Southeast

Avison Young Brokers $12.9M Sale of Two Office Properties in Metro D.C.

by Julia Sanders January 18, 2022

KINGSTOWNE, VA. — Avison Young’s Capital Markets Group has brokered the sale of two office buildings located in Kingstowne, a live-work-play community situated about 16.3 miles south of Washington, D.C. Melrose Solomon Enterprises purchased the two office buildings, 5695 Kings Centre Drive and 5901 Kingstowne Village Parkway, for $12.9 million. Chip Ryan and Matt Weber of Avison Young represented the seller, The Halle Cos., in the transaction. Jon Goldstein, Wes Boatwright and Mike Yavinsky of Avison Young arranged the undisclosed amount of acquisition financing on behalf of Tenafly, N.J.-based Melrose Solomon. 5695 Kings Centre Drive is a three-story, 44,262-square-foot office building constructed in 2002, and 5901 Kingstowne Village Parkway features 8,000-square-foot floorplans and has 22,117 square feet of net rentable space. The properties were a combined 93 percent leased to a variety of medical office, government contractors and traditional office tenants at the time of sale. Developed by The Halle Cos. in the mid-1980s, Kingstowne spans 1,200 acres and is Northern Virginia’s second largest master-planned community. Kingstowne has more than one million square feet of retailers and office buildings.

January 18, 2022

District of Columbia Retail Southeast

Holiday Sales in 2021 Increased by 14.1 Percent from 2020, Says NRF

by Julia Sanders January 18, 2022

WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during last year’s holiday season totaled $886.7 billion, a 14.1 percent increase from 2020 ($777.3 billion). The 2021 numbers were greater than what the NRF had predicted and sets a new record despite ongoing problems such as supply chain issues and the spread of the COVID-19 Omicron variant. Retail sales were tracked from Nov. 1 to Dec. 31 and exclude data from automobile dealers, gas stations and restaurants. Retail sales fell by 2.7 percent seasonally adjusted in December from November but increased by 13.4 percent unadjusted year-over-year. The sector with the biggest sales gain during the holidays were clothing and clothing accessory stores, which saw an increase of 33.1 percent. Additionally, sporting goods stores were up 20.9 percent; general merchandise stores were up 15.2 percent; furniture and home furnishings stores were up 15 percent; building materials and garden supply stores increased its sales by 13.5 percent; and health and personal care stores were up 9.6 percent. Also online and other non-store sales were up 11.3 percent, which falls in line with NRF’s prediction made in October of a growth rate between 11 to 15 percent. “Consumers were …

January 18, 2022

Development Mixed-Use Multifamily Southeast Top Stories Virginia

JBG Smith Begins Construction on Two Apartment Towers in Metro DC’s National Landing District

by John Nelson January 18, 2022

ARLINGTON, VA. — JBG Smith (NYSE: JBGS), an owner and developer of mixed-use properties in the greater Washington, D.C. market, has begun construction on a pair of multifamily towers at 2000 and 2001 South Bell Street in Arlington. The development is expected to bring 775 apartments and nearly 27,000 square feet of retail space to National Landing, a neighborhood anchored by Amazon’s HQ2 campus and the Virginia Tech Innovation Campus, both of which JBG Smith is developing. “The start of construction at 2000 and 2001 South Bell Street is a major milestone in National Landing’s ongoing transformation and delivers on our pledge to build new housing in lockstep with Amazon and Virginia Tech’s growth in the neighborhood,” says Bryan Moll, executive vice president of development at JBG Smith. KPF designed 2000 South Bell Street to be a modern, 25-story glass tower with 355 multifamily units situated above approximately 15,000 square feet of street-level retail space. The adjacent 2001 South Bell Street was designed by Studios to be a 420-unit, 19-story tower with a green-glazed brick façade and approximately 10,000 square feet of street-level retail space. SK+I will serve as the architect of record for both towers, which are designed to …

January 18, 2022

Acquisitions Florida Multifamily Southeast

Bristol Development, Hallmark Sell Vista Brooklyn Apartments in Jacksonville for $126.3M

by Julia Sanders January 17, 2022

JACKSONVILLE, FLA. — An affiliate of Bristol Development Group and Hallmark Partners have sold Vista Brooklyn, 308-unit multifamily property in Jacksonville. The buyer, an entity known as CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square, purchased the property for $126.3 million. Built in 2021, Vista Brooklyn is a 10-story apartment community offering studio, one-, two- and three-bedroom floorplans, as well as 12,687 square feet of ground floor commercial and retail space. Community amenities include a resort-style rooftop pool and beer garden, fitness studio with yoga room, gaming area, grilling stations, gift wrapping room, coworking spaces, dog park, pet spa and a meditation suite. Located at 200 Riverside Ave., Vista Brooklyn is situated adjacent to downtown Jacksonville. The property is also near retailers and restaurants such as The Fresh Market, Burrito Gallery Brooklyn, Chipotle Mexican Grill, Navy Federal Credit Union and Winston Family YMCA.

January 17, 2022

Acquisitions Georgia Loans Multifamily Southeast

Eastern Union Secures $71.3M Acquisition Loan for Multifamily Property in Roswell, Georgia

by Julia Sanders January 17, 2022

ROSWELL, GA. — New York-based Eastern Union has secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Michael Muller of Eastern Union arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties. With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term. Built in 1965 and renovated in 2016, The Crest at Riverside was rebranded to Grace Apartment Homes Roswell. The property offers one-, two- and three-bedroom floorplans with 18 one-bedroom units that are 882 square feet in size; 247 two-bedroom units that range from 1,258 to 1,408 square feet in size and 131 three-bedroom units that range from 1,290 to 1,408 square feet in size. Unit features include white or stainless steel appliances, laminate or solid surface counters, wood cabinets and tile backsplashes. Community amenities include two pools, business center, fitness center, playground, grills and a pet park. The property was 96 percent occupied at the time of sale. Located at 100 Chattahoochee Circle, the 518,460-square-foot property is situated 20.4 …

January 17, 2022

Acquisitions Healthcare Louisiana Southeast

MedProperties, Heitman Acquire 60,087 SF Hospital in Covington, Louisiana

by Julia Sanders January 17, 2022

COVINGTON, LA. — Dallas-based MedProperties Realty Advisors and Chicago-based Heitman LLC, in their first joint venture together, have acquired Avala Hospital, a 21-bed, 60,087-square-foot surgical hospital in Covington. The seller(s) and sales price were not disclosed. Capital One NA, with a participation by Siemens Financial Services, provided an undisclosed amount of financing for the acquisition. Avala Hospital is one of the only facilities in Louisiana offering robotics-assisted surgeries for hip replacements, total and partial knee replacements and spinal procedures. The hospital recently had Class A renovations and expansions done to the facility. Located at 67252 Industry Lane, the hospital is situated 36.1 miles from New Orleans and 37.2 miles from the Louis Armstrong New Orleans International Airport. The property is also situated near retailers and restaurants such as Whole Foods Market, Walgreens, Mandeville Seafood and a Winn-Dixie.

January 17, 2022

Acquisitions Alabama Retail Southeast

SRS Brokers $4.5M Sale of Shopping Center in Valley, Alabama

by Julia Sanders January 17, 2022

VALLEY, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $4.5 million sale of Shops at Valley, a 28,000-square-foot shopping center in Valley. Boris Shilkrot of SRS represented the seller, OSCI Properties, in the transaction. The buyer, Prudent Growth Partners LLC, was self-represented in the transaction. The shopping center is shadow-anchored by a Walmart Supercenter and fully occupied by tenants including Ace Hardware, Workout Anytime, H&R Block, T-Mobile and Advance America. Located along the Georgia and Alabama state lines, the property is situated 26 miles from Auburn, Ala., and 31.8 miles from Columbus, Ga.

January 17, 2022

District of Columbia Retail Southeast

NRF Supports Supreme Court Decision to Halt Vaccine Mandates for Non-Healthcare Related Businesses

by Julia Sanders January 17, 2022

WASHINGTON, D.C. — The National Retail Federation released a statement on Thursday, Jan. 13 saying the organization agreed with the U.S. Supreme Court’s decision about vaccine mandates. The Supreme Court on Thursday blocked the Biden administration from passing a bill that would require employees at large private companies to either get the vaccine or get tested regularly for COVID-19, as well as wear masks in the workplace. The Biden administration’s vaccine mandate would require vaccinations for those who worked at a company with 100 or more employees. In a separate ruling, the court allowed a vaccine-mandate for healthcare workers in a ruling of 5-4. NRF joined more than 26 other trade associations last week to present oral arguments before the court on the legality of the mandate. “While NRF has maintained a strong and consistent position related to the importance of vaccines in helping to overcome this pandemic, the Supreme Court’s decision to stay OSHA’s onerous and unprecedented [Emergency Temporary Standard] ETS is a significant victory for employers,” says David French, NRF’s senior vice president of government relations. Many were worried that with vaccine requirements, some employees may rather quit than get the vaccine, ultimately causing higher unemployment numbers. After …

January 17, 2022

Acquisitions District of Columbia Florida Healthcare Southeast Top Stories

NREA, Catalyst Acquire Two National Healthcare Portfolios Totaling 1.2 MSF

by Taylor Williams January 17, 2022

WASHINGTON, D.C. AND PENSACOLA, FLA. — A joint venture between Washington, D.C.-based National Real Estate Advisors (NREA) and Florida-based Catalyst Healthcare Real Estate has acquired two national healthcare portfolios totaling approximately 1.2 million square feet Together, the portfolios comprise 40 properties across 13 states, the majority of which are located in Sun Belt markets. At the time of sale, the portfolios had a combined occupancy rate of 92 percent. Of that 1.1 million square feet of occupied space, about 88 percent is leased to regional healthcare systems and physician groups. The acquisition and recapitalization represent a total investment of approximately $420 million. The sellers were also not disclosed. “These transactions underscore our commitment to investing in highly competitive, diverse markets that seek to generate long-term, healthy returns for our clients,” says Jeffrey Kanne, president and CEO of NREA. “This acquisition not only significantly scales our medical office portfolio but furthers our geographic diversification.” “Our joint venture strives to positively impact healthcare delivery by investing strategic capital with a partnership-like mentality,” adds Chad Henderson, founder and CEO of Catalyst. “The closing of the portfolios was a significant first step for our joint venture and paves the way for the future of …

January 17, 2022

Development Georgia Loans Mixed-Use Southeast

Newport RE Receives $75M Financing for Mixed-Use Campus in Downtown Atlanta

by Julia Sanders January 14, 2022

ATLANTA — Newport RE has received $75 million in debt financing in order to redevelop 222 Mitchell, a 330,000-square-foot mixed-use campus in downtown Atlanta. JLL Capital Markets arranged the financing through Miami-based BridgeInvest on behalf of Newport. General contractor Balfour Beatty has started construction for 222 Mitchell, which is slated for completion in the first quarter of 2023. 222 Mitchell, which will include office and retail space, is a redevelopment of a brick building built in 1909, as well as two mid-century modern buildings spanning a full city block. The property will include a new park and a 27,000-square-foot rooftop. Newport plans to keep the historical elements of the property while redeveloping the buildings to make it more modern. Some planned tenants for the development include Pins Mechanical, an Ohio-based arcade and game bar, as well as an Atlanta-based Slater Hospitality that will be designed as a modern diner with a cocktail lounge.Some planned tenants for the development include Pins Mechanical, an Ohio-based arcade and game bar, as well as an Atlanta-based Slater Hospitality that will be designed as a modern diner with a cocktail lounge. Brooke Dewey and David Horne of JLL are leading the preleasing of the 250,000-square-foot …

January 14, 2022

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