Southeast

Clarion Partners Sells Office Building in Northern Virginia for $90M

by Alex Tostado November 12, 2020

FALLS CHURCH, VA. — Clarion Partners LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot office building in Falls Church, for $90 million. The buyer was a fund managed by Apollo Global Management. The eight-story building was fully leased at the time of sale and houses the global headquarters for General Dynamics Information Technology (GDIT), a subsidiary of General Dynamics. The seller recently renovated the asset, which was originally delivered in 2001. Upgrades included adding an atrium lobby, rebuilding common areas and enhancing building amenities. Bill Prutting, Jim Meisel and Matt Nicholson of JLL represented the seller in the transaction. The team also procured the buyer. The asset is situated within Fairview Park, a three-building office park 15 miles west of downtown Washington, D.C. In October of this year, Newmark arranged the sale of 3170 and 3180 Fairview Park Drive. “[The building located at] 3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket in Northern Virginia that has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park,” says Prutting. The New York …

November 12, 2020

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Provides $145.2M Acquisition Financing for 12-Property Multifamily Portfolio in North Carolina

by Alex Tostado November 11, 2020

CLEVELAND — KeyBank Real Estate Capital has provided $145.2 million in Freddie Mac financing for the purchase of 12 multifamily communities in North Carolina. Brian Caudel and Andrew Nathenson of Cleveland-based KeyBank originated the loans, which offer 10-year terms with five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower and buyer, Peak Capital Partners. The portfolio comprises garden-style apartments totaling 1,859 units with lot sizes averaging 11 acres. The assets were built between 1985 and 2005. The seller(s) was not disclosed. The properties included in the sale are: 96-unit Arbor Glen in Eden, built in 2004; 128-unit Autumn Park in Oxford, built in 2005; 298-unit Brookwood in Archdale, built in 1987; 108-unit Crossroads Station in Charlotte, built in 2002; 226-unit Crestview in Concord, built in 1985; 156-unit Davidson in Concord, built in 1994; 144-unit Huntington in Concord, built in 1998; 88-unit Lexington Station in Lexington, built in 2002; 120-unit Crown Ridge in Shelby, built in 2003; 148-unit Marion Ridge in Shelby, built in 1999; 279-unit Mooresville Station (I & II) in Mooresville, built in 2000; and 68-unit Stonewood in Mooresville, built in 1987.

November 11, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1 MSF Industrial Facility Near Atlanta

by Alex Tostado November 11, 2020

NEWNAN, GA. — JLL has arranged the sale of Cubes at Bridgeport, a 1 million-square-foot industrial facility in Newnan. A joint venture between CRG, the investment arm of Chicago-based Clayco; U.S. Logistics Fund 1; and Pope & Land completed the shell of the asset on a speculative basis in 2019. The asset features 40-foot clear heights; a 620-foot, cross-loaded bay; and 60-foot speed bays. The property was fully preleased at the time of sale, though the tenant and move-in date were not disclosed. According to JLL, the tenant will bring 500 jobs to the area. The Cubes at Bridgeport is the first building to be delivered within a 500-acre site that will also feature up to 8.5 million square feet of industrial space. The property is situated at the Interstate 85 and Exit 41 interchange, 31 miles southwest of Hartsfield-Jackson Atlanta International Airport. John Huguenard, Britton Burdette, Matt Wirth and Dennis Mitchell of JLL represented the seller, CRG, in the transaction. Chris Tomasulo and Steve Grable of JLL led the leasing efforts for the project. KKR acquired the asset for an undisclosed price.

November 11, 2020

Southeast

Emerging Trends Report: Half of Top 10 Growth Prospect Markets in US are in the Southeast

by Alex Tostado November 11, 2020

WASHINGTON, D.C. — Due to the rise of what the Urban Land Institute (ULI) dubs “18-hour cities,” markets like Raleigh-Durham, Nashville and Charlotte are emerging as hotbeds of growth heading into 2021, according to the latest Emerging Trends in Real Estate report from PricewaterhouseCoopers (PwC) and ULI. Participants in Emerging Trends 2021 are bullish on markets in the Southeast, including Tampa and Washington, D.C./Northern Virginia, as they are experiencing an influx of population because of lower housing costs, business-friendly climates and available jobs. The top 10 U.S markets to watch for overall real estate prospects in 2021 are: Raleigh-Durham, N.C. Austin, Texas Nashville, Tenn. Dallas-Fort Worth, Texas Charlotte, N.C. Tampa-St. Petersburg, Fla. Salt Lake City Washington, D.C./Northern Virginia Boston Long Island, N.Y. *bold indicates a market in the Southeast. Raleigh-Durham is the No. 1 overall real estate market to watch in 2021, according to the Emerging Trends report, in part, due to its trio of research colleges — Duke University, University of North Carolina at Chapel Hill and North Carolina State University — as well as the largest research park in United States, Research Triangle Park. Additionally, there are several high-profile projects underway in the area, including Seaboard Station, Fenton and the redevelopment and expansion of the American Tobacco Campus. ULI and PwC conducted more …

November 11, 2020

Acquisitions Alabama Retail Southeast

Chase Properties Acquires 183,000 SF Retail Center in Dothan, Alabama

by Alex Tostado November 11, 2020

DOTHAN, ALA. — Chase Properties has acquired Shops on the Circle, a 183,000-square-foot retail property in Dothan. TJ Maxx, Big Lots, PetSmart, Five Below and Old Navy anchor the center. The seller and sales price were not disclosed. Shops on the Circle is located at 3500 Ross Clark Circle, three miles northwest of downtown Dothan. Beachwood, Ohio-based Chase Properties says that despite COVID-19, the sale closed on schedule.

November 11, 2020

Acquisitions Florida Industrial Self-Storage Southeast

HPI Real Estate Purchases 752-Unit Self-Storage Facility in Palm Beach County

by Alex Tostado November 11, 2020

LANTANA, FLA. — HPI Real Estate Services & Investments has purchased a 752-unit, 72,910-square-foot CubeSmart self-storage facility in Lantana. CubeSmart manages the property, which is situated at 420 N. Fourth St., 11 miles south of downtown West Palm Beach. The asset was delivered in 2018 and offers 24-hour video surveillance, climate-controlled units and elevator access. The sales price was not disclosed, though Texas-based HPI says this is the first transaction of its new self-storage acquisition fund, which will acquire more than $125 million of assets over the next 12 months. According to Jon Erickson and Jonathan Vollinger of HPI, the all-cash deal closed in 37 days. Zack Urow and Richard Riddle of SkyView Advisors represented the seller, Florida-based Acorn Mini Storage, in the transaction.

November 11, 2020

Development Georgia Mixed-Use Southeast Top Stories

Jamestown Plans to Expand Ponce City Market Adaptive Reuse Project in Atlanta by 500,000 SF

by Kristin Harlow November 11, 2020

ATLANTA — Developer Jamestown has unveiled plans to expand Ponce City Market in Atlanta’s Old Fourth Ward neighborhood by 500,000 square feet. Expansion plans for the mixed-use development include a 100,000-square-foot office building, an outdoor courtyard with 38,000 square feet of shopping and dining space, and more than 400 units of a “hospitality living” concept. Jamestown says the hospitality concept was designed to cater to the way people live and work today, with spaces available for both short-term and long-term leases at accessible price points. Residents will enjoy hotel-like services and amenities, including regular housekeeping and laundry services, a rooftop terrace and pool, and in-building storage units. The office building will offer tenants customizable floorplates with the option to create private outdoor balconies. The ground floor will house 25,000 square feet of retail and restaurant space with a direct connection to the new courtyard. The four-story building is designed to achieve LEED Gold certification and reduce embedded carbon. There will also be bike and scooter parking, designated rideshare drop-off sites, an electric bike share program and electric car charging stations. The next phase of Ponce City Market will also feature an expansion of the Central Food Hall. Jamestown plans to …

November 11, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community in Metro Tampa for $76.4M

by Alex Tostado November 10, 2020

LAND O’ LAKES, FLA. — Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit multifamily community in Land O’ Lakes, for $76.4 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Unit interiors feature granite countertops, hurricane-impact windows, screened-in patios and balconies, washers and dryers, walk-in closets and stainless steel appliances. Communal amenities include a saltwater pool, clubhouse, 24-hour fitness center, club room and a dog park. The community is located at 2300 Tapestry Park Drive, 20 miles north of downtown Tampa. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller, Arlington Properties, in the transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated acquisition financing on behalf of Passco.

November 10, 2020

Development Multifamily North Carolina Southeast

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado November 10, 2020

WAKE FOREST, N.C. — A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

November 10, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Logistics Firm Completes $16.2M Sale-Leaseback of Warehouse in Metro Miami

by Alex Tostado November 10, 2020

DORAL, FLA. — Logistics firm Clover Systems has sold a 113,891-square-foot warehouse in Doral for $16.2 million. The family-owned company signed a short-term lease to remain at 1910 NW 97th Ave., which is situated nine miles east of Miami International Airport and 15 miles east of downtown Miami. The buyer was Los Angeles-based 1910 NW 97th Ave Owner LLC, an institutional investor registered in Delaware. The warehouse was originally built in 1979 and was most recently traded in 1996 for $4.7 million. Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the transaction. Stephen DiGiacomo, Roger Zuniga and Patty Marquez of DiGiacomo Group represented the seller.

November 10, 2020

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