ATLANTA — Dwight Capital has provided $40.5 million in HUD financing for Walton Westside, a 254-unit apartment community located at 790 Huff Road NW in Atlanta’s West Midtown. Built in 2014, Walton Westside has one residential building and one garage building. Community amenities include a rooftop patio with a gazebo, swimming pool, dog park, coffee shop and an outdoor fireplace. The property is located 15 miles from the Hartsfield-Jackson Atlanta International Airport. Walton Westside is Energy-Star-certified, thus qualifying for HUD’s Green Mortgage Insurance Premium (MIP) reduction, which was set at 25 basis points. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan on behalf of the undisclosed borrower. Dwight Capital LLC is a commercial real estate finance company based in New York.
LAKELAND, FLA. — Lex Lakeland LLC, an affiliate of Lexington Realty Trust, has purchased a 222,134-square-foot industrial property at 5275 Drane Field Road in Lakeland for $22.3 million. The newly constructed, tilt-wall facility is located on 19.5 acres approximately 2.8 miles from Interstate 4. Ryan Vaught, Robyn Hurrell and Oliver de la Croix-Vaubois of Colliers International represented the seller, Fort Wayne, Ind.-based Bobeck Real Estate, in the transaction. The buyer, a New York-based real estate investment trust (REIT), was self-represented. At the time of the sale, the Lakeland property was 52.9 percent leased to Motion Industries, which occupies 117,440 square feet. Motion Industries is an industrial solutions company based in Birmingham, Ala.
SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …
ORLANDO, FLA. — Cushman & Wakefield has arranged a $14.5 million sale-leaseback for a distribution facility in Orlando. GES, a Las Vegas-based marketing and logistics partner for the exhibition and convention industry, is the seller and the sole tenant of the property. Skye Cook, Brad Torell, Jared Bonshire, David Perez, Taylor Zambito, Rick Colon, Mike Davis and Rick Brugge of Cushman & Wakefield represented GES in the transaction. An affiliate of Coral Springs, Fla.-based Eisenberg Investment Group acquired the property. Located at 4805 W. Sand Lake Road, the 192,700-square-foot property is situated on 17 acres and is used for GES’ regional and international operations. The property includes 44,167 square feet of two-story office space, a trailer storage yard, onsite weigh station, clear heights of 21 feet to 29 feet, 38 dock doors and 254 parking spaces. The GES facility is located 12 miles from Walt Disney World Resort.
NASHVILLE, TENN. — McShane Construction Co. has broken ground on the 322-unit Novel Harpeth Heights in Nashville on behalf of the developer, Crescent Communities. The multifamily property is located in Nashville’s Bellevue neighborhood at 615 Old Hickory Blvd. Positioned on a 22-acre site on Nashville’s southwest side, Novel Harpeth Heights will feature studios, one-, two- and three-bedroom apartment homes ranging in size from 549 to 1,529 square feet. The development will incorporate nearly 28,000 square feet of shared amenity space for tenants, including a fitness and movement studio, game room patio with fire pit, dog spa, gear lounge, library, business center with micro offices, demonstration kitchen with bar and dining lounge and a dog park. McShane began demolition in early February and plans to begin site work in six to eight weeks. The contractor expects to deliver Novel Harpeth Heights in October 2022, and the first residences will be available for occupancy in late 2022. HEDK Architects is the architect of record. Crescent Communities is a Charlotte-based, real estate investor, developer and operator of mixed-use communities.
WASHINGTON, D.C — Nuveen and joint venture partner Norges Bank Investment Management have completed the $18 million renovation of the Franklin Square office building at 1300 Eye St. NW in Washington, D.C. Will Stern, Eli Barnes, Lauryn Harris and Alston Offutt of Avison Young have been the leasing representatives for the 485,000-square-foot building for over 15 years. Washington, D.C.-based architecture firm Hickok Cole designed the renovation, which began in 2020. Some of the new features to the building involve the three-story glass entrance and include contemporary lighting and glass, soft-seating collaboration areas, new modern artwork, an in-lobby barista-operated café and lounge, additional modern security measures, new elevator cabs and elevator mechanical systems. Additional renovations include a 10,000-square-foot conference facility, six conference rooms, breakout areas, a catering kitchen, a 5,000-square-foot fitness facility, an onsite fitness trainer providing classes for building tenants and a bicycle room with bike maintenance stations, lockers, towel service and changing rooms. The building is LEED Gold-certified and features advanced air filtration via the building’s VAV HVAC system using MERV 15 air filters. An events/hospitality manager will be onsite to oversee the new facilities and help coordinate tenant events. The building also features a new mobile app that …
LAKELAND, FLA. — Robert Hernandez of NorthMarq’s Tampa regional office has arranged the $38.2 million Fannie Mae Green Rewards loan for The Shore Apartments, a newly constructed, 300-unit multifamily property in Lakeland. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. The loan includes five years of interest-only payments. Built in 2019-2020, The Shore features 15 three-story residential buildings spread across a 65-acre site. The lakeside property is located at 5680 Waterside Blvd., about 58 miles from Orlando. The Shore’s community amenities include a private lake, resort-style pool and spa, cabanas with outdoor kitchen, fire pit, gas grills, walking trail with fitness stations, playground, dog park, 54-detached garages for rent, two electric car charging stations, car care center, clubhouse, cyber café with coffee bar, theater room, business center, 24-hour fitness center and yoga and spin room. The Shore’s unit interiors feature nine-foot ceilings, walk-in closets, full-size washer and dryer and a private screened-in balcony and most units offering views of the lake and nature preserve. At loan closing, the property was 100 percent occupied.
RICHMOND, VA. — T-Mobile U.S. Inc. has opened a 131,000-square-foot customer care center at White Oak Village, a mixed-use development in Richmond. Aston Capital converted a vacant, former Sam’s Club at White Oak Village into new Class A office space for T-Mobile. The Bellevue, Wash.-based mobile phone carrier is relocating approximately 500 employees from Richmond’s Short Pump area to the building with plans to eventually grow the staff to over 1,000. Charlotte-based Aston Capital acquired the White Oak Village building in February 2020 through an affiliate company, AC Richmond. The company then made renovations to the property, including a new exterior facade and renovated parking and landscaping. The firm also added employee amenities including exercise rooms, gaming room, onsite café and mother’s room. The $30 million project, which is adjacent to more than 900,000 square feet of retail, offices, restaurants and hotels at White Oak Village, was completed in October 2020. Since 2015, Aston Capital has repurposed over 500,000 square feet of former retail properties. Frampton Construction was the general contractor on the conversion and interior upfit, Timmons Group provided civil engineering services and McMillan Pazdan Smith Architecture and JPC Architects were the architects on the project.
METAIRIE, LA. — HREC Investment Advisors has brokered the sale of the 181-unit Sheraton Galleria Metairie Hotel located in Metairie. Len Wormser of HREC exclusively represented the seller, Hotel Capital LLC, in the transaction. Barry Swanson, Michael Salloway, Ketan Patel and Scott Stephens of HREC assisted in the transaction as well. The buyer, Atlanta-based Generation Hospitality, will manage the hotel. The sales price was not disclosed. The Sheraton Galleria Metairie Hotel is located at Four Galleria Blvd. and is five miles from the New Orleans Botanical Garden and seven miles from Louis Armstrong New Orleans International Airport. The property’s rooms feature free Wi-Fi, flat-screen TVs, mini fridges, safes and coffeemakers, as well as room service. Other hotel amenities include a restaurant/bar, a convenience shop, gym, rooftop pool and event space. Hotel Capital LLC is an Indianapolis-based, private equity real estate investment firm.
Nearly three full quarters into the COVID-19 pandemic, no real estate asset class in the Washington, D.C., metro area has shown less macro-level distress than the industrial market. In fact, the industrial market may have actually benefited from the pandemic. Despite the immediate drop in demand and activity that resulted in the second quarter, the metro industrial market has bounced back and posted positive gains in both leasing activity and new construction. No other asset class can claim that in the D.C. area. Much of the industrial activity is centered in Northern Virginia, but Suburban Maryland has remained healthy as well. At the end of the third quarter, the overall vacancy rate for warehouse/logistics space, flex and service center industrial buildings stood at 6.2 percent. Unlike many industrial markets, the Washington, D.C., MSA is a service economy with more than 260 million square feet of space. Early industrial development around the Capital Beltway/Interstate 495 served to support an ever-growing population base driven by the federal government and its contractors. This, however, has changed in the past decade, with high-tech companies entering and dominating the market. Fueling D.C.’s healthy market is its high barrier to entry. Much of the development that …