Southeast

Cushman & Wakefield Arranges $17.9M Sale of Carolina Corporate Centre in Raleigh

by Alex Tostado November 1, 2019

RALEIGH, N.C. — Cushman & Wakefield has arranged the $17.9 million sale of Carolina Corporate Centre, a 91,709-square-foot office building in Raleigh. The property was 98 percent leased at the time of sale to tenants including law firms, insurance providers, mortgage lenders and tech companies. The seller, The Simpson Organization, acquired the asset in 2016 when it was 80 percent leased and during its ownership upgraded the onsite amenities and common areas. The property is located at 5400 Glenwood Ave., seven miles northwest of downtown Raleigh. David Finger, Sara Owen and Samir Idris of Cushman & Wakefield represented Simpson in the transaction. Saltmeadow LLC and The Runnymede Corp. acquired the property.

November 1, 2019

District of Columbia Southeast

Employers Add 128,000 Jobs in October, Surpassing Economists’ Expectations

by Alex Tostado November 1, 2019

WASHINGTON, D.C. — The U.S. economy added 128,000 jobs in October, according to the Bureau of Labor Statistics (BLS), beating expectations by a wide margin. Economists surveyed by The Wall Street Journal had forecast an increase of 75,000 jobs. The October jobs report was widely considered to be a surprise to the upside considering that it reflected the 40-day United Auto Workers strike against General Motors that began Sept. 16 and ended Oct. 26. Meanwhile, the unemployment rate nationwide rose 10 basis points to 3.6 percent in October. The employment gains were broad-based. Food services and drinking places added 48,000 jobs in October. The professional and business services sector gained 22,000 jobs and healthcare employment added 15,000 jobs. Over the last 12 months, the healthcare sector has added 402,000 jobs. Conversely, manufacturing employment decreased by 36,000 in October. Within manufacturing, employment in motor vehicles and parts declined by 42,000, reflecting strike activity. The change in total nonfarm payroll employment for August was revised upward by 51,000 from 168,000 to 219,000, and the change for September was revised upward by 44,000 from 136,000 to 180,000. With these revisions by the BLS, employment gains in August and September combined were 95,000 more …

November 1, 2019

Development Kentucky Mixed-Use Southeast

Churchill Downs Plans $300M Expansion, Including New Hotel and More Seating

by Alex Tostado October 31, 2019

LOUISVILLE, KY. — Churchill Downs Inc. will invest $300 million to add 5,500 reserved seats, a 156-room hotel and 900 historical racing machines at Churchill Downs, home of the annual Kentucky Derby horse race in Louisville. A historical racing machine is an electronic gambling system that allows players to bet on horse races or dog races that have already been run. The seven-story hotel will include 900 historical racing machines, a 27,000-square-foot ballroom, dining room overlooking the track, 92 trackside suites, four trackside presidential suites and multiple dining options. The project is expected to create 600 construction jobs and 300 permanent jobs upon completion. Churchill Downs Inc. expects the expansion to be complete in November 2021.

October 31, 2019

Development Multifamily South Carolina Southeast Student Housing

Greystar, University of South Carolina to Break Ground on $210M Student Housing Community in Columbia

by Alex Tostado October 31, 2019

COLUMBIA, S.C. — A public-private partnership between Greystar and the University of South Carolina (USC) is set to break ground on Campus Village. The multiphase redevelopment will be located on the current site of Cliff Apartments at the northeast corner of Sumter and Whaley streets in Columbia. The partnership will begin construction on the $210 million first phase of development in February 2020 with completion scheduled for fall 2022. When complete, the living-learning community will feature 1,800 beds, an academic support space, dining hall, campus safety office, sundry store and coffee shop. Under the development agreement, Campus Village will be owned by the university and maintained by Greystar under a management contract. USC will manage and provide housing operations and student support at Campus Village.

October 31, 2019

Acquisitions Florida Multifamily Southeast

FCP Acquires Multifamily Portfolio in South Florida for $85.5M

by Alex Tostado October 31, 2019

LAKE WORTH AND PALM SPRINGS, FLA. — FCP has acquired three multifamily properties in South Florida for $85.5 million. The portfolio includes Costa del Lago, a 218-unit community in Lake Worth. The asset offers one- through three-bedroom floor plans. Communal amenities include a dog park, swimming pool, picnic area and a private lake. The second asset in the portfolio is Coronado Springs, a 314-unit complex in Palm Springs, offering one- and two-bedroom floor plans. Community amenities include a swimming pool, spa, fitness center, picnic area and a pet play area. The final property, Sedona Village, is a 151-unit community also located in Palm Springs. The community features one- and two-bedroom floor plans along with amenities such as a swimming pool, clubhouse, pet play area, fitness center, business center and a playground. Pinnacle will manage all three properties. Hampton Beebe, Avery Klann, Tal Frydman, Jonathan Senn and Tyler Minix of Newmark Knight Frank (NKF) represented FCP in the transaction. The seller was not disclosed. Fernando Riboli of NKF originated Fannie Mae acquisition financing for two of three properties on behalf of the buyer.

October 31, 2019

Acquisitions Hospitality Southeast Virginia

Mumford Arranges Sale of 85-Room Hotel in Northern Virginia

by Alex Tostado October 31, 2019

WINCHESTER, VA. — Mumford Co. has arranged the sale of an 85-room Fairfield Inn & Suites by Marriott Winchester in Winchester. The hotel is located at 250 Front Royal Pike, three miles south of downtown Winchester. Amenities include a business center, conference center, fitness center and an indoor swimming pool. Ed James and Steve Kirby of Mumford Co. represented the seller, Front Royal Pike LLC, in the transaction. Aspire Hospitality acquired the property for an undisclosed price.

October 31, 2019

Acquisitions Florida Mixed-Use Southeast

Avison Young Negotiates $16M Sale of Mixed-Use Property in Metro Miami

by Alex Tostado October 31, 2019

CUTLER BAY, FLA. — Avison Young has negotiated the $16 million sale of Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay. The fully occupied asset is situated at 18901 SW 106th Ave., 20 miles southwest of downtown Miami. The Centre at Cutler Bay’s tenant base consists of child and adult daycare centers, a career counseling center and offices for accountants, insurance agents and real estate brokers. MMG Centre at Cutler Bay LLC, an affiliate of Miami-based MMG Equity Partners, acquired the property and has the option to develop a standalone building on the east side of the site ideal for up to seven tenants. Rosendo Caveiro, John Crotty, Michael Fay, David Duckworth, Brian de la Fe, Berkley Bloodworth and Emily Brais of Avison Young represented the seller, Cutler Center Holdings LLC, in the transaction.

October 31, 2019

Development Industrial Southeast Virginia

Morgan Olson to Open $57.8M Manufacturing Plant, Create 703 Jobs in Southern Virginia

by Alex Tostado October 30, 2019

DANVILLE, VA. — Morgan Olson LLC, a manufacturer of all-aluminum walk-in step vans, will invest $57.8 million in an existing 925,000-square-foot industrial facility owned by IKEA. In July, IKEA announced it would close the plant, resulting in 300 lost jobs by December of this year. Morgan Olson announced it will create 703 jobs and give priority consideration to current IKEA employees. The plant is located at 100 Ikea Drive, five miles from downtown Danville and seven miles from the Virginia-North Carolina state border.

October 30, 2019

Development Multifamily South Carolina Southeast Student Housing

DMG Investments to Break Ground on 480-Bed Student Housing Community Near USC Upstate

by Alex Tostado October 30, 2019

SPARTANBURG, S.C. — DMG Investments is set to break ground on Auden Upstate, a 480-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The $28 million development will consist of seven, four-story buildings offering two-, three- and five-bedroom units. Shared amenities will include a fitness center, study room, resident lounge, gaming room and a swimming pool. Construction is scheduled for completion in August 2020.

October 30, 2019

Development Florida Multifamily Southeast

Dania Beach City Commission Approves 381-Unit Multifamily Project in South Florida

by Alex Tostado October 30, 2019

DANIA BEACH CITY, FLA. — Dania Beach City Commission has approved plans for Sea View at Dania, a planned 13-story, 381-unit multifamily project in South Florida’s Broward County. J Milton & Associates is the developer of the property, which will be located at 601 E. Dania Beach Blvd. where a current 35,348-square-foot retail center currently sits. The property is situated two miles from Dania Beach and six miles south of downtown Fort Lauderdale. Javier Vazquez of Berger Singerman served as legal counsel to the developer.

October 30, 2019

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