Southeast

Ziff Properties Sells 65,112 SF Retail Center in Charlotte

by Alex Tostado April 15, 2019

CHARLOTTE, N.C. — Ziff Properties has sold Terraces at University Place, a 65,112-square-foot shopping center in Charlotte’s University neighborhood. The asset was built in 2000 and was 97 percent occupied at the time of the sale to tenants including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King. Tom Kolarczyk of HFF represented the seller in the transaction. LBX Investments acquired the property. Gregg Shapiro and Cory Fowler, also with HFF, arranged a 10-year, fixed-rate acquisition loan through TIAA Bank on behalf of the buyer. The sales price and loan amount were not disclosed.

April 15, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Downtown Nashville Retail Booms Across Three Major Mixed-Use Developments

by Alex Tostado April 15, 2019

With a staggering number of tower cranes at work every day, Nashville has delivered a record number of multifamily units, office space and hotel rooms in the past several years. Even with all this development and with tourists flocking to downtown seemingly every week of the year, one category has lagged: new retail downtown. To provide a snapshot of growth in downtown Nashville, the number of residential units downtown has grown from 3,700 in 2010 to 11,800 today. Hotel room rates since 2008 have virtually doubled, and we currently have 1.6 million square feet of office space under construction. But even with all this explosive growth, retail development downtown has lagged. Many would wonder why, and there are a number of reasons. Historically, many developers have seen downtown Nashville as an afterthought to include ground-level retail in their projects. Because of this, small amounts of retail were metered onto the market. This retail space was geographically spread out over a number of developments across downtown. This did not lead to a rich consumer experience, because consumers strongly prefer finding retail options in a concentrated environment. Another challenge to building great retail has been the limited scale of individual projects. But …

April 15, 2019

Company News Southeast Virginia

Executive Vice President of Divaris Real Estate Dies at Age 40

by Alex Tostado April 12, 2019

VIRGINIA BEACH, VA. — Alex Divaris, executive vice president of Divaris Real Estate Inc., died April 8 due to complications from colon cancer. He was 40 years old. Divaris assisted local, regional and national investors, users and sellers in the acquisition and disposition of retail, office and industrial properties in the Mid-Atlantic and Southeast. He earned a bachelor’s degree of business administration in finance from The College of William and Mary in Williamsburg, Va., is a Certified Commercial Investment Member (CCIM) and sat on the board of directors of the Central Business District Association in Virginia Beach. Divaris is survived by his wife, Emily, and two children, Hazel and Gabriel.

April 12, 2019

Georgia Leasing Activity Office Southeast

CommonGrounds Workplace Signs 49,506 SF Office Lease in Midtown Atlanta

by Alex Tostado April 12, 2019

ATLANTA — CommonGrounds Workspace has signed a 13-year, 49,506-square-foot office lease at 999 Peachtree St. in Midtown Atlanta. The coworking company will occupy two of the 28 floors and is expected to move in in early 2020. This marks CommonGrounds’ first signed lease in 2019 as part of its $100 million Series A expansion program. Five locations are already open around the country. Amenities at 999 Peachtree include Empire State South restaurant on the ground floor, The Peachtree Club and roof deck on the top floor, parking, a fitness center and a communal green space. Other tenants include AARP, Gensler, Akerman LLP, Ballard Spahr LLP, Meunier Carlin & Curfman LLC, Oxford Industries and Eversheds Sutherland. Charles Roach Jr. and Stephen Clifton of Madison Marquette represented the landlord, Franklin Street, in the lease transaction. Jim Sumber, Andrew Lechter and Matthew Barnes of Savills-Studley represented the tenant.

April 12, 2019

Kentucky Loans Multifamily Seniors Housing Southeast

PGIM Provides $15.3M Financing for Two New Seniors Housing Communities in Kentucky

by Alex Tostado April 12, 2019

DANVILLE AND RUSSELL, KY. — PGIM Real Estate Finance has provided two refinancing loans for seniors housing communities in Kentucky totaling $15.3 million. The first property, Morning Pointe Danville, is a 60-unit assisted living and memory care facility that was built in 2017. PGIM provided a $7.5 million, 10-year, fixed-rate loan for the 90 percent-occupied asset, which is located in Danville near a regional medical center and 35 miles south of downtown Lexington. Amenities include a fitness center, library, beauty salon, lounges and numerous common areas. The second property is The Lantern at Morning Pointe Russell, a 44-unit memory care facility constructed in 2017 in Russell. PGIM provided a $7.8 million, 10-year, fixed-rate loan for The Lantern, which was built in 2017 and is 97.7 percent occupied. Amenities include a fitness center and security. The borrower was Tennessee-based Independent Healthcare Properties LLC, which develops, owns and operates senior care facilities under the Morning Pointe and Lantern brands.

April 12, 2019

Florida Loans Multifamily Southeast

Berkadia Provides $13.6M Acquisition Loan for Multifamily Property Near Tampa

by Alex Tostado April 12, 2019

DUNEDIN, FLA. — Berkadia has provided a $13.6 million Freddie Mac loan for the acquisition of Promenade at Edgewater, a 188-unit apartment community in Dunedin. The 10-year, fixed-rate loan includes full-term interest-only payments. Promenade at Edgewater is located at 257 Milwaukee Ave., 25 miles west of downtown Tampa. The asset was built in 1973 and comprises six two- and three-story buildings offering one- and two-bedroom floor plans. Community amenities include a swimming pool, fitness center, designated dog walking area, picnic areas with grills and views of the lakes at Dunedin Highland Memorial Park. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia’s Miami office provided the loan on behalf of the buyer, Pensam Capital. The seller was not disclosed.

April 12, 2019

Development Maryland Southeast Top Stories

Greenberg Gibbons, Seritage Growth Partner for $150M Redevelopment Project at Metro Baltimore Mall

by David Cohen April 12, 2019

COCKEYSVILLE, MD. — Greenberg Gibbons has formed a joint venture with Seritage Growth Properties to redevelop a 13.8-acre parcel at Hunt Valley Towne Center in Cockeysville. Greenberg Gibbons owns the property, a mixed-use shopping center situated at 118 Shawan Road, 18 miles north of downtown Baltimore. Initial plans for Phase I of the $150 million redevelopment include renovations to the former two-story Sears building and Sears Auto Center. Michael’s and HomeGoods are open on the first floor, while more retail and entertainment concepts are being targeted for the second floor. “[This venture is] an example of our strategy to partner with successful local developers to unlock value at our properties through intensive redevelopment and site densification,” says James Bry, executive vice president of development and construction at Seritage Growth Properties. Wegmans, Regal Cinemas and Marshalls anchor the center. Other tenants include Jos. A. Bank, Dick’s Sporting Goods, Francesca’s Collection, DSW and Ann Taylor Loft. — David Cohen

April 12, 2019

Development Georgia Office Southeast

Cousins Properties Taps Pickard Chilton to Design Norfolk Southern’s New Headquarters in Midtown Atlanta

by Alex Tostado April 11, 2019

ATLANTA — Developer Cousins Properties has tapped Pickard Chilton to design Norfolk Southern’s 1 million-square-foot headquarters in Midtown Atlanta. The railroad company announced in December that it is relocating its headquarters from Norfolk, Va. Norfolk Southern will combine employees from Virginia, Atlanta and its nine divisions across the Southeast to work in the new space, which will be located at 650 W. Peachtree St. in Atlanta’s Technology Square district. The building is expected to be delivered in the third quarter of 2021. Amenities will include a dining facility, rooftop garden, fitness center, conference space, child care and a private greenspace. New Haven, Conn.-based Pickard Chilton has designed more than 6.7 million square feet of commercial space for prominent developers in downtown Atlanta over the past 20 years.

April 11, 2019

Acquisitions North Carolina Office Southeast

FCP, SCP Sell Office Building in Research Triangle Park for $58.1M

by Alex Tostado April 11, 2019

MORRISVILLE, N.C. — FCP and Strategic Capital Partners (SCP) have sold Forty540, a 200,000-square-foot, five-story office building in Morrisville. The asset is located at 3030 Slater Road in the Research Triangle Park district. The joint venture acquired the site in November 2015 and delivered the office building in 2017. It was fully leased at the time of the sale. Brad Corsmeier and Ed Pulliam of CBRE | Raleigh represented the sellers in the transaction. Jason High and Ham Southworth also of CBRE | Raleigh represented the undisclosed buyer.

April 11, 2019

Alabama Georgia Loans Mississippi Multifamily Southeast

Eyzenberg & Co. Arranges $35.4M Refinancing Loan for Multifamily Portfolio in Southeast

by Alex Tostado April 11, 2019

NEW YORK CITY — Eyzenberg & Co. has arranged a $35.4 million refinancing loan for a three-property multifamily portfolio across the Southeast. The portfolio includes the 188-unit Park at Arlington in Covington, Ga.; the 232-unit Park at Brighton in Robinsonville, Miss.; and the 184-unit Park at Ashburn in Dothan, Ala. A joint venture between Blue Magma Residential LLC and NCP Enterprise Funds acquired the portfolio in December 2017. New York City-based Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the loan through Greystone on behalf of the borrowers.

April 11, 2019

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