Southeast

SunTrust, BB&T Complete Merger, Purchase Own Charlotte Headquarters for $455.5M

by Kristin Harlow December 11, 2019

CHARLOTTE, N.C. — Truist Financial Corp., the new company resulting from a recently completed merger between banking giants BB&T and SunTrust, has exercised its option to purchase Hearst Tower in Uptown Charlotte. Cousins Properties sold the property for $455.5 million. The 46-story office tower, located at 214 N. Tryon St., will serve as Truist’s headquarters and be renamed Truist Center. The transaction is expected to close in March 2020. Truist-branded signage at the property will be installed in phases after the transaction is completed. Truist is in the process of transitioning approximately 2,000 employees to occupy more than 550,000 square feet of the 965,000-square-foot tower. The headquarters is already home to Truist’s executive management team. The building will accommodate several leadership teams for corporate groups such as corporate communications, finance, human resources, insurance, legal, risk management and technology. On-site amenities at the property, which opened in 2002, include a 1,400-space parking garage and a wide variety of restaurants. The location is in the heart of the city, two blocks from two separate Lynx light rail stations and Spectrum Center, home of the Charlotte Hornets NBA team. The seller, Atlanta-based Cousins, announced its own leadership transition on Monday. Executive Chairman Larry …

December 11, 2019

Development Florida Hospitality Loans Southeast

Madison Realty Capital Provides $210M Construction Loan for Four Seasons Hotel, Condos in Fort Lauderdale

by Alex Tostado December 10, 2019

FORT LAUDERDALE, FLA. — Madison Realty Capital has provided a $210 million construction loan for the development of the Four Seasons Hotel and Private Residences located at 525 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale. The borrower, Fort Partners, will use the financing to complete vertical construction on the 22-story Four Seasons-branded development, located approximately two miles from downtown Fort Lauderdale and adjacent to the Atlantic Ocean. The property, situated on an entire city block, will feature 148 hotel rooms and 83 residential condominium units, of which 60 percent have been presold. The hotel and condominiums will feature access to multiple infinity pools, five-star restaurants, ballrooms, meeting spaces, a fitness center, spa center and valet parking. Fort Partners holds the exclusive right to develop Four Seasons-branded properties in Florida and its previous developments include the Surf Club Four Seasons Hotel and Residences in Surfside and the Four Seasons Hotel Palm Beach. The new Four Seasons project in Fort Lauderdale is expected to open in 2021.

December 10, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $84.8M Sale of Citrix Office Building in Downtown Raleigh

by Alex Tostado December 10, 2019

RALEIGH, N.C. — CBRE has negotiated the sale of downtown Raleigh’s Citrix Building, a 189,950-square-foot office building that serves as the divisional headquarters for software company Citrix Systems Inc. Exan Capital of Kuwait-based Exan Group purchased the building for $84.8 million. Located at 120 S. West St., Citrix Systems fully occupies the property. CBRE’s Patrick Gildea, Matt Smith, Grayson Hawkins, Brandon McMenomy and Ben Kilgore represented the seller, real estate company JMC Holdings LLC, in the transaction. The Citrix Building is an adaptive reuse of a former warehouse facility. The LEED-Gold certified office building includes collaborative space, a fitness center, basketball and racquetball courts, locker rooms, a rooftop patio, bocce ball court, yoga studio and a kitchen/dining facility.

December 10, 2019

Florida Georgia Loans Multifamily Southeast

Grandbridge Originates $105M Refinancing for Multifamily Portfolio in Florida, Georgia

by Alex Tostado December 10, 2019

ATLANTA — Grandbridge Real Estate Capital has provided $105 million in loans to refinance four multifamily properties in Florida and Georgia. Alan Tapie of Grandbridge’s Atlanta office negotiated all four loans for undisclosed borrower(s). The properties involved are Timberwalk at Mandarin Apartments in Jacksonville, The Retreat at Crosstown Apartments in Riverview, Belara Apartments in Atlanta and Trellis Apartments in Marietta. All four loans were structured with 10-year terms and 30-year amortization schedules through Freddie Mac. The loan for Timberwalk at Mandarin Apartments has an initial interest-only period. The complex is located at 10263 Whispering Forest Drive and houses 284 units with one-, two- and three-bedroom layouts. The Timberwalk features a saltwater pool, outdoor sports areas, fire pit, cabanas, resident clubhouse, technology center, playground, fishing pier, fitness center and outdoor cooking stations. The Retreat at Crosstown Apartments is a 320-unit property located at 10301 Marsh Harbor Way. Tapie secured a $33.2 million permanent, fixed-rate loan for the complex. The Retreat at Crosstown offers one- and two-bedroom layouts, as well as a pool, outdoor area with fire pit, fitness center, grilling area, car care facility, game room, business center and package acceptance. Belara Apartments, located at 1570 Sheridan Road N.E., is a 182-unit multifamily community in Atlanta. Tapie secured the …

December 10, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Capstone Apartment Partners Arranges $48M Sale of Willows at the University in Charlotte

by Alex Tostado December 10, 2019

CHARLOTTE, N.C. — Capstone Apartment Partners has arranged the $48 million sale of Willows at the University, a 255-unit apartment community approximately two miles from University of North Carolina at Charlotte. Capstone represented Charlotte-based developer and seller, Gateway Communities NC, and procured the buyer, Salt Lake City-based real estate investment firm Millburn & Co. Willows at the University is Millburn’s third Charlotte-area property. Alex McDermott, Caleb Troop and Bryse Toothaker of Capstone negotiated the deal. Willows at the University was completed in May 2019 and was approximately 95 percent occupied at the time of closing. The property features one-, two- and three-bedroom apartments in nine three- and four-story buildings. The gated community includes a swimming pool with sundeck, outdoor kitchen and grilling area, business center, fitness center, two dog parks and a theater/media room. The community is situated near Concord Mills shopping mall and PNC Music Pavilion.

December 10, 2019

Loans Office Southeast Virginia

Rubenstein Mortgage Funds $47.8M Refinancing of Office Building in Northern Virginia

by Alex Tostado December 10, 2019

MCLEAN, VA. — Rubenstein Mortgage Capital, a private mortgage lending platform and affiliate of Rubenstein Partners, has provided a $47.8 million loan to Westport Capital Partners LLC. The borrower will use the loan to refinance 2000 Corporate Ridge Road, an office building in the Tysons Corner submarket in McLean, a suburb in the Washington, D.C. metro area. Westport Capital Partners recently completed an extensive capital improvement program at the 263,002-square-foot property. Proceeds of the loan refinanced the existing debt and will provide funding for future leasing costs as the asset is stabilized. NorthMarq arranged financing for Westport Capital Partners.

December 10, 2019

Conference Coverage Features Georgia Multifamily Southeast

Powered By Healthy Job Market, Multifamily Investment Remains a Safe Bet

by Alex Patton December 10, 2019

ATLANTA — Increased job growth in major markets throughout the Southeast and lower borrowing costs have quelled fears of a 2020 recession, and multifamily investors are feeling confident going into the new year. The Bureau of Labor Statistics recently reported that the U.S. economy generated 266,000 jobs in November and the unemployment rate fell 10 basis points to 3.5 percent. Healthy job growth in major population centers drives heightened demand for housing, particularly in the multifamily sector. Speakers at France Media’s InterFace Multifamily Southeast conference shared their perspectives on the multifamily investment market of 2019 and their predictions for 2020. The conference, which took place Tuesday, Dec. 3 at The Whitley hotel in the Buckhead district of Atlanta, attracted 384 industry professionals. “Multifamily is a pretty much tried-and-true section of the real estate investment market,” said Steven Shores, president and CEO of Pollack Shores. “We have very low volatility compared to other sectors, and if you’re trying to make an allocation between some sort of alternative asset versus cash or bond portfolio, we look pretty attractive from a risk-investment perspective.” Shores noted that existing assets are trading at cap rates anywhere between 4 to 5 percent, depending on the location, …

December 10, 2019

Development Georgia Mixed-Use Southeast

Granite, MetLife Break Ground on Midtown Union Mixed-Use Development, Including Invesco’s Headquarters

by Alex Tostado December 9, 2019

ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …

December 9, 2019

Acquisitions Development Florida Industrial Southeast

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

by Alex Tostado December 9, 2019

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller was Ruthven I-4 LLC. Brennan will begin development of 1 million square feet of space at CenterState Logistics Park East this year, with completion expected by the end of 2020. Colliers will serve as the exclusive listing agent for the CenterState Logistics Park East development, which will feature a cross-dock warehouse with 40-foot clear heights and tractor parking. The site is located at Exit 38 on Interstate 4.

December 9, 2019

Acquisitions Multifamily North Carolina Southeast

CBRE Global Purchases 350-Unit Multifamily Property in Charlotte’s South End

by Alex Tostado December 9, 2019

CHARLOTTE, N.C. – Los Angeles-based CBRE Global Investors has purchased The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte. The property is located at 327 West Tremont Ave., less than two miles from downtown Charlotte, and includes studio, one- and two-bedroom apartments. The 90-percent occupied complex features a pool, outdoor communal kitchens, athletic club, pet spa, art studio, two resident lounges and an entertainment center. The seller and sales price were not disclosed.

December 9, 2019

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