Southeast

CBRE Affiliates Arrange $23.2M Sale of Office Park in North Carolina’s Triad Region

by Alex Tostado March 18, 2019

GREENSBORO, N.C. — CBRE|Triad and CBRE|Raleigh have arranged the sale of CentrePort Office Park, a four-building, 264,847-square-foot office park in Greensboro, to Deep River LLC. The sales price was not disclosed, though Triad Business Journal reports the sales price was $23.2 million. The buildings are located at 101, 200 and 202 CentrePort Drive and 7336 McCloud Road, about 12 miles west of downtown Greensboro and about six miles south of Piedmont Triad International Airport. Amenities include a fitness center, conference rooms and rotating food trucks. The CBRE|Triad and CBRE|Raleigh team of Ben Kilgore, Greg Wilson, Dodson Schenck and Matt King represented the seller, Petrus Partners, in the transaction.

March 18, 2019

Alabama Loans Multifamily Southeast Student Housing

Hunt Real Estate Provides $17.9M Refinance Loan for Student Housing Portfolio Near University of Alabama

by Alex Tostado March 18, 2019

TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The borrower is Roar IV LLC, which acquired the properties between 1994 and 1999. The assets were built between 1988 and 1992 and have undergone various renovations under multiple owners.

March 18, 2019

Acquisitions Alabama Multifamily Southeast

Colliers Brokers Sale of 376-Unit Apartment Community in Montgomery

by Alex Tostado March 18, 2019

MONTGOMERY, ALA. — Colliers International has brokered the sale of Barrington Place at Somerset, a 376-unit apartment community in the Eastchase submarket of Montgomery. Amenities include two fitness centers, two swimming pools, a 16-seat movie theater, children’s play room, playground, car care center and a jogging trail. Will Mathews, Carter Brehm and Austin Weathington of Colliers represented both the buyer and seller — Core Pacific Advisors and Barrington Place LLC, respectively — in the transaction. Built in 2002, the value-add property is Core Pacific’s first purchase in Alabama. The sales price was not disclosed.

March 18, 2019

Acquisitions Multifamily Northeast Pennsylvania Southeast Top Stories Virginia

Morgan Properties Acquires Multifamily Portfolio in Philadelphia, Northern Virginia for $890.5M

by Taylor Williams March 18, 2019

KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …

March 18, 2019

Industrial Market Reports North Carolina Southeast Southeast Market Reports

High Demand, Barriers to Entry Push Raleigh-Durham’s Industrial Rental Rates

by Alex Tostado March 18, 2019

The Raleigh-Durham industrial/flex market, totaling approximately 135 million square feet, continues to be strong with overall positive absorption. Absorption for industrial totaled 1.6 million square feet and flex was over 3 million square feet for 2018. Vacancy is trending lower, helping make the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any region in North Carolina. Our rental rate for new industrial product is currently in the mid to high $5 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6 per square foot market for institutional-grade warehouse space in 2019. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport (RDU). Most distributors that locate here are delivering to the local market and need the central location and access to Interstate 40. The historical barriers to entry near the airport have been high land costs and lack of land not encumbered with wetland or easements. Another barrier to entry that has crept into the picture are some local municipalities desiring a “higher end” product than warehouse and …

March 18, 2019

Development North Carolina Retail Southeast

Lincoln Harris Plans $50M Renovation, Expansion of Phillips Place in Charlotte

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Lincoln Harris will invest $50 million over the next five years to renovate and expand Phillips Place in Charlotte’s SouthPark district, according to Charlotte Business Journal. The renovation will include expanding RH’s current 8,850-square-foot location to a 41,000-square-foot gallery space. RH Charlotte, The Gallery at Phillips Place will also include a rooftop restaurant, one of seven RH locations in the world to have one. Other renovations for Phillips Place will include indoor and outdoor gathering places, reconfigured traffic and parking patterns and a pedestrian walkway that will connect Phillips Place to surrounding neighborhoods. Additionally, Lincoln Harris has taken over full ownership of Phillips Place by buying an interest from Regency Centers. According to Charlotte Business Journals, Jacksonville, Fla.-based Regency Centers bought its 50 percent stake in the property in 2013 from Peter Pappas and Pat Clayton, who were key members of the Lincoln Harris-led ownership group known as Phillips Place Partners. Current tenants at Phillips Place include The Palm, Wolfgang Puck, P.F. Chang’s, Taylor Richards & Conger, Brooks Brothers, Orvis, J. McLaughlin, Eileen Fisher and Paper Source. The property also includes a 10-screen Regal Cinemas and Hampton Inn & Suites. RH offers furniture, lighting, textiles, rugs, bathware, décor and outdoor, as …

March 15, 2019

Georgia Loans Multifamily Southeast

Greystone Bassuk Arranges $36.5M Loan for Apartment Development in Atlanta’s Grant Park

by Alex Tostado March 15, 2019

ATLANTA — Greystone Bassuk has arranged a $36.5 million construction-to-permanent loan on behalf of an affiliate of Grubb Properties Inc. for Link Apartments Grant Park in Atlanta. Aegon Real Assets US, through its correspondent Bellwether Enterprise, provided the 20-year, fixed-rate loan. Located at 750 Kalb St. S.E. in Atlanta’s Grant Park neighborhood, the five-story, 246-unit community will offer amenities such as a clubhouse, game room, fitness center, yoga center, outdoor terrace, 265-space parking deck and a pedestrian esplanade. Matthew Hirsch and Paul Fried led the Greystone Bassuk team in arranging the loan transaction. Greystone Bassuk is a joint venture formed in 2012 between Greystone and The Bassuk Organization, an investment banking service in in New York Tri-State area.

March 15, 2019

Acquisitions Multifamily North Carolina Southeast

IMG Acquires Multifamily Community in South Charlotte for $45.5M

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Investors Management Group (IMG) has acquired Reafield Village, a 324-unit apartment community in south Charlotte, for $45.5 million. IMG plans to invest $3 million to upgrade apartment interiors, community amenities and place a new management team, as well as rebrand the community as Canopy at Baybrook. As of Feb. 1, the asset was 97 percent occupied. The community offers one-, and two-bedroom floor plans ranging from 619 square feet to 955 square feet. Amenities include two clubhouses, three swimming pools, a tennis court, business center and two fitness centers. IMG sponsored a syndication of more than 100 investors, including 1031 exchange buyers, to purchase Canopy at Baybrook. The seller was not disclosed.

March 15, 2019

Development Florida Retail Southeast

Sleiman Enterprises Signs Cinemark to Open 14-Screen Theater in Jacksonville

by Alex Tostado March 15, 2019

JACKSONVILLE, FLA. — Cinemark Holdings Inc. will open a 14-screen theater in summer 2020 as part of Phase II of Sleiman Enterprises’ Atlantic North shopping center. Each theater will feature electric-powered, oversized recliners with footrests and cupholders, reserved seating and wall-to-wall screens with enhanced sound systems. Belk, Earth Fare, Academy Sports + Outdoors and LA Fitness anchor Atlantic North. Phase II will also include 300,000 square feet of additional retail and restaurant space. As of Dec. 31, 2018, Cinemark operates 546 theaters in North and South America.

March 15, 2019

Acquisitions Louisiana Multifamily Southeast

HREC Negotiates Sale of Historic Apartment Community in New Orleans to Timeshare Acquisitions

by Alex Tostado March 15, 2019

NEW ORLEANS — HREC Investment Advisors has arranged the sale of the Maritime Building, a 105-unit apartment community built in 1893 in New Orleans. The asset is situated at the corner of Carondelet and Common streets, one block from the French Quarter. The property was considered the city’s first “skyscraper” at 14 stories tall and was extensively renovated in 2010 and 2011. Len Wormser of HREC represented the undisclosed seller in the transaction. California-based Timeshare Acquisitions Real Estate LLC bought the property following the New Orleans City Planning Commission and City Council decision in April 2018 to change the zoning in the central business district from conditional to permitted use for timeshare purposes. The entire asset will be used as a timeshare. The sales price was not disclosed.

March 15, 2019

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