Southeast

Meridian Group Acquires Two Office Buildings in Northern Virginia for $58.3M

by Alex Tostado April 17, 2020

VIENNA, VA. — The Meridian Group has acquired 1951 Kidwell Drive and 193 Gallows Road in Vienna for a combined $58.3 million. The eight-story building at 1951 Kidwell spans 172,957 square feet and was 75 percent leased at the time of sale. The building located at 1953 Gallows is also eight stories and comprises 256,714 square feet. It was 55 percent leased at the time of sale. Meridian plans to upgrade the common areas and amenities of both assets in an effort to improve occupancy. The two buildings are situated within a half mile of each other and 13 miles west of downtown Washington, D.C. Eastdil Secured represented the buyer in the transaction. The seller(s) was not disclosed.

April 17, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $3.2M Sale of Shoppes at Veranda Park in Orlando

by Alex Tostado April 17, 2020

ORLANDO, FLA. — SRS Investment Properties Group has brokered the $3.2 million sale of Shoppes at Veranda Park, the ground-floor retail portion of a four-story condominium building in Orlando. Shoppes at Veranda Park houses eight retail tenants spanning 17,603 square feet. At the time of sale, the property was fully leased to tenants including Rhythm Dance Academy, Goodwill, Axianta Financial Partners, Filutowski Eye Institute, Gemini Hookah Lounge, Easy Work Space, Alora Health Spa and Caterings Best. The property is located at 2295 S. Hiawassee Road, nine miles west of downtown Orlando and within MetroWest. The master-planned, 1,805-acre MetroWest development features 10,000 residential units spread over a wide range of single-family homes, apartments, townhomes and condominium developments. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, Unicorp National Developments Inc., in the transaction. John Krzyminski and Max Krzyminski of JLL represented the undisclosed buyer.

April 17, 2020

Acquisitions Maryland Office Southeast

JLL Brokers Sale of 212,153 SF Medical Office Campus in Metro D.C.

by Alex Tostado April 16, 2020

SILVER SPRING, MD. — JLL has brokered the sale of Colesville Medical Campus, a three-building, 212,153-square-foot medical office campus in Silver Spring. The asset is situated at 10720, 10750 and 10770 Columbia Pike, 10 miles north of downtown Washington, D.C. The property is positioned within a 10-mile radius of 12 hospitals with more than 3,000 beds. Trinity Health and Holy Cross Health, which operates its home care and hospice operations at the property, anchor the campus. The seller, Beckham Gumbin Ventures, acquired the asset in 2016 when it was 43 percent leased. At the time of sale, Colesville Medical was 82 percent leased. The campus features amenities such as a fitness center, conference center facility and parking for more than 789 vehicles. Ben Appel, Dave Baker, Jim Meisel, Andrew Weir and Matt Nicholson of JLL represented the seller in the transaction. Robert Carey, Daniel Turley and Evan Parker of JLL arranged an undisclosed amount of acquisition financing for the buyer, Austin, Texas-based Virtus Real Estate Capital.

April 16, 2020

District of Columbia Southeast

Another 5.2 Million Americans File for Unemployment as COVID-19 Pandemic Continues to Take Toll

by Alex Tostado April 16, 2020

WASHINGTON, D.C. — An estimated 5.2 million people filed for first-time unemployment in the week ending April 11, the U.S. Department of Labor reports. COVID-19 has continued to take a toll on the daily lives of almost every American and those around the world as local, state and federal governments issue stay-at-home orders and urge non-essential businesses to close to the public. Over the past four weeks, the total number of Americans filing for unemployment has exceeded 22 million, according to the Department of Labor. To put the pandemic’s swift movement through the economy into perspective, there were 24.4 million jobs created over the past 11 years since the Great Recession, according to the Department of Labor. The latest weekly unemployment claims figure is down from 6.6 million the prior week. As of this writing, there were 31,015 deaths and 640,291 confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU).

April 16, 2020

Acquisitions Office Southeast West Virginia

Sentinel Net Lease Acquires Amazon Customer Service Center in West Virginia for $16.9M

by Alex Tostado April 16, 2020

HUNTINGTON, W.VA. — Sentinel Net Lease has acquired a 68,693-square-foot Amazon Customer Service Center in Huntington for $16.9 million. An affiliate of Lexington Realty Trust sold the office property, which spans 7.9 acres within Kinetic Park. Amazon has seven years remaining on its lease, as well as four five-year renewal options, according to CBRE. The 105-acre park is situated four miles south of downtown Huntington. According to public records, Wesbanco Bank Inc. provided an $11.8 million acquisition loan to the buyer. Will Pike of CBRE represented the seller in the transaction, and Matson Kane and Teddy Leonard of Sands Investment Group represented the buyer.

April 16, 2020

Acquisitions Georgia Multifamily Southeast

Franklin Street Arranges $17.3M Sale of Multifamily Community in South Atlanta Suburb

by Alex Tostado April 16, 2020

JONESBORO, GA. — Franklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. The community, which was originally built in 1986, features communal amenities such as a pool, playground and a dog park. Chase Village is situated at 100 Chase Village Drive, 15 miles south of downtown Atlanta. Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner of Franklin Street represented both the seller, Peak Capital Partners, and the buyer, Oak Residential Partners, in the transaction.

April 16, 2020

Acquisitions Office Southeast Virginia

Colliers Negotiates $14.7M Sale of Medical Office Building in Stafford, Virginia

by Alex Tostado April 16, 2020

STAFFORD, VA. — Colliers International has negotiated the $14.7 million sale of 50 Teach Parkway, a 94,064-square-foot medical office building in Stafford. The property was 94.5 percent leased at the time of sale to tenants including the United States government, BAE Systems and Space Dynamics Laboratory. The building is situated within the North Stafford Center for Business & Tech, a three-building office park adjacent to Quantico Marine Corp Base. The asset is situated 43 miles southwest of downtown Washington, D.C. Will Bradley, Mark Williford and Lee Cherwek of Colliers represented the seller, Golden Eagle Group.

April 16, 2020

Acquisitions Florida Multifamily Southeast Student Housing Top Stories

Partnership to Complete $231M Student Housing Development Near Florida International University by Start of School Year

by Alex Tostado April 16, 2020

MIAMI — Construction is underway on The One at University City, a planned 1,244-bed student housing community located across the street from the Florida International University (FIU) campus in Miami. University Bridge provided a $231 million bond issuance for the project. A partnership between Global City Development, RER Ventures and Podium Developments is building the community, which is slated for completion before the 2020-2021 academic school year. Landmark Properties has been tapped to manage the community, which is 45 percent preleased to more than 500 students. The 886-unit community will offer studio, one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a sundeck, pool, fitness center, study lounges on each floor and a resident clubroom. Rents will start at $1,275 per month for a studio, $1,320 per month for a one-bedroom unit, $1,085 per month per room for a two-bedroom, $1,080 per month per room for a three-bedroom and $1,015 per month per room for a four-bedroom unit. “As we work through these extremely challenging times, it is encouraging to look forward to an environment later this year where we can begin to welcome FIU’s students to The One,” says Diego Procel, principal of Global …

April 16, 2020

Company News Maryland Restaurant Retail Southeast

Continental Realty Launches Internal ‘Eat Local’ Stimulus Plan

by Alex Tostado April 15, 2020

BALTIMORE — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, senior vice president of human resources for CRC. “With restaurants reduced to handling carry-out and curbside orders, we encourage other companies to follow our lead to minimize the disruption impacting both locally owned and nationally operated locations.” CRC is based in Baltimore and focuses on value-add properties throughout the Southeast.

April 15, 2020

Acquisitions Loans Multifamily ORIX Southeast Tennessee

Hunt Real Estate Provides $27.4M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado April 15, 2020

CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.

April 15, 2020

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