Southeast

Bank OZK Provides $174M Construction Loan for Mixed-Use Development of Former Fannie Mae Headquarters in D.C.

by Alex Tostado January 4, 2021

WASHINGTON, D.C. — Bank OZK has provided $174 million in construction financing for Upton Place on Wisconsin, a planned mixed-use development in Washington, D.C., that will feature 689 multifamily units and 100,000 square feet of retail space. Eastdil Secured arranged the loan. The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., expect to break ground in early 2021 and deliver the project in 2024. Donohoe originally developed the site, situated at 4000 Wisconsin Ave., in 1987 as the headquarters for Fannie Mae. The site has sat vacant since Fannie Mae consolidated its headquarters in downtown D.C. in 2014. Upton Place on Wisconsin will comprise a six- and an eight-story building. The multifamily portion is expected to include 65 affordable housing units. SK+I Architecture designed Upton Place to include most of the existing 825 below-grade parking spaces. Communal amenities will include a rooftop pool, three internal courtyards, barbecue areas, fitness center and a yoga studio.

January 4, 2021

Development Industrial Louisiana Southeast

Amazon Chooses Carencro as Site for First Fulfillment Center in Louisiana

by Alex Tostado January 4, 2021

CARENCRO, LA. — Amazon has chosen Carencro for a new $100 million fulfillment center, its first in the state of Louisiana. The Seattle-based e-commerce giant currently operates three delivery centers and seven Whole Foods stores in the state. The property is expected to house 500 full-time employees upon completion, which is slated for the end of 2021. The asset will be situated in Lafayette Parish at the former site of the original Evangeline Downs Casino and Racetrack, near Interstates 49 and 10. Employees at the fulfillment center will pick, pack and ship bulky or larger-sized items, such as patio furniture, outdoor equipment and rugs. Amazon expects the facility to span 1 million square feet.

January 4, 2021

District of Columbia Southeast

Total Number of Weekly Unemployment Claims Dips to 787,000 in Last Week of December

by Alex Tostado January 4, 2021

WASHINGTON, D.C. — A total of 787,000 Americans filed for first-time unemployment insurance assistance for the week ending Dec. 26, the U.S. Department of Labor reported Thursday, Dec. 31. The most recent figure marks a decrease of 19,000 claims from the previous week, though claims remain historically high compared to pre-pandemic numbers when claims hovered around 200,000 per week. Economists surveyed by Dow Jones expected the tally to rise to 828,000. The four-week moving average increased by 17,750 claims to 836,750 from the previous week. Continuing claims, for which data lags a week, fell by 103,000 claims to 5.2 million for the week ending Dec. 19.

January 4, 2021

Acquisitions North Carolina Office Southeast

Drawbridge Realty Acquires Office Building in Durham for $89.7M

by Alex Tostado January 4, 2021

DURHAM, N.C. — Drawbridge Realty has acquired an 11-story, 260,000-square-foot office building located at 4820 Emperor Blvd. in Durham for $89.7 million. The building, originally constructed in 2009, serves as the headquarters for IQVIA Holdings Inc., a provider of healthcare clinical research. The asset is situated on seven acres in the southeastern portion of Research Triangle Park, 10 miles southeast of downtown Durham. Russell Ingrum and Ben Kilgore of CBRE represented the buyer in the transaction. Franklin Street Properties Corp. was the seller.

January 4, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $23.5M Sale of Shopping Center in High Point, North Carolina

by Alex Tostado January 4, 2021

HIGH POINT, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. First National Realty Partners acquired the property, which is located in North Carolina’s Triad region.

January 4, 2021

Acquisitions Industrial Maryland Office Southeast

Edge Brokers $15.7M Sale of Flex Building in Metro D.C.

by Alex Tostado January 4, 2021

LAUREL, MD. — Edge has brokered the $15.7 million sale of a 106,000-square-foot flex warehouse and office building in Laurel. The building was constructed in 1984 as the headquarters for Ritz Camera, which filed for bankruptcy in 2012. Earlier this year, Edge brokered a 37,000-square-foot lease at the property for Advanced Collision, an auto body repair shop. Other tenants at the time of sale included Rolling Green Landscaping and Sans Institute. Edge handled leasing activities on behalf of the seller, an affiliate of Bethesda, Md.-based Bristol Capital Corp., since 2016. The building is located 17 miles northeast of downtown Washington, D.C. Joe Friedman, Kenneth Fellows and Rob Pugh of Edge represented the seller in the transaction. The team also procured the buyer, an undisclosed 1031 exchange investor that Mid-Pacific Advisors represented in the sale.

January 4, 2021

Development Georgia Loans Multifamily Office Southeast

Wells Fargo Provides $290M in Construction Financing for Midtown Union Mixed-Use Development in Atlanta

by Alex Tostado December 23, 2020

ATLANTA — Wells Fargo Bank has provided two construction loans totaling $290 million for Midtown Union, a mixed-use development that broke ground last December in Midtown Atlanta. A joint venture between MetLife Investment Management and Granite Properties is developing a 26-story, 612,000-square-foot office building at the project that will serve as the future headquarters of Invesco. Wells Fargo provided the joint venture with a $210 million loan for the office building, for which general contractor Brasfield & Gorrie has completed seven stories. The office tower will feature 24,000 square feet of ground-level retail, a 12,000-square-foot terrace on the eighth floor, a fitness center and 14-foot floor-to-ceiling windows. Cooper Carry designed the building to also feature an HVAC system that features MERV 13 air filters and Needlepoint Bipolar Ionization technology to combat COVID-19. Additionally, a joint venture between MetLife Investment Management and StreetLights Residential received an $80 million loan for Midtown Union’s 18-story, 355-unit multifamily community adjacent to the office tower. Brasfield & Gorrie has completed 12 levels of the residential space and expects to deliver both buildings in the third quarter of 2022. The community will offer studio, one-, two- and three-bedroom floor plans. Communal amenities will include coworking space, …

December 23, 2020

District of Columbia Multifamily Southeast Virginia

Freddie Mac, Fannie Mae to Extend Forbearance Programs to March 31, 2021

by Alex Tostado December 23, 2020

MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs also require landlords to suspend all evictions for renters during the forbearance period. The two government-sponsored enterprises (GSEs) had announced in June that the programs would expire at the end of 2020. Other tenant protections through the program include: Landlords must provide rent repayment flexibility and cannot require missed or late rents to be paid in one lump sum; Landlords cannot charge late fees or penalties for nonpayments; and Landlords must provide 30 days’ notice for the tenant to vacate during the repayment period. “We are still in the midst of the pandemic, and to continue to provide support for the multifamily market, we are providing additional time for borrowers to request a new or supplemental forbearance agreement,” says Debby Jenkins, executive vice president and head of …

December 23, 2020

District of Columbia Southeast

First-Time Unemployment Claims Dip to 803,000, But Remain at Elevated Level

by Alex Tostado December 23, 2020

WASHINGTON, D.C. — Another 803,000 Americans have filed for initial unemployment insurance assistance for the week ending Dec. 19, the U.S. Department of Labor reported Wednesday. The total is a decrease of 89,000 claims from the prior week’s revised level. Economists surveyed by Dow Jones expected the number to reach 888,000. The four-week moving average increased by 4,000 claims to 818,250. Continuing claims, for which data lags a week, dipped by 200,000 to 5.3 million for the week ending Dec. 12. Prior to the pandemic, weekly first-time unemployment claims hovered around 200,000.

December 23, 2020

Development Industrial Leasing Activity Lee & Associates North Carolina Southeast

Collett Industrial Breaks Ground on 90,720 SF Industrial Facility Near Asheville

by Alex Tostado December 23, 2020

MILLS RIVER, N.C. — Collett Industrial has broken ground on a 90,720-square-foot logistics facility in Mills River. The property is being built on a build-to-suit basis for an undisclosed Fortune 500 retailer. ABC 13 News reports the site is located on School House Road, five miles from Interstate 26 and six miles from Asheville Regional Airport. Randall Bentley and Jordan Skellie of Lee & Associates secured the lease on behalf of the developer. Vannoy Construction is the general contractor for the asset, which is expected to deliver in summer 2021.

December 23, 2020

Newer Posts

Older Posts