Southeast

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

Acquisitions Office Southeast Virginia

Meridian Group Acquires Office Building in Northern Virginia for $113.2M

by Alex Tostado January 10, 2020

ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. Routes 29 and 50, the George Washington Memorial Parkway and Interstate 66. Meridian Group plans to make minor renovations to the 78-percent leased building, including upgrading the building’s common areas, lobby, conference center and fitness center. Meridian’s Andrew Pence, Kyle Maurer and Mike McCarthy handled the acquisition internally.

January 10, 2020

Georgia Loans Multifamily Southeast

Arbor Provides $43.7M Fannie Mae Green Acquisition Loan for Multifamily Community in Roswell, Georgia

by Alex Tostado January 10, 2020

ROSWELL, GA. — Arbor Realty Trust Inc. has provided a $43.7 million Fannie Mae Green Rewards acquisition loan for Avia Riverside Apartments in Roswell, a northern suburb of Atlanta. The 12-year, fixed rate loan features four years of interest-only payments and a 30-year amortization schedule. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. Built in 1972, Avia Riverside underwent renovations from 2013 to 2015. The 396-unit property features two swimming pools, a playground and a dog park. Other amenities include fitness and business centers. The complex is located at 100 Chattahoochee Circle and overlooks the Chattahoochee River.

January 10, 2020

Florida Leasing Activity Office Southeast

Highwoods Signs Fanatics to Lease 92,000 SF at Office Building in Tampa’s Westshore District

by Alex Tostado January 10, 2020

TAMPA, FLA. — Highwoods Properties Inc. has signed a three-floor, 92,000-square-foot lease at the 5332 Avion office building with Fanatics Brands, the in-house apparel division for sports apparel company Fanatics Inc. 5332 Avion is a 176,000-square-foot, six-story office building in Tampa’s Westshore submarket. The building, which was developed by Highwoods, will serve as one of more than a dozen worldwide office locations for Fanatics. Laser Spine Institute previously used the space for its company headquarters and an ambulatory surgery center. Fanatics has begun to build out its office space within the property.

January 10, 2020

Development Leasing Activity North Carolina Retail Southeast

CBL Inks Lease with Dave & Buster’s at Cross Creek Mall in Fayetteville, North Carolina

by Alex Tostado January 10, 2020

FAYETTEVILLE, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & Buster’s opening will be announced as plans are finalized.

January 10, 2020

District of Columbia Southeast

U.S. Economy Adds 145,000 Jobs in December, Falls Short of Consensus Forecast

by Alex Tostado January 10, 2020

WASHINGTON, D.C. — The U.S. economy added 145,000 jobs in December 2019, according to the Bureau of Labor Statistics (BLS), falling short of expectations. Economists surveyed by The Wall Street Journal had forecast an increase of 165,000 jobs. The unemployment rate remained unchanged at 3.5 percent. The BLS also revised both October and November job totals downward based on more complete data. The number of new jobs added in October was adjusted slightly downward to 152,000 from 156,000, while the figure for November decreased by 10,000 to 256,000. Following the revisions, job gains have averaged 184,000 over the past three months. Notable December job gains occurred in three sectors: retail trade, leisure and hospitality, and healthcare. More specifically, the retail trade sector added 41,000 jobs, the leisure and hospitality sector gained 40,000 jobs and the healthcare sector added 28,000 jobs. Employment in the leisure and hospitality industry grew by 388,000 in 2019, up from 359,000 in 2018. Meanwhile, the healthcare sector added 399,000 jobs in 2019, compared with an increase of 350,000 jobs in 2018. Conversely, mining employment declined by 8,000 in December. For all of 2019, employment in mining declined by 24,000, after rising by 63,000 in 2018. In December, average …

January 10, 2020

Acquisitions Georgia Healthcare Southeast

Skanska, H. J. Russell to Develop $151M Surgical Center for Grady Hospital in Atlanta

by Alex Tostado January 9, 2020

ATLANTA — A joint venture between Swedish developer Skanska AB and Atlanta-based H. J. Russell & Co. plans to develop the Center for Advanced Surgical Services (CASS) for Grady Memorial Hospital in Atlanta. Situated adjacent to Grady’s main campus, the new freestanding, 10-story facility will cost $151 million to build. The 576,960-square-foot property will include 264,000 square feet housing several outpatient clinics. Skanska and H. J. Russell expect to deliver CASS in early 2022. The new facility will be the site of all of Grady’s outpatient surgeries and will increase Grady’s operating room capacity by 25 percent and clinical capacity by 45 percent. According to the developers, Grady Memorial Hospital is the fifth busiest public hospital in the country with a Level 1 trauma center designation.

January 9, 2020

Acquisitions North Carolina Retail Southeast

JLL Arranges $30M Sale of Wendover Commons Shopping Center in Greensboro, North Carolina

by Alex Tostado January 9, 2020

GREENSBORO, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the western part of Greensboro between Interstates 73 and 40. Constructed between 2017 and 2018, the property was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Havertys Furniture, Cost Plus World Market, First Watch and Outback Steakhouse, as well as medical tenants. Moseley Real Estate Advisors manages Wendover Commons.

January 9, 2020

Acquisitions Maryland Office Southeast

Hubris Capital Purchases Two Downtown Baltimore Office Properties for $29.2M

by Alex Tostado January 9, 2020

BALTIMORE — JLL Capital Markets has arranged the $29.2 million sale of two office properties in downtown Baltimore. An investment group led by Dallas-based Hubris Capital purchased both 100 South Charles-Tower II and 201 North Charles in two separate transactions. Jay Wellschlager, Andrew Finkelstein and Elizabeth Runge of JLL represented both undisclosed sellers in the two deals. 100 South Charles-Tower II is a 160,754-square-foot, eight-story office building situated atop a three-story podium containing the retail space and common lobby of the 100 South Charles development. Tower II was 74.6 percent leased at the time of sale to tenants including Liberty Mutual Group, Jacobs Engineering Group Inc., Behavioral Health System and four federal government departments. The property recently underwent nearly $2 million of capital upgrades, while the complex’s common areas were renovated separately. The 28-story, 251,943-square-foot 201 North Charles office building is one of the tallest office properties in downtown Baltimore. Located within walking distance of the Lexington Market Metro station, the property was 77.2 percent leased at the time of sale. The building features 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.

January 9, 2020

Acquisitions North Carolina Office Southeast

Bridge Acquires Two Office Properties in Raleigh

by Alex Tostado January 9, 2020

RALEIGH, N.C. — Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, has purchased two office buildings in Raleigh. The properties include Capital Center, a seven-story, 161,698-square-foot building located at 5511 Capital Center Drive in west Raleigh. The other asset is Somerset Corporate Center, a two-building property totaling 168,310 square feet located at 4505 Falls of Neuse Road. The sales price was not disclosed. Capital Center was 93 percent leased at the time of sale to tenants including Plexus Services Corp., K4Connect, MyComputerCareer and Certara USA Inc. The property’s amenities include an onsite conference facility, outdoor common area and a fitness center. Bridge plans to invest nearly $3 million in capital improvements for the office building, including renovations for corridors and restrooms, the outdoor plaza and the entryway. Somerset Corporate Center was recently renovated with a new conference center and business hub. Capital improvements were also made to corridors, lobbies and restrooms. Somerset was 90 percent leased at the time of sale to tenants including KCI Technologies Inc., TowneBank Mortgage, Care Services LLC and Select Bank & Trust. Bridge plans to invest an additional $2.6 million to further improve corridors and restrooms and add spec suites in the …

January 9, 2020

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