Southeast

Core Spaces Acquires 822-Bed Student Housing Community in Raleigh

by Julia Sanders July 26, 2021

RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …

July 26, 2021

Industrial Leasing Activity North Carolina Southeast

Duke Realty Signs Carolina Furniture Installations to Lease in Morrisville, North Carolina

by Julia Sanders July 26, 2021

MORRISVILLE, N.C. — Duke Realty Corp. has signed a lease with Carolina Furniture Installations, a locally based office furnisher, for a 12,673-square-foot space at the developer’s Perimeter Park 2700 building. The 86,266-square-foot property is located at 2700 Perimeter Park in Morrisville and is now fully leased. Located midway between Raleigh and Durham, Perimeter Park is situated just off N.C. Highway 54 near the intersection of Interstates 540 and 40. The property is also located 4.1 miles from the Raleigh-Durham International Airport. Perimeter Park is a four-building industrial campus with a total of 358,272 square feet. Austin Nagey of CBRE represented Carolina Furniture Installations in the lease transaction. Batista Orcino represented Duke Realty on an internal basis along with Larry Lakins of Colliers International.

July 26, 2021

Arkansas Loans Multifamily Southeast

Colliers Mortgage Provides Refinancing for Two Metro Little Rock Apartment Communities

by Julia Sanders July 26, 2021

MAUMELLE, ARK. — Colliers Mortgage has provided two separate Fannie Mae Loans for the refinancing of Bay Pointe Apartments and Millwood Apartments, two multifamily communities located about 16.6 miles north of Little Rock in Maumelle. Together, the two loans totaled $2.4 million. The borrower(s) for the two refinancing transactions was not disclosed. Built in 1986, Bay Pointe Apartments includes 65 units located throughout four two-story apartment buildings, as well as a one-story residential building. Bay Pointe is located at 400 Valencia Drive and has one- or two-bedroom options. Community amenities include a business center, pool, parking and community room. Located at 200 Millwood Circle, Millwood Apartments was constructed in 1980 and includes 96 units located throughout eight two-story apartment buildings. The apartments include one-, two- and three-bedroom unit options. Community amenities include parking, a business center, community room and a pool. The Fannie Mae loan provided for Bay Pointe Apartments was a little more than $1 million and carries a 15-year term and 30-year amortization schedule. The loan provided for Millwood Apartments totaled $1.4 million. The refinancing loan carried a 15-year term and 30-year amortization schedule.

July 26, 2021

Florida Market Reports Office Southeast Southeast Market Reports

Miami Office Rent Growth Influenced by Influx of Tech Firms, New Capital Sources

by John Nelson July 25, 2021

The past year has been a long and winding ride, and some unexpected trends have been taking place in the Miami office market, between the onset of the COVID-19 pandemic and through its recovery to date. Logically, one would expect that an ongoing pandemic keeping corporate offices closed and employees working from home would negatively affect occupancy levels and lead to a deceleration in asking rents for office space. On the contrary, the Miami office market has remained solid, and while the area is a natural draw for tourism and entertainment, an increasing number of companies also recognize it as a sought-after location from which to operate their businesses. Tech’s influence on rents Miami has been one of the most active office markets in the nation thus far in 2021. While office markets in the Northeast and California remain partly closed due to several public health initiatives and related business constraints, Miami’s pro-business culture — coupled with Florida’s lack of state income taxes and business development efforts rolled out by Miami Mayor Francis Suarez and the Miami-Dade County Beacon Council — have ensured that the city’s economic engine kept running. Case in point, not only did Class A rental rates …

July 25, 2021

Acquisitions Data Centers Florida Southeast

Sila Realty Trust Sells Data Center Portfolio to Mapletree Industrial for $1.3B

by Julia Sanders July 23, 2021

TAMPA, FLA. — Tampa-based Sila Realty Trust Inc. has sold 29 data centers across 18 states to Mapletree Industrial Trust, an industrial REIT listed on the Singapore Exchange. The sales price was approximately $1.3 billion. The transaction is expected to be completed in one or more closings during the third quarter of 2021. In total, the data center portfolio spans 3.3 million square feet of net leasable area. The portfolio is 87.8 percent leased to 32 tenants, including Fortune Global 500 and publicly traded companies with investment-grade credit. Only 1.7 percent of the leases are expiring in the next three financial years. Sila’s fiscal year ends on December 31st. About 89.4 percent of the leases in the portfolio have yearly rental escalations in the 1.5 percent to 3 percent range. With this acquisition, Mapletree Industrial Trust will have presence in 13 of the top 15 data center markets. Sila Realty Trust is a public non-traded real estate investment trust.

July 23, 2021

Development Leasing Activity North Carolina Retail Southeast

Four Retailers Join Tenant Lineup at $1B Fenton Project in Metro Raleigh

by Julia Sanders July 23, 2021

CARY, N.C. — Williams Sonoma, Pottery Barn, Athleta and Von Kekel Aveda Lifestyle Salon Spa will join the first phase of Fenton, a 69-acre, $1 billion mixed-use project under construction in the Raleigh suburb of Cary. In Phase I, co-developers Hines and Columbia Development will deliver approximately 345,000 square feet of shops, restaurants and entertainment space; 200,000 square feet of office space; a 175-room boutique hotel; and a 357-unit apartment community that will begin preleasing in early 2022. Williams Sonoma will occupy 5,504 square feet, Pottery Barn will occupy 13,910 square feet, Athleta will occupy 3,825 square feet and locally based Von Kekel Aveda Lifestyle Salon Spa will open its third Triangle-area location at Fenton. All four retailers expect to open their stores in April 2022. Other committed retail tenants at Fenton include Paragon Theaters, Arhaus Furniture, Honeysuckle Gelato, CRU Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry, LunchboxWax, Zen Nail Bar, Superica, M Sushi, Crawford Brothers Steakhouse, Colletta and Dram & Draught. The mixed-use development was also slated to feature a Wegmans, but the Rochester, N.Y.-based grocer pulled out of the project in March. With the addition of the four new tenants, 82 percent of the retail …

July 23, 2021

Development Maryland Multifamily Southeast

WPC Tops Out 26-Story Apartment Tower in Silver Spring, Maryland

by Julia Sanders July 23, 2021

SILVER SPRING, MD. — Washington Property Co. (WPC) has topped out Solaire 8200 Dixon, a 403-unit apartment tower in the Ripley District in downtown Silver Spring. The general contractor, Clark Construction Co., is slated to deliver the first apartments in mid-2022. Architectural firm Design Collective designed the property. At 26 stories, Solaire 8200 Dixon will be Silver Spring’s tallest building, according to WPC. The property will feature the area’s first food hall and city market, which will be open to the public. Community amenities will include a rooftop fitness center, pool and sky lounge, as well as a club room with coworking facilities, catering kitchen, 24-hour concierge and package services, pet spa and two guest suites for residents’ use. About 75 percent of the apartments will be one-bedroom and the remainder will have two bedrooms. Solaire 8200 Dixon will be located on the former site of Progress Place, which was home to the nonprofit organization Shepherd’s Table. Through a public-private partnership with Montgomery County, WPC developed a new Progress Place building offsite at 8106 Georgia Ave. in Silver Spring. The new facility houses Shepherd’s Table and two other nonprofits, Interfaith Works and Mobile Med. WPC is a commercial real estate …

July 23, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Viking Partners Acquire Multifamily Community in Durham for $42.4M

by Julia Sanders July 23, 2021

DURHAM, N.C. — Magma Equities and Viking Partners have acquired University Apartments, a 359-unit multifamily community near Duke University in Durham, for $42.4 million. The seller was not disclosed. Located on 12 acres at 1500 Duke University Road, University Apartments features studio, one- and two-bedroom units across 20 two- and three-story residential buildings. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. Magma and Viking plan to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas. For the Manhattan Beach, Calif.-based Magma firm, University Apartments is the fifth acquisition in the Raleigh-Durham metro area this year alone and increases the company’s local multifamily portfolio to more than 3,600 units. Viking Partners is a Cincinnati-based private equity real estate investment firm.

July 23, 2021

Acquisitions Office South Carolina Southeast

Montford Group, Opterra Capital Purchase Office Building in Downtown Charleston

by Julia Sanders July 23, 2021

CHARLESTON, S.C. — The Montford Group and Opterra Capital have purchased 170 Meeting Street, a 30,000-square-foot office building located in downtown Charleston. The seller and sales price were not disclosed. The five-story property has floor-to-ceiling windows and is fully leased to tenants including Regions Bank and Regus. Currently, Montford Group and Opterra Capital plan to keep the office as is, having a goal to maintain the business banking district in downtown Charleston. Marc Knight and his team at First Reliance Bank secured an undisclosed amount of acquisition financing on behalf of the buyers. Joe Keenan and Trad Dyches of Palmetto Commercial brokered the sale.

July 23, 2021

Development Multifamily North Carolina Office Retail Southeast

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …

July 22, 2021

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