Southeast

Shorenstein Properties Sells Miami Office Complex for $230M

by Taylor Williams March 22, 2021

MIAMI — Shorenstein Properties, a privately owned investment firm with offices in New York City and San Francisco, has sold 2 & 3 MiamiCentral, a 320,000-square-foot office complex in the city’s downtown area. A fund backed by Blackstone purchased the property for $230 million. Constructed in 2018, the two-building complex is located within MiamiCentral, a transit-oriented, mixed-use development that spans nine acres and roughly 3 million square feet of residential and commercial space. The site’s history as a transit hub dates back to 1896, when it served as the southern terminus for Henry Flagler’s Florida East Coast Railway that ran throughout the Florida Keys. According to the Miami Herald, Florida East Coast was the original developer of the MiamiCentral project in 2007. The first office building rises 17 stories and includes a 288-space valet parking garage. The second building comprises four floors of office, eight levels of parking and a 33,000-square-foot Publix grocery store on the ground floor. Amenities include a conference room, caterer’s kitchen, fitness center with locker rooms and an outdoor amenity deck. In addition, the adjacent MiamiCentral train station houses an 18,000-square-foot food hall with more than 20 different food and beverage vendors. Blackstone is also a …

March 22, 2021

Market Reports Office Southeast Southeast Market Reports Tennessee

Nashville’s Office Pipeline Remains Robust to House Relocating, Expanding Firms

by John Nelson March 22, 2021

In addition to the COVID-19 pandemic in 2020, Nashville weathered tornadoes that traveled through its core in the first quarter and a bomb explosion on 2nd Avenue North in the fourth quarter. Both catastrophes destroyed commercial properties. Despite these events last year, the fundamentals that make Nashville a strong office market remain unchanged. Nashville stays a magnet for corporate relocations, most recently attracting multiple companies from California. According to the Nashville Area Chamber of Commerce data, The Daily Wire, Design Lab, N2M Advisory and Revance Therapeutics announced relocations in the second half of 2020. These announcements encompass over 100,000 square feet of office to be occupied and 540 jobs total. Industry experts surveyed by Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) for the latest Emerging Trends in Real Estate report ranked Nashville as the No. 3 “Market to Watch in 2021.” This is Nashville’s sixth consecutive year in the top 10. The report credits Nashville’s attractive business climate, affordable cost of living and speed of recovery post-COVID-19. The report names Nashville as one of six new boomtowns as it’s a top in-migration market that is attracting a large share of smart young workers. Additionally, ULI and PwC acknowledge that Nashville …

March 22, 2021

Acquisitions Maryland Multifamily Southeast

Excelsa Properties Acquires Multifamily Community in Camp Springs, Maryland for $64M

by Julia Sanders March 19, 2021

CAMP SPRINGS, MD. — Excelsa Properties has acquired Tribeca at Camp Springs, a multifamily property located at 4701 Old Soper Road in Camp Springs, for $64 million. This is the seventh multifamily property acquisition for the Excelsa US Real Estate I LP investment vehicle. The seller was not disclosed. Tribeca features 224 apartments and over 18,000 square feet of retail space. Completed in 2006, Tribeca’s units feature nine-foot ceilings, poured concrete construction and structured parking. The property is located adjacent to the Branch Avenue Metro station. Excelsa and its undisclosed joint venture partner intends to invest more than $2 million in property upgrades at Tribeca, including improvements to unit interiors, common areas and amenities.

March 19, 2021

Acquisitions Georgia Multifamily Single-Family Rental Southeast

J.P. Morgan Purchases New Single-Family Rental Community in Athens, Georgia for $50.8M

by Julia Sanders March 19, 2021

ATHENS, GA. — New York-based J.P. Morgan has purchased The Cottages at Ridge Pointe, a single-family rental community in Athens, for $50.8 million. The seller is Vinings, Ga.-based Jim Chapman Communities, which delivered the 216-unit community property in 2020. Located at 805 Zelkova Ridge, the property comprises single-story rental ranch cottages. Each rental unit includes private patios and front-porch entryways, kitchens with granite countertops and subway tile backsplashes, designer lighting, stainless steel appliances, wide doorways, a zero-step entry into the home, walk-in closets and attached, single-car garages. Community amenities include a resort-style pool, a 4,000-square-foot clubhouse with fitness center, catering kitchen and leasing and management offices. The community also offers onsite management by Atlanta-based RangeWater Real Estate, which includes 24-hour emergency maintenance service.

March 19, 2021

Acquisitions Development Industrial North Carolina Southeast

Trinity Capital Advisors to Develop 274,370 SF Industrial Project in Durham

by Julia Sanders March 19, 2021

DURHAM, N.C. — Trinity Capital Advisors has acquired 20 acres at 923 Ellis Road in Durham to develop a 274,370-square-foot, Class A industrial building known as the 147 Exchange. The site is located near the Durham Freeway and Highway 147 in Raleigh-Durham’s Research Triangle Park (RTP) industrial submarket. The 147 Exchange building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors and two ground-level drive-in doors. Parking is expected to accommodate 274 cars with an additional 50 trailer parking spots. Trinity Capital has hired CBRE’s industrial team of Ann-Stewart Patterson, Bryan Everett and Austin Nagy to handle leasing of the building. Trinity Capital expects to open the property in the first quarter of 2022. DMA Architecture is in charge of architectural services, and Seamon Whiteside is the lead for civil engineering services. The industrial project is Trinity Capital’s second RTP property in the works. Development has commenced for the firm’s Alexander Commerce Park, a three-building industrial park totaling 441,000 square feet. Trinity Capital’s other projects in the Carolinas include 850,000 square feet in Charleston’s Palmetto Commerce Park and plans for 600,000 square feet in the Charlotte region at Delta Industrial Park. The firm is also currently developing the …

March 19, 2021

Acquisitions Florida Retail Southeast

RK Centers Purchases Shopping Center in Plantation, Florida for $17M

by Julia Sanders March 19, 2021

PLANTATION, FLA. — RK Centers, a privately held family-owned real estate development company, has purchased Veranda Shoppes, a 45,000-square-foot shopping center in Plantation. The property is situated on 4.2 acres at 550 N. Pine Island Road. Adam Feinstein of Cushman & Wakefield represented the seller, Jacksonville-based Regency Centers, in the $17 million transaction. Built in 2007, Veranda Shoppes is home to several neighborhood shopping, dining and service options. The Publix-anchored center is leased to tenants such as Anthony’s Coal Fired Pizza, Pei Wei Asian Diner, Dunkin’, Venetian Nails Spa and the Banfield Pet Hospital.

March 19, 2021

Alabama Development Multifamily Restaurant Retail Southeast

RCP Breaks Ground on Apartment Building in Huntsville, Alabama

by Julia Sanders March 19, 2021

HUNTSVILLE, ALA. — RCP Cos. has broken ground on Metronome at MidCity, a five-story multifamily building featuring 296 apartment homes with retail and restaurant space on the ground floor. The property is located in Huntsville’s MidCity District, a $1 billion mixed-use project underway at the intersection of University Drive and Research Park Boulevard. Metronome is situated in the heart of MidCity’s 140-acre district. The property’s open tenants include Topgolf, REI Co-op, Dave & Buster’s, High Point Climbing & Fitness, Wahlburgers, Kung Fu Tea and Kamado Ramen, as well as The Camp, an outdoor venue featuring a food truck garden, coffee shop and bar, live music stage and a weekly farmer’s market. Trader Joe’s is scheduled to open later this year. Huntsville Amphitheater, an 8,000-seat venue, is currently under construction with a planned opening of spring 2022. Metronome at MidCity will offer 12 different floor plans including studio, one-, two- and three-bedroom units. Each home will feature smart thermostats, high-speed internet, Wi-Fi, stainless steel appliances, quartz countertops and full-size, in-home laundry. Select units include high ceilings, balconies, offices/dens and kitchen islands. Community amenities will include a 24-hour fitness center, resort-style saltwater pool, outdoor kitchen, pocket parks with a fireplace/firepit, fountain feature, …

March 19, 2021

Development Georgia Mixed-Use Southeast

Hallmark Venture Group Acquires 1.2 MSF Mall at Stonecrest in Metro Atlanta, Plans Mixed-Use Campus

by Julia Sanders March 18, 2021

STONECREST, GA. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million. Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. No construction timeline for the redevelopment was disclosed. Situated in southeast DeKalb County, Stonecrest features more than 100 national and regional retail chains that include Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture. The Boca Raton, Fla.-based buyer is retaining Urban Retail Properties LLC to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.

March 18, 2021

Acquisitions Alabama Multifamily Southeast

Berkadia Brokers $100.8M Sale of The Park at Hoover Apartment Community in Metro Birmingham

by Julia Sanders March 18, 2021

HOOVER, ALA. — Berkadia has brokered the $100.8 million sale of The Park at Hoover, a 1,060-unit, garden-style apartment community in suburban Birmingham. The Class B complex is the largest apartment community in Alabama, according to Berkadia. The buyer, Miami-based Westside Capital Group, split the acquisition into two separate transactions and financed each with floating-rate debt. David Oakley, David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia’s Birmingham office arranged the sale on behalf of the undisclosed seller. Charles Foschini and Chris Apone of Berkadia’s Miami office arranged two 10-year Freddie Mac loans on behalf of Westside Capital totaling $75.6 million. The 920-unit Phase I of The Park is located in Hoover and was built in 1988, while the newer 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, a large fitness center, four tennis courts, sports court, dog park, playground and a 6,685-square-foot clubhouse. Westside Capital plans to renovate the apartment community to improve its walkability and rebrand the complex into three separate properties. The buyer also plans to explore potential development opportunities on the 101-acre site. Westside Capital’s property management arm WS Living will operate the property …

March 18, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Newmark Arranges $95M Sale of New Student Housing Property Near Georgia Tech in Atlanta

by Julia Sanders March 18, 2021

ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech. Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, Ascott Residence Trust. This is the first investment in the U.S. student housing sector for Ascott, a hospitality trust based in Singapore. Signature West Midtown features studio and one- to five-bedroom units. Community amenities include a gym, pool, rooftop lounges and barbeque pits, a business center, study lounges, game room and delivery lockers.

March 18, 2021

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