Southeast

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

by Katie Sloan June 3, 2021

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …

June 3, 2021

Loans Office South Carolina Southeast

3650 REIT Provides $68.5M Refinancing Loan for Patewood Corporate Center in Greenville

by Julia Sanders June 2, 2021

GREENVILLE, S.C. — 3650 REIT has provided a $68.5 million loan to refinance Patewood Corporate Center, a six-building, 447,000-square-foot office park located at 10-80 Patewood Drive in Greenville. Joe Hercenberg of Walker & Dunlop arranged the seven-year, fixed-rate loan through JFR Global Investments. The financing brings 3650 REIT to approximately $301.7 million in capital deployed in 2021 year-to-date. Built in 1985 and renovated in 2015, Patewood Corporate Center offers space at a discount to buildings located in Greenville’s urban core. The center is the closest suburban office park to downtown Greenville and is close Interstates 385 and 85, as well as Greenville-Spartanburg International Airport. The tenants are mostly engineering companies, including Raytheon Technologies and Day & Zimmermann. 3650 REIT is a Miami-based commercial real estate lender originating and servicing portfolio loans for relationship borrowers. The company has recently provided a $68 million loan to fund the acquisition of PetSmart Headquarters, which is a three-building, approximately 365,000-square-foot office complex located in Phoenix.

June 2, 2021

Development North Carolina Office Southeast

USAA to Open 90,000 SF Office in Charlotte’s South End

by Julia Sanders June 2, 2021

CHARLOTTE, N.C. — USAA will open a new 90,000-square-foot office in Charlotte later this year. The San Antonio- based financial services company entered into a lease agreement with the undisclosed landlord to occupy space within The Square at South End, a 10-story office building located at 200 W. Boulevard. The new location was selected because of the area’s highly skilled individuals in the financial services sector. USAA already has a number of employees living in the Charlotte area. The new office location will eventually host approximately 750 employees who will work either onsite or in a hybrid model. USAA will lease six floors of the 153,000-square-foot building. Employees are expected to begin moving into the building by the end of 2021.

June 2, 2021

Acquisitions Multifamily South Carolina Southeast

Capstone Brokers $49M Sale of Vantage at Powdersville Apartments in Greenville

by Julia Sanders June 2, 2021

GREENVILLE, S.C. — Capstone Apartment Partners has brokered the $49 million sale of Vantage at Powdersville, a 288-unit, garden-style apartment community in Greenville. The property is situated on 22 acres in west Greenville at the intersection of Anderson Road and State Road 153, about 19 miles from Greenville-Spartanburg International Airport and 7.2 miles from downtown Greenville. Caleb Troop, Austin Green and Alex McDermott of Capstone represented the seller, Vantage Communities, in conjunction with Marcus & Millichap’s Institutional Property Advisors. The buyer is California-based RK Properties, which plans to complete light upgrades to the community amenities and interior units. Built in 2019, Vantage at Powdersville features one-, two- and three-bedroom apartment homes with wood-style flooring, fully equipped kitchens, ceiling fans, walk-in closets, full-size washers and dryers and a patio or balcony. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, business center, dog parks and washing stations and garages. The community was approximately 97 percent occupied at the time of closing. Vantage at Powdersville is RK’s third transaction in the Carolinas in the past seven months. The company purchased Haven Pointe at Carolina Forest in Myrtle Beach this year, as well as Novel Research Park in Charlotte late last year. …

June 2, 2021

Acquisitions Florida Industrial Southeast

LRC Properties Purchases 600 Whittaker Road Warehouse in Jacksonville for $29.6M

by Julia Sanders June 2, 2021

JACKSONVILLE, FLA. — LRC Properties has purchased 600 Whittaker Road in Jacksonville for $29.6 million. The 469,830-square-foot warehouse is the New York-based firm’s first industrial acquisition in Jacksonville. LRC Properties partnered on the deal with Machine Investment Group, and Rialto Capital provided $24.7 million debt financing. The seller was not disclosed. The warehouse property is located in the northside submarket of Jacksonville near Interstates 95, 295 and 10. The property features warehouse space, 32-foot clear heights, loading areas and trailer parking. LRC plans to make cosmetic upgrades to the property and improve signage. With this purchase, LRC owns approximately 6 million square feet of commercial properties in the Southeast. The company recently purchased two properties known as the 640,000-square-foot Technicolor Building in Memphis and a 288,000-square-foot industrial property at 2 Dell Parkway in Nashville.

June 2, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $24.5M Sale of Marina Del Rey Apartments in Miami Beach

by Julia Sanders June 2, 2021

MIAMI BEACH, FLA. — Cushman & Wakefield has arranged the $24.5 million sale of Marina Del Rey, a 108-unit waterfront apartment community in Miami Beach. Calum Weaver, Garrett Pordes, Robert Given, Zach Sackley and Troy Ballard of Cushman & Wakefield represented the seller, Finvarb Group, in the transaction. An entity doing business as 1006 Bay Drive LLC was the buyer. Located at 1006-1022 Bay Drive, Marina Del Rey features over 400 feet of direct water frontage with views of Biscayne Bay and downtown Miami.

June 2, 2021

Acquisitions Office Southeast Top Stories Virginia

JLL Brokers $113.5M Sale of Dulles Executive Plaza Office Complex in Northern Virginia

by Kristin Harlow June 2, 2021

HERNDON, VA. — JLL Capital Markets has brokered the $113.5 million sale of Dulles Executive Plaza in Northern Virginia’s Herndon. The two-building, Class A office complex totals 384,336 square feet. Dulles Executive Plaza is located at 13530 and 13560 Dulles Technology Drive. The Innovation Center Silver Line Metro Rail Station, scheduled to open later this year, will connect the property to the broader Washington, D.C. region. Built from 2000 to 2001 and renovated in 2019, the office complex features amenities such as a conference center, fitness facility, tenant lounge and food service. The property is 94 percent leased to tenants such as Lockheed Martin and Constellis. Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller, a partnership between affiliates of Lionstone Investments and funds advised by Columbia Real Estate Management, which is a subsidiary of Columbia Property Trust. The team also procured the buyer, Innovatus Capital Partners LLC. Paul Spellman, Rob Carey and Susan Carras of JLL secured an undisclosed amount of acquisition financing on behalf of Innovatus. New York City-based Innovatus is an independent advisor and portfolio management firm with approximately $1.5 billion in assets under management. — Kristin Hiller

June 2, 2021

Acquisitions North Carolina Office Retail Southeast

CBRE Global Investors Acquires 110,000 SF Office, Retail Portfolio in Charlotte’s South End

by Julia Sanders June 1, 2021

CHARLOTTE, N.C. — A fund sponsored by CBRE Global Investors has acquired the South End Collection, a recently renovated office and retail portfolio in Charlotte totaling 110,000 square feet. Charlotte-based Asana Partners sold the portfolio for an undisclosed amount. The South End Collection is located in Charlotte’s South End neighborhood and features three creative office and retail properties that are all 100 percent leased. One of the properties is a 37,351-square-foot, single-story building located at 2116 Hawkins St. The property is fully leased to Krispy Kreme, which occupies 31,176 square feet of creative office space for its corporate operations and a 6,175-square-foot Krispy Kreme restaurant. The second property, located at 222 Rampart St., is a 24,210-square-foot, single-story creative office building. The building is fully leased to Skiptown, a dog daycare, boarding and bar facility. Lastly, 307 West Tremont Ave. is a single-story, 47,533-square-foot property occupied by Spaces and Pins Mechanical Co. Spaces is a flexible workspace offering from parent company Regus that occupies 27,400 square feet. Occupying 20,133 square feet of retail space, Pins Mechanical is an entertainment venue offering activities like duckpin bowling, bocce ball and ping pong. The South End Collection sits on a 6.5-acre site close to …

June 1, 2021

Florida Loans Office Southeast

JLL Secures $19.4M in Financing for Office Complex in Boca Raton, Florida

by Julia Sanders June 1, 2021

BOCA RATON, FLA. — JLL Capital Markets has secured financing for Glades Twin Plaza, a two-building office complex totaling 97,815 square feet in Boca Raton. Chris Drew, Brian Gaswirth, Michael DiCosimo and Reid Carleton of JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing includes initial and future funding totaling $19.4 million. Glades Twin Plaza is situated on 5.3 acres at 2300 Glades Road. The property is part of the larger Glades Plaza mixed-use development, which is also owned by Sterling Organization. Glades Twin Plaza is close to Interstate 95 and is less than three miles away from the Florida Turnpike.

June 1, 2021

Acquisitions Multifamily Southeast Tennessee

Capstone Brokers $14M Sale of Bouldercrest Apartments in Knoxville

by Julia Sanders June 1, 2021

KNOXVILLE, TENN. — Capstone Apartment Partners has brokered the $14 million sale of Bouldercrest Apartments, a 180-unit multifamily community located along Interstate 640 in Knoxville. Adam Klenk, Tyler Mayo, Luke Searcy and Jordan Arand of Capstone represented the buyer, an entity doing business as Bouldercrest GP, in the transaction. The Northeast-based firm plans to modernize unit interiors and enhance the community’s amenity package. Built in 1986, Bouldercrest Apartments includes studio, one- and two-bedroom apartment homes with fully equipped kitchens, vaulted ceilings, washer/dryer connections, walk-up attic storage and a patio or balcony. The community was 96.1 percent occupied at the time of sale.

June 1, 2021

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