Southeast

Tanger Outlets Sells Four Outlet Malls for $130.5M

by Alex Tostado April 1, 2019

GREENSBORO, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls for $130.5 million. The four centers are located in Nags Head, N.C.; Ocean City, Md.; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states and Canada. The company is planning to build a mall in downtown Nashville. The buyer(s) was not disclosed. Tanger Outlets’ stock price opened at $20.64 per share Monday, down from $22.16 per share one year ago.

April 1, 2019

Development Office Southeast Tennessee

WeWork to Open Third Nashville Location in North Gulch’s Capitol View

by Alex Tostado April 1, 2019

NASHVILLE, TENN. — WeWork will open its third Nashville location this fall. The newest site will be situated in the city’s North Gulch district, spanning 65,000 square feet and two stories at 500 11th Ave. N. within Capitol View. A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin developed Capitol View, a 32-acre mixed-use development offering 378 residential units, retail space, restaurants and a 2.5-acre park. WeWork expects the space to house up to 1,000 workers. WeWork’s other two Nashville locations are in downtown (1,300 desks) and East Nashville (470 desks).

April 1, 2019

Development Georgia Retail Southeast

Joint Venture Opens Food Hall with 20 Vendors in Metro Atlanta

by Alex Tostado April 1, 2019

MARIETTA, GA. — Marietta Square Market, an 18,500-square-foot food hall, has opened at 68 N. Marietta Parkway NW in the Historic Marietta Square District. Concordia Properties LLC and Creative Culinary Ventures LLC developed the asset, which is located adjacent to historic railroad tracks, to resemble a turn-of-the-century train station. Marietta Square Market offers a central bar, indoor and outdoor seating and 20 vendors. Kelly Wilson of Ackerman Retail is handling leasing efforts for Marietta Square Market.

April 1, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Complex in Atlanta for $23.1M

by Alex Tostado April 1, 2019

ATLANTA — FCP has acquired Ashford Gardens, a 164-unit garden-style apartment community in Atlanta, for $23.1 million. Ashford Gardens offers one-, two- and three-bedroom floor plans and community amenities such as a swimming pool, barbecue and picnic area and a playground. Situated at 2203 Plaster Road NE in northeast Atlanta, FCP will rebrand the property as Mirador at Peachtree. Andrew Mays and Matt White of Berkadia represented the undisclosed seller in the transaction.

April 1, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $14.2M Sale of Retail Center in Southwest Florida

by Alex Tostado April 1, 2019

BONITA SPRINGS, FLA. — Marcus & Millichap has arranged the $14.2 million sale of North Bay Village, a 114,545-square-foot retail property in Bonita Springs. North Bay Village was 73 percent occupied at the time of the sale, and the buyer, a private investor through a 1031 exchange, signed long-term leases with Hertz, Emaint and Keller Williams Real Estate to bring the asset to 98 percent occupancy. Other tenants include Bonefish Grill, Mattress Firm and Edible Arrangements. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, a private investor, in the transaction.

April 1, 2019

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Job Creation in Middle Tennessee Sparks Rise in Demand for Multifamily

by Alex Tostado April 1, 2019

In 2018, Nashville continued experiencing unprecedented population growth. Major job announcements, rising home prices and income growth have led to a shift in renters-by-choice. This has continued to transform our urban core and has had an immense impact on various industries within the city. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2018. The median price per unit in Nashville increased by more than 14 percent from fourth-quarter 2017 to fourth-quarter 2018, reaching $145,000 compared to $117,000 in the Southeast and $162,000 across the nation. This comparison demonstrates how Nashville is a highly valued market in the Southeast but remains attractive from a pricing standpoint to national investors looking to acquire quality product. What was an increasingly concessionary environment in 2017 and 2018, the Nashville multifamily market will tighten throughout 2019. Large-scale job announcements like AllianceBernstein, Amazon and Ernst & Young will bring thousands of jobs to Middle Tennessee. These announcements will help ensure that the recent trend of high absorption will continue through the year. Demand in Nashville has been strong relative to the historical average, but supply has outperformed demand in the past year due to new construction of much-needed …

April 1, 2019

Development District of Columbia Mixed-Use Southeast Top Stories

PN Hoffman, Madison Marquette Break Ground on Phase II of $2.5B Mixed-Use Project in Washington, D.C.

by Taylor Williams April 1, 2019

WASHINGTON, D.C. — Locally based developers PN Hoffman and Madison Marquette have broken ground on Phase II of The Wharf, a $2.5 billion, mixed-use project fronting the Potomac River in Washington, D.C. At full build-out, Phase II will feature 625,000 square feet of Class A office space, 255 apartments, 96 condominium units, 131 hotel rooms and a 109,000 square feet of retail and restaurant space. Phase II will also include a 1.5-acre park, two underground parking garages with more than 1,000 spaces, and additional dockage totaling 223 slips at The Wharf Marina. Phase I of The Wharf, which spans a mile and is the largest private development in the city, opened in October 2017. Phase I included three hotels, two multifamily and condominium buildings, and 210,000 square feet of retail, restaurant and entertainment space. The design team behind Phase II includes more than a dozen architects. Cianbro is the general contractor for construction of the marina component, and Balfour Beatty is handling construction of the office buildings and below-grade parking garages. Other project partners include ER Bacon Development, City Partners, Paramount Development and Triden Development. Madison Marquette, which is owned by international investment firm Capital Guidance and merged with PMRG last …

April 1, 2019

Acquisitions District of Columbia Office Southeast

Penzance Buys Office Building in D.C.’s East End for $85M

by Alex Tostado March 29, 2019

WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.

March 29, 2019

Arkansas Development Industrial Southeast

Logistics Management Firm to Move into New Industrial Center in Northwest Arkansas

by Alex Tostado March 29, 2019

ROGERS, ARK. — Transplace, a Texas-based provider of transportation management services and logistics technology solutions, will occupy a new operations center in Rogers. Transplace will expand its existing operations center from 80,000 square feet to 150,000 square feet and add hundreds of new employees over the next several years, according to a press release. Construction of the new industrial complex will begin immediately, and Transplace is expected to move in by early 2021. HCH Consulting is developing the project and will serve as landlord. Corgan is the interior architect. Robbie Baty, Bill McClung and Marshall Saviers of Cushman & Wakefield represented Transplace in the lease transaction. Betty McIntosh and Carol Henderson, also of Cushman & Wakefield, provided business incentives services, and Kyle Bramlett of Cushman & Wakefield will help oversee construction management.

March 29, 2019

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $34M Acquisition Loan for Affordable Housing Property in South Florida

by Alex Tostado March 29, 2019

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $34 million Freddie Mac acquisition loan for Waverley Place Apartments, a 300-unit affordable housing property in Naples. The asset consists of 40 two-story apartment buildings situated on 11 acres. A portion of the units will be reserved for individuals and families earning 80 percent of area median income. Fred Dockweiler of KeyBank’s Commercial Mortgage Group originated the non-recourse, fixed-rate loan with a seven-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

March 29, 2019

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