Southeast

Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami

by Alex Tostado December 13, 2019

MIAMI — Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance an $85 million construction loan for the project. Located at 58 NE 14th St. in Miami’s Arts & Entertainment District, the Art Plaza multifamily tower consists of 667 rental apartments and 15,000 square feet of retail space. The building, which opened in June, is now 95 percent occupied. Located one block from the Metromover School Board station, Art Plaza features a pool, fitness center, social lounge and covered parking.

December 13, 2019

Acquisitions North Carolina Office Southeast

OA Development Sells Metro Charlotte Office Portfolio for $81.5M

by Alex Tostado December 13, 2019

HUNTERSVILLE, N.C. — Atlanta-based OA Development has sold a five-building office portfolio in Huntersville to Arizona-based healthcare REIT, Healthcare Trust of America Inc., for $81.5 million. The nearly 400,000-square foot office portfolio is located within The Park Huntersville, a mixed-use development situated 12 miles north of Charlotte. JLL’s Ryan Clutter represented OA Development in the sale. OA Development purchased the campus two years ago for $62.5 million. Located adjacent to Novant Hospital, the portfolio was 90.4 percent occupied at the time of sale to tenants including Ensemble Health Partners, Black & Decker Corp. and Covia Holdings Corp. The office portfolio includes a four-story, 123,000-square-foot building; two three-story buildings at 101,500 and 45,000 square feet; and two two-story buildings at 68,000 and 59,000 square feet. The five buildings were developed between 1990 and 2001. The Park Huntersville overall spans 2.6 million square feet.

December 13, 2019

Acquisitions Development Florida Multifamily Southeast

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

by Alex Tostado December 13, 2019

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

December 13, 2019

Development Loans Office Southeast Virginia

PCCP Provides Construction Loan for 25-Story Tysons Central Office Tower

by Alex Tostado December 12, 2019

TYSONS, VA. — Pacific Coast Capital Partners LLC (PCCP) has provided a senior construction loan for a joint venture between Foulger-Pratt and USAA Real Estate to finance the speculative development of Tysons Central. The property is a 25-story, 388,077-square-foot office tower in the Tysons Corner submarket of Washington, D.C. Construction has begun on the fully entitled project, located at 1750 Tysons Central St., and completion is scheduled for March 2022. Details of the financing were not disclosed. Tysons Central is a LEED Gold-certified, Gensler-designed office tower near the Greensboro Metro station. Amenities will include a sky lobby, fitness center, lounge and shared conference spaces. The property will also offer 14,738 square feet of ground floor retail space, as well as three floors of below-grade parking and six floors of above-grade parking totaling 754 spaces.

December 12, 2019

Acquisitions Georgia Multifamily Southeast

Passco Buys Buckhead Multifamily Complex from Greystar for $106.5M

by Alex Tostado December 12, 2019

ATLANTA — California-based Passco Cos. has purchased Avana Lenox, a 423-unit apartment community in the Buckhead district of Atlanta. The firm purchased the asset from Greystar for $106.5 million. CBRE’s Paul Berry represented Greystar in the transaction. Avana Lenox was built in 1998 and offers units with one-, two-, and three-bedroom floorplans, as well as units with two-story loft floor plans and townhomes with attached garages. The property located at 925 Canterbury Road has nearby access to Interstate 85 and Ga. Highway 400. Amenities include a newly renovated ﬁtness center, pool, club rooms, a fire pit, game room, shuffleboard, conference room, package locker system and tennis courts. Greystar will continue to manage the property. Capital improvements were made recently to Avana Lenox’s common areas and some units. Passco has plans for more unit updates. The acquisition brings Passco’s Atlanta multifamily portfolio to more than 1,800 units.

December 12, 2019

Development Georgia Industrial Southeast

Chesterfield Completes 778,000 SF Shaw Manufacturing Facility Near Savannah

by Alex Tostado December 12, 2019

PORT WENTWORTH, GA. — Chesterfield, a Winter Park, Fla.-based real estate developer, has completed a 778,000-square-foot facility for carpet manufacturer Shaw Industries Group Inc. in Port Wentworth, 12 miles northwest of downtown Savannah. Built in just seven months, the Shaw facility is now part of Chesterfield’s Georgia International Trade Center (GITC), a light industrial and manufacturing park spanning 1,150 acres. The general contractor for the Shaw facility is Omega Construction and the project architect is Atlas Collaborative. Stonemont Financial Group served as Chesterfield’s capital partner. The GITC is master planned for up to 7.2 million square feet. Located less than 10 miles from the Port of Savannah, the GITC has nearby access to the CSX Railway.

December 12, 2019

Acquisitions Development Industrial North Carolina Southeast

Medline Purchases 220 Acres Near Raleigh-Durham for New Distribution Center

by Alex Tostado December 12, 2019

MEBANE, N.C. — Illinois-based medical supply manufacturer and distributor Medline Industries Inc. has purchased 220 acres in Mebane for a planned 1.2 million-square-foot distribution center. The $65 million distribution center will be built on West Ten Road in Orange County, approximately 17 miles northwest of Durham. It will be located in the Buckhorn Economic Development District, near Interstates 40 and 85. Medline paid a total of $8.1 million for all eight parcels involved in the transaction. Medline says the distribution center will initially create 250 new full-time jobs and at full capacity the company anticipates creating as many as 600 jobs. Pickett Sprouse’s Mark O’Neal represented the sellers of five of the eight sites involved in the transaction.

December 12, 2019

Development Florida Leasing Activity Retail Southeast

Chick-fil-A, Old Navy to Join $425M River Landing Project in Miami

by Alex Tostado December 12, 2019

MIAMI — UrbanX Group has inked new lease agreements with fast casual restaurant Chick-fil-A and clothing retailer Old Navy to occupy a total of 19,000 square feet along the Miami River. The tenants will join River Landing Shops & Residences, the 8.1-acre mixed-use development currently under construction. Chick-fil-A and Old Navy are both scheduled to open in spring 2020 and join already signed tenants Publix, Burlington, T.J. Maxx, Ross Dress for Less, GNC, Chase Bank, AT&T and Hobby Lobby. The $425 million River Landing in the Mid River district, west of downtown Miami, is scheduled to open in early 2020. UrbanX Group’s Andrew Hellinger and Coralee Penabad are River Landing’s lead developers. The project will consist of approximately 345,000 square feet of retail space, 135,000 square feet of office, 528 apartments, more than 2,000 parking spaces, a 25,500-square-foot restaurant row and a landscaped riverwalk.

December 12, 2019

InterFace Multifamily Southeast Operations Panel

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Multifamily Operators Detail Top 20 Ways to Boost NOI

by John Nelson December 12, 2019

ATLANTA — It’s something that everybody wants: Increased cash flow. Multifamily operators gave a tutorial on the 20 best ways in which their firms are boosting net operating income (NOI) during France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place on Tuesday, Dec. 3 at The Whitley hotel in Atlanta’s Buckhead district. The full-day conference attracted nearly 400 multifamily professionals from across the Southeast. Ed Wolff, chief revenue officer for multifamily lease insurance firm LeaseLock Inc., moderated the operations discussion. The panelists included Sharon Hatfield, chief operating officer of CF Real Estate Services LLC; Lisa Taylor, senior managing director of client services at Greystar; and Marcie Williams, president of RKW Residential. The discussion was bifurcated between how these operators are driving NOI by increasing/creating revenue and minimizing expenses. Hatfield said that operators can experience the most immediate results by focusing on the revenue stream at the property level. “In today’s challenging environment, it’s better to try to approach the revenue side than it is expenses,” said Hatfield. “Revenue can impact the value of the asset so much.” The panelists’ best revenue-boosting methods ranged from the practical to the futuristic. Greystar’s Taylor said that her firm has partnered …

December 12, 2019

Development Multifamily Seniors Housing Southeast Virginia

Erickson Living Starts Construction of $300M Seniors Housing Community in Richmond’s Short Pump Area

by Alex Tostado December 11, 2019

RICHMOND, VA. — Erickson Living has started construction of Avery Point, a large-scale continuing care retirement community in the Short Pump area of Richmond. Upon full buildout, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity building in 2022. The development was first reported by the Richmond-Times Dispatch, and Erickson has since confirmed the details to REBusinessOnline. The newspaper also reported that Erickson bought the 94-acre plot in 2018 for $23.5 million, and that entrance fees will start around $200,000 and be 80 percent refundable.

December 11, 2019

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