Southeast

Lending Environment Still Rocky Due to Pandemic, Say Panelists at InterFace Carolinas

by Alex Tostado October 8, 2020

The lending environment for commercial real estate has started to bounce back in recent months, but there is still hesitation to close deals across most property sectors. There are some attractive opportunities for lenders in today’s climate, such as multifamily and grocery-anchored retail. That was the sentiment expressed during the virtual InterFace Carolinas panel, titled “Capital Markets Update: When and What will Unfreeze the Lending and Financing Environment?” France Media Inc.’s InterFace Conference Group and Southeast Real Estate Business hosted the event Thursday, Oct. 1. Before the coronavirus pandemic caused a nationwide shutdown, the lending environment was the most competitive it had been in recent memory, according to Aaron Derby, managing director at Benefit Street Partners. “The world went from a competitive market to a shutdown overnight,” said Derby. “Capital markets are very temperamental.” Joining Derby on the panel was Hugh Allen, senior vice president and commercial real estate regional director for TD Bank; Steve Clikas, vice president of investments at Protective Life Insurance Co.; Preslava Kovatchevska, director multifamily production and sales at Freddie Mac; and panel moderator Matthew Rocco, president and national production manager for Grandbridge. CMBS market rebounding Derby says that while his firm continued lending in April …

October 8, 2020

Development Mixed-Use South Carolina Southeast

URS Capital, Catalyst Capital to Develop $45M Mixed-Use Project Near Charlotte

by Alex Tostado October 7, 2020

ROCK HILL, S.C. — A joint venture between URS Capital Partners and Catalyst Capital Partners will develop The Exchange at Rock Hill, a planned $45 million mixed-use project in Rock Hill. The property will include 229 multifamily units, coworking office space and 26,000 square feet of retail and commercial space. The joint venture recently closed on the land sales, which included the assemblage of three parcels that were acquired from the City of Rock Hill and private investors. The Exchange at Rock Hill will be situated at the intersection of Dave Lyle Boulevard and E. White Street, adjacent to downtown Rock Hill and 27 miles south of downtown Charlotte. Amenities for the multifamily residents will include a pool, outdoor lounge area, roof deck and a fitness center. Concorde Construction is the general contractor for the apartment component, while Wharton Smith Inc. is the general contractor for the commercial spaces. BB+M Architecture and 505 Design are the project architects, and Land Design is the civil engineer for the site. Pinnacle Bank provided the joint venture with acquisition and construction financing. The co-developers will hold a groundbreaking ceremony Wednesday, Oct. 13.

October 7, 2020

Development Multifamily North Carolina Office Southeast

Dominion Realty Partners Tops Out 29-Story FNB Tower in Uptown Charlotte

by Alex Tostado October 7, 2020

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.

October 7, 2020

Acquisitions Kentucky Retail Southeast

PRG Commercial Arranges $9.3M Sale of Stonybrook South Shopping Center in Louisville

by Alex Tostado October 7, 2020

LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.

October 7, 2020

Leasing Activity Office South Carolina Southeast

Serendipity Labs to Open 20,372 SF Coworking Office in Mount Pleasant, South Carolina

by Alex Tostado October 7, 2020

MOUNT PLEASANT, S.C. — Serendipity Labs will open a 20,372-square-foot coworking space within Portside at Ferry Wharf by the end of this month. The developer and landlord is Atlanta-based Holder Properties. The building is situated at 75 Port City Landing, five miles north of downtown Charleston and along Cooper River. The office space will have COVID-19 guidelines in place, including touchless check-in and registration. Serendipity Labs will feature offices, meeting and focus rooms, retreats for nursing mothers, prayer and meditation, and a work lounge, each with their own air ducts. Kristie Roe of Colliers International | South Carolina represented the tenant in the lease negotiations. Rye, N.Y.-based Serendipity Labs operates more than 35 locations in 19 states.

October 7, 2020

Acquisitions Georgia Retail Southeast

Colliers Negotiates $3.8M Sale of Grocery-Anchored Retail Property in Metro Atlanta

by Alex Tostado October 7, 2020

STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.

October 7, 2020

Development Georgia Mixed-Use Southeast Top Stories

Pinewood Atlanta Studios Rebrands, Unveils 935-Acre Master Development

by Kristin Harlow October 7, 2020

ATLANTA — Pinewood Atlanta Studios, home of blockbuster films such as Avengers: Endgame, has rebranded as Trilith Studios and unveiled a new 935-acre master development in South Atlanta. The project includes the studio as well as businesses, custom homes, “micro villages,” restaurants and schools, all aimed at servicing the film and creative industries. Plans call for more than 220,000 square feet of new spaces on the campus, including a “Creative Office Centre” designed to house content and technology companies as well as 60,000 square feet of stages with computer-generated production technologies. Trilith Development LLC says it “aims to connect business with lifestyle through a European-inspired town that serves as the development’s cultural center.” Construction on the walkable community began two years ago with plans to house 5,000 residents in 1,400 homes, including 600 multifamily units. Barleygarden Kitchen & Craft Bar is the first of 12 food concepts to complement the shops in Town Centre, a 270,000-square-foot retail development. Half of the project is dedicated to green space. Residents will have access to 15 miles of nature trails and 19 landscaped parks. Plans also call for Piedmont Wellness Center, The Forest School and a 60,000-square-foot fitness facility. The Georgia Film Academy …

October 7, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

Morgan Properties Purchases $323M Multifamily Portfolio in Carolinas

by Alex Tostado October 6, 2020

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 18-property multifamily portfolio in North and South Carolina for $323 million. The portfolio comprises 3,256 units, primarily located in metro Charlotte. King of Prussia-based Morgan Properties now owns nearly 5,000 units in the Carolinas. The 10 properties in and around Charlotte comprise 2,243 garden-style units. The properties include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville Apartment Homes in Huntersville. The other three North Carolina properties total 562 units and include Highland Ridge in High Point, Clemmons Station in Clemmons and Enclave at North Point in Winston-Salem. The three properties in South Carolina include Gable Oaks in Rock Hill, 1022 West in Gaffney and Station 153 in Anderson. The three communities comprise 583 units. Morgan Properties plans to implement a $20 million renovation program throughout the portfolio, which will include upgrading curb appeal; renovating kitchens and bathrooms; upgrading communal amenities to include dog parks, playgrounds, fitness centers, club rooms and package rooms with Amazon hub lockers; and installing washers and …

October 6, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Acquires Industrial Portfolio in Tennessee Totaling 1.6 MSF

by Alex Tostado October 6, 2020

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investments have acquired a three-property industrial portfolio in Dresden, Church Hill and Kingsport, Tenn., spanning nearly 1.6 million square feet. Church Hill-based Frog Properties LLC sold the portfolio for an undisclosed price. The property located at 2073 Evergreen St. in Dresden features 30 truck doors, 20- to 35-foot clear heights and rail access with a 1,500-foot rail platform. Champion Homes anchors the 611,556-square-foot facility. The property in Church Hill spans 857,056 square feet. The asset is situated at 121 Kingsport Press Road and features a 300-foot rail spur with access to Norfolk Southern Rail. The Kingsport facility is located on six acres at 2497 Sherwood Road. The 130,751-square-foot property features 20-foot clear heights and 8- to 12-inch thick concrete flooring. Quebecor World, a Canadian-based publishing company, used to occupy the properties in Church Hill and Dresden. Michael Reid of Newmark Knight Frank represented both the buyer and seller, Frog Properties, in the transaction. The sales price was not disclosed.

October 6, 2020

Acquisitions Maryland Multifamily Southeast

JLL Negotiates Sale of 538-Unit Multifamily Community Near D.C.

by Alex Tostado October 6, 2020

GAITHERSBURG, MD. — JLL has arranged the sale of Cadence at Crown, a 538-unit multifamily community in Gaithersburg. JRK Property Holdings acquired the asset for an undisclosed price. The property offers studio to three-bedroom floor plans averaging 863 square feet. Communal amenities include a pool, sundeck, 24-hour fitness center, internet café, conference room, gaming lounge, pet spa and electric car charging stations. The community is situated at 113 Ellington Blvd., 21 miles north of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the undisclosed seller in the transaction.

October 6, 2020

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