Southeast

Phillips Realty Capital Structures $27.8M Construction Financing for Charleston Apartment Project

by Alex Tostado January 16, 2020

CHARLESTON, S.C. — Phillips Realty Capital Corp. (PRC) has structured $27.8 million in joint venture equity financing on behalf of Woodfield Development for the construction of Morrison Yard in Charleston. The 380-unit multifamily community will be built in Charleston’s North of Morrison (NoMo) neighborhood within a qualified opportunity zone. PRC’s Adam Bieber structured the equity financing through investor Argosy Real Estate Partners. PCCP recently provided a $100.6 million construction loan to a joint venture between Woodfield and Argosy to finance the development of Morrison Yard. Construction has commenced on the site, which will consist of a 10-story, concrete building and a six-story, wood-framed building, each featuring studio, one-, two- and three-bedroom floor plans. The complex will offer ground-floor retail, a two-story parking structure, clubhouse, courtyard spaces and water features. Woodfield plans to have Morrison Yards’ first units delivered in the fourth quarter of 2021, with the entire project slated for delivery in late 2022.

January 16, 2020

Industrial Leasing Activity North Carolina Southeast

Transpacific Suppliers Alliance Signs 120,000 SF Lease in Metro Raleigh Industrial Park

by Alex Tostado January 16, 2020

KNIGHTDALE, N.C. — Transpacific Suppliers Alliance Inc. has signed a 120,000-square-foot lease in Hinton Oaks Industrial Park with owner and developer Wake Stone Corp. The park is located at 520 Hinton Oaks Blvd. in Knightdale, roughly nine miles east of Raleigh. KW Commercial’s Brian Donnelley represented the tenant in the lease negotiations. Foundry Commercial, led by Alexis Lambeth, leases the park on behalf of Wake Stone. The 48-acre industrial park is master-planned for five buildings totaling 524,000 square feet. The property is now fully leased, with the fifth and final building slated for delivery in April. Hinton Oaks is adjacent to Interstate 540 and to Wake Stone’s current quarry operation and headquarters in Knightdale. The industrial park currently has 10 tenants, including granite supplier AG&M. Williams Realty & Building Co. Inc. is the general contractor for the entire Hinton Oaks project.

January 16, 2020

Development Florida Loans Multifamily Southeast

3650 REIT Provides $50M Construction Loan for Multifamily Community in Miami Gardens

by Alex Tostado January 15, 2020

MIAMI GARDENS, FLA. — 3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily developer The Latigo Group LLC broke ground in October 2019 and plans to deliver the first apartments in late 2020, with completion scheduled for spring of 2021. The complex will be situated on approximately 10 acres of land along with parks and ponds.

January 15, 2020

Development Industrial Kentucky Southeast

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

by Alex Tostado January 15, 2020

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock positions in a cross-dock configuration with 36-foot clear heights, four drive-in doors and mechanical dock equipment. Completion of the Blankenbaker Logistics Center is scheduled for December of this year. Located south of Interstate 64 and west of Interstate 265, Blankenbaker Logistics Center will be adjacent to the local FedEx Ground terminal, with access to UPS Worldport and Ford’s Kentucky Truck and Louisville Assembly Plants. The design team includes civil engineer Mindel Scott, architect H2B Architects and general contractor Summit Construction. Kevin Grove of CBRE will represent Hunt Midwest in the lease-up of the facility.

January 15, 2020

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties

by Alex Tostado January 15, 2020

BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions. San Diego-based Verada Properties sold Pawnee Square, located at 2912 Pawnee Ave., to Birmingham-based Welden Field Development. The apartment building was 92 percent occupied at the time of sale. Constructed in 1979, Pawnee Square offers one- and two-bedroom floorplans, including loft-style units. The community features a pool and is situated near both the University of Alabama at Birmingham and the central business district. Jemison Flats, located at 1827 1st Ave. in Birmingham’s Theater District, was sold by Birmingham-based LIV. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure a three-year, floating-rate acquisition loan through Bridge Investment Group. The apartment building was 93 percent occupied at the time of sale and offers studios, one- and two-bedroom loft-style floorplans, as well as an outdoor green space area, fitness center, grilling station …

January 15, 2020

Development Georgia Retail Southeast

Allied Esports, Simon Announce 13,000 SF Esports Venue Coming to Mall of Georgia

by Alex Tostado January 15, 2020

BUFORD, GA. — Allied Esports, a global esports entertainment company, and Simon Property Group Inc., a REIT and shopping mall operator, have announced that Mall of Georgia in Buford will be the location for the companies’ first dedicated esports venue. The two-level, 13,000-square-foot facility will be a gaming and esports destination. The venue will feature regular amateur and professional esports tournaments and events spanning a variety of games and genres. The location, which will have full broadcast and streaming production capabilities, will also offer PCs and consoles for daily use, full food and beverage options and experiential retail. The redevelopment of the current retail space is expected to begin in the second quarter of 2020, with an opening of the venue anticipated in the second half of the year. Mall of Georgia, the largest shopping destination in the Southeast, features more than 200 shops, a dining pavilion and movie theater. Allied Esports and Simon announced a strategic alliance in June 2019. The two companies plan to open dedicated esports venues at Simon centers around the country and create a co-produced national amateur esports tournament — the Simon Cup — featuring online competition and in-person events at Simon locations.

January 15, 2020

Acquisitions Florida Retail Southeast

SRS Negotiates $10.9M Sale of Retail Center Near Daytona International Speedway

by Alex Tostado January 15, 2020

DAYTONA BEACH, FLA. — SRS Real Estate Partners has negotiated the $10.9 million sale of Speedway Village, a three-building, 28,075-square-foot retail center located directly across the street from Daytona International Speedway. The center was fully occupied at the time of sale to tenants including Verizon Wireless, Jimmy John’s, FedEx Office, The Vitamin Shoppe, Eyeglass World and Smashburger. The seller, Evans Speedway LLC, developed the property in 2008. The buyers, Ty and Tovah Lohman, represented themselves. Kevin Yaryan, Patrick Luther and Matthew Mousavi of SRS represented the seller in the transaction.

January 15, 2020

Acquisitions Development North Carolina Office Southeast

Beacon Partners Purchases 7.6 Acres in Charlotte for LoSo Station Office Building

by Alex Tostado January 14, 2020

CHARLOTTE, N.C. — Beacon Partners has purchased two parcels totaling over 7.6 acres in Charlotte from Raleigh-based Cherokee Fund that will house a five-story, office building. The project will be part of LoSo Station, a mixed-use development in Charlotte’s Lower South End (LoSo) neighborhood. Beacon’s office development will encompass 80,000 square feet of office and retail space, with an expected move-in date of 2021. The design team for the office building includes RBA Architects and landscape architect LandDesign. Beacon’s Kristy Venning is overseeing leasing. The 15-acre LoSo Station is master-planned to include over 1 million square feet of office and retail space, a hotel and 350 multifamily units to be developed by Crescent Communities. LoSo Station is located directly across from the Scaleybark Lynx Station and is situated on the Charlotte Rail Trail, a 3.5-mile public path. The master plan for LoSo Station incorporates rooftop entertainment, meeting space, outdoor retail plazas and athletic fields.

January 14, 2020

Development Multifamily Southeast Virginia

Gables Residential Opens Transit-Oriented Apartment Community in Arlington, Virginia

by Alex Tostado January 14, 2020

ARLINGTON, VA. — Gables Residential has opened Gables Pointe 14, a 370-unit apartment community in the Fort Myer Heights neighborhood of Arlington. KTGY Architecture + Planning designed the LEED Silver-certified complex, which features Art Deco elements. Located at 1351 N. Rolfe St. near Route 50, the development comprises a six-story mid-rise building and a 12-story high-rise building. The urban-infill development is located on a 2.2-acre, triangular-shaped site that is within walking distance to the Court House and Rosslyn Metro stations. The complex offers studios, one-, two and three-bedroom apartment homes, as well as townhomes. Amenities include a 24-hour work center with a business bar and conference rooms, subterranean parking, fitness center featuring on-demand classes, bike storage and repair station, a resident lounge with free Wi-Fi, theater room, dog wash station and concierge services. Gables Pointe 14 also has a private outdoor courtyard and a rooftop pool and lounge.

January 14, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures $68.5M Acquisition Loan for New Multifamily Property Near Orlando

by Alex Tostado January 14, 2020

MAITLAND, FLA. — Berkadia has secured $68.5 million in acquisition financing for Town Trelago, a recently completed, 350-unit multifamily property in Maitland, a suburb seven miles north of Orlando. J. Tyler Blue, Ted Hermes, Nick Nicholson and Jonathan Pratt of Berkadia’s metro D.C. office secured the financing on behalf of the borrower, McLean, Va.-based Kettler Inc. An unnamed life company provided the 10-year, fixed-rate loan that features interest-only payments for half of the loan’s term. Located at 601 Trelago Way, Town Trelago features studio through three-bedroom floor plans. Community amenities include a pool, Jacuzzi, fitness center, game room, business center, clubhouse, assigned parking and an outdoor grilling area. Residents have nearby access to Interstate 4 and Lake Maitland.

January 14, 2020

Newer Posts

Older Posts