Southeast

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 …

FacebookTwitterLinkedinEmail
Seniors housing

ALEXANDRIA, VA. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 and will be completed by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer independent living, assisted living and memory care options. The medical office building will rise 10 stories and include 12,000 square feet of ground-floor retail space. The project will be located about 9.5 miles from downtown Washington, D.C., and 4.4 miles from Ronald Reagan Washington National Airport. JM Zell Partners and CBRE Global Investors will be co-developers on the project. The majority investor, TCC will team up with Senior Resource Group, a luxury senior living operator and developer, on the senior living component of the project. Remedy Medical Properties, a medical office real estate investment firm, will be a partner on the medical office component. Perkins Eastman is the …

FacebookTwitterLinkedinEmail
Ruxton Towers

TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction. Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. More than half of the residential units were recently renovated with stainless steel appliances, espresso or oak cabinetry, granite countertops and vinyl or ceramic tile flooring. Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces. Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. The apartment community is located less than three miles …

FacebookTwitterLinkedinEmail

WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.

FacebookTwitterLinkedinEmail

WASHINGTON, D.C. — Commercial and multifamily mortgage bankers have closed 106 percent more loans in the second quarter of 2021 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Thursday. Compared to first-quarter 2021, loan originations grew by 66 percent. During the second quarter of 2020, the COVID-19 pandemic really took a toll on the economy, which is a major factor as to why loans doubled in the second quarter of 2021 comparatively. “Mortgage originations doubled compared to the second quarter of 2020, when loan demand cratered, and pandemic-related uncertainty made extending credit difficult,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Even more notable is that compared to levels seen in 2019, a record year for originations, this year’s second quarter showed a modest 1 percent increase.” In the second quarter of 2021, all property types saw an increase in commercial/multifamily lending volumes year-over-year. For industrial properties, the second quarter saw a 327 percent increase in the dollar volume of loans. As far as the other property sectors, healthcare saw a 302 percent increase, hotels had a 234 percent hike, office had a 149 …

FacebookTwitterLinkedinEmail
Core Industrial Portfolio

JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of a five-building industrial portfolio totaling 1.4 million square feet in Jacksonville. The sales price was not disclosed. Mike Davis, Rick Brugge, Rick Colon, Zach Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the undisclosed seller in the transaction. Tyler Newman and Jacob Horsley of Cushman & Wakefield assisted in the sale and have been retained to lease the portfolio on behalf of the buyer, Hartz Mountain Industries.

FacebookTwitterLinkedinEmail
Wegmans

HANOVER COUNTY, VA. — Wegmans Food Markets Inc., an upscale supermarket chain based in Rochester, N.Y., has purchased nearly 221 acres in Hanover County for $4 million. The grocer plans to build a $175 million distribution facility on the site, which is located along Sliding Hill and Ashcake roads and is accessible by Interstate 95. The 1 million-square-foot center will support Wegmans’ Mid-Atlantic stores and will include 30,000 square feet of office space. Wegmans has a total of 106 stores across seven states, including 13 stores in Virginia. J.R. Burdette and Donny Self with Coldwell Banker Commercial Elite represented Wegmans in the land transaction. The seller was Air Park Associates LP, according to Richmond Biz Sense. The news outlet also reported that the facility will support 700 new jobs.

FacebookTwitterLinkedinEmail
Summit at Nashville West

NASHVILLE, TENN. — Nicol Investment Co. has sold the Summit at Nashville West, a 190-unit apartment community in west Nashville. New York-based Zurich Alternative Asset Management purchased the property for $57 million. Built in 2014, Summit at Nashville West offers one-, two- and three-bedroom units across three stories. Community amenities include a pool, fitness center, clubhouse, pet play area and a business center. The units feature in-unit washers and dryers, dishwashers, walk-in closets and hardwood floors. Located at 7201 Charlotte Pike, the multifamily community is situated about nine miles from downtown Nashville. Nicol Investment purchased the community in February 2016, and since then, has made improvements to the units and the clubhouse. Walker & Dunlop represented Nicol Investment in the transaction. Chris Edgar and Sean Bannon represented Zurich Alternative Asset Management internally.

FacebookTwitterLinkedinEmail
River Rock

TAMPA, FLA. — Capstone Apartment Partners has brokered the $25.5 million sale of Seastone and River Rock Apartments, a two-property, 160-unit multifamily portfolio in Tampa. Jad Richa, Brian Hunsicker, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Trinity Property Group. The buyer, Axcent Investments, bought the apartment properties for about $159,375 per unit. Seastone and River Rock Apartments were built in 1973 and 1974, respectively, on about 8.9 total acres. The properties are approximately 0.3 miles from one another. The properties’ combined occupancy was approximately 96.9 percent at the time of sale. Seastone is located at 11050 Le Jardin Circle. The property offers two-bed/two bath and three-bed/two bath units. Community amenities include a dog park, guest parking, on-call maintenance and a pool. The units offer a balcony or patio, granite countertops, walk-in closets, all-electric kitchen appliances and in-unit washers and dryers. Located at 11301 N. 53rd St., River Rock offers two-bed/two-bath and three-bed/two-bath units. Community amenities include a laundry facility, picnic area, pool, guest parking, on-call maintenance and a play area. Unit amenities include a balcony or patio, dishwashers, pantries, walk-in closets, extra storage and in-unit washers and dryers. Axcent Investments plan to add upon the previous owner’s …

FacebookTwitterLinkedinEmail

ELDERSBURG, MD. — MacKenzie Commercial Real Estate Services LLC has arranged a 28,800-square-foot industrial lease in Eldersburg for Hajoca Corp., a privately owned wholesale distributor of plumbing, heating and industrial supplies. The lease is for warehouse space in Londontown Business Center, which is located at 1332 Londontown Blvd. Hajoca will be relocating from Baltimore City. Dennis Boyle and Daniel Hudak of MacKenzie represented the landlord in the transaction. Londontown Business Center is a 365,812-square-foot warehouse and office project located in downtown Eldersburg. The property’s common areas have been recently renovated and include flexible floor plans. Hajoca’s new location will include office space and an outside storage area. There is still approximately 21,000 square feet remaining for lease at the project.

FacebookTwitterLinkedinEmail