Southeast

Millennials Move the Multifamily Market — But is Their Reign Almost Over?

by Sarah Daniels January 29, 2020

Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …

January 29, 2020

Acquisitions Georgia Mixed-Use Southeast

Midtown West Associates Sells Brickworks Mixed-Use Portfolio in Atlanta for $80M

by John Nelson January 28, 2020

ATLANTA — Midtown West Associates LLC, a real estate development and management firm based in Atlanta, has sold Brickworks, a portfolio of retail and office buildings in Atlanta’s West Midtown district. Charlotte-based Asana Partners purchased the portfolio for an undisclosed price, but Atlanta Business Chronicle reports Brickworks traded for nearly $80 million. Patterson Real Estate Advisory Group marketed the 194,000-square-foot portfolio for sale. Richard Martin, managing director of Midtown West Associates, previously redeveloped his family’s obsolete brick warehouses in the city’s former industrial district into an adaptive reuse campus that is now leased to tenants such as Octane Coffee, Hop City, Food Terminal, Earl’s Bike Shop, Five Seasons Brewing, Snap Fitness, Nouvelle Nail Spa, Lola West Salon, Bocado, and Carvana. Brickworks also features several art galleries and workspaces, home décor and apparel stores and offices, including a regional office for Facebook. Brickworks and Jamestown’s Westside Provisions District are widely considered the catalysts behind Atlanta’s West Midtown’s boom, attracting best in class restaurants, shops and offices, as well as spurring new development. Asana Partners has made several investments in Atlanta’s prime neighborhoods recently, including Krog Street Market, a food hall in Inman Park; the Plaza Theatre and Majestic Diner in Poncey-Highland; …

January 28, 2020

Acquisitions Industrial North Carolina Southeast

JLL Brokers $63.8M Sale of Distribution Center in Charlotte

by John Nelson January 28, 2020

CHARLOTTE, N.C. — JLL has brokered the $63.8 million sale of Premier Distribution Center, a 1.4 million-square-foot distribution center located at 1900 Continental Blvd. in Charlotte’s Southwest industrial submarket. Chris Norvell, Patrick Nally, Pete Pittroff and David Andrews of JLL represented the seller, a partnership between New York Life Insurance Co. and LRC Properties, in the transaction. A partnership between Somerset Properties and Waterfall Asset Management acquired the 95-acre property. Originally constructed as the North American headquarters for Continental Tire, Premier Distribution Center was rebranded and transformed into a modern distribution complex that features 24-foot clear heights, ESFR sprinkler systems, motion-sensor LED lighting, 110 loading positions, abundant parking and onsite trailer storage. The sale includes a 25.9-acre development parcel adjacent to the existing loading area that can accommodate a 333,000-square-foot cross-dock facility.

January 28, 2020

Acquisitions Georgia Multifamily Southeast

Nicol Investment Sells Multifamily Community in Atlanta’s Buckhead District for $46M

by John Nelson January 28, 2020

ATLANTA — Nicol Investment Co. has sold Evergreen Lenox Park, a 206-unit multifamily community in Atlanta’s Buckhead district, for $46 million. The Nashville-based company acquired the property in 2013 and invested $2.5 million to renovate unit interiors, exteriors, clubhouse and communal amenities. The property, which was originally built in 1995, is located at 100 Lenox Park Circle, 10 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center, car wash area, pet washing station, fitness center, pool and a tennis court. An undisclosed pension fund based in New York City acquired the asset in an off-market transaction.

January 28, 2020

Development Loans Multifamily South Carolina Southeast

Bellwether Arranges $31M Construction Loan for Adaptive Reuse Apartment Project in Greenville

by John Nelson January 28, 2020

GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.

January 28, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

Acquisitions District of Columbia Georgia Hospitality Southeast

Pebblebrook Hotel Trust Agrees to Sell Two Hotels in Atlanta, D.C. for $331M

by Alex Tostado January 27, 2020

ATLANTA AND WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into agreements to sell both InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for a combined $331 million. InterContinental Buckhead Atlanta is a 422-room hotel in Atlanta’s Buckhead district, situated 10 miles north of downtown Atlanta. The hotel sold at a 6.4 percent cap rate. Sofitel Washington DC Lafayette Square is a 237-room hotel situated a block north of The White House. The property sold at a 5.7 percent cap rate. An undisclosed third-party buyer will acquire both properties. Pebblebrook expects to close both sales by the end of the first quarter.

January 27, 2020

Development Florida Office Southeast

Unicorp to Develop 300,000 SF Office Headquarters for Marriott Vacations Worldwide in Orlando

by Alex Tostado January 27, 2020

ORLANDO, FLA. — Unicorp National Development Inc. will construct a nine-story, 300,000-square-foot building that will house Marriott Vacations Worldwide Corp.’s headquarters in Orlando. The building will be situated within Unicorp’s O-Town West development, a $1 billion mixed-use project that will include restaurants, offices, entertainment, retail stores, hotels, apartments and residential homes. HuntonBrady Architects is the designer and Finfrock Construction will serve as the general contractor of the office project. Construction of the new campus is scheduled to begin in early 2020 with a 2021 anticipated completion date. Additional details and features of the global headquarters are yet to be determined. Marriott Vacations Worldwide operates under Marriott International while offering vacation ownership, exchange, rental and resort and property management.

January 27, 2020

Development Mixed-Use North Carolina Southeast

Jamestown, Grubb Ventures to Construct $150M Phase I of Mixed-Use Project in Raleigh

by Alex Tostado January 27, 2020

RALEIGH, N.C. — Jamestown and Grubb Ventures will develop Phase I of Raleigh Iron Works, a planned mixed-use project that will feature 500,000 square feet of office space, 90,000 square feet of retail space and 220 multifamily units. Phase I is expected to cost more than $150 million to develop and will include a new seven-story multifamily building and the renovation of historic steel mills and warehouses that were once part of Peden Steel. The new residential building will pay homage to historic Raleigh. The historic buildings will be repurposed into office and retail spaces, featuring original architectural details and distinctive finishes. Construction will begin this year and continue through 2023 with plans for additional development. The project site is situated at Raleigh’s Five Points, Person Street and Mordecai neighborhoods, about three miles north of downtown Raleigh.

January 27, 2020

Development Georgia Office Southeast

NAP to Break Ground on Jones Day Office Building Within Colony Square in Midtown Atlanta

by Alex Tostado January 27, 2020

ATLANTA — North American Properties (NAP) will break ground Wednesday on Building 500, a six-story, 135,600-square-foot office building within Colony Square in Atlanta’s Midtown district. Jones Day, a Cleveland-based law firm, will lease the entire office component of the building, which will feature ground-level retail space and an outdoor terrace on the fourth floor overlooking Peachtree Street. Hoar Construction is the general contractor. A timeline for completion was not disclosed. NAP began vertical construction of Colony Square in April 2019. Colony Square at full buildout will include 912,000 square feet of Class A office space, 160,000 square feet of retail and restaurants, a 466-room W hotel, outdoor space and 262 luxury residences.

January 27, 2020

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