Southeast

CBRE Arranges Sale of 42,442 SF Office Building in Fort Lauderdale

by John Nelson February 18, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the $7 million sale of a 42,442-square-foot office building in Fort Lauderdale known as the 5100 Building. The buyer, medical office user Hall Consolidated Group LLC, plans to eventually occupy the property. Benjamin Silver with CBRE represented the seller, an entity known as 5100 Realty LLC, in the transaction. The seller is an affiliate of Cambridge Security, the property’s anchor tenant that plans to eventually vacate the office building. Originally built in 1972, the four-story office building received several capital improvements last year, including a new roof, exterior waterproofing, lobby upgrades and the replacement of several air conditioning units. The buyer plans to make further improvements Located at 5100 N. Federal Highway, the property is situated close to the area’s largest medical provider, Holy Cross Hospital, a 557-bed healthcare facility. The property also has nearby access to Interstates 95, 441 and Florida Turnpike from East Commercial Boulevard.

February 18, 2022

Affordable Housing Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Western

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

by Sarah Daniels February 18, 2022

In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …

February 18, 2022

Acquisitions Company News New York Northeast Retail Southeast Top Stories Virginia

Ares Management Acquires Capital Automotive for $3.8B, Including 250 Net-Leased Car Dealerships

by John Nelson February 18, 2022

NEW YORK CITY AND MCLEAN, VA. — Ares Management Corp. (NYSE: ARES) has acquired Capital Automotive LLC, a McLean-based firm that specializes in the sale-leaseback of car dealerships under new triple-net leases. Ares purchased the company through its alternative credit strategy division and real estate group for $3.8 billion. The seller was a private real estate fund managed by Brookfield Asset Management (NYSE: BAM). Capital Automotive owns more than 250 real estate assets in the United States and Canada that are structured under long-term, triple-net leases to various car dealers. The names and locations of the properties were not disclosed. Ares purchased Capital to expand and diversify its net-lease investment strategy. Including the recent investment in Capital Automotive, Ares’ funds have invested in over 1,200 real estate assets totaling approximately $7.2 billion of gross asset value in North America and Europe over the past 15 months. These net lease investments include retail, industrial and office properties leased to tenants with varying credit profiles. Ares’ real estate group had approximately $41.2 billion of assets under management as of year-end 2021. Ares Management’s stock price closed on Thursday, Feb. 17 at $79.01 per share, up from $52.02 a year ago, a nearly …

February 18, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Arranges $86.6M Sale of Industrial Portfolio Across North Carolina

by Julia Sanders February 17, 2022

CHARLOTTE AND WINSTON-SALEM, N.C. — Cushman & Wakefield has arranged the $86.6 million sale of the North Carolina Interstate 40/Interstate 85 Industrial Portfolio, a group of 22 industrial buildings located in the greater Charlotte and Triad regions. Nolan Ashton, Rob Cochran and Bill Harrison of Cushman & Wakefield represented the seller, Charis Cos. Tom Sullivan, Richard Henry and Ross Fishman of Cushman & Wakefield also secured an undisclosed amount of acquisition financing for the buyer, Boston-based SVN Parsons Commercial Group. Cushman & Wakefield, led by Bobby Finch, will handle leasing efforts for the portfolio. The North Carolina Interstate 40/Interstate 85 Industrial Portfolio includes the following properties: • Nine buildings in Winston-Salem located at 4303 Idlewild Industrial Drive, 4965 Indiana Ave., 5160-5190 Indiana Ave., 4320 Enterprise Drive, 4415 Providence Lane and 1330 Ivy Ave. • Four buildings in Clemmons located at 6220-6295 Clementine Drive • One building in Lexington located at 111-113 Woodside Drive • One building in Salisbury located at 1335 Litton Drive • Seven buildings in Newton located at 1523/1527 7th St. SE, 2309 N College Ave. and 2855-2859 and 2875 Nathan St. The portfolio features a total of nearly 1.6 million square feet and was 98 percent leased …

February 17, 2022

Acquisitions Multifamily South Carolina Southeast

Excelsa Acquire Multifamily Community in Goose Creek, South Carolina for $52.7M

by Julia Sanders February 17, 2022

GOOSE CREEK, S.C. — Bethesda, Md.-based Excelsa Properties has acquired Coventry Green Apartments, a 256-unit multifamily property located in Goose Creek. The undisclosed seller sold the property for $52.7 million. Coventry Green Apartments includes two- and three-story buildings. Built in 2001, the property offers one-, two- and three-bedroom floorplans. Community amenities include a car care center, saltwater pool, washer and dryer connections, billiards room, café with Wi-Fi and stainless steel appliances. Excelsa Properties intends to invest more than $5 million to upgrade the property. Located at 104 Gainsborough Drive, the property is situated 13.9 miles from North Charleston, 15.6 miles from Charleston International Airport and 22.7 miles to Charleston. The property is also close to major employers including Joint Base Charleston, The Medical University of South Carolina, The Boeing Co. and Volvo Car USA.

February 17, 2022

Development Mixed-Use Multifamily Southeast Tennessee

Endeavor, Long Wharf Break Ground on Phase II of Mixed-Use Development in Nashville

by Julia Sanders February 17, 2022

NASHVILLE, TENN. — Austin, Texas-based Endeavor Real Estate Group, in a joint venture with Boston-based Long Wharf Capital, has broken ground on Phase II of Gulch Union, a mixed-use development in Nashville’s Gulch district. Construction for the whole project is slated for completion by June 2024. The first phase of Gulch Union included a 330,000-square-foot office building called 1222 Demonbreun. The second phase will feature a 28-story residential tower with 306 multifamily units and 8,000 square feet of retail space. Community amenities in the second phase will include a rooftop pool, fitness and yoga studios, co-working area, lounge with a pool table, shuffleboard and bar, outdoor dining, pickleball court, bocce ball, corn hole, outdoor BBQ grills, firepits and a dog park. HKS Inc. is the designer for the three-phase project, and Turner Construction Co. is the general contractor. IBC Bank provided an undisclosed amount of construction financing for the project.

February 17, 2022

Acquisitions Florida Multifamily Southeast

Thompson Thrift Sells 328-Unit Multifamily Community in Metro Orlando

by Julia Sanders February 17, 2022

DAVENPORT, FLA. — Thompson Thrift Residential, an affiliate of Indianapolis-based Thompson Thrift, has sold Thrive, a 328-unit multifamily community in Davenport. Minneapolis-based Timberland Partners purchased the property for an undisclosed amount. Scott Ramey, Brad Downing and Paul Grant of Newmark represented Thompson Thrift in the transaction. Thrive offers one-, two- and three-bedroom floorplans in 12 two-story and two four-story buildings. Unit features include a fireplace, stainless steel appliances, island kitchen, vinyl flooring and double vanities. Community amenities include an outdoor kitchen, swimming pool with cabanas, fitness center, yoga room, a dog park and pet spa. Completed in 2021, the property was 93 percent occupied at the time of sale. Located at 141 Thrive Road, Thrive is situated 11.8 miles from the Walt Disney World Resort and 37 miles from downtown Orlando. The property is also 27.5 miles from Orlando International Airport.

February 17, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $7M Sale of Promenade Shopping Plaza in Valdosta, Georgia

by Julia Sanders February 17, 2022

VALDOSTA, GA. — Marcus & Millichap has brokered the $7 million sale of Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta. James Medefind, John Brigel, James Garner and Jim Shiebler of Marcus & Millichap represented the seller, an undisclosed limited liability company. Medefind of Marcus & Millichap represented the undisclosed buyer. Promenade Plaza was fully occupied at the time of sale to tenants including Shoe Carnival, Books-A-Million, Best Buy, Five Guys and Sleep Number. Located on 5.5 acres at 1705 Norman Drive, the property is situated adjacent to the Valdosta Mall, an indoor mall with tenants such as JC Penney, Belk and Envy Boutique. The property is also 2.5 miles from Valdosta State University and 20 miles north of the Georgia-Florida state line via Interstate 75.

February 17, 2022

Content Partner Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Walker & Dunlop Western

Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations

by Sarah Daniels February 17, 2022

Multifamily appraisers are extremely busy as investor interest in the sector is at an all-time high. “In terms of appraisal professionals, there is a supply and demand issue,” explains Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop. She notes that the industry has greater demand for valuation than it has qualified appraisers. “Apprise is ensuring that we can support our appraisal staff and our local market experts with a tech-enabled process so that they can do their jobs more efficiently and get the values (and market information in general) into our clients’ hands as quickly as possible,” she adds. Czechowski focuses on the ways that web-based multifamily valuations can be streamlined to create a faster and more complete picture of properties. Multifamily experts need information on properties/parcels that comes from “multiple industry-standard resources such as Yardi, REIS, RCA and public record aggregators.” Parcel-level information, unit mix metrics, sale leads, land records and site assessment information are all available through Apprise’s platform via a single sign on to a dashboard that reflects information that is constantly being updated. This means that when an expert uses this platform and picks up the phone to confirm about …

February 17, 2022

District of Columbia Features Southeast Southeast Feature Archive

The Tax Appeal Life Cycle in D.C. Goes Through Three Levels of Review

by John Nelson February 17, 2022

In the District of Columbia, a prudent taxpayer must observe important steps and deadlines to appeal a real property tax assessment. Strict code provisions, government policies and procedures govern the appeal process, so understanding the typical life cycle of an appeal provides a head start in making sure a property is fairly assessed. Here is a look at what to expect as a case advances: Assessment and Notification Assessors reassess all real property in the District each year using a Jan. 1 valuation date that precedes the start of that tax year. For example, Tax Year 2023 runs from Oct. 1, 2022 through Sept. 30, 2023. Thus, corresponding assessed values are as of Jan. 1, 2022. The District typically will mail assessment values and update the MyTaxDC.gov website on or around March 1 each year, sending its estimate of market value to the owners of more than 205,500 parcels. This will be the taxpayer’s first glimpse of the valuation and potential tax liability for the following tax year. These assessed values are released without supporting documentation, however. To determine how an assessor derived the value, the taxpayer or a duly authorized agent must contact the Office of Tax and Revenue …

February 17, 2022

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