Southeast

HFF Arranges $228M Sale of Multifamily High Rises in Northern Virginia

by Alex Tostado May 14, 2019

ARLINGTON, VA. — HFF has arranged the $228 million sale of Meridian at Pentagon City, a two-tower, 534-unit multifamily property in Arlington. A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets-U.S. sold the asset. A joint venture between Polinger Development Co. and an unidentified institutional investor acquired the community. Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot office headquarters. The community offers studio, one- and two-bedroom floor plans averaging 846 square feet. Amenities include two rooftop pools, two outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge services and a 24-hour front desk. Jamie Leachman of HFF worked on behalf of the buyer to secure $126.9 million in acquisition financing through MetLife Investment Management. Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton of HFF represented the seller in the transaction.

May 14, 2019

Development Georgia Industrial Southeast

Seefried Set to Develop 252,540 SF Industrial Building Near Atlanta

by Alex Tostado May 14, 2019

BUFORD, GA. — Seefried Industrial Properties Inc. has purchased two sites in Buford. The first is a 28-acre parcel that will house Buford Creek I, and the second is a 31-acre parcel that will house Buford Creek II. The adjacent sites are located on Buford Highway, 38 miles northeast of downtown Atlanta. Buford Creek II will be a 252,540-square-foot speculative distribution facility and Buford Creek I will be a 236,102-square-foot speculative building. Buford Creek II will begin construction in late June and deliver in January 2020. Construction on Buford Creek I will follow in late 2019. “This well-located distribution center offers users signalized site access and terrific visibility off the newly constructed five-lane Buford Highway,” says Greg Herren, senior vice president and Chief operating officer of Seefried. “The City of Buford infrastructure and proximity to retail amenities make this infill location perfect for the I-85 Northeast business distribution users.”

May 14, 2019

Development Mixed-Use South Carolina Southeast

Beach Co. Breaks Ground on Mixed-Use Development in Downtown Greenville

by Alex Tostado May 14, 2019

GREENVILLE, S.C. — The Beach Co. has broken ground on Canvas, a mixed-use development in downtown Greenville. At full buildout, Canvas will offer 48 apartment units, 31 townhomes, 21,805 square feet of retail space and the renovation of a 130,000-square-foot office building. Construction is expected to last 18 months, with first units available for occupancy in early 2020.

May 14, 2019

Florida Leasing Activity Office Southeast

Colliers Negotiates 37,856 SF Office Lease in South Florida for Medtech Firm

by Alex Tostado May 14, 2019

AVENTURA, FLA. — Colliers International has negotiated an office lease for Biorasi to occupy two stories and 37,856 square feet of space at Harbour Centre in Aventura. Harbour Centre is a 217,000-square-foot office building situated at 18851 N.E. 29th Ave., 20 miles north of downtown Miami. Biorasi, a global research organization that partners with pharmaceutical, medical device and biotech companies to navigate clinical trials and bring products and treatments to market faster, signed a 10-year, $20 million lease at the office building. The lease required the early termination of two other tenants in order to accommodate Biorasi’s requirements. This lease brings the building’s occupancy to 93 percent. Jonathan Kingsley and Stephen Rutchik represented the landlord, C-III Capital Partners, and tenant in the transaction. Debborah Frank of Chicago-based Golub Cos. was a consultant to Biorasi in the transaction.

May 14, 2019

Development Maryland Mixed-Use Southeast Top Stories

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

by John Nelson May 14, 2019

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the first new buildings set to be delivered in fall 2021. Known as Rye Street Market, this portion of Chapter 1 will feature a 13,000-square-foot open-air market and food hall, 50,000 square feet of ground-level retail, a 12,000-square-foot meeting facility and a 15,000-square-foot rooftop event space. Rye Street Market will span four buildings totaling 275,000 square feet. At full buildout, Chapter 1 is slated to include approximately 1.4 million square feet of office space, 337,450 square feet of retail, 976,667 square feet of residential space and 285,000 square feet of hotel space. “The Port Covington of today is a completely different place than what it was just a few short years ago, and we are just getting started,” said Marc Weller, founding partner of Weller Development, during the event …

May 14, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $93.5M Sale of Apartment Portfolio in Birmingham

by Alex Tostado May 13, 2019

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $93.5 million sale of a three-property, 1,816-unit apartment portfolio in Birmingham. The three properties included in the sale are The Park at Buckingham, The Park at Callington and Carlyle. The Park at Buckingham was built in 1972 and offers 583 units. Amenities include tennis courts, a sand volleyball court, two swimming pools with sun decks and a theater room. The Park at Callington and Carlyle were built in 1978 and 1973, respectively, and total 1,233 units. Amenities include tennis courts, three pools with sun decks, volleyball court and a fitness center. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction. Bloomfield Hills, Mich.-based Contour Development Group acquired the portfolio.

May 13, 2019

Florida Loans Multifamily Southeast

Regions Provides $54M Construction Loan for New Tampa Bay Apartment Development

by Alex Tostado May 13, 2019

BRANDON, FLA. — Regions Bank has provided a $54 million construction loan to Arlington Properties for Tapestry Town Center, a planned 287-unit apartment community in Brandon. The project is situated 11 miles east of downtown Tampa and will offer one-, two- and three-bedroom floor plans. The community will be located within walking distance of the Westfield Brandon Mall, which houses more than 190 retailers. A timeline for delivery was not disclosed.

May 13, 2019

Acquisitions Healthcare North Carolina Southeast

Flagship Healthcare Purchases 121,741 SF Medical Office Building Portfolio in Metro Charlotte

by Alex Tostado May 13, 2019

CHARLOTTE, N.C. — Flagship Healthcare Properties has acquired a 121,741-square-foot portfolio featuring six medical office buildings (MOBs) in metro Charlotte. Three of the MOBs are located in Concord, with the remaining three in Kannapolis, China Grove and Locust. The portfolio was 91 percent leased at the time of sale. Cabarrus Family Medicine, part of Atrium Health, occupies 75 percent of the portfolio’s total square footage. Flagship will provide property and asset management services, as well as accounting and lease administration for the buildings. Cliff Berryman internally represented the buyer. CFM Medical Properties LLC sold the portfolio. First National Bank provided financing for the transaction. The sales price was not disclosed.

May 13, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Acquire 278-Unit Multifamily Community in Metro Tampa

by Alex Tostado May 13, 2019

LARGO, FLA. — Balfour Beatty Communities and ApexOne Investment Partners have teamed up to acquire Waterchase Apartments, a 278-unit multifamily community in Largo, 23 miles west of downtown Tampa. Constructed in the 1980s, Waterchase spans 18 acres and was 94 percent occupied at the time of sale. The property offers studio, one- and two-bedroom floor plans, as well as three swimming pools, a dog park, fitness center and a newly renovated clubhouse. Balfour Beatty will deliver both property and asset management services for Waterchase. Patrick Dufour, Ryan Moody and Ryan Crowley of Newmark Knight Frank (NKF) represented the seller, Hudson Capital, in the transaction.

May 13, 2019

Acquisitions Retail Southeast Virginia

Bogese Sells Shopping Center in Richmond for $5.7M

by Alex Tostado May 13, 2019

RICHMOND, VA. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

May 13, 2019

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