Southeast

JLL Arranges $78.5M Sale of Industrial Park in Richmond

by Alex Tostado March 9, 2020

RICHMOND, VA. — JLL has arranged the $78.5 million sale of I-95 Logistics Park, a two-building, 923,400-square-foot industrial complex in Richmond. The property is situated on 60 acres at 4747 and 4949 Commerce Drive, along Interstate 95 and six miles south of downtown Richmond. The asset was fully leased to Brother International as well as an undisclosed American multinational technology company at the time of sale. Multiple media outlets report Amazon is the other tenant. John Huguenard, Bruce Strasburg and Patrick Nally of JLL represented the seller, Panattoni Development Co. Inc., in the transaction. Virginia-based Cambridge Property Group represented the buyer, Logistics Park 95 LLC, which is an affiliate of Halle Enterprises.

March 9, 2020

Acquisitions Maryland Office Southeast

Finmarc Purchases 11-Building Office Complex in Suburban Maryland for $43M

by Alex Tostado March 9, 2020

FREDERICK, MD. — Finmarc Management Inc. has purchased Frederick Corporate Park, an 11-building, 440,000-square-foot office complex in Frederick, for $43 million. At the time of sale, the property was 68 percent leased to 22 tenants, including Department of Veterans Affairs, Aeroflex, American Computer Development, Carey International, Mad Fitness and Meeting Play, Love & Co. The 11 buildings are situated three miles south of downtown Frederick and 47 miles from both Washington, D.C. and Baltimore. Los Angeles-based CIM Group sold the property. Cliff Mendelson of Metropolis Capital Advisors originated acquisition financing on behalf of the buyer. Alan Zuckerman of Highland Realty was the sole broker in the transaction. Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren provided the buyer with legal representation.

March 9, 2020

Development Mixed-Use North Carolina Southeast

Nuveen, Crosland Southeast to Develop Mixed-Use Project in Charlotte

by Alex Tostado March 9, 2020

CHARLOTTE, N.C. — Nuveen Real Estate and Crosland Southeast have acquired a 12-acre parcel in Charlotte’s Plaza Midwood neighborhood to develop a mixed-use project. The development will feature retail, restaurant and office space, as well as residential units. The site is situated at the corner of Pecan and Central avenues, two miles from downtown Charlotte. The development team will complete the project in phases over a five-year period. Further details of the plans were not disclosed.

March 9, 2020

Acquisitions North Carolina Office Southeast

TriGate Capital Acquires Four Office Buildings Spanning 273,554 SF in Raleigh

by Alex Tostado March 9, 2020

RALEIGH, N.C. — TriGate Capital has acquired four office buildings in Raleigh. The buildings are located at 900 Ridgefield Drive (66,271 square feet), 1616 Millbrook Road (72,553 square feet), 5565 Centerview Drive (73,503 square feet) and 1500 Sunday Drive (61,227 square feet). TriGate is planning significant renovations to the common areas and amenities at Ridgefield Drive and Centerview Drive, including lobbies, fitness centers, conference rooms and tenant lounges. TriGate has tapped Patti Autry and Dennis Hurley of JLL to market the properties. Further details of the transaction were not disclosed.

March 9, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Provides Two Refinancing Loans Totaling $8.1M for Multifamily Properties in South Florida

by Alex Tostado March 9, 2020

BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.

March 9, 2020

Acquisitions District of Columbia Office Southeast Top Stories

Paramount Group to Sell Pennsylvania Avenue Office Building for $115M

by Taylor Williams March 9, 2020

WASHINGTON, D.C. — Paramount Group Inc. has agreed to sell 1899 Pennsylvania Ave., a 191,000-square-foot office building in Washington, D.C., for $115 million. Originally built in 1915 and most recently renovated in 2002, the 11-story building is located just three blocks from The White House in the city’s central business district. The property features 18,200-square-foot floor plates and floor-to-ceiling glass façades, as well as amenities such as a fitness center, rooftop terrace and 64 covered parking spaces. In addition, four Metrorail lines serve the building. “With the sale of 1899 Pennsylvania Ave., we have now strategically sold all five of our wholly owned assets in Washington, D.C.,” says Albert Behler, chairman, CEO and president of Paramount Group. “This transaction demonstrates our determination to sell stabilized or non-core assets and redeploy that capital into higher-growth opportunities.” The transaction is expected to close during the fourth quarter. The buyer was not disclosed. The Washington Business Journal reported in 2010 that Paramount Group had acquired the asset for $149 million. Paramount Group is a New York City-based investment and management firm that specializes in owning and operating Class A office properties in the core markets of New York City, San Francisco and Washington, D.C. …

March 9, 2020

Market Reports Maryland Office Southeast Southeast Market Reports

The Burgeoning Columbia Market Steps Out of the Shadows of Baltimore, D.C.

by Alex Tostado March 9, 2020

As real estate becomes more operational, a trend has emerged of major investors migrating away from big metros into secondary and tertiary markets. Occasionally, those markets move out of the shadows of their larger neighbors and acquire their own identity. Enter Columbia, Maryland, which initially attained national attention and acclaim as one of the first master-planned communities in the United States. Columbia is now in the midst of a major transformation. Built from the ground up in then-bucolic Howard County, Columbia was founded by developer James Rouse in 1967. Strategically located between Baltimore and Washington, D.C., the now 53-year-old community is blossoming with its own talent creators, talent attractors and 14 million square feet of new live-work-play development in a downtown transformed by The Howard Hughes Corp., a successor to The Rouse Co. The beginnings of Downtown Columbia’s emergence include the Merriweather District, which opens this spring. The first of three neighborhoods planned for downtown Columbia, the Merriweather District is being developed as a regional hub of culture and commerce. Talent creators The Howard County market is already home to cybersecurity incubators and cyber-focused venture capitalists like DataTribe and AllegisCyber. These companies consistently house and fund entrepreneurs developing innovative approaches …

March 9, 2020

Acquisitions North Carolina Office Southeast

JLL Arranges $80M Sale of Two Office Buildings in Raleigh

by Alex Tostado March 6, 2020

RALEIGH, N.C. — JLL has arranged the $80 million sale of two office buildings spanning 175,444 square feet on the Centennial Campus of North Carolina State University (NC State) in north Raleigh. The portfolio comprises The Center for Technology & Innovation, which is located at 1010 Main Campus Drive, and Keystone Science Center, located at 1791 Varsity Drive. Keystone Science Center was delivered in 2010 and totals 70,446 square feet. The Center for Technology & Innovation was built in 2016 and comprises 104,998 square feet. Both buildings were fully leased at the time of sale to tenants including the State of North Carolina, Bandwidth Inc. and Cengage. The seller, Keystone Corp., developed both buildings on behalf of NC State. The undisclosed buyer has retained Keystone to manage the properties. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of JLL represented the seller in the transaction.

March 6, 2020

Development Kentucky Multifamily Seniors Housing Southeast

Civitas Opens 177-Unit Grand Senior Living Community in Metro Louisville

by Alex Tostado March 6, 2020

PROSPECT, KY. — Civitas Senior Living has opened the doors at The Grand Senior Living in Prospect, a suburb of Louisville. The property totals 191,832 square feet near Norton Commons, a massive mixed-use development with restaurants, retail services, annual festivals and single-family homes. The development was completed approximately 10 years ago on 600 acres of vacant farmland. The Grand features 91 independent living, 62 personal care and 24 memory care residences. Guttman Properties, based in nearby Cincinnati, developed The Grand, which Civitas is operating.

March 6, 2020

Development Florida Office Southeast

Summit Consulting to Develop 135,000 SF Headquarters in Lakeland, Florida

by Alex Tostado March 6, 2020

LAKELAND, FLA. — Summit Consulting LLC will develop its planned 135,000-square-foot office headquarters in downtown Lakeland. The company closed on the land sale at 117 Massachusetts Ave. on Tuesday, March 3 and plans to begin construction later this month. Summit expects to deliver the new building in fall 2021. The property backs up to the shore of Lake Mirror. Summit, which was founded in Lakeland in the late 1970s, has approximately 750 employees, nearly 500 of whom will be located in the new facility. The company specializes in providing workers’ compensation insurance coverage in the Southeast.

March 6, 2020

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