Southeast

Cortland Partners Receives $340M Financing for Acquisition of Pure Multi-Family REIT

by Alex Patton April 3, 2020

ATLANTA — Walker & Dunlop has provided a $340 million loan for the acquisition of Pure Multi-Family REIT (TSX: RUF), a publicly traded Canadian real estate investment trust. Atlanta-based real estate firm Cortland Partners LLC acquired Pure late last year in a $1.2 billion all-cash transaction, which included a 22-property multifamily portfolio totaling 7,085 units. All properties in the portfolio are located in the Sun Belt region of the United States, which spans from the southern half of California to South Carolina. A large portion of the portfolio is located in Houston and Dallas, and the deal will make Cortland the largest multifamily owner-operator in the Dallas-Fort Worth area. Cortland plans to implement a capital improvement investment in each of the properties to improve the exteriors, landscaping, amenities and interior unit finishes. “The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” says Mike Altman, chief investment officer of Cortland. “By executing our financing on this acquisition, [Walker & Dunlop has] allowed us to continue our growth in these markets.” Aaron Appel, Keith Kurland and Jonathan Schwartz led the Walker & Dunlop financing team. Deutsche Bank served as a lending partner. — Alex Patton

April 3, 2020

Development Florida Multifamily Southeast

Fore Property, Canyon Partners to Develop 384-Unit Multifamily Community in Metro Orlando

by Alex Tostado April 2, 2020

KISSIMMEE, FLA. — A joint venture between Fore Property and Canyon Partners Real Estate LLC will develop 19 South, a planned 384-unit multifamily community in Kissimmee. BBVA provided a $49.6 million construction loan for the project, which is situated within an Opportunity Zone. Canyon Partners invested $29.8 million in the community, which is slated to open in May 2022. The project will comprise four four-story buildings offering studio to three-bedroom floor plans with chef-inspired gourmet kitchens, quartz countertops, energy-efficient stainless steel appliances, walk-in closets and hardwood-style flooring. Units will range in size from 670 to 1,437 square feet. Communal amenities will include two pools, an arcade, gaming area, 24-hour fitness center, park and a pet spa. Fore Construction LLC is leading the development of 19 South.

April 2, 2020

Development Industrial Maryland Southeast

Lidl Opens $100M Regional Distribution Center in Cecil County, Maryland

by Alex Tostado April 2, 2020

CECIL COUNTY, MD. — Lidl has opened a 700,000-square-foot regional distribution center in Cecil County. The German-based grocer invested $100 million in the project, which is expected to create more than 200 full-time jobs. Cecil County is situated in northeast Maryland, 53 miles from Baltimore and 60 miles from Philadelphia. Lidl officials said the center will service stores in five states. The discount grocer operates more than 85 stores in nine states on the East Coast. This is the second distribution center Lidl is developing in 2020, having broken ground on a facility in Covington, Ga. in early February.

April 2, 2020

Development Industrial North Carolina Southeast

Seefried, Clarion to Construct Five-Building Spec Industrial Campus in Charlotte

by Alex Tostado April 2, 2020

CHARLOTTE, N.C. — Seefried Properties and Clarion Partners LLC have acquired 50 acres in Charlotte to construct a five-building, 590,000-square-foot industrial campus. The property will be able to accommodate users seeking 20,000 to 180,000 square feet. Buildings will feature 32- to 36-foot clear heights, 130- to 210-foot truck courts, 50 trailer parks, a total of 686 parking spaces and an ESFR sprinkler system. The property is situated at the southeast corner of Beam Road and Pine Oaks Drive, six miles south of Charlotte Douglas International Airport and seven miles southwest of downtown Charlotte. The developers expect to complete the shells by the second quarter of 2021. Merriman Schmitt Architects is the architect, and Burton Engineering is the civil engineer. Spencer Yorke and Jordan Quinn of JLL will lead the leasing efforts for the new project.

April 2, 2020

District of Columbia Retail Southeast

First Step to Restoring Economy is Stopping Pandemic, Says NRF Chief Economist

by Alex Tostado April 2, 2020

WASHINGTON, D.C. — In the April issue of the National Retail Federation’s (NRF) Monthly Economic Review, NRF chief economist Jack Kleinhenz says in order to see the economy bounce back from the coronavirus pandemic, the country must first “get the virus under control.” The Associated Press reported Thursday morning that U.S. unemployment claims hit 6.6 million for the week ending March 28, doubling that of the 3.3 million claims filed in the week ending March 21. “How quickly the country gets a handle on containing the virus will determine the degree of the impact on the economy and how soon businesses can reopen,” Kleinhenz wrote in the report. The NRF report highlighted that leaving 2019, the gross domestic product (GDP) was growing at 2.1 percent clip year over year and that the U.S. economy benefits from sound fundamentals, unlike during the Great Recession. “Once the pandemic is over, we hope we will find that there is nothing structurally wrong with the economy and that any deficiencies were solved by monetary and fiscal policies,” Kleinhenz said. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.

April 2, 2020

Florida Southeast

Florida Governor Issues Statewide Stay-at-Home Order for Month of April

by Alex Tostado April 2, 2020

TALLAHASSEE, FLA. — Fla. Governor Ron DeSantis has issued a statewide stay-at-home order that will go into effect Friday, April 3 at 12:01 a.m. The executive order will expire April 30, though the governor can extend it then. The full list of essential reasons and businesses has not yet been released, but DeSantis says it will closely resemble what Miami-Dade County Mayor Carlos Gimenez published March 26. In Gimenez’s order, non-essential commercial and retail businesses were ordered to close, as well as hotels, motels and short-term rental properties. Essential services remaining open include construction sites, grocery stores, pharmacies, take-out food counters and gas stations.

April 2, 2020

Acquisitions Office Southeast Virginia

JLL Brokers $97.6M Sale of Office Building in Northern Virginia

by Alex Tostado April 1, 2020

FALLS CHURCH, VA. — JLL has brokered the sale of 2941 Fairview Park Drive, a 367,349-square-foot, 15-story office building in Falls Church. The sales price was not disclosed, although multiple media outlets report the asset traded for $97.6 million. The property was 94 percent leased at the time of sale to multiple Fortune 500 companies and the headquarters of defense and aerospace firm Booz Allen Hamilton. The building features 9- to 12-foot ceiling heights, a restaurant, café and a fitness center. The asset is situated 15 miles west of downtown Washington, D.C. Bill Prutting of JLL represented the undisclosed seller in the transaction. An affiliate of Silicon Valley-based Menlo Equities acquired the building.

April 1, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 392-Unit Multifamily Community in Metro Tampa

by Alex Tostado April 1, 2020

WESLEY CHAPEL, FLA. — Preferred Apartment Communities (PAC) has acquired Altis Wiregrass Ranch, a 392-unit multifamily community in Wesley Chapel. The seller and developer, The Altman Cos., delivered the property in 2018. PAC acquired the property after making an investment in the construction loan for the property two years ago. The sales price was not disclosed, but the Atlanta-based REIT said it purchased the asset in all cash. Altis Wiregrass Ranch is situated within Wiregrass Ranch, a master-planned, mixed-use community spanning 5,000 acres. The apartment community is located at 28878 Golden Vista Blvd., 22 miles north of downtown Tampa. Communal amenities include a fitness center, pool and package services.

April 1, 2020

Acquisitions Retail South Carolina Southeast

TSCG Negotiates $17.1M Sale of Retail Center in North Charleston

by Alex Tostado April 1, 2020

NORTH CHARLESTON, S.C. — TSCG has negotiated the $17.1 million sale of The Shoppes at Centre Pointe, a 139,688-square-foot retail center in North Charleston. Ashley Home Furniture, Dollar Tree and Staples anchor the center, which was 98 percent leased at the time of sale. Other tenants include Dunkin’, Sally Beauty, GameStop and Cici’s Pizza. The property is situated at 4950 Centre Pointe Drive, 11 miles north of downtown Charleston. Anthony Blanco and Jeff Yurfest of TSCG represented the seller, an undisclosed investor based in Atlanta, in the transaction. The buyer was an undisclosed, Georgia-based entity affiliated with Olympic Property Management.

April 1, 2020

Development Loans Retail Southeast Tennessee

Staghorn Capital Arranges $5.4M Construction Loan for Retail Development Near Nashville

by Alex Tostado April 1, 2020

GALLATIN, TENN. — Staghorn Capital Partners has arranged a $5.4 million construction loan for RREAF Holdings to develop Phase I of Shoppes at Hunter Pointe in Gallatin, about 30 miles northeast of Nashville. The property is expected to comprise 25,147 square feet and, with appropriate performance of Phase I, the loan will aid in developing Phase II. The loan features a floating interest rate with two years of interest-only payments followed by a 25-year amortization schedule. Tyler Rentfro of Staghorn Capital originated the loan through an undisclosed regional bank on behalf of the borrower. A timeline for construction was not disclosed.

April 1, 2020

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