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DevelopmentIndustrialSoutheastTennesseeWalker & Dunlop

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

by John Nelson

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have high-end office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. The transaction is Walker & Dunlop’s first deal with CA South, a women-owned industrial development firm based in Nashville.

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Leasing ActivityNorth CarolinaSoutheast

CBL Properties Signs Rooms To Go to 45,000 SF Lease at Fayetteville, North Carolina Mall

by John Nelson

FAYETTEVILLE, N.C. — CBL Properties will add a Rooms To Go store as part of the redevelopment of the former Sears parcel at Cross Creek Mall in Fayetteville. Sears closed its doors in 2019. Rooms To Go is expected to open its 45,000-square-foot store in the fourth quarter. Future plans for the redevelopment at Cross Creek Mall include additional dining options, as well as new retail and other uses. Announcements will be made as plans are finalized. Cross Creek Mall is located at the intersection of Morganton and Skibo roads at 419 Cross Creek Mall in Fayetteville. The mall is situated 8.2 miles northwest of Fayetteville Regional Airport. Cross Creek has over 150 shops, and is anchored by Belk, JCPenney and Macy’s. CBL Properties, a Chattanooga-based REIT, is a prominent mall owner and operator. The company’s portfolio comprises 106 properties totaling 65.7 million square feet across 25 states.

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FeaturesHospitalityIndustrialMultifamilyOfficeRetailSoutheastSoutheast Feature Archive

COVID-19 Takes Heavy Toll on Commercial Property Values

by John Nelson

By Brian Morrissey, Esq. and Lisa Stuckey, Esq. of Ragsdale Beals Seigler Patterson & Gray LLP Few commercial properties emerged with unscathed values from the harsh economic climate of 2020. Yet Georgia and many jurisdictions like it valued commercial real estate for property taxation that year with a valuation date of Jan. 1, 2020 — nearly three months before COVID-19 thrust the U.S. economy into turmoil. This means governments taxed commercial properties for all of 2020 on values that ignored the severe economic consequences those properties endured for more than 75 percent of the calendar year. When property owners begin to receive notices of 2021 assessments, which Georgia assessors typically mail out in April through June each year, property owners can at last seek to lighten their tax burden by arguing for reduced assessments. The pandemic hurt some real estate types more than others, however, and with both short-term effects and some that may continue to depress asset values for years. For taxpayers contesting their assessments, the challenge will be to show the combination of COVID-19 consequences affecting their property, and the extent of resulting value losses. The experiences of 2020 can serve as a roadmap for valuations in the …

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AcquisitionsNorth CarolinaOfficeSoutheast

CBRE Facilitates $201M Sale of Wells Fargo-Anchored Office Building in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — CBRE has facilitated the sale of a 358,414-square-foot office building in Uptown Charlotte on behalf of the seller, Stream Realty Partners. Stream sold the property to Hana Alternative Asset Management for a purchase price of $201 million. Wells Fargo anchors the office building, which was fully leased at the time of sale. The 15-story property is located at 300 South Brevard St, within a half-mile from the Charlotte Convention Center. Middle C Jazz Club and the Public House restaurant take up retail space in the building facing Brevard Street. In 2020, Stream completed a full-scale renovation, including a full elevator modernization, roof replacement, electrical upgrade, common area renovations, and facade improvements. CBRE’s Patrick Gildea, Matt Smith, Brandon McMenomy, Grayson Hawkins, and Will Pike brokered the sale. Greg Greene and Harris Ralston of CBRE’s Debt & Structured Finance team secured financing on behalf of the buyer. Stream is a commercial real estate services and ownership firm based in Dallas. Hana Alternative Asset Management is an alternative investment asset company based in South Korea. The company is a subsidiary of Hana Financial Group.

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AcquisitionsDevelopmentIndustrialMarylandSoutheast

JLL Arranges Sale of 70-Acre Industrial Development Site in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — JLL has arranged the sale of a 70-acre industrial development site that is located at the intersection of Interstates 81 and 70 in Hagerstown, near the Pennsylvania and West Virginia borders. JLL worked on behalf of the seller, Washco Management. Penzance, a real estate investment firm in the greater Washington, D.C., metropolitan area, purchased the fully entitled site. Additionally, JLL has been engaged to source construction financing and lease the property on behalf of the developer, which will begin construction of an 825,000-square-foot Class A distribution building on the site this spring. The property is part of the I-81 Corridor Industrial market, which encompasses Berkeley County, W.Va.; Frederick and Winchester Counties in Virginia; and Washington County, Md. The site is close to four major seaports on the East Coast and will have auto and trailer parking upon completion. The JLL Capital Markets Investment Advisory team representing the seller included Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge. Dave Dannenfelser and Tyler Boykin of JLL provided local market expertise, and Michael Moorehead of JLL provided guidance on site and development costs. Rob Carey, Susan Carras and Paul Spellman of JLL’s debt placement team is arranging financing on …

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AcquisitionsKentuckyMultifamilySoutheast

Lauth Communities Acquires Three Multifamily Properties in Bowling Green and Lexington, Kentucky

by John Nelson

BOWLING GREEN AND LEXINGTON, K.Y. — Lauth Communities, a subsidiary of Carmel, Ind.-based Lauth Group Inc., has acquired three multifamily properties located in Bowling Green and Lexington. The three properties, known as The Drake, The Stables at Waveland Farm and The Woods at 1850, will add 360 additional units to Lauth’s portfolio. The sales price was not disclosed. The Drake, located at 726 Cumberland Trace Road in Bowling Green, is a 288-unit complex completed in 2019. The property resides on 30 acres and consists of one-, two- and three- bedroom units. The community’s amenities include a clubhouse, pool, onsite dog parks, fire pits, game center and 30 freestanding garages. The Drake features 22 three-story buildings. The Stables at Waveland Farm is located at 3765 Winthrop Drive and The Woods at 1850 is located at 1850 Old Higbee Mill Road, both in Lexington. The Stables at Waveland Farm was built in 2019. The Woods at 1850 feature one-, two-, and three-bedroom floorplan options. The communities will be rebranded as the Stables at Palomar and Stables at the Woods, respectively. The properties are located within 3.5 miles of each other. Together, they will add 72 units to Lauth’s portfolio. The Lexington-based Silvestri …

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AcquisitionsAffordable HousingDevelopmentLoansMultifamilyNorth CarolinaSoutheast

Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham

by John Nelson

DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC). Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.

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District of ColumbiaSoutheast

Another 847,000 Americans File for Unemployment, GDP Grew 4 Percent in Fourth-Quarter 2020

by John Nelson

WASHINGTON, D.C. — An additional 847,000 Americans have filed for first-time unemployment assistance for the week ending Jan. 23. Economists surveyed by Dow Jones expected the total number of claims to reach 875,000. The most recent figure was a slight decrease from the previous week’s revised number of 914,000, but still remains significantly higher than pre-pandemic levels. The four-week moving average was revised up by 16,250 to 868,000. The continuing claims, data for which trails a week, totaled 4.7 million claims for the week ending Jan. 16, a decrease of 203,000 from the previous week’s revised level. Separately, the Bureau of Economic Analysis reported the U.S. gross domestic product (GDP) grew at an annualized rate of 4 percent in the fourth quarter of 2020, which came 30 basis points below estimates from economists surveyed by Dow Jones. The GDP grew at an annualized rate of 33.4 percent in the third quarter of 2020. Overall in 2020, real GDP declined by 3.5 percent, compared with a 2.2 percent increase in 2019.

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Brickhouse Walker Dunlop Multifamily Washington D.C.
Content PartnerDistrict of ColumbiaMultifamilySoutheastSoutheast Feature ArchiveWalker & Dunlop

Spotlight on D.C.: Apartment Assets Resist Economic Turbulence

by Sarah Daniels

The Washington, D.C. metropolitan area has been a perennial favorite for multifamily capital, particularly pension funds, life companies, family offices and other institutional investors and is often regarded as “recession-proof.” However, as we all know, 2020 was a year like no other. What impacts have COVID-19 and recent economic turmoil had on this market’s luster, and what do the prospects look like for investors, owners and operators in the long term? An Economy Buffered by Government and Technology The D.C. Metro’s response to the crisis has been one of the most robust, with local the economy currently 90 percent + open for business and no signs of a dip back into lockdown. From the initial shutdowns in March 2020 to the continued uncertainty of today, cities with heavy representation in retail, tourism and service sectors have experienced significant economic repercussions from COVID-19. In Washington, D.C., by contrast, having the federal government as the city’s largest employer has served as a major buffer. D.C. experienced a particularly acute government-mandated economic shutdown from March to May. While payroll performance in the District of Columbia’s leisure and hospitality sector declined nearly 60 percent from May 2019 to May 2020, jobs in this sector …

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DevelopmentGeorgiaIndustrialSoutheast

Sansone Group Acquires 101.5 Acres of Land Near Savannah for New Industrial Development

by John Nelson

PORT WENTWORTH, GA. — Sansone Group, in partnership with a private equity real estate fund advised by Crow Holdings Capital, has acquired 101.5 acres near Savannah. Sansone Group plans to develop up to 1.4 million square feet of Class A industrial space at the site, which will be the first development in Georgia for the St. Louis-based developer. The site’s address is 4737 Hendley Road in Port Wentworth, less than six miles from the Port of Savannah. The development will be situated at the intersection of Highway 21 and Interstate 95,. The plan includes three buildings that Sansone Group will be developed in two phases. Phase I comprises a 437,500-square-foot building that will break ground in March. Sansone expects to deliver the building in December. Phase II will comprise 805,000 square feet across two buildings Sansone anticipates breaking ground on the second phase in October with delivery slated for July 2022. JLL’s Chris Tomasulo is leasing the project for the ownership group. Kern & Co. designed the site layouts. No general contractor has been selected yet.

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