Southeast

TD Bank: Construction Delays have Bolstered the Multifamily Market

by Jaime Lackey February 23, 2019

It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.

February 23, 2019

Development Florida Louisiana Southeast Southeast Feature Archive

Developers Can Rely on Wetlands Mitigation Banking to Offset Environmental Risks with New Projects

by John Nelson February 23, 2019

BATON ROUGE, LA. — Wetlands mitigation banking has established a track record of success in restoring and preserving crucial ecosystems in many states during the past several decades, while helping smooth the way for commercial development. And as the proven system is positioned to grow and expand, it deserves to be more widely known and recognized, according to a leader in the field overseeing restoration of thousands of acres throughout the South. A mitigation bank is a site that has potential and natural attributes but may have been altered or damaged through overuse or abuse such as ditching, drainage or logging that changed the landscape. Restoring land to function as part of a healthy ecosystem as nature intended takes time and money, planning and preparation. Commercial development relies heavily on mitigation banks in states like Florida where population growth requires land and much of the land is environmentally vulnerable, laced with creeks, rivers, wetlands and woods. One of the pioneers in wetlands mitigation banking, Baton Rouge-based EcoSystem Renewal LLC, has successfully helped restore vulnerable sites throughout Florida, Louisiana and Texas, particularly along the fragile Gulf Coast. The company has a turn-key approach that oversees projects, including dealing with regulatory agencies, and takes the risk of mitigation away from …

February 23, 2019

Florida Industrial Leasing Activity Southeast

Avison Young Arranges Two Leases Totaling 184,718 SF in Miami Industrial Park

by Alex Tostado February 22, 2019

MIAMI — Avison Young has arranged two leases totaling 184,718 square feet. within Dolphin Commerce Center in Miami. Roca Tile USA signed a 134,383-square-foot lease renewal and expansion, adding 25,745 square feet to its footprint within the business park. FastKit Corp., a custom packing and printing company, renewed its 50,335-square-foot lease. Dolphin Commerce Center spans 750,000 square feet about 15 miles west of downtown Miami and about 10 miles west of Miami International Airport.

February 22, 2019

Acquisitions Georgia Multifamily Southeast

CBRE Brokers Sale of 450-Unit Apartment Community in Metro Atlanta

by Alex Tostado February 22, 2019

KENNESAW, GA. — CBRE has brokered the sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, about 20 miles northwest of Atlanta. The community is situated about a mile from Kennesaw Marketplace, a 50-acre, Whole Foods-anchored mixed-use development completed in 2017. Amenities at Mountain Park Estates include a clubhouse, fitness center, swimming pool, outdoor lounge, fire pit and three lighted tennis courts. Greensboro, N.C.-based Bell Partners acquired the asset. which is located about 25 miles north of downtown Atlanta. The seller and sales price were not disclosed.

February 22, 2019

Development Florida Multifamily Southeast

Morgan, JPMorgan, Open 350-Unit Apartment Complex in Fort Lauderdale

by Alex Tostado February 22, 2019

FORT LAUDERDALE, FLA. — Houston-based development firm Morgan and JPMorgan Asset Management have opened Pearl Flagler Village, a 350-unit apartment complex in Fort Lauderdale’s Flagler Village neighborhood. Morgan acted as the developer and JPMorgan the financial advisers. Amenities include a media lounge, presentation kitchen, fitness center with a yoga studio, mailroom with parcel lockers, swimming pool, dog park and an AquaLounge with cabanas and fire pits. The property offers studio, one-, two- and three-bedroom floor plans. Pearl Flagler Village is situated at 400 NE 3rd Ave., less than a mile from downtown Fort Lauderdale. The property also enjoys proximity to FATCity (Flagler Arts and Technology City), a mixed-use project under construction that will include 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces.

February 22, 2019

Georgia Loans Multifamily Southeast

Arbor Realty Trust Provides $38.6M Acquisition Loan for Multifamily Project in Metro Atlanta

by Alex Tostado February 22, 2019

NORCROSS, GA. — Arbor Realty Trust Inc. has provided a $38.6 million Fannie Mae loan for the acquisition of Fields at Peachtree Corners, a 490-unit apartment complex in the northern Atlanta suburb of Norcross. The loan carries a 12-year fixed interest rate with six years of interest-only payments and a 30-year amortization schedule. The asset was built in 1973 and offers a fitness center, Olympic-sized swimming pool, tennis and volleyball courts, soccer field, resident clubhouse, a playground and picnic area with barbecue. The borrower was not disclosed.

February 22, 2019

Acquisitions Alabama Healthcare Southeast

Stage Equity Partners Acquires 21,019 SF Medical Plaza in Birmingham

by Alex Tostado February 22, 2019

BIRMINGHAM, ALA. — Stage Equity has acquired Inverness Dental & Medical Plaza, a two-story, 21,019-square-foot medical building in Birmingham. The asset, which was delivered in 2001 and sits on 1.5 acres, was fully leased at the time of the sale. The property is located about nine miles from the University of Alabama at Birmingham (UAB). Brian Higdon of Marcus & Millichap represented the buyer in the transaction. Alex Perez and Brett Chetek of Chetek Group represented the seller, Inverness Dental Associates LLC. The sales price was not disclosed.

February 22, 2019

Finance Insight Industrial Loans Midwest Multifamily Northeast Southeast Texas Video Western

Bellwether: Borrowing Continues as Confidence Continues

by Jaime Lackey February 21, 2019

There may be uncertainties within the market and larger economy, but Tom Turnage, vice president of Bellwether Enterprise, believes much of the activity on which 2018 hung its hat will continue. Fannie Mae and Freddie Mac are coming off record years, as are companies like Bellwether. Turnage believes the multifamily and industrial markets will remain active…but so will competition. This means borrowers and lenders must approach this year with creativity and flexibility. Both will be key to success in this lending environment. Watch the video for insights from Turnage on the lending landscape in the coming year.

February 21, 2019

Finance Insight Loans Midwest Northeast Southeast Texas Western

Berkadia: 2019 Will be a Year of Growth, Resilience

by Jaime Lackey February 21, 2019

Ernie Katai, executive vice president and head of production, and Christopher Philipps, head of small loan originations at Berkadia, believe commercial real estate lending activity will continue with steady momentum through 2019. Katai was admittedly nervous about last year’s interest rate increases, but was happy to see his worry was for naught as the commercial market took it in stride. In Katai’s experience, investors have remained active. Most are willing to accept lower returns, which won’t keep them from buying in 2019. Philipps is focused on future growth. He notes Berkadia’s intention to utilize new small balance loan programs from Fannie Mae and Freddie Mac to offer a wider spectrum of resources to current clients, while introducing a new pool of borrowers to the firm. Watch the video for more insights from Katai and Philipps.

February 21, 2019

Acquisitions Industrial Mississippi Southeast

Core5 Industrial Partners Sells 581,475 SF Logistics Center in Metro Memphis

by Alex Tostado February 21, 2019

HORN LAKE, MISS. — Core5 Industrial Partners has sold the 581,474-square-foot Building A within Desoto 55 Logistics Center in Horn Lake. The business park sits on 173 acres about 18 miles south of Memphis. An undisclosed Fortune 500 company acquired the asset. The sales price was not disclosed. In addition, Core5 announced that Building B, a 300,145-square-foot facility, has been fully leased to DSV Solutions LLC and EPE Industries USA, which are both set to occupy the space this quarter. Three other buildings are planned within Desoto 55. At full build-out, the business park will span more than 2.5 million square feet. All three buildings are expected to be delivered by the end of this year.

February 21, 2019

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