Southeast

HemaSource Signs 114,800 SF Lease at New Distribution Facility in Andersonville, Tennessee

by Alex Tostado December 16, 2019

ANDERSONVILLE, TENN. — Medical supply distributor HemaSource Inc. has leased 114,800 square feet of a newly developed industrial facility in Andersonville, 18 miles northwest of Knoxville. Built by The Hollingsworth Cos., the building is upfitted for high-volume distribution utilizing tax incentive financing. The remaining 13,100 square feet of the 127,900-square-foot building is office space already leased to metal supplier A&S Building Systems. The Hollingsworth facility has the capacity to expand to 172,600 square feet and features 32-foot clear heights and 12 dock doors.

December 16, 2019

Development District of Columbia Leasing Activity Retail Southeast

Whole Foods Signs 40,000 SF Retail Lease for The Parks at Walter Reed in D.C.

by Alex Tostado December 16, 2019

WASHINGTON, D.C. — Whole Foods Market has signed a 40,000-square-foot retail lease to anchor the Hartley apartment building within The Parks at Walter Reed in northwest Washington, D.C. The Parks is a 3.1 million-square-foot mixed-use development from the partnership of Hines, Urban Atlantic and Triden Development. The Hartley will be the third new construction at the site, alongside two currently underway projects: The Brooks condominiums and the Vale apartments, featuring 18,000 square feet of retail. The Hartley features 323 rental units, including 32 affordable units, and 58,000 square feet of retail space. The apartment building will be part of the project’s Town Center, which will include 100,000 square feet of dining, shopping, and entertainment fronting Georgia Avenue. Construction on The Hartley is expected to begin in early 2020 with completion of the project set for early 2022. Torti Gallas + Partners is the architect for The Hartley, with interior design by Hickok Cole Lifestyle and landscape design by Oehme van Sweden. Retail broker CBRE + Streetsense will lease The Parks. The campus already contains a firehouse and schools, as well as housing for seniors and veterans.

December 16, 2019

Louisiana Market Reports Office Southeast Southeast Market Reports

New Orleans Office Sector is in Rightsizing Mode as Tenants Downsize Footprints

by Alex Tostado December 16, 2019

With the recent influx of young talent, combined with the area’s thriving economy and renowned vibrant culture, the Greater New Orleans region is poised for growth. Although the office market sector is slow to show any significant gains, this signifies a potential undervalued opportunity for users. The metro area has nearly 20 million square feet of office space, including over 11 million square feet of Class A space with a published occupancy rate exceeding 87 percent. The predominant trend is a rightsizing of the market, resulting in more downsizing than growth. On a macro level, the oil and gas industry is phasing out, which has historically been a prominent space user. The conversion of office space into alternate uses also continues, as well as a reduction in company footprints. The outlying suburban office market has seen the most growth, with East Metairie being one of the strongest submarkets in both occupancy and rental rates. With less product in the area, supply and demand are closer to equilibrium. New Orleans’ central business district (CBD) and downtown office submarkets are coasting along. Class A occupancy rates are slightly down from last year, but rents have inched up to high-teens and low-20s. The …

December 16, 2019

Development Industrial Southeast Virginia

Wegmans to Establish $175M Distribution Campus in Hanover County, Virginia

by Alex Tostado December 13, 2019

ASHLAND, VA. — Rochester, N.Y.-based Wegmans Food Markets Inc. will invest $175 million to establish a new regional distribution operation in Hanover County, 13 miles northeast of Richmond. Located along Sliding Hill and Ashcake roads in Ashland, the new campus will allow the grocer to expand its distribution network on the East Coast and grow its retail footprint, while creating 700 new jobs. Wegmans currently has over 100 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. No construction timeline was given for the new Virginia campus. The economic development agency Virginia Economic Development Partnership (VEDP) worked with Hanover County and a second economic development agency, the Greater Richmond Partnership, to secure the project. VEDP will administer a $2.4 million grant from the Commonwealth’s Opportunity Fund to assist Hanover County with the project. According to Virginia Gov. Ralph Northam’s office, the state of Virginia competed directly with the state of North Carolina for the project.

December 13, 2019

Acquisitions Mixed-Use North Carolina Southeast

Starwood REIT Buys Exchange on Erwin Mixed-Use Development in Durham for $111M

by Alex Tostado December 13, 2019

DURHAM, N.C. — Starwood Real Estate Income Trust Inc. a non-traded REIT managed by Starwood Capital Group, has purchased the Exchange on Erwin for $111 million from an affiliate of Ram Realty Advisors. Located at 2610 Erwin Road in Durham, adjacent to Duke University, the mixed-use property contains 265 multifamily units and 96,949 square feet of commercial space. The multifamily property was completed in 2018 and the commercial property, consisting primarily of medical office space, was completed in 2007. The medical office space is fully leased to Duke University medical tenants. The Exchange on Erwin multifamily units were 99 percent occupied and the commercial space was 95 percent leased on the date of sale, resulting in overall occupancy of 98 percent. CBRE|Raleigh’s Howard Jenkins and Ben Kilgore, as well as Kevin Kempf and Mike Burkard of CBRE, represented Ram Realty’s affiliate in the deal.

December 13, 2019

Florida Loans Multifamily Southeast

Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami

by Alex Tostado December 13, 2019

MIAMI — Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance an $85 million construction loan for the project. Located at 58 NE 14th St. in Miami’s Arts & Entertainment District, the Art Plaza multifamily tower consists of 667 rental apartments and 15,000 square feet of retail space. The building, which opened in June, is now 95 percent occupied. Located one block from the Metromover School Board station, Art Plaza features a pool, fitness center, social lounge and covered parking.

December 13, 2019

Acquisitions North Carolina Office Southeast

OA Development Sells Metro Charlotte Office Portfolio for $81.5M

by Alex Tostado December 13, 2019

HUNTERSVILLE, N.C. — Atlanta-based OA Development has sold a five-building office portfolio in Huntersville to Arizona-based healthcare REIT, Healthcare Trust of America Inc., for $81.5 million. The nearly 400,000-square foot office portfolio is located within The Park Huntersville, a mixed-use development situated 12 miles north of Charlotte. JLL’s Ryan Clutter represented OA Development in the sale. OA Development purchased the campus two years ago for $62.5 million. Located adjacent to Novant Hospital, the portfolio was 90.4 percent occupied at the time of sale to tenants including Ensemble Health Partners, Black & Decker Corp. and Covia Holdings Corp. The office portfolio includes a four-story, 123,000-square-foot building; two three-story buildings at 101,500 and 45,000 square feet; and two two-story buildings at 68,000 and 59,000 square feet. The five buildings were developed between 1990 and 2001. The Park Huntersville overall spans 2.6 million square feet.

December 13, 2019

Acquisitions Development Florida Multifamily Southeast

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

by Alex Tostado December 13, 2019

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

December 13, 2019

Development Loans Office Southeast Virginia

PCCP Provides Construction Loan for 25-Story Tysons Central Office Tower

by Alex Tostado December 12, 2019

TYSONS, VA. — Pacific Coast Capital Partners LLC (PCCP) has provided a senior construction loan for a joint venture between Foulger-Pratt and USAA Real Estate to finance the speculative development of Tysons Central. The property is a 25-story, 388,077-square-foot office tower in the Tysons Corner submarket of Washington, D.C. Construction has begun on the fully entitled project, located at 1750 Tysons Central St., and completion is scheduled for March 2022. Details of the financing were not disclosed. Tysons Central is a LEED Gold-certified, Gensler-designed office tower near the Greensboro Metro station. Amenities will include a sky lobby, fitness center, lounge and shared conference spaces. The property will also offer 14,738 square feet of ground floor retail space, as well as three floors of below-grade parking and six floors of above-grade parking totaling 754 spaces.

December 12, 2019

Acquisitions Georgia Multifamily Southeast

Passco Buys Buckhead Multifamily Complex from Greystar for $106.5M

by Alex Tostado December 12, 2019

ATLANTA — California-based Passco Cos. has purchased Avana Lenox, a 423-unit apartment community in the Buckhead district of Atlanta. The firm purchased the asset from Greystar for $106.5 million. CBRE’s Paul Berry represented Greystar in the transaction. Avana Lenox was built in 1998 and offers units with one-, two-, and three-bedroom floorplans, as well as units with two-story loft floor plans and townhomes with attached garages. The property located at 925 Canterbury Road has nearby access to Interstate 85 and Ga. Highway 400. Amenities include a newly renovated ﬁtness center, pool, club rooms, a fire pit, game room, shuffleboard, conference room, package locker system and tennis courts. Greystar will continue to manage the property. Capital improvements were made recently to Avana Lenox’s common areas and some units. Passco has plans for more unit updates. The acquisition brings Passco’s Atlanta multifamily portfolio to more than 1,800 units.

December 12, 2019

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