Southeast

Ytech Sells Multifamily Community in Metro Miami for $78M

by Alex Tostado January 5, 2021

MIAMI GARDENS, FLA. — Ytech has sold Lake House Apartments, a 491-unit multifamily community in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic area. Lake House Apartments is situated at 2601 NW 207th St., less than one mile from Hard Rock Stadium, home of the NFL’s Miami Dolphins and the Miami Hurricanes. The community was originally built in 1970 and spans 33 acres. Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller in the transaction.

January 5, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of 588,249 SF Distribution Center in Jacksonville

by Alex Tostado January 5, 2021

JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of Fanatics E-Commerce Center, a two-building distribution center in Jacksonville. The property comprises a 560,688-square-foot building leased to Fanatics, a sports apparel and memorabilia company, and a 27,579-square-foot outparcel leased to Conlan Tire. Mike Davis, Rick Colon, Rick Brugge, Karl Johnston, Dominic Montazemi, Tyler Newman, Jacob Horsley, Zachary Eicholtz, Mark Hardee and Jordan Stenholm of Cushman & Wakefield represented the seller, IP Capital Partners, in the transaction. DRA Advisors acquired the asset for an undisclosed price. The two buildings combine to offer clear heights ranging from 20 to 30 feet, 52 dock-high entrances, 447 parking spaces and 46 trailer parking spaces. The property spans 28 acres and is situated at 5245 Commonwealth Ave., three miles north of the Interstate 10-295 interchange and 16 miles south of Jacksonville International Airport.

January 5, 2021

Acquisitions Multifamily North Carolina Southeast

PointOne Holdings, Hathaway Development Divest of Apartment Complex in Metro Raleigh for $65.1M

by Alex Tostado January 5, 2021

HOLLY SPRINGS, N.C. — PointOne Holdings and Hathaway Development have sold The Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, for $65.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, grilling areas, pool, package concierge service, fitness center, business center and a clubhouse. The asset is situated at 1101 Club Exchange Drive, 20 miles southwest of downtown Raleigh. The buyer was Myers Apartment Group.

January 5, 2021

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Negotiates $30.3M Sale of Holiday Inn Resort in Wrightsville Beach, North Carolina

by Alex Tostado January 5, 2021

WRIGHTSVILLE BEACH, N.C. — Marcus & Millichap has negotiated the $30.3 million sale of a Holiday Inn Resort in Wrightsville Beach. The 184-room beachfront hotel was built in 1999 and is situated about six miles east of Wilmington. The hotel features a 400-person ballroom, 8,000 square feet of meeting space, three pools, fitness center, sand volleyball court, a lounge and two restaurants. Robert Hunter, Christopher Martin and David Altman and R. McLean Hicklin III of Marcus & Millichap represented the undisclosed seller in the transaction. An undisclosed limited liability company acquired the seven-story asset. Ben Yelm of Marcus & Millichap also assisted in the closing.

January 5, 2021

Acquisitions Development Mixed-Use North Carolina Office Retail Southeast Top Stories

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson January 5, 2021

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

January 5, 2021

Development District of Columbia Mixed-Use Southeast

Bank OZK Provides $174M Construction Loan for Mixed-Use Development of Former Fannie Mae Headquarters in D.C.

by Alex Tostado January 4, 2021

WASHINGTON, D.C. — Bank OZK has provided $174 million in construction financing for Upton Place on Wisconsin, a planned mixed-use development in Washington, D.C., that will feature 689 multifamily units and 100,000 square feet of retail space. Eastdil Secured arranged the loan. The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., expect to break ground in early 2021 and deliver the project in 2024. Donohoe originally developed the site, situated at 4000 Wisconsin Ave., in 1987 as the headquarters for Fannie Mae. The site has sat vacant since Fannie Mae consolidated its headquarters in downtown D.C. in 2014. Upton Place on Wisconsin will comprise a six- and an eight-story building. The multifamily portion is expected to include 65 affordable housing units. SK+I Architecture designed Upton Place to include most of the existing 825 below-grade parking spaces. Communal amenities will include a rooftop pool, three internal courtyards, barbecue areas, fitness center and a yoga studio.

January 4, 2021

Development Industrial Louisiana Southeast

Amazon Chooses Carencro as Site for First Fulfillment Center in Louisiana

by Alex Tostado January 4, 2021

CARENCRO, LA. — Amazon has chosen Carencro for a new $100 million fulfillment center, its first in the state of Louisiana. The Seattle-based e-commerce giant currently operates three delivery centers and seven Whole Foods stores in the state. The property is expected to house 500 full-time employees upon completion, which is slated for the end of 2021. The asset will be situated in Lafayette Parish at the former site of the original Evangeline Downs Casino and Racetrack, near Interstates 49 and 10. Employees at the fulfillment center will pick, pack and ship bulky or larger-sized items, such as patio furniture, outdoor equipment and rugs. Amazon expects the facility to span 1 million square feet.

January 4, 2021

District of Columbia Southeast

Total Number of Weekly Unemployment Claims Dips to 787,000 in Last Week of December

by Alex Tostado January 4, 2021

WASHINGTON, D.C. — A total of 787,000 Americans filed for first-time unemployment insurance assistance for the week ending Dec. 26, the U.S. Department of Labor reported Thursday, Dec. 31. The most recent figure marks a decrease of 19,000 claims from the previous week, though claims remain historically high compared to pre-pandemic numbers when claims hovered around 200,000 per week. Economists surveyed by Dow Jones expected the tally to rise to 828,000. The four-week moving average increased by 17,750 claims to 836,750 from the previous week. Continuing claims, for which data lags a week, fell by 103,000 claims to 5.2 million for the week ending Dec. 19.

January 4, 2021

Acquisitions North Carolina Office Southeast

Drawbridge Realty Acquires Office Building in Durham for $89.7M

by Alex Tostado January 4, 2021

DURHAM, N.C. — Drawbridge Realty has acquired an 11-story, 260,000-square-foot office building located at 4820 Emperor Blvd. in Durham for $89.7 million. The building, originally constructed in 2009, serves as the headquarters for IQVIA Holdings Inc., a provider of healthcare clinical research. The asset is situated on seven acres in the southeastern portion of Research Triangle Park, 10 miles southeast of downtown Durham. Russell Ingrum and Ben Kilgore of CBRE represented the buyer in the transaction. Franklin Street Properties Corp. was the seller.

January 4, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $23.5M Sale of Shopping Center in High Point, North Carolina

by Alex Tostado January 4, 2021

HIGH POINT, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. First National Realty Partners acquired the property, which is located in North Carolina’s Triad region.

January 4, 2021

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