BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.
Southeast
ATLANTA — Multifamily developers and investors keep an ever-watchful eye on job and population growth in their target markets. In the Southeast, where several metros are seeing gains in those demand generators, which markets stand out? That was a central question posed during the regional panel discussions at France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district. The event drew 384 attendees in the multifamily real estate sector. The short list for the various speakers’ favorite markets include the usual suspects, namely Atlanta, Orlando, Tampa, Charlotte and Raleigh. These markets all have a recent track record of strong employment growth, which is traditionally a reliable indicator of multifamily demand. Norm Radow, CEO of Atlanta-based The RADCO Cos., warned though that not all jobs are created equally, which has long-term implications for the new apartment communities coming on line. “The majority of the people hired are on the low end of the wage scale and the few making a lot of money are tipping the average up,” said Radow during the conference’s Atlanta Market Update panel. “The workers are there to rent them, but we’re building a product …
FALLS CHURCH, VA. — Los Angeles-based CIM Group has acquired Skyline Towers, two high-rise apartment buildings located in the Bailey’s Crossroads submarket of Falls Church. The 939-unit property, located at 5599 Seminary Road, sits on 12.7 acres about six miles from Washington, D.C. The two 26-story buildings were constructed in 1971 and feature a pool, fitness center, game room, conference rooms, screening theater, onsite salon and a convenience store. The complex has nearby access to Interstates 395, 95 and 495 and the George Washington Memorial Parkway. Skyline Towers joins CIM’s residential properties in nearby Alexandria: the Mason at Van Dorn, a 1,180-unit community; Park Place at Van Dorn, a 285-unit community; and the former Crowne Plaza Hotel Alexandria, which CIM plans to convert into 122 residential condominiums and 41 townhomes. The seller and sales price of Skyline Towers were not disclosed, but Washington Business Journal reports that Equity Residential, a multifamily REIT based in Chicago, was the seller.
NASHVILLE, TENN. — Developer Safe Harbor Development LLC has opened the $82 million Margaritaville Hotel Nashville, a 12-story hotel featuring 166 guestrooms, as well as 52 suites. Davidson Hotels & Resorts manages the hotel, which is located at 425 5th Ave. S. in downtown Nashville’s SoBro (South of Broadway) district. Margaritaville Hotel Nashville is adjacent to the Country Music Hall of Fame, Bridgestone Arena, Music City Center and Honky Tonk Highway. Amenities include a rooftop pool, sundeck, fire pits, live entertainment, a fitness center, and two Margaritaville-branded restaurants: FINS Bar and JWB Grill. The hotel also includes nearly 11,000 square feet of indoor and outdoor customizable event space, as well as Radio Margaritaville’s Nashville studio.
Cushman & Wakefield Brokers $50.5M Value-Add Multifamily Portfolio Sale in Tennessee
by Alex Tostado
JACKSON, TENN. — Cushman & Wakefield has arranged the $50.5 million sale of a five-property, value-add portfolio totaling 667 apartments located throughout Tennessee. Cushman & Wakefield’s Robbie O’Bryan and Brad Boston represented the seller, Nashville-based Freeman Webb Co., in the transaction. Knoxville, Tenn.-based Dominion Group acquired the properties. The portfolio includes the 50-unit Whispering Oaks and the 228-unit The Hermitage, both located in Jackson. The other properties include the 101-unit Poplar Village in Murfreesboro, the 148-unit Ridgeside Apartments in Hixson and the 140-unit Papermill Square in Knoxville.
CHARLESTON, S.C. — Capital Square and Method Co. have announced plans to develop 529 King Street, a 50-unit hotel with ground-level retail space in the Cannonborough-Elliotborough neighborhood of historic downtown Charleston. Capital Square has established a project-specific opportunity zone fund called CSRA Opportunity Zone Fund IV LLC, which seeks to raise $7.7 million in equity from investors willing to invest a minimum of $100,000 to fund the hotel development. Method’s ROOST Apartment Hotel brand will operate the hotel. Designed by New York-based Morris Adjmi Architects, the five-story property will feature 4,218 square feet of retail space, valet-operated parking spaces, a courtyard and rooftop lounge. The property will also feature a fitness center, library and coworking space on each floor.
Hunt Provides $67.6M Freddie Mac Refinancing for New Multifamily Property in Broward County
by Alex Tostado
HALLANDALE BEACH, FLA. — Hunt Real Estate Capital has provided a $67.6 million refinance loan for Artsquare at Hallandale, a multifamily property located in Hallandale Beach, approximately 13 miles south of Fort Lauderdale. The borrower is Hallandale Land Ventures LLP, a subsidiary of Integra Investments. The Freddie Mac Lease-Up loan has an 11-year term with four years of interest-only payments, followed by a 30-year amortization schedule. Built in 2018, the 358-unit community is located at 401 N. Federal Highway, less than two miles from the Atlantic Ocean. The property comprises six residential buildings located on a contiguous 2.7-acre parcel. Three of the buildings are walkups and the other three are mid-rises. Artsquare’s amenities include a pool, fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room and a private theater. The property also features six retail spaces totaling 13,500 square feet, as well as 328 covered parking spaces and 210 surface parking spaces. Artsquare’s current retail tenants include Land of a Thousand Hills Coffee and Orangetheory Fitness.
Marlboro to Develop 253,800 SF Speculative Industrial Facility in Dillon, South Carolina
by Alex Tostado
DILLION, S.C. — Developer Marlboro Development Team Inc. has unveiled plans for a new, 253,800-square-foot industrial project in the I-95 Mega Site in Dillon, seven miles from the South Carolina-North Carolina state line. The 72-acre property within the site is scheduled for delivery in the third quarter of 2020. The facility will be designed for logistics and distribution, featuring cross-dock capabilities, 200-foot truck court depths, 36-foot clear heights, speed bays and expansion capability up to 650,000 square feet. Adjacent to I-95, the facility will be less than one mile from South Carolina Ports Authority’s (SCPA) Inland Port Dillon, which is CSX-railway served. Marlboro Development Team and its parent company, Marlboro Electric Cooperative, own nearly 4,000 acres surrounding Inland Port Dillon.
Vesper Holdings Acquires 722-Bed Student Housing Community Near University of South Florida
by Alex Tostado
TAMPA, FLA. — Vesper Holdings has acquired 4050 Lofts, a 722-bed student housing community located at 4050 Rocky Circle, less than a mile from the University of South Florida in Tampa. Built in 2009, the property offers three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include two swimming pools, a tanning dome, fitness center, aqua lounge, coffee bar, clubhouse, outdoor kitchen and a pool table. The new ownership plans to invest $1.4 million in capital improvements, which will include a renovation of unit interiors and shared amenity spaces, as well as extensive enhancements to the property’s exterior and technology upgrades throughout. The seller and terms of the transaction were not disclosed.
LAWRENCEVILLE, GA. — CW Capital has sold Village Shoppes of Sugarloaf, a 149,805-square-foot retail center in Lawrenceville, for $14.8 million. Publix anchors the property, which is located at 3330-3410 Sugarloaf Parkway, 30 miles northeast of downtown Atlanta. Village Shoppes was 63 percent leased at the time of sale. Scott Israel, Adam Sklaver and Phil Kates of CBRE represented the Bethesda, Md.-based seller in the transaction. Atlanta-based Branch Properties acquired the asset at a 5.5 percent cap rate.