Southeast

Berkadia Arranges Sale, Financing of 1,002-Unit Waterview Apartment Complex in Memphis

by Julia Sanders August 17, 2021

MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.

August 17, 2021

Development Mixed-Use Multifamily North Carolina Office Retail Southeast

Joint Venture Breaks Ground on 365,000 SF Mixed-Use Project in Raleigh

by Julia Sanders August 17, 2021

RALEIGH, N.C. — A joint venture between Trammell Crow Co., High Street Residential, AECOM-Canyon Partners and HM Partners has broken ground on 400H, a 365,000-square-foot mixed-use development in Raleigh. Vancouver-based QuadReal Property Group provided an undisclosed amount of financing for the development. The 20-story tower, designed by Gensler, will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Construction is scheduled for completion by the fall of 2023. Located at 400 Hillsborough St., 400H is situated close to Union Station, the Morgan Street Food Hall and a Publix grocery store. The project’s Hillsborough Street location also provides the east-west connection to North Carolina State University and the state capital’s government complex. 400H will have residential units on floors 10 through 20. Community amenities will include a pool and SkyHub amenity on the ninth floor with indoor and outdoor space. Offices will include 14- to 20-foot floor-to-floor heights, full-height glass windows and parking ratios of 4-to-1,000. Also, outdoor seating is planned for several restaurants located within the retail space. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon …

August 17, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $43.8M Sale of Office Property in Jacksonville

by Julia Sanders August 17, 2021

JACKSONVILLE, FLA. — Cushman & Wakefield has negotiated the sale of 6651 Gate Parkway, a 120,407-square-foot office building in Jacksonville. Mike Davis, Karl Johnston, Rick Brugge, Rick Colon, Dominic Montazemi, Zach Eicholtz and Chloe Strada of Cushman & Wakefield represented the seller, Real Capital Solutions, in the transaction. Aventura, Fla.-based MG3 REIT LLC acquired the property for $43.8 million. Located in the heart of Deerwood Park, the four-story building is fully leased to McKesson Corp., a provider of healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care and healthcare information solutions. Built-to-suit for McKesson in 2019, 6551 Gate Parkway houses nearly 800 employees and features collaborative workspace, lake views, highway visibility and walkable amenities. Additionally, 6551 Gate Parkway has received WELL and LEED Silver certifications.

August 17, 2021

Florida Leasing Activity Retail Southeast

Earth Fare Reopens at Shoppes of St. Johns Parkway in St. Johns, Florida

by Julia Sanders August 17, 2021

ST. JOHNS, FLA. — Earth Fare, an organic and natural grocery chain based in Asheville, N.C., will be reopening a location within Shoppes at St. Johns Parkway in St. Johns. Earth Fare will once again occupy a 24,000-square-foot space as an anchor tenant. Located at 120 Shops Blvd., Earth Fare previously was in this location but had to close, following the company declaring bankruptcy at the beginning of 2020. Sleiman Enterprises, which is the developer and owner of Shoppes of St. Johns Parkway, helped arrange the reopening of Earth Fare. When Earth Fare filed for bankruptcy in February 2020, it caused a nationwide liquidation of its stores. However, Dennis Hulsing of Hulsing Enterprises purchased the company in March 2020. Under the new ownership of Hulsing Enterprises, Earth Fare has since opened 22 locations throughout the East Coast with plans of ongoing expansion. The Shoppes of St. Johns Parkway also includes retailers such as Ember and Iron, Canopy Road Café, Xtreme Wings, Massage Envy, RaceTrac and Engel & Volkers. Space is still available for lease at the center.

August 17, 2021

Acquisitions Multifamily North Carolina Southeast

Continental Realty Corp. Acquires Apartment Community in Wilmington, North Carolina for $76M

by Julia Sanders August 16, 2021

WILMINGTON, N.C. — Continental Realty Corp. (CRC) has acquired The Reserve at Mayfaire, a 264-unit apartment community located at 1411 Parkview Circle in Wilmington. State Street Cos. sold the property to CRC for $76 million. The Reserve at Mayfaire is a garden-style community with 12 three-story buildings. Built in 2004 and renovated four times since 2008, the apartment community includes one-, two- and three-bedroom floorplans ranging in size from 860 to 1,721 square feet. The community was 99 percent occupied at the time of the sale. Units include granite or quartz kitchen and bathroom countertops, wood-style flooring, slide-in oven and stoves, in-unit washers and dryers and balconies or porches. Community amenities include a clubhouse with a conference center, kitchen facility, business center, movie theater, fitness center, package locker center, outdoor swimming pool with sundeck, poolside grilling pavilion, bocce ball court and a resident car wash facility. The former owner renovated approximately 140 of the 264 units within The Reserve at Mayfaire. CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom, as …

August 16, 2021

Development Industrial North Carolina Southeast

Trinity Capital to Develop 441,000 SF Alexander Commerce Park in Durham

by Julia Sanders August 16, 2021

DURHAM, N.C. — Trinity Capital plans to develop Alexander Commerce Park, a Class A, 441,000-square-foot industrial park featuring three buildings in Durham. Frampton Construction Co. LLC expects to complete the project by early 2022. Located on T.W. Alexander Drive in Durham’s Research Triangle Park, the campus will include two 126,000-square-foot buildings and one 189,000-square-foot building that are constructed with concrete tilt walls and structural steel. The facilities will be equipped with ESFR fire protection and thermoplastic polyolefin roofs. The Upper Deck Co., a Carlsbad, Calif.-based worldwide sports and entertainment company, has signed a lease to fully occupy one of the 126,000-square-foot buildings. The remaining two buildings are available for lease and are intended for light industrial, advanced manufacturing, pharma and/or distribution tenants. DMA Architecture is the architect of Alexander Commerce Park, and Kimley-Horn and Associates is the civil engineer. CBRE is handling leasing for the campus.

August 16, 2021

Loans Office Southeast Tennessee

Natixis Provides $51.5M in Financing FedEx Logistics Headquarters in Downtown Memphis

by Julia Sanders August 16, 2021

MEMPHIS, TENN. — Natixis, a France-based financial services firm, has provided $51.5 million in floating-rate financing for FedEx Logistics headquarters in downtown Memphis. The financing was provided to the subsidiaries of SomeraRoad Inc. The financing will refinance the FedEx Logistics headquarters building, a 193,836-square-foot, Class A office building located at 145 Lt. George W Lee Ave. in downtown Memphis. SomeraRoad will also use the financing to fund the renovation of the parking lot across the street near the FedEx Forum. The office building serves as the new global headquarters for FedEx Logistics, the supply chain and trade arm of FedEx Corp. The building was formerly a Gibson Guitar factory. FedEx Logistics moved its global headquarters to the Memphis office building in April 2020.

August 16, 2021

Development Georgia Multifamily Southeast

RangeWater, ParkProperty Break Ground on 325-Unit Vivan Apartments in Atlanta

by Julia Sanders August 16, 2021

ATLANTA — RangeWater Real Estate and its equity partner, ParkProperty Capital, have broken ground on The Vivan, a 325-unit apartment project along the Atlanta BeltLine’s Westside Trail. The apartment development marks RangeWater’s third project along the Atlanta BeltLine and ParkProperty’s second investment in Atlanta. The first apartment units are slated for completion in late 2022 with the total project slated to be complete by summer 2023. The Vivan will have three-, four- and five-story buildings offering studio, one- and two-bedroom apartments. Rents at The Vivan will start at $1,200 per month, with 20 percent of units priced at attainable rents, per the City of Atlanta’s specifications for new BeltLine projects. Community amenities will include a dog park, clubroom, pool and a fitness center. The property will be located in the Capitol View neighborhood, with two entry points to the Westside Trail. Located at 1246 Allene Ave. S.W., the 8.5-acre site formerly was the Exide Technologies battery plant. RangeWater is an Atlanta-based multifamily real estate company. RangeWater’s other projects along the Atlanta BeltLine include Maverick, an apartment and townhome project at 72 Milton Ave., and Skylark Apartments located at 1099 Boulevard S.E., both along the Atlanta BeltLine Southside Trail.

August 16, 2021

Leasing Activity Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges 52,638 SF Lease at Pembroke Mall in Virginia Beach

by Julia Sanders August 16, 2021

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has arranged a lease for a 52,638-square-foot space within Pembroke Mall for Decisions LLC. The Pembroke Mall location was formerly a Sears building and is located at 4588 Virginia Beach Blvd. Decisions LLC, a provider of no-code, business process automation software, will use the property as office space. Decisions is relocating from nearby Chesapeake, Va., to this newest location at the corner of Virginia Beach Boulevard and Independence Boulevard. John Duffy and Daniel Rasmussen of Cushman & Wakefield | Thalhimer represented Decisions in the lease negotiations. Located at 4554 Virginia Beach Blvd., Pembroke Mall has over 50 shops including Bath and Body Works, Claire’s, DSW, E&N Jewelry, Foot Locker and J.Crew Factory. The mall also has restaurants such as 757 Poke, Jason’s Deli and Bahama Breeze Island Grille.

August 16, 2021

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s South End Remains ‘Go-To’ Submarket for Young Renters

by John Nelson August 16, 2021

Charlotte’s South End district has firmly established itself as one of the most dynamic millennial urban submarkets in the Sun Belt. It is increasingly on par with the most thriving areas in other growth cities such as Atlanta, Austin and Nashville and is becoming a 24-hour neighborhood with dining, nightlife and high-end jobs. Charlotte is one of the few cities in the region that has both a true city center as well as a relevant mass transit system. The city’s LYNX Blue Line, which runs from Interstate 485 to the University of North Carolina at Charlotte’s main campus, has proven to be very meaningful for the local multifamily market. LYNX was the catalyst driving South End’s emergence and gives the neighborhood its own heartbeat as renters can commute to Uptown for work or UNC Charlotte for class. Developers are taking note with several apartment projects and mixed-use developments underway in the area, including Broadstone Queen City and Haven South End. As South End has grown into a more dynamic district, Charlotte is becoming an even more attractive destination for recent college grads who are looking to work in the city’s established financial sector, as well as for firms like Lending …

August 16, 2021

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