Southeast

LYND Buys Mayflower Apartments in Virginia Beach for $43M

by John Nelson November 27, 2019

VIRGINIA BEACH, VA. —San Antonio-based real estate service company LYND has acquired an apartment community in Virginia Beach for $43 million. Located at 205 34th St., the 16-story, 266-unit Mayflower Apartments is within a block of the Atlantic Ocean and less than a mile from downtown Virginia Beach. Mike Marshall of Newmark Knight Frank (NKF) represented the seller, Harbor Group International, a Norfolk-based real estate investment and management firm. LYND plans to spend over $3 million on capital improvements to both individual units and common areas, including Amazon package lockers, surfboard lockers and renovations to the fitness center. LYND management has been retained to oversee renovations and manage the building. Henry Stimler of NKF arranged a $33 million acquisition loan for LYND through Hunt Real Estate Capital, represented internally by Marc Suarez. The property has 3,140 square feet of ground-floor commercial space and a separate parcel with 11,915 square feet of freestanding retail and on-site and off-site parking. Built in 1950, the last renovations to the building were completed in 2010. The Mayflower currently has studio, one- and two-bedroom units and a penthouse floor. Community amenities include outdoor and indoor pools, a fitness center, restaurant, on-site clothes care center, concierge …

November 27, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Arranges $31.4M Sale of Apartment Complex in Cary

by John Nelson November 27, 2019

CARY, N.C. — CBRE and affiliate firm CBRE|Raleigh have arranged the $31.4 million sale of Amberwood at Lochmere, a 206-unit multifamily property located in Cary, seven miles west of downtown Raleigh. Inland Private Capital Corp., represented by CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf, sold the asset located at 100 Eclipse Drive. CBRE’s Nate Sittema and Kristen Reilley arranged a Freddie Mac loan for the sale on behalf of the buyer, an affiliate of The Beach Co., which plans to make capital improvements to the complex’s exterior and landscaping. Amberwood at Lochmere features one-, two- and three-bedroom apartments, and includes amenities such as a pool, clubhouse, grilling stations, fitness center, playground, tennis court, dog park and access to walking and hiking trails.

November 27, 2019

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Forget Atlanta — Capital Cascades into Georgia’s Secondary and Tertiary Markets

by Alex Tostado November 27, 2019

Georgia’s secondary and tertiary multifamily markets continue to demonstrate growing attraction as capital flows from investors leaving the Atlanta metro area in search of higher yield transactions. The greater Georgia market, which spans the state excluding the 29-county Atlanta metro area, has become a destination for investment due to growing capital inflows to the Southeast and cap rate compression in metro Atlanta. Multifamily transaction volume in the Southeast totaled $11.8 billion in second-quarter 2019, up 25 percent year-over-year, allowing more capital to enter Georgia’s secondary and tertiary markets. The trickle-down effect of investment into these markets, boosted by strong job growth and increasing renter households, works to promote a strong renter marketplace with increasing returns in the region. Georgia markets demonstrated tightening fundamentals and noticeable rent gains in recent years, particularly south of Atlanta, due to supply-side pressure and limited new deliveries. According to CoStar Group, metro Atlanta delivered nearly 11,000 units, up 15 percent year-over-year through the second quarter, while Georgia’s secondary and tertiary markets delivered roughly 2,200 in total, down 40 percent. Greater Georgia’s lack of supply has generated pent-up demand in multifamily, resulting in residents who are willing to pay more for higher value assets while landlords …

November 27, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $156.9M Sale of Tampa Office Portfolio

by John Nelson November 26, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. Angelo Gordon, a New York-based private equity real estate investment firm, and Commercial Florida Realty Partners sold the collection of five office buildings to a joint venture between Partners Group and Parkway Property Investments LLC. Partners Group is a global private markets group based in Zug, Switzerland, and Parkway Property Investments is a real estate investment, development and operating company with assets across the Mid-Atlantic and Sunbelt regions. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield’s Investment Sales Team represented Angelo Gordon and Commercial Florida Realty Partners in the sale. The portfolio includes 501 E. Kennedy Blvd. in downtown Tampa, now known as WeWork Place, and four properties in the Westshore District (Westshore Corporate Center and Cypress Centers I, II, and III). The properties were built between 1981 and 1988, and the overall occupancy was approximately 91 percent at the time of sale. WeWork Place is a 19-story, 295,982-square-foot office tower that houses tenants such as GE Capital, Woodforest National Bank, the Florida Office of the Attorney General and BMO Harris Bank, in …

November 26, 2019

Acquisitions Mixed-Use North Carolina Southeast

CBRE Facilitates $31.5M Sale of Historic Bowers Mixed-Use Project in Charlotte’s South End

by John Nelson November 26, 2019

CHARLOTTE, N.C. — CBRE has facilitated the sale of Bowers, a mixed-use development in Charlotte’s South End, to RMR Office Property Fund LP for $31.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, White Point Partners, a private real estate investment firm based in Charlotte. Located at 4001 Yancey Road, Bowers is a 73,560-square-foot office and retail property consisting of three 1940s and 1950s buildings. It was the former site of Bowers Fibers, a fiber by-product manufacturer. The development houses a collection of restaurants and office space and is located near Interstate 77. After a complete redevelopment completed in 2018, Bowers is now 100 percent occupied by tenants including Artisanal Brewing Ventures, Chef Alyssa’s Kitchen, SentryOne and Investor Management Services.

November 26, 2019

Alabama Georgia Loans Multifamily Retail Southeast

Trillium Arranges Financing for Four Apartment Communities, Walgreens-Leased Store in Columbus, Georgia

by John Nelson November 26, 2019

COLUMBUS, GA. — Columbus-based Trillium Capital Resources has arranged a refinancing package for four Class B and C apartment complexes and a store leased to Walgreens in the greater Columbus area. Scott Taccati of Trillium Capital arranged the approximately $19.7 million financing through a life insurance company on behalf of the borrower, a local real estate developer. The loan package for the apartments was underwritten with a fixed 3.4 percent interest rate and a 15-year amortization schedule. Three of the apartment communities are located in Columbus and one is located in nearby Phenix City, Ala., and the average age of the four communities is 30 years. The Walgreens loan was underwritten at a fixed 3.65 percent interest rate and a 15-year amortization schedule. The Walgreens property was constructed in 2011 in Columbus. Trilium Capital also recently arranged an approximately $26.8 million refinancing for a Class A multifamily complex located in the northern section of Pensacola, Fla. Taccati arranged the loan on behalf of the borrower, an undisclosed Phenix City-based developer, through a regional bank. The 10-year loan features a 3.15 percent interest rate.

November 26, 2019

Loans Maryland Office Southeast

JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland

by John Nelson November 26, 2019

GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

November 26, 2019

Acquisitions Florida Retail Southeast

IPA Brokers $12.5M Sale of Mango Plaza Shopping Center in Suburban Tampa

by John Nelson November 26, 2019

SEFFNER, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mango Plaza to Continental Realty Corp. (CRC) for $12.5 million. The 166,465-square-foot shopping center is located in Seffner, 11 miles northeast of Tampa. Kirk Olson and Drew Kristol of IPA and James Medefind of Marcus & Millichap represented the seller, a New York- and Boca Raton-based private investment group, in the transaction. Mango Plaza is anchored by a Publix supermarket and Walmart, both long-standing tenants since the center opened in 1986. The asset is located at 11724 E. Dr. Martin Luther King Jr. Blvd. near Interstates 75 and 4.

November 26, 2019

Development Georgia Industrial Southeast

OmniTRAX, Broe Group Break Ground on $92M Facility for A&R Logistics Near Port of Savannah

by Alex Tostado November 25, 2019

RINCON, GA. — Transportation holding company OmniTRAX Inc. and investment firm The Broe Group have broken ground on a build-to-suit facility within Savannah Gateway Industrial Hub, an industrial park located in Effingham County 12 miles from the Port of Savannah. Denver-based OmniTRAX is the master developer of the 2,700-acre industrial park owned by Effingham County Industrial Development Authority. Louisville, Ky.-based A&R Logistics Inc. has signed a 12-year lease guaranteeing approximately 610,000 square feet of the project with an option to expand to 1 million square feet. Completion of the facility is scheduled for the fourth quarter of 2020. OmniTRAX will construct more than seven miles of park-serving rail infrastructure, a multi-customer OmniTRAX rail yard located nearby and a 200-plus-car dedicated rail yard for A&R. OmniTRAX will spend $92 million constructing the building and railyard where A&R will package and ship plastic pellets, according to the Savannah Morning News. A&R will receive, process and send out shipments internationally from the industrial park via its connection with Class 1 railroads CSX and Norfolk Southern.

November 25, 2019

Acquisitions Hospitality Louisiana Southeast

Partnership Acquires 1,193-Room Hyatt Regency Hotel in Downtown New Orleans

by Alex Tostado November 25, 2019

NEW ORLEANS — A partnership has purchased the 1,193-room Hyatt Regency New Orleans and will continue to manage the property as a Hyatt hotel. A partnership between investment company ERG, GMB Properties, The Berger Co. and asset management firm Fulcrum Hospitality purchased the downtown New Orleans hotel for an undisclosed price. The seller was Los Angeles-based Poydras Hotel Holdings Co. The ownership team plans to invest $20 million in capital investments over the next few years. According to ERG Enterprises, the sale represents the largest hotel acquisition in Louisiana history and the first time the Hyatt Regency will fall under local majority ownership. The Hyatt Regency New Orleans is the third-largest hotel in New Orleans and is accessible to sports venues including Mercedes-Benz Superdome and Smoothie King Center. Established in 1976, the 601 Loyola Ave. property occupies a space near the French Quarter and Mississippi Riverfront and features a pool, fitness center and meeting facilities.

November 25, 2019

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