Southeast

Cousins Properties, TIER REIT Merge to Become Office REIT Powerhouse in Sun Belt

by Taylor Williams March 25, 2019

ATLANTA AND DALLAS — Cousins Properties Inc. (NYSE: CUZ) and Dallas-based TIER REIT Inc. (NYSE: TIER), two of the larger office development and investment firms in the country, have entered into an all-stock merger agreement. The combined company, which will retain the Cousins name, will have an equity market capitalization of $5.9 billion and a total market cap of $7.8 billion. Following the merger, the company will continue to function as a Class A office REIT with a combined portfolio of approximately 21 million square feet spread across various markets in the Southeast and Southwest. Both firms are active in leading office markets like Atlanta, where Cousins is based, as well as Charlotte, Dallas and Austin. Cousins owns several trophy assets in Atlanta’s Buckhead area, including 3348 and 3350 Peachtree, which have about 670,000 square feet combined, as well as 816 Congress and 303 Colorado in downtown Austin. TIER REIT owns 3354 Peachtree, a 560,000-square-foot building in Atlanta, as well as the 40-story Burnett Plaza in Fort Worth and the 1.5 million-square-foot Domain office building in Austin. Under terms of the agreement, Cousins will issue 2.98 shares of common stock in exchange for each share of TIER stock. That rate …

March 25, 2019

Market Reports North Carolina Retail Southeast Southeast Market Reports

Raleigh-Durham’s Retail Market Reaches Healthy Supply-Demand Balance

by Alex Tostado March 25, 2019

The Raleigh and overall Triangle retail markets ended 2018 in a strong position with several large sites changing hands, urban growth booming in the downtowns, numerous suburban ground-up projects in the pipeline and traditional malls undergoing major transitions. The market is poised to see retail construction activity grow with a healthy balance of supply and demand, despite national brick-and-mortar retail industry challenges. The Triangle vacancy rate ended the year with a vacancy rate below 7 percent, which represents strong improvement from the end of 2017, even with accounting for the large-scale closing and downsizings in the Triangle. Positive absorption over the past year has included re-leasing 12 Kroger stores, two Gander Mountains, five hhgregg stores and several other significant box vacancies. Fierce grocery competition and continued pressure on “in-store” sales have caused retailers, owners and developers to rethink and recreate the retail experience and development landscape. Downtown urban centers Rapid multifamily and housing gentrification in the downtowns of Raleigh and Durham continue to push mixed-use and high-street retail. With residential and employment densification occurring, Raleigh has experienced several first-time retail events in 2018. Morgan Street Food Hall and Urban Outfitters opened in the Warehouse District, Publix is under construction on …

March 25, 2019

Development Florida Industrial Retail Southeast

Kroger, Ocado Select Central Florida for Second Customer Fulfillment Center

by Alex Tostado March 22, 2019

GROVELAND, FLA. — The Kroger Co. and Ocado, an online grocery retailer based in England, have selected Groveland as the second city to house the partnership’s customer fulfillment center (CFC). Kroger has committed to build 20 CFCs in partnership with Ocado. In November, the partnership announced that Monroe, Ohio will be the site of the first CFC. The Groveland center will consist of an automated warehouse facility with digital and robotic capabilities. The CFC will span 375,000 square feet at American Way near U.S. Highway 27, about 31 miles west of Orlando. The partnership is scheduled to break ground later this year and open the center in 2021.

March 22, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Acquires Apartment Complex in Raleigh for $33.3M

by Alex Tostado March 22, 2019

RALEIGH, N.C. — FCP has acquired Trails of North Hills Apartments, a 279-unit complex in Raleigh’s North Hills neighborhood, for $33.3 million. FCP plans to upgrade the community, including clubhouse and amenity renovations, building upgrades and landscaping and curb appeal updates. Pinnacle Management will manage the property. Paul Marley and Watson Bryant of Cushman & Wakefield represented the buyer in the transaction. The seller was not disclosed.

March 22, 2019

Development Multifamily Southeast Virginia

Parse Capital Provides $29.1M in Preferred Equity for Multifamily Development in Northern Virginia

by Alex Tostado March 22, 2019

RESTON, VA. — Parse Capital has provided $29.1 million in preferred equity to Rooney Properties for the construction of Faraday Park, a 407-unit multifamily community in Reston. The asset will be situated at 1831 Michael Faraday Drive, less than a mile from the Wiehle-Reston East Metro Station and about 20 miles west of downtown Washington, D.C. The property will comprise two seven-story buildings and two above-ground parking garages. Floor plans will include studio, one-, two- and three-bedroom floor plans averaging 842 square feet. Amenities are set to include a rooftop swimming pool, fitness center, coworking space, dog park and a refrigerated package room. Construction is slated to begin immediately. Walter Coker and Brian Crivella of HFF arranged the financing on behalf of Rooney Properties.

March 22, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Negotiates $23.6M Sale of Multifamily Community in Nashville

by Alex Tostado March 22, 2019

NASHVILLE, TENN. — Berkadia has arranged the $23.6 million sale of Point Breeze, a 192-unit apartment complex in east Nashville. An affiliate of San Diego-based Brandy Investments purchased the asset, which was built in 1972 and spans more than 33 acres. Amenities include a saltwater swimming pool, dog park, fitness center and a picnic area with a barbecue. Patrick Jordan and Alex Blagojevich of Berkadia represented the seller, Nashville-based Freeman Webb Inc., in the transaction.

March 22, 2019

Development Multifamily North Carolina Southeast

Alliance Residential Purchases Land in Raleigh-Durham to Develop 263-Unit Apartment Community

by Alex Tostado March 22, 2019

MORRISVILLE, N.C. — Alliance Residential has purchased 17 acres of land in Morrisville with plans to develop Broadstone Trailside, a 263-unit apartment community that will include smart apartment units. Construction is expected to begin this year with residents able to move in in 2021. The property will offer one-, two- and three-bedroom floor plans and townhomes averaging 1,016 square feet. Residential units will include Nest Thermostats, Google Home electronic entry door locks and connected light switches and outlets, all controlled by a smartphone. The smart features are part of the Alliance SmartHome technology package. Cline Design designed Broadstone Trailside, which is situated about 13 miles west of downtown Raleigh.

March 22, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

by John Nelson March 21, 2019

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.

March 21, 2019

Development Louisiana Southeast Student Housing

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

by John Nelson March 21, 2019

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in collaboration with the City of Ruston, KTGY Architecture and HGA Engineering. The community is set for delivery in August 2020.

March 21, 2019

Florida Loans Mixed-Use Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson March 21, 2019

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

March 21, 2019

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