Southeast

Joint Venture Acquires Office Building in D.C. for $34.7M, Plans to Reposition as Apartments

by Alex Tostado February 24, 2020

WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.

February 24, 2020

Acquisitions Georgia Multifamily Southeast

Berkadia Negotiates $38M Sale of Legacy Riverdale Apartment Complex in Metro Atlanta

by Alex Tostado February 24, 2020

RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.

February 24, 2020

Development Florida Loans Multifamily Southeast

JLL Arranges $34M Construction Loan for Multifamily Property in Little Havana

by Alex Tostado February 24, 2020

MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.

February 24, 2020

Florida Industrial Leasing Activity Southeast

Cargill Signs 70,000 SF Industrial Lease in South Florida

by Alex Tostado February 24, 2020

HIALEAH, FLA. — Cargill has signed a 70,000-square-foot industrial lease within Building E in Beacon Logistics Park in Hialeah. The industrial park will span 1.3 million square feet upon completion. A joint venture between Codina Partners and USAA Real Estate is developing the 146,021-square-foot Building E, which features a non-shared truck court and a building depth of 160 feet with a 60-foot speed bay. The Minnesota-based meat and grain supplier is the first tenant to sign a lease within the property, which is situated at NW 145th Place and NW 107th Avenue, 23 miles northwest of downtown Miami. RLC Architects designed the industrial park, and Rycon Construction Inc. is the general contractor for Building E.

February 24, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels February 24, 2020

Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

February 24, 2020

Market Reports Office Southeast Southeast Market Reports Tennessee

Office Demand Remains Robust in Nashville as New Projects Continue to Deliver

by Alex Tostado February 24, 2020

Perhaps there is no better way to describe the Nashville office market and its progression than to examine the recent transaction history of two of Nashville’s older generation office buildings, Fifth Third Center and Bank of America/Philips Plaza. Both of these office towers are 1980s vintage with significant renovations in the last three to four years. However, no renovation can cure some of the obsolete issues with these buildings: limited parking, inefficient floorplates and old “core” locations. Nevertheless, these buildings have enjoyed rental growth, occupancy strength and consequently excellent sales transaction history. On a more macroeconomic level, investor activity remained on the rise in 2019 as Nashville has become a global real estate investment target with Nashville being in the top 10 list of markets in Urban Land Institute and PricewaterhouseCooper’s Emerging Trends report for the past five years. Nashville’s presence on this list is supported with its business-friendly environment, population growth, growing IT workforce and appeal as a leisure and meeting destination. In 2010, Nashville’s overall office vacancy rate was 12.2 percent with its Class A rents averaging $22.41 per square foot. Today, the market’s vacancy rate is 8.4 percent with Class A rents averaging $31.20. Clearly, the Nashville …

February 24, 2020

Acquisitions Florida Multifamily Southeast

JLL Negotiates $96M Sale of Apartment Complex in Fort Myers

by Alex Tostado February 21, 2020

FORT MYERS, FLA. — JLL has negotiated the $96 million sale of The Retreat at Vista Lake, a 640-unit, garden-style apartment complex in Fort Myers. The property comprises 32 two- and three-story buildings spanning 35 acres. The community offers one-, two- and three-bedroom floor plans averaging 867 square feet. Communal amenities include two pools, a fitness center, gazebo with grilling area, tennis courts, racquetball court, lakeside basketball court, dog park and a business center. The Retreat at Vista Lake is situated at 3701 Winkler Ave., five miles southeast of downtown Fort Myers. Matt Mitchell, Zach Nolan Brett Moss, Drew Jennewein, Jarrod Smith and Bailey Smith of JLL represented the undisclosed seller in the transaction. The buyer was an undisclosed private partnership.

February 21, 2020

Acquisitions Florida Office Southeast

ShareMD Acquires Medical Office Building in Downtown Jacksonville for $67M

by Alex Tostado February 21, 2020

JACKSONVILLE, FLA. — Atlanta-based ShareMD has acquired 841 Prudential, a 20-story, 500,000-square-foot medical office building in downtown Jacksonville, for $67 million. The property is situated within a medical campus anchored by Baptist Medical Center. The building was 80 percent leased to office users at the time of sale, but the buyer sees an opportunity to change to clinical users. Built in 1955, 841 Prudential was the city’s first skyscraper and underwent a $6 million renovation two years ago. ShareMD will dedicate between 10,000 to 15,000 square feet of 841 Prudential for coworking and fill other vacancies with long-term medical tenants. Elliot LaBreche of Easton & Associates represented the buyer in the transaction. CBRE represented the seller, Chicago-based GEM Realty.

February 21, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $33.5M Sale of Apartment Community in South Charlotte

by Alex Tostado February 21, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $33.5 million sale of The Flats at Arrowood, a 301-unit multifamily community in Charlotte’s Montclaire South neighborhood. The property offers studio to three-bedroom floor plans ranging from 525 to 1,270 square feet. Communal amenities include a courtyard, fitness center, pool, sundeck, clubhouse and a business center. The Flats at Arrowood was originally developed in 1980. The seller, Blackfin Real Estate Investors, renovated the community in 2017. The property is situated at 8508 Lodge S. Circle, nine miles south of downtown Charlotte. Marc Robinson, Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller in the transaction. Quantum Equities acquired the asset.

February 21, 2020

Acquisitions Arkansas Florida Multifamily Southeast Student Housing

East To West Capital Sells Three-Property Student Housing Portfolio in Florida, Arkansas

by Alex Tostado February 21, 2020

TALLAHASSEE AND GAINESVILLE, FLA.; AND FAYETTEVILLE, ARK. — UK-based investor East To West Capital has sold a three-property student housing portfolio located in Florida and Arkansas for an undisclosed price. The portfolio includes Gator Cottages, a three-unit, 18-bed property built in 2018 serving students at the University of Florida in Gainesville; Whitham Cottages, a 10-unit, 40-bed community also constructed in 2018 located near the University of Arkansas in Fayetteville; and Seminole Gardens, a 10-unit complex ranging from 2,213 to 2,571 square feet serving students attending Florida State University in Tallahassee. Kevin Dufour and Director Kyle Peco of FourPoint Investment Sales Partners represented the seller in the transaction. The buyer was undisclosed.

February 21, 2020

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