Southeast

BB&T-SunTrust Pick Charlotte’s Hearst Tower as Corporate Headquarters Location

by Alex Tostado June 13, 2019

CHARLOTTE, N.C. — The 965,000-square-foot Hearst Tower in Charlotte, which is owned by Cousins Properties, will be the new corporate headquarters for BB&T Corp. and SunTrust Banks Inc. once the merger between the two banks is complete. BB&T-SunTrust confirmed in a press release that the combined bank is expected to begin occupying 651,000 square feet of office space in phases from August 2019 to June 2021. Up to 2,000 employees of the proposed new company will be housed in the space. The lease term is for 15 years. The space is currently occupied by Bank of America and other tenants, all of which will move out to make room for BB&T-SunTrust. Bank of America has signed a 550,000-square-foot lease within Lincoln Harris’ Legacy Union in Uptown Charlotte. Winston-Salem, N.C.-based BB&T agreed to acquire Atlanta-based SunTrust in a $66 billion deal announced in early February. Details have not yet been released on future plans for the banks’ existing corporate offices. BB&T-SunTrust will have the option to purchase the 47-story building from Cousins Properties for $455.5 million through the fourth quarter of this year. If the company exercises that option, the sale will close in the first quarter of 2020. On Wednesday, …

June 13, 2019

Development Mixed-Use Southeast Virginia

American Real Estate Partners Unveils $35M Redevelopment Plan for Rosslyn Metro Center in Arlington

by Alex Tostado June 12, 2019

ARLINGTON, VA. — American Real Estate Partners (AREP) has unveiled its plans to redevelop and rebrand the Rosslyn Metro Center in Arlington’s Rosslyn neighborhood. AREP began the $35 million project earlier this month. Rosslyn City Center is a 62,000-square-foot former mall located directly above the Rosslyn Metro Station. Completion is scheduled for third-quarter 2020. Rosslyn City Center is located at 1700 N. Moore St., three miles east of downtown Arlington and less than five miles from Amazon’s HQ2 campus. The redevelopment will include transforming the existing structure on the site, improving pedestrian accessibility, and adding a conference facility, flexible work space, a 30,000-square-foot fitness studio and an outdoor terrace. AREP will bring in Austin, Texas-based Oz Rey to manage a 12-stall food hall.

June 12, 2019

Development North Carolina Office Southeast

Equator Capital to Convert Vacant Shopping Mall to Office Space in Raleigh-Durham

by Alex Tostado June 12, 2019

MORRISVILLE, N.C. — Equator Capital Management will redevelop the vacant Morrisville Outlet Mall in Morrisville into a 245,000-square-foot office campus. Knighthead Funding LLC provided the developer with a $34 million construction loan that features a 24-month non-recourse period. Gensler designed the office campus to include extensive use of glass walls, some as high as 30 feet. Common area upgrades will include a new surfaced parking lot, landscaped courtyards with outdoor seating, turf yoga lawn, bocce court and new signage. Lighting and drainage around the 25-acre property will also be improved. Situated at 1001 Airport Blvd., the new office campus is located two miles from the Raleigh-Durham International Airport, 12 miles southeast of downtown Durham and 13 miles west of downtown Raleigh. Construction is expected to begin immediately, with delivery slated for spring 2020.

June 12, 2019

Development Industrial Maryland Southeast

Merritt Properties Plans 860,000 SF Tower Logistics Center in Suburban Maryland

by Alex Tostado June 12, 2019

PERRYMAN, MD. — Merritt Properties has announced plans for Tower Logistics Center, an 860,000-square-foot industrial building in Perryman. Delivery is expected in late 2020. The building will be located at 1225 S. Philadelphia Road, about 30 miles north of the Port of Baltimore. Tower Logistics Center will feature 40-foot clear heights, 60-foot speed bays, more than 150 dock bays and 200 trailer parking spaces. Truck courts will span 130 feet and the building will include four drive-in doors. The construction team includes Powers Brown Architecture as the architect and Morris & Ritchie Associates Inc. as the civil engineer. Merritt has engaged CBRE as a listing partner, with Bill Pellington and Jon Casella of CBRE leading leasing efforts.

June 12, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $57.3M Sale of Multifamily Community in Charlotte

by Alex Tostado June 12, 2019

CHARLOTTE, N.C. — HFF has arranged the $57.3 million sale of Solis Berewick, a 275-unit multifamily community completed in 2017 in Charlotte. The property is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte. Solis Berewick offers one-, two- and three-bedroom floor plans averaging 1,016 square feet per unit. Communal amenities include a saltwater swimming pool, outdoor grilling area with fire pit, gaming and entertainment lounge, fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail, and a playground. Allan Lynch, Justin Good, Caylor Mark and Jeff Glenn of HFF represented the seller, Terwilliger Pappas, in the transaction. The team also procured the buyer, RK Properties.

June 12, 2019

Acquisitions Florida Office Southeast

Savlan Capital Acquires Office Building Near Tampa for $15M

by Alex Tostado June 12, 2019

BRADENTON, FLA. — Savlan Capital has acquired Bradenton Financial Center, a 116,839-square-foot office building in Bradenton, for $15 million or $127.95 per square foot. Bradenton Financial Center was built in 1986 at 1401 W. Manatee Ave., 45 miles south of downtown Tampa. BFC Bradenton LLC sold the building, which was 90 percent leased at the time of sale to tenants including Mauldin Jenkins, Workforce Business Services, Fisher-Rosemount Systems, Bank of America, Merrill Lynch and Morgan Stanley. Amenities include a Sage Biscuit Café on the ground level and an adjacent five-story parking garage that is accessible via a covered-walkway from the main building. Savlan Capital plans to invest significant funds into the property for exterior renovations and common-area improvements. Savlan Capital has retained Debra Cooper and Angela Varga of SVN Commercial Advisory Group as leasing agents for Bradenton Financial Center. Rick Brugge, Mike Davis and Rick Colon of Cushman & Wakefield represented both seller and buyer in the transaction.

June 12, 2019

Development Industrial South Carolina Southeast

Equus to Break Ground on 373,100 SF Industrial Building Near Inland Port Dillon

by Alex Tostado June 11, 2019

DILLON, S.C. — Equus Capital Partners Ltd. will break ground on a 373,100-square-foot speculative industrial building in Dillon in the third quarter of 2019. The site is situated off I-95 and one mile from Inland Port Dillon. The property will offer warehouse and logistics space, 32-foot clear heights, a 180-foot truck court, 189 parking spots, 58 loading spaces and 64 trailer parking spaces. The Philadelphia-based developer expects to deliver Phase I in 2020. Bob Barrineau and Brendan Redeyoff of CBRE as well as Drew Chaplin of Palmetto Commercial Real Estate are leading leasing efforts at the property on behalf of Equus. Phase II is proposed on a nearby site, which allows for the construction of multiple build-to-suit buildings with up to 1.5 million square feet of additional development capacity. A timeline for Phase II was not disclosed.

June 11, 2019

Acquisitions Georgia Multifamily North Carolina Southeast Tennessee

Carroll Organization Acquires Three-Property Apartment Portfolio in Southeast

by Alex Tostado June 11, 2019

ATLANTA — Carroll Organization has acquired a three-property multifamily portfolio located throughout the Southeast. The three properties include the 268-unit Hawthorne at Mooresville in Mooresville, N.C.; the 312-9unit Hawthorne at Wildwood in Marietta, Ga.; and the 323-unit Hawthorne South Oaks in downtown Nashville, Tenn. According to Atlanta-based Carroll Organization, all three properties will be rebranded under the ARIUM name. Additional terms of the sale were not disclosed.

June 11, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Provides $83.5M Loan for Refinancing of Embassy Suites in Downtown Atlanta

by Alex Tostado June 11, 2019

ATLANTA — PMZ Realty Capital LLC has provided an $83.5 million fixed-rate loan to Legacy Ventures for the refinancing of Embassy Suites Atlanta Centennial Park. The hotel offers 321 rooms and is situated next to Centennial Park, Mercedes-Benz Stadium, Georgia World Congress Center, Georgia Aquarium, the National Center for Civil and Human Rights Museum and the World of Coke. The hotel is located less than one mile from the future site of Centennial Yards, a $5 billion redevelopment that will bring more than 9 million square feet of new office space to downtown Atlanta over the next 10 years. The hotel recently underwent a $10 million renovation.

June 11, 2019

Development Florida Loans Multifamily Southeast

Hunt Provides Two Construction Loans Totaling $67M for Multifamily Projects in South Florida

by Alex Tostado June 11, 2019

MIRAMR AND PALM BAY, FLA. — Hunt Real Estate Capital has provided two HUD 221 (d)(4) construction loans for multifamily projects in South Florida totaling $67 million. Both loans will amortize over 40 years and will include two years of interest-only payments. Hunt Real Estate provided $42 million to Boardwalk 280 LLC for the development of Boardwalk 280 Apartments, which will offer 280 units. Community amenities will include two swimming pools, cabana beds, playground areas, a dog park, grilling areas, tennis tables, Wi-Fi connectivity/stations throughout the common areas, and a clubhouse that will have a lounge/social room, café bar, business center and a fitness center. Boardwalk 280 will be located in Miramar, two blocks from American Dream Miami, a 200-acre shopping and entertainment complex. According to a press release from Cushman & Wakefield, American Dream Miami will be the largest mall in the country. In the second transaction, Hunt Real Estate provided a $25 million loan to Alliance Palm Bay Holdings LLC and general partner Robert Cambo of Alliance Cos. for the construction of San Filippo Apartments in Palm Bay. San Filippo Apartments will be a 197-unit community spread across three- and four-story buildings. The project is classified as green/energy …

June 11, 2019

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