Southeast

Hunt Capital, Durham Housing Authority Plan Redevelopment of 177-Unit J.J. Henderson Senior Apartments in North Carolina

by John Nelson February 3, 2021

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with Signature Bank called Hunt Capital Partners Tax Credit Fund 39. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a public subsidy contract to a long-term Project-Based Rental Assistance Section 8 Housing Assistance Payment (HAP) contract. Situated on 1.8 acres, J.J. Henderson Senior Apartments is an existing public housing property featuring a nine-story residential complex that contains 177 units for seniors 62 and older, or any age if disabled. It is currently 98 percent occupied and has a waiting list of six to 12 months. This will be the first major rehabilitation of J.J. Henderson Senior Apartments since it was built in 1978. Rehabilitation will include ADA and …

February 3, 2021

Acquisitions Florida Hospitality Southeast

Casa Hotels Group Purchases Eva Hotel in Miami Beach for $8.1M

by John Nelson February 3, 2021

MIAMI BEACH, FLA. — An affiliate of Casa Hotels Group has purchased a 30-room hotel in Miami Beach known as the Eva Hotel. CBRE facilitated the $8.1 million sale of the property, which features a fast-casual restaurant and covered parking. Natalie Castillo and Joshua Beene of CBRE represented the seller, Lender West LLC, in the transaction. The Eva Hotel is located at 1506 Collins Ave., between the shopping and entertainment enclaves of Lincoln Road and Española Way and just across the street from the northernmost point of Ocean Drive. The property is situated a half-block from the beach and five miles away from Miami International Airport. The Eva Hotel was originally built in 1962 and last renovated in 2016. The Casa Hotels Group plans to renovate the property before reopening in 2022.

February 3, 2021

Development Hawaii Maryland Mixed-Use Multifamily Nevada Southeast Texas Top Stories Western

Howard Hughes Corp. to Add 2 MSF of New Development Across Four Master-Planned Communities

by Kristin Harlow February 3, 2021

HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …

February 3, 2021

Loans Office Southeast Virginia

JLL Arranges $50M Loan for Office Building in Northern Virginia

by John Nelson February 2, 2021

TYSONS, VA. — JLL Capital Markets has arranged a $50 million loan for Eastboro V, a 222,989-square-foot, Class A office building in Tysons. Paul Spellman, Dan McIntyre, Rob Carey and Drake Greer of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Meridian Group. The lender was an unnamed national bank. Eastboro V is located at 8251 Greensboro Drive, adjacent to the Greensboro Metrorail station in Northern Virginia. The property is fully leased to Booz Allen Hamilton, which uses the property as its global headquarters. The property was completed in 1996 as a build-to-suit for the tech consultant firm, whose clients include members of the defense industry and intelligence agencies. Eastboro V features a rooftop deck, fitness center, conference center, tenant-only outdoor sports court, electric bikeshare program, concierge service, tenant lounge, exterior patio and two onsite cafes. The property is positioned within walking distance of The Boro, a 4.3 million-square-foot mixed-use project that was developed by Meridian. The Meridian Group is an office, residential, hotel and mixed-use developer and investor based in Bethesda, Md.

February 2, 2021

Acquisitions Mississippi Multifamily Southeast

Carter Multifamily Acquires Apartment Community Near Jackson, Mississippi for $26.6M

by John Nelson February 2, 2021

RIDGELAND, MISS. — Carter Multifamily has acquired The Gables, a 168-unit apartment community in suburban Jackson, for approximately $26.6 million. The property is located just north of downtown Jackson and approximately two miles off Interstate 55 in the suburb of Ridgeland. The seller was not disclosed. The Gables features one-, two- and three-bedroom floorplan options. Community amenities include a resort-style pool and spa, gated entry, detached garages, outdoor grilling areas, fitness center and an onsite laundry facility. The buyer intends to enchance the community’s amenity package and complete interior and exterior upgrades. Carter Multifamily is private, value-add multifamily investment firm based in Tampa.

February 2, 2021

Acquisitions Florida Loans Lument Multifamily Southeast

Lument Provides $22M Acquisition Loan for Daytona Beach Apartment Community

by John Nelson February 2, 2021

DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.

February 2, 2021

Industrial Leasing Activity South Carolina Southeast

CNC Cabinetry Signs 109,000 SF Industrial Lease in Spartanburg, South Carolina

by John Nelson February 2, 2021

SPARTANBURG, S.C. — CNC Cabinetry, a manufacturer and distributor of kitchen and bathroom cabinetry and countertops in the Northeast, has leased 109,000 square feet of newly built speculative industrial space in Spartanburg. The landlord, Atlanta-based Rooker, has developed 559,000 square feet of Class A industrial space within Spartan Ridge Logistics Center since 2018. Following the CNC Cabinetry lease, only 176,800 square feet remains available for lease within the development. The speculative industrial space is located at 2000 Nazareth Church Road near Exit 66 of Interstate 85. Dillon Swayngim of Colliers International represented CNC Cabinetry in the lease transaction. Travis Hicks and Chase Clancy of Colliers’ Austin office referred the tenant. Trey Pennington and Jeff Benedict of CBRE represented the landlord. CNC Cabinetry will bring approximately 30 jobs to the Upstate South Carolina area, with warehouse and distribution operations beginning at the new facility this spring. More jobs may need to be filled as manufacturing and assembly are added at this location in the future.

February 2, 2021

Leasing Activity North Carolina Retail Southeast

Mitchell Gold + Bob Williams Home Furnishings Opens at Asheville Outlets in North Carolina

by John Nelson February 2, 2021

ASHEVILLE, N.C. — Mitchell Gold + Bob Williams Home Furnishings Outlet has opened at Asheville Outlets, an outlet mall located at the intersection of Interstate 40 and Interstate 26 in Asheville. The furniture retailer occupies a 14,900-square-foot space that formerly housed Forever 21. The property is situated at 800 Brevard Road, roughly five miles southwest of downtown Asheville. New England Development is the owner and operator of Asheville Outlets, which opened in May 2015. Asheville Outlets includes more than 70 retailers and restaurants, including J. Crew, Nike Factory Store, Under Armour and Tommy Hilfiger. The new Mitchell Gold + Bob Williams store is the largest authorized factory-direct outlet for the North Carolina-based brand. Mitchell Gold + Bob Williams offers furniture including sofas, sleepers, sectionals, accent chairs, beds, chests, nightstands, bookcases, media consoles, bar carts and dining tables.

February 2, 2021

Development Industrial Maryland Southeast

Cabot Properties, MRP Industrial to Develop 86,840 SF Industrial Building in Metro D.C.

by John Nelson February 1, 2021

UPPER MARLBORO, MD. — Cabot Properties Inc. and MRP Industrial are co-developing a speculative 86,840-square-foot warehouse/industrial building in Upper Marlboro, a Washington, D.C., suburb in Maryland’s Prince George’s County. The site is located on an approximate seven-acre parcel within Collington Park, with delivery expected to occur in the fall. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. The property will be a single-story concrete tilt-wall building with 32-foot clear heights, 23 dock and two drive-in doors, LED lighting, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open-space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile operations and can accommodate both a single- and multi-tenant use. Located 20 miles from Washington, D.C., and 40 miles from the Port of Baltimore, Collington Park is situated close to Interstate 495 and MD Route 301 and has more than 4 million square feet of industrial/warehouse space, with a current vacancy rate under 3.7 percent. Target and Amazon combined occupy more than 1 million square feet within the park. Other tenants include FedEx, …

February 1, 2021

Acquisitions Georgia Southeast

IMG Acquires Metro Atlanta Apartment Complex for $42.9M

by John Nelson February 1, 2021

SANDY SPRINGS, GA. — Investors Management Group Inc. (IMG) has acquired a metro Atlanta apartment complex known as the Veridian at Sandy Springs. IMG paid $42.9 million for the 272-unit property, or approximately $157,700 per unit. The Veridian was built in 1980 at 1800 Windridge Drive in Sandy Springs, near Ga. Highway 400 and Interstate 285. The community’s amenities include a clubhouse, fitness center, pool and picnic areas. The property includes 17 buildings with one- and two-bedroom units that recently received over $5 million in upgrades. IMG plans to invest an additional $2.3 million in capital improvements. IMG is a Woodland Hills, Calif.-based real estate investment and asset management firm. Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing on behalf of IMG.

February 1, 2021

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