Southeast

Rubenstein, Griffith Properties Sign Freddie Mac to 150,000 SF Office Lease in Metro D.C.

by Alex Tostado May 21, 2019

TYSONS, VA. — Rubenstein Partners and Griffith Properties have signed a tenant to a full-building, 150,000-square-foot office lease within Centerstone at Tysons. The name of the tenant was not disclosed, however, multiple news outlets report the tenant is government-sponsored enterprise Freddie Mac. Centerstone at Tysons is located near two stops along the Washington Metropolitan Area Transit Authority (WAMTA), as well as Interstate 495 and several retail and dining options. A timeline for Freddie Mac’s move into the space was not disclosed.

May 21, 2019

Development Florida Office Southeast

Related Cos. Breaks Ground on 300,000 SF Office Building in West Palm Beach

by Alex Tostado May 20, 2019

WEST PALM BEACH, FLA. — Related Cos. has broken ground on 360 Rosemary, a planned 300,000-square-foot office building within West Palm Beach’s Rosemary Square neighborhood. The new office building will stand 20 stories and offer 10,000 square feet of amenity space, two indoor/outdoor terraces, seven levels of parking, shared car parking, onsite bike racks, a fitness center and an onsite conference facility. Rosemary Square is undergoing a $550 million transformation from a retail and entertainment center to a vibrant community and destination featuring commercial office space, green spaces, residences, experiential retail and culinary offerings. Rosemary Square sits on 72 acres and is located three miles from Palm Beach International Airport, and adjacent to the West Palm Beach Virgin Trains USA high-speed rail station, which connects West Palm Beach to Miami and Fort Lauderdale. Elkus Manfredi Architects and Leo A. Daly designed 360 Rosemary, which is expected to be complete by early 2021.

May 20, 2019

Florida Loans Multifamily Southeast

Berkadia Funds $79.5M Refinancing Loan for Apartment Community in South Florida

by Alex Tostado May 20, 2019

PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.

May 20, 2019

Industrial Loans North Carolina South Carolina Southeast

KeyBank Provides $40M Acquisition Loan for Industrial Portfolio in Carolinas

by Alex Tostado May 20, 2019

CHARLOTTE, N.C. — KeyBank has provided a $40 million acquisition loan to Weston Inc. for the purchase of an industrial portfolio in North and South Carolina. Details on the individual facilities were not disclosed, but the portfolio spans five buildings, 1.5 million square feet, and is located in the Charlotte, Raleigh-Durham, Greenville and Augusta industrial markets. Weston is a privately owned company based in Cleveland that owns more than 13 million square feet of industrial space nationwide.

May 20, 2019

Development Retail Southeast Virginia

Lidl to Open 25 East Coast Grocery Stores by Spring 2020

by Alex Tostado May 20, 2019

ARLINGTON, VA. — Lidl US plans to open 25 grocery stores on the East Coast by spring 2020. The 25 stores will be located in Virginia, South Carolina, North Carolina, Maryland, New Jersey, Pennsylvania and New York, including the first four in Long Island. Openings for the individual stores were not released. In conjunction with the openings, Lidl US also plans to close two stores in Rockingham and Kinston, N.C. this summer. Lidl operates 10,500 grocery stores in 29 countries. Lidl established its U.S. headquarters in Arlington in June 2015.

May 20, 2019

Acquisitions Healthcare Southeast Tennessee

Montecito Medical Acquires Healthcare Firm, 221,000 SF Medical Office Building in Metro Nashville

by Alex Tostado May 20, 2019

MUFREESBORO, TENN. — Montecito Medical Real Estate has acquired Murfreesboro Medical Partners LLC, a Murfreesboro-based medical office building (MOB) owner. The acquisition includes a three-story, 221,000-square-foot MOB that was fully leased to Murfreesboro Medical Clinic (MMC) at the time of sale. MMC houses more than 80 physicians and 600 employees and offers more than 20 specialties, including an ambulatory surgery center and radiology department. The terms of the acquisition were not disclosed. MMC is situated adjacent to St. Thomas Rutherford Hospital, which operates 305 beds and is the largest healthcare facility in the Murfreesboro market. Anthony Lunceford, Joe Massa and Woody Widenhofer of Colliers International Healthcare Investment Services advised both the seller and the buyer in the transaction.

May 20, 2019

Development Georgia Industrial Southeast Top Stories

Hitachi Automotive Undertakes $100M Plant Expansion in Monroe, Georgia

by Taylor Williams May 20, 2019

MONROE, GA. — Hitachi Automotive Systems Americas Inc., a global supplier of automotive parts, has announced a massive, multi-year expansion of its manufacturing plant in Monroe, approximately 45 miles east of Atlanta. Georgia Gov. Brian Kemp announced on Friday, May 17 that Hitachi will invest anywhere from $100 million to $330 million in expanding its existing facility. The project is expected to bring an additional 100 jobs to Walton County. The parent company of Hitachi Americas, Hitachi Automotive Systems Ltd., is headquartered in Tokyo and manufactures engine powertrain systems, electric powertrain systems and integrated vehicle control systems. The company opened its first facility in Georgia in 1997 and currently employs more than 900 people in the Peach State, making it the largest employer in Walton County. The expansion project will be unveiled in phases over the next five years, according to The Atlanta Journal-Constitution, and parts produced at the plant will continue to be sold to major automotive companies like Ford, General Motors, Honda and Nissan. Hitachi cited larger growth in the automotive industry and the strength of the local workforce as the key incentives behind the expansion project. “It’s our goal at the Georgia Department of Economic Development to …

May 20, 2019

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Strong 2018 Re-Establishes Memphis’ Status as ‘America’s Distribution Center’

by Alex Tostado May 20, 2019

Memphis continued its record-setting ways throughout 2018. Absorption was higher than 2017 by over 735,000 square feet for a total of 6.7 million square feet. Overall vacancy rates fell below 6 percent for the first time in recent history. As of Jan. 1, 2019, vacancy rates were at 5.8 percent. One would think this would come at the expense of rental rates, however, rental rates stayed constant at $2.77 per square foot until year-end. This represents a slight increase of 10 cents per square foot over 2017. With an industrial market exceeding 270 million square feet, it’s no wonder how Memphis got its name as “America’s Distribution Center.” Memphis International Airport is the second largest cargo airport in the world, home to 400 trucking companies, the third busiest trucking corridor (Interstate 40 to Little Rock), one of only four cities to be served by five long-haul Class 1 rail systems, the fourth largest inland port and the second largest stillwater port. Home to the FedEx World Hub, as well as UPS and USPS hubs all operating 24 hours a day, 365 days a week, Memphis provides the most cost-effective distribution and logistics operations in the country. While Memphis has been …

May 20, 2019

Florida Loans Multifamily Southeast

Berkadia Closes $44.5M Refinancing Loan for Tampa Bay Multifamily Property

by Alex Tostado May 17, 2019

DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.

May 17, 2019

Arkansas Loans Multifamily Southeast

Greystone Provides $35.5M Fannie Mae Loan to Refinance New Multifamily Community in Little Rock

by Alex Tostado May 17, 2019

LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.

May 17, 2019

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