Southeast

JLL Arranges $50.4M Sale of Resource Square Office Portfolio in Orlando

by Alex Tostado January 14, 2020

ORLANDO, FLA. — JLL has arranged the $50.4 million sale of Resource Square One and Three, two fully occupied buildings in Orlando’s Central Florida Research Park. A joint venture between Crocker Partners LLC and PCCP LLC purchased the assets from TerraCap Management LLC. The JLL Capital Markets team led by Ike Ojala, Hermen Rodriguez, Robbie McEwan and Matt McCormack represented the seller and procured the buyer in the transaction. JLL’s Maxx Carney and Reid Carleton worked on behalf of the buyers to secure a seven-year, floating-rate acquisition loan with Synovus Financial Corp. Totaling approximately 245,000 square feet, the buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway, near University of Central Florida (UCF) and Fla. State Routes 50 and 408. Resource Square One is a three-story building constructed in 1999, and Resource Square Three is a five-story building delivered in 2003. As the largest office landlord in the state, this acquisition brings Crocker’s total assets under management in Central Florida to almost 1 million square feet.

January 14, 2020

Leasing Activity Office South Carolina Southeast

Tech Firm Renews Office Lease in Greenville, Expands to 44,000 SF

by Alex Tostado January 14, 2020

GREENVILLE, S.C. — Greenville-based Gordian has renewed its lease early and expanded its office space to 44,000 square feet at 30 Patewood Drive in Greenville. Colliers International’s Brantley Anderson and Taylor Allen represented the information technology and services company in the expansion. Gordian provides construction costs analytics, estimating information, pricing data and procurement software and services.

January 14, 2020

Acquisitions Hospitality Louisiana Southeast Top Stories

Maverick Gaming Agrees to Buy Eldorado Shreveport Resort Casino for $230M

by Jeff Shaw January 13, 2020

SHREVEPORT, LA. — Eldorado Resorts Inc. has agreed to sell the Eldorado Resort Casino Shreveport, located on the banks of the Red River in Shreveport in the northwest corner of Louisiana. Maverick Gaming LLC will purchase the asset for $230 million. The property features 400 hotel rooms, six restaurants, two nightclubs, 1,400 slot machines, 50 gaming tables and a full-service spa. The transaction is scheduled to close in the first half of this year, prior to or at the same time as Eldorado’s previously announced merger with Caesars Entertainment Corp. “The agreement to divest the Eldorado Shreveport is consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction,” says Tom Reeg, CEO of Eldorado. The buyer hopes to cater to residents of Dallas, which is approximately 200 miles to the west. Casinos are illegal throughout the state of Texas. Although there are a handful of legal casinos on boats and Native American land, none are near the Dallas metro. “The population in the Dallas market exceeds 7.5 million people, and Dallas encompasses the third-largest concentration of Fortune 500 companies in the United States,” says Eric Persson, owner of Maverick Gaming. “Maverick’s focus to …

January 13, 2020

Acquisitions District of Columbia Multifamily Southeast

Nuveen Sells Woodley Apartments in Northwest D.C. for $180.3M

by Alex Tostado January 13, 2020

WASHINGTON, D.C. — Nuveen, the asset management unit of TIAA, has sold The Woodley, a 212-unit apartment community in Northwest Washington, D.C., for $180.3 million, according to The Washington Business Journal and land records from the D.C. Recorder of Deeds. Boston-based GID Real Estate Investments purchased the property located at 2700 Woodley Road NW for nearly $15 million less than what TIAA-CREF paid for The Woodley in 2014. The apartment complex features studio through three-bedroom units. Community amenities include a courtyard with reflecting pool, rooftop lounge and clubroom with kitchen, infinity pool, library and a fitness center. The Woodley is located adjacent to the Woodley Park Washington Metro station.

January 13, 2020

Development Georgia Industrial Southeast

Walmart Opens $90M Meat Processing Plant in South Georgia

by Alex Tostado January 13, 2020

THOMASVILLE, GA. — Walmart has opened a 201,000-square-foot meat processing facility at 121 Roseway Drive in Thomasville, 15 miles north of the Georgia-Florida border. The Thomasville Times-Enterprise reported the facility cost $90 million to develop. The plant will house more than 200 employees who will distribute a selection of Angus beef cuts, such as steaks and roasts, from the new supply chain to 500 Walmart stores in the Southeast. Construction of the property began in August 2018. In conjunction with the opening of the facility, Bentonville, Ark.-based Walmart has awarded a $7,500 grant to Georgia Wildlife Federation, a $2,500 grant to the Thomasville Police Force and a $2,500 in grant to Second Harvest of South Georgia. Walmart employs more than 62,000 associates across Georgia’s 211 retail units and seven distribution centers.

January 13, 2020

Development Georgia Loans Multifamily Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Acquisitions North Carolina Office Southeast

JLL, Capital Associates Broker $17.7M Sale of Biomedical Partnership Center in Raleigh

by Alex Tostado January 13, 2020

RALEIGH, N.C. — JLL and Raleigh-based Capital Associates have co-brokered the $17.7 million sale of the Biomedical Partnership Center, a 44,835-square-foot flex/lab building in Raleigh. The newly built property is located at 1001 William Moore Drive on the North Carolina State University’s Centennial Biomedical Campus. Located on 2.6 acres at the corner of Blue Ridge Road and Hillsborough Street, the two-story property has nearby access to Interstates 40 and 440, N.C. Highway 54 and Raleigh-Durham International Airport. The Biomedical Partnership Center was 95 percent leased at the time of sale to multiple tenants. JLL and Capital Associates represented the seller, CBC Flex Lab LLC, and procured the purchaser, Flex III Subsidiary LLC, a Tennessee-based entity that purchased the facility in a 1031 exchange. Ryan Clutter, Scot Humphrey, Christopher Lingerfelt and Zack Drozda of JLL and Tom Huff of Capital Associates represented the seller.

January 13, 2020

Alabama Development Industrial Loans Self-Storage Southeast

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

by Alex Tostado January 13, 2020

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization schedule. MCA’s Duke Dennis originated the loan with ServisFirst. Once complete, Anytime Storage’s portfolio will total over 3,700 units across Alabama and Arizona.

January 13, 2020

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Population Gains, Transforming CBDs Drive Triangle’s Multifamily Market Forward

by Alex Tostado January 13, 2020

Today, the Triangle market is booming. The once sleepy Raleigh and Durham central business districts have been transformed with development pipelines exceeding $2.5 billion. Since 2009, Kane Realty’s North Hills, which has become our standard bearer for suburban mixed-use planning, has delivered an additional 1,100 multifamily units, 120,000 square feet of retail, 501 hotel keys and 1.1 million square feet of office space that is achieving top rental rates for the market. And there are more uses coming. There are 10 exciting mixed-use projects under construction as the Triangle continues to take amenities to the next level and increase its competitiveness. Multiple demand drivers The Triangle still feels like it’s in earlier innings with durable growth potential as evidenced by: • Explosive In-migration: 52 percent population growth since 2001, or 3.7 times the national average. • Balanced, Recession Resistant Factors: The market is a top 10 life sciences clusters and includes the largest research park in the United States with Research Triangle Park (RTP). Raleigh-Durham also has well-regarded university and hospital systems and state capital. • Highly Educated Workforce: There are more than 80,000 students enrolled at University of North Carolina at Chapel Hill, Duke University and North Carolina State …

January 13, 2020

Affordable Housing Content Partner Development Features Georgia Mixed-Use Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

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