Southeast

Berkadia Arranges $75M Refinancing Loan for Multifamily Community in Northern Virginia

by Alex Tostado December 22, 2020

MANASSAS, VA. — Berkadia has arranged a $75 million refinancing loan for Arcadia Run, a 616-unit multifamily community in Manassas. Allianz Real Estate of America provided the 20-year loan, which features a fixed interest rate below 2.5 percent. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and a firepit. The asset is situated at 11775 Boltania Drive, 37 miles southwest of downtown Washington, D.C. Andy Ahlers of Berkadia arranged the loan on behalf of the borrower, California-based Arcadia Run LLC.

December 22, 2020

Acquisitions Affordable Housing Maryland Multifamily Southeast

NHP Foundation Purchases 63-Unit Townhome Property in Suburban Maryland to Preserve as Affordable Housing

by Alex Tostado December 22, 2020

FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, including installing new roofs, patching the parking lot and expanding the first floors of the three end units to install units in compliance with the American Disability Association (ADA). The renovations are slated to begin in the third quarter of 2021. NHPF will utilize a $20 million loan from several sources, such as HUD, short-term tax-exempt bonds and Low-Income Housing Tax Credits. Originally built in 1985, Overlook Manor is located at 1208 Alban Court, equidistant to Baltimore and Washington, D.C. The seller and sales price were not disclosed.

December 22, 2020

District of Columbia Leasing Activity Office Southeast

The Atlantic to Move Office Headquarters to The Wharf in D.C.

by Alex Tostado December 22, 2020

WASHINGTON, D.C. — Media company The Atlantic will move its headquarters to the top two floors of an office building located at 610 Water St. within Phase II of The Wharf in Washington, D.C. Hoffman Madison Waterfront,a joint venture between Hoffman & Associates and Madison Marquette, is developing the 90,000-square-foot office building, which is situated three miles south of downtown D.C. and along the Washington Channel waterway. The Atlantic’s current headquarters are located at 600 New Hampshire Ave. in D.C. Morris Adjmi Architects is designing the five-story office building, which will feature 11-foot ceilings, 360-degree views and a 10,000-square-foot outdoor terrace. Phase II of The Wharf, which will also include retail, hospitality and residential space, is expected to deliver in 2022. Phase II will also include two more office buildings known as 670 and 680 Maine Avenue, which will be anchored by law firm Williams & Connolly LLP.

December 22, 2020

District of Columbia Market Reports Retail Southeast Southeast Market Reports

Pandemic Hits Retail Investment Sales in D.C., But Signs of Revival Start to Show

by John Nelson December 22, 2020

The retail investment sales market in the Washington, D.C.-Baltimore metro area, just like the rest of the United States, has been detrimentally impacted by COVID-19. Multi-tenant retail investment markets have essentially shut down, sellers and buyers are unable to come to pricing conclusions and most investment opportunities have shifted into urban areas that are experiencing more immediate distress. As COVID-19 cases continue to spike, and with further tightening of lockdown policy likely forthcoming, this trend will continue as the restaurant and entertainment industry bears the brunt of winter. This will present investors with the opportunity to purchase fundamentally solid urban real estate at a discount as the market for larger shopping centers waits to reset. It comes as no surprise that shopping center investment sales are anemic. Over the trailing three months in the D.C.-Baltimore area, there has been a paltry $49 million in sales volume across three transactions for retail centers exceeding $10 million. This compared to $196 million across nine transactions in the same period last year, a 75 percent decrease in volume. Further, of these transactions, two of them — Bel Air Town Center, purchased by JCR Cos. for $21 million, and Hagerstown Shopping Center, purchased by …

December 22, 2020

Development Florida Office Southeast

Ringling and Orange to Develop 10-Story Office Building in Downtown Sarasota

by John Nelson December 21, 2020

SARASOTA, FLA. — Ringling and Orange LLC, a private developer and investor based in Sarasota, will develop The Offices at Ringling Plaza, an 84,600-square-foot office building in downtown Sarasota. The 10-story asset will include five floors of parking and five floors of office space, each offering approximately 17,000 square feet. In addition, two retail spaces totaling 2,250 square feet will be located on the ground level of the building. Further amenities will include 10-foot ceilings, a rooftop amenity deck with a sky lounge and views of Sarasota Bay. The Office of Ringling Plaza will offer post-COVID-19 design elements, such as touchless entry and HVAC upgrades. The developer expects to break ground on the project in the second quarter of 2021 and deliver the building in the fourth quarter of 2022. Hoyt Architects designed the building and Brasfield & Gorrie is the general contractor. According to the office’s leasing agency, Ian Black Real Estate, this will be the first office building delivered in downtown Sarasota spanning more than 30,000 square feet in 20 years.

December 21, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

Capstone Negotiates Sales of Two Apartment Communities in the Carolinas Totaling $44.5M

by John Nelson December 21, 2020

BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions. In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange. In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west …

December 21, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires 505-Unit Multifamily Community in Metro Atlanta

by John Nelson December 21, 2020

SANDY SPRINGS, GA. — Houston-based Venterra Realty has acquired The Harrison, a 505-unit multifamily community in Sandy Springs. The seller is Covenant Capital Group, a private equity investor based in Nashville. The property spans 40 acres and offers one-, two- and three-bedroom floor plans ranging from 900 to 1,649 square feet. Rents range from $1,104 to $1,554 per month. Communal amenities include two playgrounds, a sand volleyball court, bocce ball court, pool, grilling area and a dog park. The Harrison was built in 1975 and is situated at 5675 Roswell Road, 12 miles north of downtown Atlanta. The sales price was not disclosed.

December 21, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $4.2M Sale of Orlando Gas Station Leased to Wawa

by John Nelson December 21, 2020

ORLANDO, FLA. — SRS Real Estate Partners has arranged the $4.2 million ground-lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL, a brokerage affiliate of NNN Capital LLC, represented the undisclosed seller.

December 21, 2020

Leasing Activity Maryland Mixed-Use Restaurant Retail Southeast

KLNB Arranges Four Retail Leases at The Can Company Building in Baltimore

by John Nelson December 21, 2020

BALTIMORE — KLNB has brokered four retail leases totaling 9,000 square feet within The Can Company building in Baltimore’s Canton neighborhood. Ryan Wilner led the KLNB team that represented the landlord, a joint venture between MCB Real Estate, Angelo Gordon and JMC Holdings LLC, in all four transactions. The new tenants include HalfSmoke, Kisner’s Salon & Barber, uBreakiFix and AllCare Family Medicine and Urgent Care. HalfSmoke is a Washington, D.C.-based restaurant that will occupy 4,000 square feet at The Can Company building. This will be the restaurant’s first location in Baltimore and third overall. Kisner’s will occupy 1,300 square feet, marking the second location for the 14-year-old company. This will also be the first location in Baltimore City for uBreakiFix, an electronics repair store. The chain, specializing in iPhone, Samsung, PC, Mac and other phones and tablets, has 10 stores in Maryland. Lastly, AllCare will occupy 2,275 square feet. This will be the medical office’s first site in Baltimore and sixth in Maryland. The Can Company is a 205,865-square-foot mixed-use building situated at 2400 Boston St., two miles southeast of downtown Baltimore. MCB Real Estate completed renovations at the property in 2018. The asset, which was originally built in 1895, …

December 21, 2020

Development Industrial South Carolina Southeast

Textile Manufacturer to Invest $100M in Upstate South Carolina to Expand Production Facility

by Alex Tostado December 18, 2020

SIMPSONVILLE, S.C. — Fitesa plans to invest $100 million in and create 40 jobs over the next five years to expand its footprint in Simpsonville. Fitesa was founded in 1973 and designs and manufactures nonwoven fabrics for the hygiene and healthcare industries. The facility is situated at 840 SE Main St., less than one mile from Interstate 385 and 14 miles southeast of downtown Greenville. The expansion will include a new production line that will manufacture materials for the healthcare industry. The expansion is expected to be completed in 2023. The company is headquartered in Brazil and has executive offices in Simpsonville.

December 18, 2020

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