Southeast

McShane Starts Construction of 238-Unit Affordable Seniors Housing Community Near Atlanta

by Alex Tostado January 30, 2020

STONECREST, GA. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55. The property will offer one- to three-bedroom floor plans. McShane is also performing site work for Stonepointe, including the construction of a 210-space parking lot. The architect of record is Martin Riley Associates.

January 30, 2020

Acquisitions Georgia Retail Southeast

Coro Realty Acquires 80,466 SF Shopping Center Near Atlanta

by Alex Tostado January 30, 2020

POWDER SPRINGS, GA. — Coro Realty has acquired Varner Crossing, an 80,466-square-foot retail center in Powder Springs. An undisclosed Chicago investor sold the property for $12.7 million. Kroger anchors the center, which was 98 percent leased at the time of sale to tenants including Subway, Marco’s Pizza and Macland Animal Hospital. Coro Realty also plans to pursue a ground lease or build-to-suit opportunity for a vacant outparcel included in the deal. The property is situated at 4150 Macland Road, 25 miles northwest of downtown Atlanta. Anthony Blanco of TSCG led the team that represented the seller in the transaction.

January 30, 2020

Acquisitions Multifamily Southeast Virginia

Hines Global Acquires 355-Unit Apartment Complex in Northern Virginia

by Alex Tostado January 30, 2020

CENTREVILLE, VA. — Hines Global Income Trust Inc. has acquired The Emerson, a 355-unit apartment complex in Centreville. The property offers studio, one-, two- and three-bedroom floor plans averaging 925 square feet. Communal amenities include a game room, grilling stations, pool, outdoor TV and fire pit, cyber lounge and a fitness center. The community was delivered in the second quarter of 2019 and was 65 percent occupied at the time of sale. The Emerson is situated at 5865 Trinity Parkway, 25 miles west of downtown Washington, D.C. Further details of the sale were not disclosed.

January 30, 2020

Development Georgia Loans Office Southeast Top Stories

Dewberry Group Receives $186M Loan to Renovate, Expand Campanile Building in Midtown Atlanta

by Alex Tostado January 30, 2020

ATLANTA — Dewberry Group has released plans to expand the Campanile Building, an office and retail property in Midtown Atlanta, from 445,000 to 626,000 square feet. Upon completion, the renovated property will include new ground-level retail space, high-quality finishes, a renovated marble lobby and a modern façade. H.I.G. Realty Partners and Square Mile Capital Management LLC jointly originated a five-year, floating-rate, $186 million loan to finance the renovation and expansion. Originally built in 1987 as the headquarters for Bell South, Dewberry Group acquired the building in 2010. Dewberry Group will develop a 45,000-square-foot retail and restaurant building at the base of the existing asset. The company will also add four new floors of office space totaling 100,000 square feet. The property is situated at the corner of 14th and Peachtree streets, across from Colony Square and two blocks from Piedmont Park. “Midtown has seen a strong migration of high-quality tenants and the Dewberry Group will be delivering office space and amenities that will be attractive to companies seeking Class A office space in this central location,” says Michael Mestel, senior managing director of H.I.G. “We continue to seek out high quality investment opportunities in the Atlanta market, and the financing …

January 30, 2020

Development Mixed-Use North Carolina Southeast

Partnership to Develop Mixed-Use Space Within Research Triangle Park

by Alex Tostado January 29, 2020

RALEIGH, N.C. — Park Center East LLC, a partnership between KDC and Research Triangle Foundation of North Carolina, will develop Hub RTP within Research Triangle Park. Hub RTP will include 300-foot high buildings, the only high-rise buildings within Research Triangle Park. Phase I will be situated on 43 acres on the east side of the property and include the 1 million square feet of office space, as well as at least one hotel with up to 375 rooms, 850 residential units and 150,000 square feet of retail space. Future phases could total 6 million square feet. A timeline for completion was not disclosed.

January 29, 2020

Development Florida Multifamily Southeast

Moss Construction Completes 19-Story Multifamily Property in Downtown Miami’s Brickell District

by Alex Tostado January 29, 2020

MIAMI — Moss Construction has completed Maizon at Brickell, a 19-story, 262-unit multifamily property in downtown Miami. The property offers apartments ranging from 490 square feet to 1,234 square feet. Maizon at Brickell also features an attached parking garage, 15,000 square feet of retail space and 3,400 square feet of amenity and leasing space. RD Jones designed the amenity and public spaces to include a pool, fitness center, dog run and smart package lockers. ZOM Living was the developer, and MSA Architects designed the building.

January 29, 2020

Development Industrial North Carolina Southeast

M. David Properties Delivers 136,000 SF Industrial Building in North Charlotte

by Alex Tostado January 29, 2020

CHARLOTTE, N.C. — M. David Properties has delivered a 136,000-square-foot industrial building within SilverPark North in north Charlotte. The building is the first of three speculative properties to be delivered in the planned 300,000-square-foot park. The new building features a rear-loading configuration, 32-foot clear heights, 40 dock doors, two drive-in bays, ESFR sprinklers and additional storage for 35 trailers. Brad Cherry and Matthew Greer of JLL are marketing the building on behalf of M. David Properties to distribution and/or manufacturing users that could occupy 35,000 square feet or more.

January 29, 2020

Acquisitions Georgia Retail Southeast

Berkeley Capital Arranges $43.8M Sale of GreenWise-Anchored Shopping Center in Metro Atlanta

by Alex Tostado January 29, 2020

MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.

January 29, 2020

Georgia Industrial Southeast

JLL Negotiates Equity Financing for Goodyear Distribution Center Near Atlanta

by Alex Tostado January 29, 2020

NEWNAN, GA. — JLL has negotiated equity terms on behalf of Prologis Inc. to bring on Stonemont Financial Group as a partner to fully fund the construction of the 1.5 million-square-foot Goodyear Distribution Center in Newnan. Upon completion, Stonemont Financial Group will own the building. San Francisco-based Prologis expects to deliver the building in March 2021. Goodyear Distribution Center is the largest build-to-suit industrial property under construction in metro Atlanta, according to JLL. The property is situated on 147 acres at the intersection of Interstate 85 and Ga. Highway 16, 35 miles southwest of downtown Atlanta. Britton Burdette, Matt Wirth, Pete Pittroff, Dennis Mitchell and Patrick Nally of JLL represented Prologis in the discussions.

January 29, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Millennials Move the Multifamily Market — But is Their Reign Almost Over?

by Sarah Daniels January 29, 2020

Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …

January 29, 2020

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