Southeast

ZMR Capital Acquires Park Place Apartments in Fort Myers, Florida for $44.5M

by Julia Sanders June 16, 2021

FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …

June 16, 2021

Development Mixed-Use North Carolina Office Retail Southeast

Stream Realty, Durban Group to Develop 325,000 SF Mixed-Use Project in Charlotte’s South End

by Julia Sanders June 16, 2021

CHARLOTTE, N.C. — Stream Realty Partners and joint venture partner The Durban Group will develop a mixed-use project located at 2833 and 2905 Griffith St. in Charlotte. The 325,000-square-foot development will be situated on 1.7 acres adjacent to Suffolk Punch Brewing in the city’s South End submarket. Construction will start in second quarter 2022. The development will be a high-rise tower with office and retail space, according to Charlotte Business Journal. Located on the Lynx New Bern station, the development will have its retail component anchored by an expansion of Suffolk Punch Brewing. Stream Realty Partners is a Texas-based commercial real estate firm with full-service offerings in leasing, property management, development, construction management and investment sales services across the industry. The Durban Group is a Charlotte-based commercial real estate development firm.

June 16, 2021

Acquisitions Industrial Maryland Self-Storage Southeast

Big Cypress Capital, PSG Sell Self-Storage Facility in Metro D.C. for $18.2M

by Julia Sanders June 16, 2021

DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.

June 16, 2021

Acquisitions Alabama Retail Southeast

Pegasus Arranges $4.7M Sale of Starbucks-Anchored Retail Center in Dothan, Alabama

by Julia Sanders June 16, 2021

DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.

June 16, 2021

District of Columbia Multifamily Southeast

MBA: Commercial, Multifamily Debt Originations in First Quarter Increase 1.1 Percent

by Julia Sanders June 16, 2021

WASHINGTON, D.C. — In the first quarter of 2021, originations for commercial and multifamily loans totaled $3.9 trillion, according to the latest report from the Mortgage Bankers Association (MBA). Compared to the Washington, D.C.-based organization’s findings from fourth-quarter 2020, the first-quarter originations increased by $44.6 billion, a 1.1 percent hike quarter-over-quarter. According to the MBA report, commercial banks held the largest share (roughly 38 percent) of commercial and multifamily mortgages at $1.5 trillion. The second largest holders of commercial and multifamily mortgages were Fannie Mae, Freddie Mac, HUD and other mortgage-backed security lenders at $861 billion, or 22 percent. Additionally, life insurance companies provided $588 billion (15 percent) in the first quarter and issuers of commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-based securities (ABS) generated $540 billion in debt (14 percent). In the first quarter, agency lenders saw an increase of $23 billion in loans, a 2.8 percent jump. CMBS, CDO and other ABS issuers increased their holdings by $7 billion, or 1.3 percent. Banks increased their holdings by $6.8 billion (0.5 percent), and REITs increased their holdings by $4.9 billion (5.2 percent). Finance companies, however, saw their holdings decrease 1.2 percent.

June 16, 2021

Acquisitions District of Columbia Office Southeast Top Stories

WashREIT Agrees to Sell Office Portfolio for $766M, Shifts Focus to Multifamily Sector

by Kristin Harlow June 16, 2021

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell substantially all of its office portfolio to a Brookfield Asset Management private real estate fund for $766 million. The portfolio consists of 12 office assets spanning nearly 2.4 million square feet in metro Washington, D.C. The transaction is expected to close in the third quarter. As of May 31, the office portfolio was approximately 83 percent occupied. Six of the properties are located in Northern Virginia — 515 King Street, Courthouse Square, 1600 Wilson Boulevard, Fairgate at Ballston, Arlington Tower and Silverline Center. The other six assets are located in Washington, D.C. They include 1901 Pennsylvania Avenue, 1220 19th Street, 2000 M Street, 1140 Connecticut Avenue, the Army Navy Building and 1775 Eye Street. The sale coincides with WashREIT’s multi-year strategy of transforming into a multifamily REIT. The company has also signed a letter of intent to sell its remaining eight retail assets, and expects to complete that sale in the third quarter. WashREIT says it plans to use the net proceeds from the sales to fund the expansion of its multifamily platform through acquisitions in Southeast markets and to reduce its leverage by repaying outstanding debt. After the transaction …

June 16, 2021

Acquisitions Healthcare Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $32.5M Sale of Medical Office Property in Richmond

by Julia Sanders June 15, 2021

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $32.5 million sale of Brookfield Commons, a 90,598-square-foot Class A medical office property located at 6600 West Broad St. in Richmond. Eric Robison, Catharine Spangler and Birck Turnbull of Cushman & Wakefield | Thalhimer represented the seller, an entity managed by Stanley Shield Partnership, in the transaction. Nashville-based Montecito Medical Real Estate acquired the property. Brookfield Commons is a newly renovated medical office property located directly off Interstate 64 along West Broad Street in Richmond’s Midtown district. Built in 1977 and formerly known as the headquarters for the Virginia Department of Transportation, Brookfield Commons underwent a full-scale renovation in 2019. The property was 100 percent leased at the time of sale to four tenants including Central Virginia’s only ENT surgery center, Richmond’s largest pulmonary practice, a full-service imaging center and one of the region’s largest women’s healthcare practices.

June 15, 2021

Development Georgia Office Southeast

FanDuel Selects Ponce City Market in Atlanta for New 68,000 SF Office

by Julia Sanders June 15, 2021

ATLANTA — FanDuel Group, a fantasy sports betting and entertainment company, plans to open a new technology office within Ponce City Market in Atlanta. The New York-based company selected the historic development in the city’s Old Fourth Ward neighborhood as the new technology hub for its software engineering, product development, user experience and user interface teams. The company plans to grow its Atlanta-based workforce to approximately 900 colleagues over the next five years. These staffers will be housed in a 68,000-square-foot space on the third floor. FanDuel workers will enjoy Ponce City Market’s onsite amenities, including a food court, shops, direct access to the Atlanta Beltline, proximity to an urban Kroger grocery store, furnished corporate apartments, bike storage, fitness options and child daycare. The owner/developer of Ponce City Market, Jamestown, recently unveiled new plans to include 500,000 square feet of new development and neighborhood amenities at Ponce City Market. The new uses include an office building, outdoor courtyard surrounded by 38,000 square feet of shopping and dining and more than 400 units in a new hospitality living concept.

June 15, 2021

Florida Hospitality Loans Southeast

Avison Young Secures $30M Construction Loan for Vacation Rental Development in Daytona Beach

by Julia Sanders June 15, 2021

DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.

June 15, 2021

Georgia Loans Mixed-Use Retail Southeast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders June 15, 2021

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

June 15, 2021

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