Southeast

Hunt Underway on $166M Herndon Square Mixed-Use Project in Downtown Atlanta

by Jeff Shaw June 15, 2020

ATLANTA — Hunt Development Group has started construction of Phase I of Herndon Square, a 12-acre, mixed-use project in downtown Atlanta. Upon full build-out, the project will feature 700 residential units, 40,000 square feet of retail space and 20,000 square feet of community space open to the general public. The site is located on Northside Drive, approximately one mile north of Mercedes-Benz Arena, Philips Arena, Centennial Olympic Park and the other attractions in the heart of the city. The project, a redevelopment of the former Herndon Homes affordable community, will feature a mix of affordable and market-rate apartments and for-sale townhomes. Development costs are estimated at $166 million. Phase I of the project will include a five-story affordable housing building for seniors totaling 97 units, as well as an associated surface parking lot. Phase II will include a residential building and mixed-use building with a grocery store as the ground-floor anchor. Phase III will add another residential building and a second mixed-use building with ground-floor retail and apartments above, as well as the Herndon Green public outdoor area and a community supportive services building. Phase IV will add a final apartment building, while the fifth and final phase will add …

June 15, 2020

District of Columbia Market Reports Southeast Southeast Market Reports

D.C.’s Tax Rate Maze: An Imperfect System Has Increased Property Taxes for Many Real Estate Owners

by John Nelson June 15, 2020

By Sydney Bardouil, Esq. If you own or manage real property in the District of Columbia and are wondering why your real estate tax bill has gone up in recent years, you are not alone. One common culprit is rising assessed value, but that may not be the main or only source of an increase. A less obvious contributor may be a new, different, or incorrect tax rate. Since tax rates vary greatly depending on a property’s use, staying diligent when it comes to your real estate’s tax class and billed rate is critical. The District of Columbia applies differing tax rates to residential, commercial, mixed-use, vacant and blighted properties. Why is this important? Because the classification can make a considerable difference in annual tax liability – even for two properties with identical assessment values. For example, a multifamily complex assessed at $20 million incurs a tax liability of $170,000 per year while the same property, if designated as blighted, incurs an annual tax liability almost twelve times greater at $2 million. Therefore, the assessed value is just one piece of the puzzle. Keeping a sharp eye on a property’s tax bill for the accuracy of any tax rate changes …

June 15, 2020

Acquisitions Industrial North Carolina South Carolina Southeast

Albany Road Real Estate Sells Industrial Portfolio in Metro Charlotte for $75.5M

by Alex Tostado June 12, 2020

CHARLOTTE, N.C. — Albany Road Real Estate Partners has sold an industrial portfolio comprising four properties in metro Charlotte for $75.5 million. The first property, Overlook 77, totals three buildings at 5521 Lakeview Road in Charlotte. The portfolio includes two parks on the north side: International Corporate Center, a five-building property located at 4601 Corporate Drive in Concord, and the three-building Lakefield Corporate Center located at 307 Oates Road in Mooresville. The final property is the two-building SouthCross Corporate Center in Rock Hill, S.C. The property is situated at 3042 SouthCross Blvd., 21 miles southwest of downtown Charlotte. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, and Grayson Hawkins of CBRE represented the seller in the transaction. The buyer, CIP Real Estate, retained Anne Johnson and Bryan Crutcher of CBRE to handle leasing efforts for the portfolio.

June 12, 2020

District of Columbia Multifamily Southeast

NMHC Rent Tracker: 80.8 Percent of Apartment Households Paid June Rent

by Alex Tostado June 12, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker found that as of June 6, 80.8 percent of apartment households paid rent for the month of June. The Washington, D.C.-based organization reports that the June figure is a 0.6 percent increase over May 6, but it is a 0.7 percent decrease from this point in June 2019. Nearly 20 percent of households with at-risk wages in small multifamily apartments may have difficulty paying rent, according to a study published June 11 by the Harvard Joint Center for Housing Studies. In addition, 32 percent of renter respondents to the U.S. Census Bureau’s Household Pulse Survey, conducted from May 28 to June 2, reported “no or slight confidence” in their ability to pay next month’s rent. “While our Rent Payment Tracker metric continues to show the resilience and strength of the professionally managed apartment industry, it does not necessarily tell the whole story, as it doesn’t capture rent payments for smaller landlords or for affordable and subsidized properties,” says Doug Bibby, president of NMHC. The organization surveyed apartment management companies responsible for 11.4 million units nationwide. There are 21.4 million apartments nationwide in buildings with more than five units, …

June 12, 2020

Acquisitions Florida Multifamily Southeast

CBRE Arranges $17M Sale of Multifamily Community in Jacksonville

by Alex Tostado June 12, 2020

JACKSONVILLE, FLA. — CBRE has arranged the $17 million sale of Riviera Parkway Apartments, a 134-unit waterfront community in Jacksonville. Situated along the St. Johns River, the property, which was origianlly built in 1937, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, dog park and laundry facilities. The asset is located at 2798 St. Johns Ave., four miles southwest of downtown Jacksonville. Joe Ayers and Cliff Taylor of CBRE represented the seller, KAE Apartments, in the transaction. Maryland Management Co. acquired the property.

June 12, 2020

Florida Leasing Activity Restaurant Retail Southeast

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

by Alex Tostado June 12, 2020

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, producer of electric cars, will open at the development this holiday season. Due to the COVID-19 pandemic, Brickell City Centre closed in March and reopened its doors May 22. The center includes a 500,000-square-foot, open-air shopping center; and five million square feet of office, residential and hotel space in Miami’s Brickell district.

June 12, 2020

Georgia Leasing Activity Office Southeast

Marketing Firm Nebo Signs 16,000 SF Office Lease Within The MET in Atlanta’s Adair Park District

by Alex Tostado June 12, 2020

ATLANTA — Marketing firm Nebo has relocated its office headquarters to a 16,000-square-foot space within The MET Atlanta. The MET is a 1.1 million-square-foot space that features more than 150 tenants and is located at 680 Murphy Ave. in the city’s Adair Park neighborhood, two miles south of downtown Atlanta. Nebo, which was founded in 2004, moved into the new space June 1 on a 10-year lease. Nebo relocated from 1000 Marietta St., where it employed 100 workers. In the new space, Nebo expects to hire an additional 150 employees. The landlord, Atlanta-based Carter, acquired The MET in June 2018.

June 12, 2020

Acquisitions Industrial Maryland Southeast

Terreno Sells Three Industrial Buildings Near Baltimore for $51.2M

by Alex Tostado June 11, 2020

SAN FRANCISCO — Terreno Realty Corp. has sold three industrial buildings comprising 340,000 square feet in metro Baltimore for a total of $51.2 million. The first property, a 66,000-square-foot building located at 7125 Troy Hill Drive in Elkridge, sold for $9.3 million. The asset was fully leased to three tenants at the time of sale. San Francisco-based Terreno sold the second property, which is situated at 7190 Parkway Drive in Hanover, for $25.3 million. The 159,000-square-foot building was fully leased at the time of sale to two tenants. The final building is a 115,000-square-foot asset located at 9070 Junction Drive in Annapolis Junction. Terreno sold the property for $16.6 million. The asset was fully leased at the time of sale to five tenants. The buyer(s) was not disclosed.

June 11, 2020

District of Columbia Southeast

Over 1.5M Americans File First-Time Unemployment Claims as Coronavirus Still Holds Grasp on Economy

by Alex Tostado June 11, 2020

WASHINGTON, D.C. — Over 1.5 million Americans filed for first-time unemployment aid during the week ending June 6, the U.S. Department of Labor reports. The coronavirus has continued its grasp on the U.S. economy, but several governors have allowed their respective states to reopen certain aspects of the economy, including stores, restaurants, office buildings and amusement parks. The U.S. Bureau of Labor Statistics reported last Friday that the economy added 2.5 million jobs in the month of May. Furthermore, for the 10th straight week, the first-time claims have been lower than the previous week, with the most recent figure showing a decrease of 355,000 claims. Additionally, the continued claims decreased by 339,000 on a week-over-week basis to 20.9 million. The four-week moving average of the initial jobless claims for this week was just over 2 million claims, down by 286,250 claims the prior week.

June 11, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Arranges Sale of Newly Built Independent Living Community Near Tampa

by Alex Tostado June 11, 2020

TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.

June 11, 2020

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