Southeast

Phillips Realty Capital Secures $58M Construction Financing for Apartment Project in Upper Marlboro, Maryland

by Julia Sanders May 13, 2021

UPPER MARLBORO, MD. — Phillips Realty Capital has secured $58 million in debt and equity financing for the construction of St. Joseph Apartments, a four-story, 268-unit multifamily project in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty arranged a $45.1 million construction loan through United Bank on behalf of the borrower, Varsity Investment Group. Additionally, Remington and Jenkins sourced a $12.8 million preferred equity investment by FCP. St. Joseph Apartments will be located one mile from the Largo Metro Station and near Woodmore Town Center, which has a Wegmans, Costco and Best Buy. Phillips Realty Capital is Bethesda, Md.-based commercial real estate finance firm. Varsity Investment Group is a commercial real estate development company specializing in student housing, market-rate, mixed-use and retail development. United Bank is a community bank and subsidiary of United Bankshares Inc.

May 13, 2021

Acquisitions Florida Office Southeast

Forefront Collier Venture Purchases Office, Flex Property in Naples, Florida for $13.1M

by Julia Sanders May 13, 2021

NAPLES, FLA. — Forefront Collier Venture LLC has purchased an approximately 75,875-square-foot office, warehouse and flex property located at 1030, 1035 and 1040 Collier Center Way in Naples. The sellers were Star Investments Inc., Collier Center Way Development Inc. and Business Lane Development Inc. David Stevens of Investment Properties Corp. and Clay Winfield of WBDC Inc. represented the sellers in the transaction. Brock Rasmussen of Lee & Associates represented the buyer.

May 13, 2021

Acquisitions Georgia Retail Southeast

Skyline Seven Arranges $12.4M Sale of Rivermont Square Shopping Center in Alpharetta, Georgia

by Julia Sanders May 13, 2021

ALPHARETTA, GA. — Skyline Seven Real Estate has arranged the $12.4 million sale of Rivermont Square, a 102,800-square-foot, Goodwill-anchored shopping center in the northern Atlanta suburb of Alpharetta. Kenny Holzer, Elliott Kyle and Chase Murphy of Atlanta-based Skyline Seven represented the undisclosed seller in the transaction. Wes Allen with Pinnacle Leasing & Management LLC represented the undisclosed buyer. Rivermont Square includes a freestanding Starbucks, as well as a vacant outparcel previously occupied by Verizon Wireless. The 12-plus acre property is located at 8560 and 8514 Holcomb Bridge Road and is shadow-anchored by Kroger.

May 13, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Decrease to New Pandemic-Era Low of 473,000

by Julia Sanders May 13, 2021

WASHINGTON, D.C. — A total of 473,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 8, the U.S. Department of Labor reported Thursday. These claims were a decrease of 34,000 from last week’s revised unemployment claims of 507,000 and were the lowest level the claims have been since the beginning of the COVID-19 pandemic. The claims are still double than what they were before the pandemic started. Following government stimulus checks and expanded unemployment benefits, some employers have decided to pay their workers more, in order to incentivize them to stay working. By the end of June, Chipotle Mexican Grill says it plans to raise its hourly wages to $15 an hour, as well as a $200 employee referral bonus for current employees. McDonald’s has also announced it is raising the hourly wages for its U.S. company-owned restaurants by an average of 10 percent. The Wall Street Journal reports that in the week that ended April 17, 16.2 million Americans were receiving unemployment benefits. The newspaper also reports that average hourly earnings have risen by 21 cents to $30.17 in April for private-sector employees.

May 13, 2021

Development Industrial Maryland Southeast

Matan to Open U.S. Manufacturing Facility for Ellume in Frederick, Maryland

by Julia Sanders May 12, 2021

FREDERICK, MD. — Matan will open a U.S. manufacturing facility in Frederick for the digital diagnostics company, Ellume. Once fully operational, the facility will have the capacity to produce 19 million Ellume COVID-19 Home Tests per month. The facility is on track to begin limited operation in the second half of 2021, and will be Ellume’s first U.S. located facility. The Ellume COVID-19 Home Test was the first rapid COVID-19 self-test to be granted Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) for both asymptomatic and symptomatic use without a prescription. In February, Ellume announced a $231.8 million investment from the U.S. Department of Defense (DOD) and Department of Health and Human Services (HHS) to accelerate production of its COVID-19 home tests. The agreement provided funding to support the establishment of Ellume’s first U.S. manufacturing facility. As part of this agreement, Ellume will provide 8.5 million COVID-19 home tests to the U.S. government by end of the year. Ellume’s U.S. operation will include two manufacturing facilities totaling more than 180,000 square feet that Matan Progress Labs is developing. Matan, a Washington, D.C.-based commercial real estate development firm, says the company will deliver the first two buildings in …

May 12, 2021

Acquisitions Multifamily Southeast Virginia

JLL Arranges $113M Sale of Ravens Crest Apartments in Manassas, Virginia

by Julia Sanders May 12, 2021

MANASSAS, VA. — JLL Capital Markets has arranged the $113 million sale of Ravens Crest, a garden-style multifamily community located in Manassas, which is about 30 miles from Washington D.C. JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp., to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors. Additionally, Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL arranged acquisition financing on behalf of Clarion and Blackfin. Ravens Crest has a total of 444 one- and two-bedroom units that have been recently updated to feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. Community amenities include a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool, outdoor kitchen and recreation areas. The property also has a jogging trail located right behind it. Ravens Crest is located at 8098 Ravens Crest Court. In the past, the property has had a 95 percent occupancy rate with an average rent growth of 3.7 percent annually.

May 12, 2021

Georgia Industrial Leasing Activity Southeast

CBRE Secures 499,200 SF Industrial Lease for East Coast Warehouse in Savannah

by Julia Sanders May 12, 2021

SAVANNAH, GA. — CBRE has secured a 499,200-square-foot industrial lease with East Coast Warehouse at 521 Morgan Lakes Blvd. in Savannah. Bill Waxman, Chris Dempsey and Blaine Kelley of CBRE represented the tenant in the lease transaction. CBRE’s Bill Sparks represented the landlord, Principal Financial. There are currently no other tenants in the building. New Jersey-based East Coast Warehouse provides temperature-controlled logistics services to the food and beverage industry. East Coast Warehouse has also expanded in other port markets along the East Coast, such as the Ports of New York/New Jersey, Philadelphia and Baltimore. The industrial facility totals nearly 1 million square feet and features 36-foot clear heights, LED lighting and 220 dock doors. It is located close to Interstates 95 and 16 and the Port of Savannah.

May 12, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers $11.4M Sale of Cherokee Commons Shopping Center in Suburban Atlanta

by Julia Sanders May 12, 2021

ACWORTH, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot, Kroger-anchored retail property located 33 miles north of Atlanta in Acworth. Built in 1986, the center was 91 percent leased to tenants including Pet Supplies Plus and CosmoProf at the time of sale. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.

May 12, 2021

Affordable Housing Development Florida Multifamily Southeast

Redwood, Winston Capital Nearing Completion of Workforce Housing Community in Miami-Dade County

by Julia Sanders May 12, 2021

OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.

May 12, 2021

Content Partner Data Centers Features Industrial Midwest NAI Northeast Southeast Texas Western

NAI Global: Industrial Demand Rooted in Long-Term Changes to Distribution, Manufacturing

by Sarah Daniels May 12, 2021

Shifting behaviors and expectations for consumers, manufacturers and distributors have made industrial space central to the commercial real estate landscape. “This is an asset class that for 25 years of my 39 years in the commercial real estate business was a boring, middle-of-the-road class. But this steady investment has just exploded,” says Jay Olshonsky, president and CEO of NAI Global. Much of the most recent change has been driven by the particulars of the COVID-19 pandemic. Delivery became a way of life for those socially distancing, creating an instant need for more distribution and warehousing centers. Olshonsky explains that the behavioral changes starting in March of 2020 accelerated trends (online shopping, delivery/pickup services and working from home) that might otherwise have taken five or more years to come to fruition. Olshonsky explains that there are still hurdles for this ascendant product type to overcome, but the changes we’ve seen over the last year will remain. Industrial Not a Bubble “Industrial is here to stay,” says Olshonsky. “COVID accelerated trends that already existed, but those trends were already in motion. We’re seeing some changes that are fundamental.” The need for delivery and warehouses is fed by new expectations: “Ecommerce is the …

May 12, 2021

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