Southeast

Birtcher Anderson & Davis, Belay Investment Group Purchases $17.1M Sunstate Business Park in Tampa

by Julia Sanders March 2, 2021

TAMPA, FLA. — A joint venture between Birtcher Anderson & Davis and Belay Investment Group has purchased Sunstate Business Park in Tampa for $17.1 million. The property’s eight buildings total 180,323 square feet of flex and industrial space and are located at the intersection of West Waters Avenue and Sunstate Street, two miles from Tampa International Airport. Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Indianapolis-based Citimark. The buyer was self-represented. At the time of the sale, Sunstate Business Park was 91.1 percent leased to 26 tenants, including Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group. The property recently underwent capital improvements to refresh signage, landscaping and exterior paint. Having sold off over 1 million square feet in Tampa-based assets over the past two years, Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.

March 2, 2021

Development Florida Retail Southeast

JLL Secures Construction Financing for Publix-Anchored Center Near Fort Myers, Florida

by Julia Sanders March 2, 2021

BABCOCK RANCH, FLA. — JLL Capital Markets has secured construction financing for the development of Crescent B Commons, an 82,640-square-foot, Publix-anchored neighborhood shopping center in Babcock Ranch, a new town situated northeast of Fort Myers. Tarik Bateh and Jennifer Swanson of JLL arranged the loan through Ameris Bank on behalf of the developer, Kitson & Partners. Construction on Crescent B Commons began in August 2020 and is slated to be completed in summer 2021. The Publix is set to open shortly after. Crescent B Commons will be located in the front of Babcock Ranch, a Kitson & Partners’ planned community that is self-described as the United States’ first solar-powered town.

March 2, 2021

Leasing Activity Retail Southeast Virginia

Combined Properties Signs Leases With Three New Retailers at Sugarland Crossing in Sterling, Virginia

by Julia Sanders March 2, 2021

STERLING, VA. — Combined Properties has signed three new tenants, including two anchor leases, at Sugarland Crossing shopping center in Sterling. The three tenants are JOANN Fabrics and Crafts, Lidl and Tropical Smoothie Café. Sugarland Crossing is located at the intersection of Route 7 and Community Plaza in Sterling, about 30 miles west of Washington, D.C. JOANN Fabrics and Crafts, a Hudson, Ohio-based fabric and crafts retailer, will open in a 35,000-square-foot space previously occupied by Home Vivant Furniture. Lidl, the Germany-based discount grocery chain, is signed on to replace the former Shoppers Food Warehouse as the grocery anchor in a 26,114-square-foot store this spring. Tropical Smoothie Café, a quick-service chain offering sandwiches, wraps, salads and flatbreads, is also scheduled to open in the spring. Sugarland Crossing is a 256,500-square-foot center in Loudoun County. Other tenants include Party City, Patient First, Club Pilates, FedEx Office, Firehouse Subs, Chipotle Mexican Grill, PHOrever, Chick-fil-A and Dunkin’. Combined Properties is a Washington, D.C.-based private real estate company specializing in retail, multifamily and mixed-use.

March 2, 2021

Build-to-Rent Content Partner Features Finance Insight Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Single-Family Rental and Build-for-Rent in High Demand

by Sarah Daniels March 2, 2021

A number of factors are driving an increase in demand for single-family rental assets. Declines in home ownership rates, increasing demand/short supply for multifamily options and baby boomer renting preferences have made renting these single-family properties an increasingly popular choice. Meanwhile, COVID-19 spurred increases in teleworking that created a desire for additional space in the home and allowed more people to move to suburban locations — accelerating demand for single-family rental properties. Seeing the growing demand and increasing rents in the single-family rental (SFR) and build-for-rent (BFR) sector, Walker & Dunlop has created a new team — Walker & Dunlop SFR & BFR Practice Group — to provide investors information on construction, bridge lending, permanent financing, equity structuring and property sales, for a market estimated at $3.4 trillion (compared to $3.5 trillion for the multifamily market).1 Popularity, high occupancy and increasing rent rates have drawn the attention of larger investors to SFR and BFR assets, according to Kris Mikkelsen, executive vice president of investment sales with Walker & Dunlop. “Currently, larger investors make up less than 2 percent of the SFR market, which has been traditionally governed by individuals or small-scale parties. But that number will increase as investors recognize …

March 2, 2021

Features Finance Insight Midwest Multifamily Northeast Southeast Texas Western

Q&A with Trevor Koskovich, President of Investment Sales for NorthMarq

by Sarah Daniels March 2, 2021

NorthMarq has added a multifamily investment sales team to its Charlotte and Raleigh, N.C., offices. The new team, which consists of Andrea Howard, Jeff Glenn, John Currin, Allan Lynch and Caylor Mark, all formerly of JLL, brings NorthMarq’s investment sales locations to 18. This addition also allows NorthMarq to expand its visibility, Carolinas coverage and service offerings to clients as the firm sets its sights on high-growth markets. Trevor Koskovich, NorthMarq’s president of investment sales, sat down with Finance Insight to discuss the multifamily investment sales market and his new five-person team. Finance Insight: What does this new team and location add to the NorthMarq platform and breadth of services? Koskovich: The new Raleigh and Charlotte locations allow NorthMarq to be in lower-regulation, high-growth U.S. regions. From an investment sales perspective, we’re really targeting high-growth markets for population movement and investment sales transaction volume. Raleigh and Charlotte continue to be part of this conversation, and we’re super excited about our new team’s ability to service those markets. This new team will help us drive more business through the Southeast and in overlapping markets, including Nashville, Chattanooga and north Florida. These team members are an integral part of our growth platform, …

March 2, 2021

District of Columbia Features Southeast Southeast Feature Archive

NRF: US Retail Sales to Grow Between 6.5 and 8.2 Percent in 2021

by Julia Sanders March 1, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) predicts that U.S. retail sales will grow anywhere from 6.5 percent to 8.2 percent this year, with a total of more than $4.3 trillion in sales. The NRF attributes the expected growth in retail sales to the effectiveness of the COVID-19 vaccines over the course of the year, which will lead to stores to be frequented en masse. Many Americans were homebound in 2020 and so in turn they shifted to a more e-commerce focus. Online sales grew by 21.9 percent last year to total $969.4 billion in sales. The NRF reported that overall retail sales grew 6.7 percent to $4.1 trillion last year. (The numbers exclude automobile dealers, gasoline stations and restaurants.) E-commerce is anticipated to grow even more in 2021, with the NRF predicting a 18 to 23 percent growth rate and for online sales to hover around $1.14 trillion to $1.19 trillion. Additionally, the Washington, D.C.-based trade group expects the economy to gain from 220,000 to 300,000 jobs each month this year. Overall, the NRF predicts GDP annualized growth of 4.5 to 5 percent, up from the 4.1 percent annualized growth in fourth-quarter 2020. NRF’s chief economist Jack Kleinhenz …

March 1, 2021

Development Florida Loans Multifamily Retail Southeast

Trez Capital Provides $70M Construction Loan for Block 40 Multifamily Project in South Florida

by Julia Sanders March 1, 2021

HOLLYWOOD, FLA. — Trez Capital has provided a $70 million construction loan for Block 40, a high-rise multifamily project located at 1818 Hollywood Blvd. in downtown Hollywood. The community will be situated along the city’s famous Young Circle. The borrower, an entity doing business as Block 40 LLC, has begun construction. Block 40 is a 19-story project with 273 apartment units and 20,779 square feet of ground-floor retail space. The apartments will have Class A finishes, including stainless appliances, stone counters, designer cabinets, modern plumbing and light fixtures, breakfast bars, washer and dryers and patios. Community amenities will include a rooftop pool and deck, fitness center, clubroom with kitchen, concierge, valet parking, Wifi in common areas and 24 hour security. The tenants in the retail space are undecided at this time. Trez Capital provides short-term debt and equity financing usually between six months and 36 months in term, ranging from $5 million to more than $100 million in loan value. The firm has offices in Vancouver, Toronto, Montreal, Dallas, New York and Palm Beach, Fla.

March 1, 2021

Acquisitions Affordable Housing Multifamily South Carolina Southeast

Standard Communities Leads Partnership to Acquire, Renovate 300-Unit Affordable Housing Community in Charleston

by Julia Sanders March 1, 2021

CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction. The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain …

March 1, 2021

2209 Sulphur Spring Road Industrial Facility

Acquisitions Industrial Maryland Southeast

JLL Secures Acquisition Financing for 313,000 SF Industrial Facility in Baltimore

by Julia Sanders March 1, 2021

BALTIMORE — JLL Capital Markets has secured acquisition financing for a fully leased, 313,000-square-foot infill warehouse at 2209 Sulphur Spring Road in Baltimore near Interstates 95 and 695. Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge of JLL represented the seller, The O’Donnell Group, in the transaction. Paul Spellman of JLL secured acquisition financing on behalf of the new owner, Aminim Group. The property price was not disclosed. Located 7.5 miles from Baltimore/Washington International Thurgood Airport, the property features approximately one acre of fenced storage, heavy power, security, 35 loading docks and the potential for 56 trailer drops. Tenants of the industrial facility include Liberty Tire Recycling and Indusco Wire Rope & Fittings. Since 2013, the property received about $6.5 million of capital improvements, including a new roof, T5 and LED lighting, dock seals, 35,000-pound levers, façade accents and two new bridges. In 2018, the O’Donnell Group reached out to Dave Dannenfelser and Tyler Boykin of JLL to lease the property, which was purchased in December 2017 with a pending full-building vacancy. Within 12 months, the team brought the vacant warehouse to full occupancy with an average lease term of more than seven years. The O’Donnell Group is a …

March 1, 2021

Acquisitions Florida Industrial Southeast

Bruner Group Arranges $17M Sale of Former Sam’s Club in Lake Worth Beach, Florida

by Julia Sanders March 1, 2021

LAKE WORTH BEACH, FLA. — Bruner Group has arranged the sale of a 135,268-square-foot warehouse at 7233 N. Seacrest Blvd. in Lake Worth Beach. Alliance 7233 Seacrest LLC bought the 15.8-acre property, which previously housed a Sam’s Club. In 2019, the seller, 7233 Seacrest Boulevard LLC, originally bought the property for $13 million, and sold the property this year for $17 million. The former Sam’s Club building features 22- to 27-foot clear heights, dock and grade loading, heavy power, 800-plus parking space, natural gas and air conditioning. The property is located off Interstate 95 at Hypoluxo Road in central Palm Beach County. Alliance 7233 Seacrest LLC, an affiliate of Pennsylvania-based Alliance Partners HSP, is an owner and developer of industrial, office and mixed-use real estate. Bruner Group is a commercial real estate agency based in Delray Beach, Fla.

March 1, 2021

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