Southeast

Marcus & Millichap Brokers $12.6M Sale of Village Shoppes at Creekside in Metro Atlanta

by Julia Sanders October 15, 2021

LAWRENCEVILLE, GA. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The shopping center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta. The tenant roster at Village Shoppes at Creekside includes Badcock Furniture and Harbor Freight Tools. Taylor represented the seller, Lamar Cos., in the transaction. Azad Commercial Realty Services, a Houston-based private investor, purchased the property. “The demand for well-located retail centers is as high as it has ever been,” says Taylor. “The last three retail centers we have sold had money day one with pricing that exceeded the seller’s expectations. The increased demand, limited supply, low interest rates and the yield spread over other asset classes has created the best environment for selling retail in the past 20 years.”

October 15, 2021

Florida Leasing Activity Office Southeast

JLL Arranges 22,495 SF Office Lease with Global Law Firm in Downtown Miami

by Julia Sanders October 15, 2021

MIAMI — JLL has arranged an office lease for Reed Smith, an international law firm, for 22,495 square feet within Southeast Financial Center in downtown Miami. Barbara Liberatore Black and Jeff Gordon of JLL represented Reed Smith in the lease negotiations. Eric Groffman and Cameron Tallon, also with JLL, represented the landlord, Ponte Gadea Biscayne. Reed Smith, which is moving from Miami’s Brickell district, will be located on the 26th floor of Southeast Financial Center. The law firm first came to Miami in 2017 and now has 30 offices worldwide. The firm’s Miami office is home to lawyers whose practices focus on commercial disputes, entertainment and media, finance, insurance recovery and international arbitration. Situated in Miami’s central business district (CBD), Southeast Financial Center spans 1.2 million square feet and 55 stories, making it the city’s largest office tower, according to JLL. The office tower features a 30,000-square-foot outdoor plaza and café and dining options. The tower is situated less than a mile from Interstate 95.

October 15, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Negotiates Sale of 14,388 SF Shopping Center in Suwanee, Georgia

by Julia Sanders October 15, 2021

SUWANEE, GA. — Stan Johnson Co. has arranged the sale of Suwanee Celebration Village, a 14,388-square-foot shopping center in Suwanee. Jeff Enck, Brian Lane and Emery Shane of Stan Johnson Co. represented the seller, a locally based group of private investors. A McDonough, Ga.-based individual investor acquired the property for more than $5.1 million. Built in 2019, Suwanee Celebration Village is fully leased to seven tenants including Verizon Wireless and ATI Physical Therapy. More than half of the property’s tenants operate on 10-year leases. Located at 2780 West Village Drive, the center is situated about 34.4 miles north of downtown Atlanta in Gwinnett County.

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Blaze Capital Partners Acquires Newly Built Apartment Community Near Savannah

by Julia Sanders October 15, 2021

GARDEN CITY, GA. — Blaze Capital Partners has acquired Tapestry Park, a 232-unit multifamily community in Garden City, about 8.3 miles from Savannah. Completed in September, Tapestry Park offers one-, two- and three-bedroom floorplans going up to 1,132 square feet. The property includes five, three-story buildings and two, four-story buildings. Community amenities include a pool, fitness center, clubhouse, courtyard and a playground. Located at 100 Town Center Drive, Tapestry Park has access to Highway 16 and is situated within the Garden City Town Center development, which includes a three-block perimeter with City Hall. Additionally, the property is situated about 7.2 miles from an Amazon distribution center, 9.6 miles from the Port of Savannah and 7.5 miles from Savannah College of Art and Design (SCAD).

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Lee & Associates Arranges $122M Sale of Apartment Property in Atlanta’s Upper Westside

by Julia Sanders October 14, 2021

ATLANTA — Lee & Associates has arranged the sale of Novel Upper Westside, a 345-unit apartment community in Atlanta that was renamed as Luna Upper Westside. Equity Residential, a Chicago-based multifamily investment firm, purchased the property for $122 million. Crescent Communities was the property’s developer. Allen Eager of Lee & Associates represented the buyer in the sale. Located at 2265 Marietta Blvd., Luna Upper Westside offers studio, one-, two- and three-bedroom layouts. The units feature stainless steel appliances, glass mosaic backsplashes, wood-style flooring, double vanity sinks in select units, in-unit washers and dryers and walk-in closets. Community amenities include a fitness center, yoga and spin room, coworking spaces, dog park, bike storage, pool with cabanas, grilling stations, clubroom, community beer taps and a sky lounge. The property is part of a redevelopment at Moore’s Mill and Marietta Boulevard that includes a 45,000-square-foot Publix grocery store.

October 14, 2021

Development Florida Loans Multifamily Southeast

Trez Capital Provides $78.2M Construction Financing for Apartment Project in Miami

by Julia Sanders October 14, 2021

MIAMI — Trez Capital has provided a $78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital originated the non-recourse loan. Charles Foschini and Chris Apone of Berkadia secured the financing on behalf of the borrower. The financing is a 36-month loan, with a one 12-month extension option. Neology Life, a Miami-based development company, led by Lissette Calderon, is the borrower and developer. Construction has already begun, and the project is slated for completion by the middle of 2023. The development cost is $100 million, according to Neology Life Development Group. Located at 1625 NW 20th St., The Julia will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Community amenities will include a pool with cabanas, rooftop garden, fitness and wellness center, coffee bar, dog park and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami. JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect, and designBAR is in charge of interior design. Neology Life …

October 14, 2021

Acquisitions Life Sciences North Carolina Southeast

JLL Income Property Trust Acquires Two Life Sciences Properties in Durham for $67M

by Julia Sanders October 14, 2021

DURHAM, N.C. — JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham. The sales price was approximately $67 million. The seller was not disclosed. Built in 2020, the properties total 375,000 square feet and are fully leased to life sciences tenants, such as KBI BioPharma and Taysha Gene Therapies. The tenants have invested a combined $180 million in property upgrades that include laboratory, clean and cold rooms, specialized sanitation stations and specialized water and power upgrades, according to Allan Swaringen, president and CEO of JLL Income Property Trust. The properties are located adjacent to Research Triangle Park, the biggest scientific research park in the country. The weighted average lease term on the two properties is more than 14 years.

October 14, 2021

Development Industrial South Carolina Southeast

Seefried Breaks Ground on 185,250 SF Distribution Center in Duncan, South Carolina

by Julia Sanders October 14, 2021

DUNCAN, S.C. — Atlanta-based Seefried Industrial Properties has broken ground on Victor Hill Distribution Center, a 185,250-square-foot industrial project in Duncan. Located at 1117 Victor Hill Road on a 15-acre site, Victor Hill is situated about 3.6 miles from Greenville-Spartanburg International Airport, 17.8 miles from downtown Greenville and 2.3 miles from BMW’s plant in Spartanburg, S.C. The Class A distribution center is being built on a speculative basis and is slated for completion and for tenant occupancy by July 2022. The building will have 32-foot clear heights, a rear-load configuration with a 185-foot truck court, 30 dock doors, 135 parking spaces and 50 trailer spaces. Additionally, the building will offer 2,300 square feet of office space. Doug Smith and Joseph Tripp of Seefried Industrial Properties will internally lead leasing for the building. Pattillo Construction Corp. is the general contractor at Victor Hill, and MCA Architecture is the project architect.

October 14, 2021

District of Columbia Loans Multifamily Southeast

FHFA Raises Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac to $78B in 2022

by Julia Sanders October 14, 2021

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has set the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac to be $78 billion for each agency for a combined total of $156 billion. The 2022 caps are based on FHFA’s projections of the overall growth of the multifamily originations market. This year the caps are set at $70 billion a piece for both Fannie Mae and Freddie Mac. The FHFA wants the agencies to keep their focus on providing liquidity for affordable housing and underserved markets. Just like this year, the organization is requiring that at least 50 percent of Fannie Mae’s and Freddie Mac’s multifamily business in 2022 to be mission-driven affordable housing, or for units affordable to residents earning 80 percent of area median income (AMI). However, at least 25 percent of the agencies’ multifamily business is required to be affordable to residents at or below 60 percent of AMI, up from the 20 percent required this year. Additionally, the FHFA is expanding certain definitions of what it determines as “mission-driven affordable housing.” Starting next year, the FHFA will allow loans on affordable units in cost-burdened renter markets and loans to finance energy or …

October 14, 2021

Alabama Arizona District of Columbia Florida Georgia Healthcare Kansas Midwest Southeast Tennessee Texas Top Stories Western

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

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