Southeast

JLL Brokers $12.6M Sale of Pactiv Distribution Center in Covington, Georgia

by John Nelson November 20, 2019

COVINGTON, GA. — JLL has closed the $12.6 million sale of Pactiv Distribution Center, a 300,000-square-foot, warehouse and distribution facility in Covington, approximately 40 miles east of Atlanta. A partnership between Great Point Properties and The RSP Cos. acquired the 16.4-acre asset, located at 1776 Liberty Drive. The recently renovated facility is adjacent to a rail-served concrete terminal and Interstate 20. The distribution center is fully leased to Pactiv LLC, a global manufacturer and distributor of food packaging and foodservice. The building features 24- to 26-foot clear heights, 170-foot truck court depth, 14 dock doors, one drive-in door and office space. Additionally, the property is less than one mile from Covington Airport and about 45 miles from Hartsfield-Jackson Atlanta International Airport. Britton Burdette, Pete Pittroff and Brent Bono of JLL, represented the seller, IAI Covington LP, in the transaction.

November 20, 2019

Acquisitions North Carolina Retail Southeast

SRS Arranges $5.8M Sale of Newly Built Retail Center in Winston-Salem

by John Nelson November 20, 2019

WINSTON-SALEM, N.C. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.8 million sale of Shops at Stratford in Winston-Salem on behalf of the seller and developer, Encore Real Estate. The buyer, a private investor based locally, purchased the 13,500-square-foot, multi-tenant retail center in a 1031 exchange. Built in 2018, the property is situated on 1.2 acres and is fully occupied by four tenants including First Watch and Mattress Warehouse. Patrick Nutt and Connor Barton of SRS represented Encore Real Estate, and Steen Spove of Deep River Partners represented the buyer in the transaction.

November 20, 2019

Affordable Housing Arkansas Development Seniors Housing Southeast

Hunt Capital, Burleson Break Ground on Phase III of Affordable Housing Project Near Little Rock

by John Nelson November 20, 2019

MABELVALE, ARK. — Hunt Capital Partners and Burleson Development LLC have broken ground on Phase III of an affordable housing project near Little Rock. Hunt Capital Partners has committed $6.3 million in federal low-income housing tax credit (LIHTC) financing for the 48-unit expansion of Valley Estates at Mabelvale, an apartment community located eight miles southwest of Little Rock in Mabelvale. The project, scheduled for completion by November 2020, is intended for households earning up to 30, 50 and 60 percent of the area median income. One unit is reserved for a property employee. Phase III of Valley Estates at Mabelvale is Hunt’s third project with Burleson Development, the developer of the first two phases that were completed in 2011. The project also marks Hunt Capital Partners’ fourth transaction with RichSmith as developer consultant. RichSmith and its affiliates are serving as the general contractor, architect and property manager for Phase III. The total development cost of Valley Estates at Mabelvale Phase III is $7.2 million. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with BancorpSouth Bank, which also provided an approximately $4.3 million construction loan. Arkansas Development Finance Authority provided a $450,000 construction-to-permanent loan through its HOME program, …

November 20, 2019

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

New Multifamily Properties, Redevelopments Popping Up Around Metro Louisville

by Alex Tostado November 20, 2019

Louisville continues high occupancy levels throughout the metropolitan area in all apartment types as the market continues to enjoy record-level rent growth and new development. This is enhanced by low unemployment and rising wages throughout the Louisville metropolitan area. The diverse local economy from worldwide distribution at UPS and high-tech manufacturing at Ford Motor Co. and General Electric Appliance Park, as well as innovation in the medical industry, continue to provide high-paying jobs and a highly desirable employment base that can drive occupancy and rents for apartment owners in the Louisville metropolitan area. Integra Realty Resources reports an overall occupancy level of 96 percent for the Louisville metropolitan area, which has seen mid- to high-single-digit rent growth on an annual basis over the last three years. This high occupancy level and rental growth rate have attracted a number of new developments around the metropolitan marketplace. In 2018, there were 2,173 units completed and an additional 898 have been delivered in 2019 as of this writing. Most of the larger scale developments have been completed by regional developers such as Nashville-based Bristol Development and Indianapolis-based Cityscape Residential. Local development companies, such as Denton Floyd, LDG Development, Hagan Development and NTS Development, …

November 20, 2019

Acquisitions Florida Industrial Southeast

Avison Young Negotiates $70M Sale-Leaseback of Transformco Distribution Center in Central Florida

by John Nelson November 19, 2019

OCALA, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the sale-leaseback of the approximately 1.9 million-square-foot Transformco Distribution Center located at 655 S.W. 52nd Ave. in Ocala. HFZ-Reich, a partnership between HFZ Capital Group and Reich Brothers, purchased the asset for $70 million. Michael Fay, Jay Ziv, John Crotty, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais of Avison Young negotiated the sale on behalf of the seller and tenant, Transform Holdco (Transformco). With the sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center supporting Sears, Kmart and Hometown stores in the Southeast United States. The 10-year lease agreement includes a 10-year renewal option for Transformco. In conjunction with the sale of 126,336-square-foot Sears store at 9409 U.S. Highway 19 in Port Richey, Fla., the Transformco deal marks $300 million in sales for Avison Young’s Florida Capital Markets Group in the past two months.

November 19, 2019

Acquisitions Mixed-Use Southeast Virginia

NKF Brokers $60.2M Sale of Dominion Square Site in Tysons, Virginia

by John Nelson November 19, 2019

TYSONS, VA. — Newmark Knight Frank (NKF) has negotiated the $60.2 million sale of a 12-acre eastern parcel within the Dominion Square mixed-use development in Tysons, situated 13 miles west of downtown Washington, D.C. Capital Automotive Real Estate Services Inc., a McLean, Va.-based financial holding company specializing in car dealership locations, sold the parcel to an undisclosed buyer, whom the Washington Business Journal indicates is LHL Dominion Square, possibly an affiliate of New York-based Algin Management Co. LLC. The Dominion Square site is approved for 2 million square feet of office, residential, hotel and retail space near the Greensboro Metro station in Tysons. Jud Ryan, James Cassidy, Mark Anstine and Dan Lockard of NKF represented Capital Automotive in the transaction.

November 19, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Arranges $46.5M Sale of Waterford Landings Apartment Complex in Clarksville, Tennessee

by John Nelson November 19, 2019

CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Arizona-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, laundry facilities and a barbecue area. The property is near Interstate 24 and Route 79, as well as the recently opened LG plant and Google data center. Patrick Jordan of Berkadia’s Memphis office, along with Alex Blagojevich of the firm’s Chicago office, completed the sale.

November 19, 2019

Loans Multifamily South Carolina Southeast

Arbor Provides $12.4M Fannie Mae Acquisition Loan for Greenville Apartment Community

by John Nelson November 19, 2019

GREENVILLE, S.C. — Arbor Realty Trust Inc. has provided a $12.4 million Fannie Mae acquisition loan for the Hudson Orchard Park, a 172-unit apartment community in Greenville. Ryan Duff of Arbor’s New York City office originated the loan. Built in 1984, Hudson Orchard Park features outdoor amenities including a barbecue/picnic area, clubhouse with residential kitchen, large patios and balconies, pet play area and a pool, fitness center and volleyball court. Located at 49 Orchard Park Drive, the property is located less than five miles east of downtown Greenville.

November 19, 2019

Development Georgia Southeast Student Housing

Stratus Development Breaks Ground on 286-Bed Student Housing Community Near University of Georgia

by John Nelson November 19, 2019

ATHENS, GA. — Stratus Development Group has broken ground on The Haven of Athens, a 286-bed student housing community located one-and-a-half miles from the University of Georgia’s main campus in Athens. The development will offer two-, three-, four-, five- and six-bedroom, cottage- and townhome-style units with bed-to-bath parity. Shared amenities will include a resort-style swimming pool, study rooms, a fitness center, dog park, hammock park, fire pit and covered parking. The development is scheduled for completion in fall 2020.

November 19, 2019

Development Industrial Mississippi Southeast Top Stories

Hillwood to Develop 1 MSF Amazon Fulfillment Center in North Mississippi

by John Nelson November 19, 2019

OLIVE BRANCH, MISS. — Hillwood Investment Properties plans to build a 1 million-square-foot fulfillment center in Olive Branch, approximately 25 miles from Memphis, for e-commerce giant Amazon (NASDAQ: AMZN). The facility will house picking, packing and shipping operations for larger customer orders and create 500 new full-time jobs. According to The Clarion-Ledger, the new facility will be located within Hillwood’s Legacy Park, a 266-acre business park in DeSoto County. The Class A industrial campus has proximity to U.S. Highway 78 and Tennessee Highway 385; the BNSF and Norfolk Southern intermodal terminals; Memphis International Airport; FedEx Air and Ground hubs; and a UPS sort hub. In 2018, Amazon unveiled plans for another fulfillment center in nearby Marshall County, leasing 554,000 square feet within Panattoni Development’s Gateway Global Logistics Center. “Mississippi has proven itself to be a great place for Amazon to do business and gives us the opportunity to better serve our customers in the region,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are excited about our growth and remain committed to creating a positive economic impact in the region with job opportunities that have great pay and benefits.” No timeline for construction was disclosed. Hillwood …

November 19, 2019

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