in 1985, the property features 66 units in one- and two-bedroom layouts. Taylor Brown and John A. Topping Jr. of GREA represented the seller, Zavala Capital, in the transaction. Ryan Haase of Magnitude CRE Capital Advisory acquired the property and plans to continue interior renovations.

January 9, 2023

District of Columbia Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial, Warehouse Product Remains Tight Throughout Northern Virginia

by John Nelson January 9, 2023

Sustained leasing velocity for industrial/warehouse space in the Northern Virginia market, combined with the nearly insatiable demand for data center product, is contributing to developers repurposing existing business communities with this asset class to support demand, as well as companies expanding their geographic footprints into suburban Maryland and Central Virginia to secure space. This trend could be pivoting slightly due to the recent slowdown in leasing activity both locally and nationally as it relates to rising interest rates, the prospects for a looming recession and the possible end of a prolonged real estate cycle. The vacancy rate for industrial/warehouse space in the region currently stands at just over 2 percent. In the last quarter, the Northern Virginia industrial market experienced the largest pipeline in its history with more than 1 million square feet of space delivered, with nearly 5 million square feet of space in the development pipeline. The largest projects are contained within Stafford County as land in Loudoun and Fairfax counties has become unaffordable, or simply unattainable. Triple-net asking rents reached another all-time high of $12.45 per square foot in the third quarter, aided in part by these new deliveries. New space remains scarce and commands a premium, …

January 9, 2023

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