Southeast

CBRE Arranges $29.9M Sale of Office Building in Downtown Charlotte

by Alex Tostado February 12, 2019

CHARLOTTE, N.C. — CBRE has arranged the $29.9 million sale of the Chamber Building, a five-story, 65,444-square-foot office building located at 330 S. Tryon St. in downtown Charlotte. The asset was fully renovated in 2015 and includes a parking garage on a half-acre lot adjacent to the building. Tenants at the time of the sale included the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery and Progressive AE. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Grubb Properties, in the transaction. Ferncroft Capital purchased the property.

February 12, 2019

Acquisitions Retail Southeast Virginia

BC Wood Properties Purchases Grocery-Anchored Shopping Center in Roanoke

by Alex Tostado February 12, 2019

ROANOKE, VA. — BC Wood Properties has acquired Ivy Market, a 31,073-square-foot shopping center situated about three miles south of downtown Roanoke. The asset is occupied by Earth Fare, First Watch and a soon-to-open CoreLife Eatery. The seller and sales price were not disclosed.

February 12, 2019

District of Columbia Multifamily Southeast

MBA Forecast: Commercial and Multifamily Originations to Hold Firm in 2019

by Alex Tostado February 11, 2019

WASHINGTON, D.C. — The Mortgage Bankers Association’s (MBA) expects to see steady commercial real estate markets keep commercial and multifamily mortgage originations on par with the last two years. In its 2019 Commercial/Multifamily Real Estate Finance Forecast, MBA projects commercial and multifamily mortgage originations to total $530 billion in 2019, matching 2017’s total, and slightly up from 2018’s mark of $526 billion. MBA believes that multifamily mortgage originations will increase 1 percent to $264 billion, with total multifamily lending at $315 billion. The Washington, D.C.-based organization expects these originations totals to continue through 2020. Additionally, outstanding debt from multifamily and commercial mortgages are expected to finish 5 percent higher in 2019 than 2018. MBA released its 2019 forecast Sunday, Feb. 10 at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference will conclude Wednesday, Feb. 13.

February 11, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building Portfolio in Metro D.C. for $198.5M

by Alex Tostado February 11, 2019

WASHINGTON, D.C. — Office Properties Income Trust has sold a 34-building portfolio of office assets in metro Washington, D.C., to an undisclosed buyer for $198.5 million. The names and locations of the buildings were not disclosed. Office Properties is a newly named REIT, formed after Government Properties Income Trust and Select Income REIT merged Dec. 31, 2018. This portfolio sale completes Office Properties’ previously disclosed disposition plan with respect to its long-term financing of its acquisition of First Potomac Realty Trust (FPO) in 2017. Office Properties has sold $520.8 million worth of properties since it acquired FPO, including the 34-property portfolio sale.

February 11, 2019

Acquisitions Florida Retail Southeast

RVI Sells Power Retail Center in Orlando for $56.4M

by Alex Tostado February 11, 2019

ORLANDO, FLA. — Retail Value Inc. (RVI) has sold the fully leased Millenia Plaza, a 411,503-square-foot power retail center in Orlando, for $56.4 million. North American Development Group purchased the center, which is located at 4403-4697 Millenia Plaza Way. Millenia Plaza is located about six miles southwest of downtown Orlando and features Interstate 4 visibility. Tenants include Home Depot, BJ’s Wholesale, Ashley’s Furniture, Dick’s Sporting Goods, Total Wine & More, Ross Dress for Less, David’s Bridal, Five Below, Visionworks, Millenia Nail Lounge and Mattress Firm. Brad Peterson, Whitaker Leonhardt and Tommy Isola of HFF represented RVI, which is a subsidiary of SITE Centers Inc., in the transaction.

February 11, 2019

Development Multifamily North Carolina Southeast

Leon Capital Breaks Ground on 203-Unit Multifamily Community in Raleigh

by Alex Tostado February 11, 2019

RALEIGH, N.C. — Leon Capital Group has broken ground on Trilogy Cameron Village, a 203-unit multifamily community in Raleigh. The complex will be situated at 305 Oberlin Road on 3.6 acres, about one mile north of North Carolina State University and about two miles west of downtown Raleigh. The community will offer studio, one-, two- and three-bedroom floor plans. It is the third Trilogy brand apartments in North Carolina, joining Trilogy Cary and Trilogy Chapel Hill, both of which will begin preleasing this year. Amenities at Trilogy Cameron Village will include a resort-style swimming pool, grilling area, package lockers, a fitness and wellness center and an entertainment lounge. JDavis is the architect, and Samet is the general contractor. Completion is slated for summer 2020.

February 11, 2019

Development Hospitality Southeast Tennessee

CBL Properties, Vision Hospitality Group to Develop 135-Room Hotel in Chattanooga, Replacing Former Sears

by Alex Tostado February 11, 2019

CHATTANOOGA, TENN. — CBL Properties and Vision Hospitality Group plan to develop a 135-room hotel in Chattanooga as part of the redevelopment of Hamilton Place mall. The new Aloft by Marriott will be situated between The Cheesecake Factory and the future Dave & Buster’s where a former Sears used to be at Hamilton Place. Amenities will include an urban-inspired design with loft-like guestrooms featuring nine-foot ceilings and keyless entry using your smartphone or Apple Watch. The hotel will be situated about 12 miles east of downtown Chattanooga. Construction on Hamilton Place is set to begin in the spring.

February 11, 2019

District of Columbia Market Reports Southeast Southeast Market Reports

Nation’s No. 1 Data Center Market in Northern Virginia Isn’t Done with Boom Cycle

by Alex Tostado February 11, 2019

The Northern Virginia data center market continues to outpace the rest of the country’s leading data center markets by more than double. By the close of the first half of 2018, Northern Virginia had 317 megawatts (MW) under construction with Phoenix a distant second at 136.5 MW. (In real estate terms, industry standard is approximately 150 watts per square foot.) What drives Northern Virginia as the leader today is an unparalleled business ecosystem that has grown over the past 20 years from the original edge data center to today’s premier data center market. The market is a prototype for which subsequent data centers strive to achieve. Ideal Data Center Landscape Very few enterprises build their own on-premise data centers. Northern Virginia got its start as a leader in this space by going into colocation data centers. The companies that pioneered the movement, like Equinix, DFT and Exodus Communications, have brought Northern Virginia to where it is today. But, it’s more than that. It takes a confluence of legislative support, fiber, power, development, deployment of new IT technologies and other partnerships to allow the Northern Virginia market to flourish into the tech superpower it is today. Northern Virginia has also been …

February 11, 2019

Development Florida Office Southeast

Barton Malow to Construct 225,000 SF Office Building in Daytona Beach for Brown & Brown Insurance

by Alex Tostado February 8, 2019

DAYTONA BEACH, FLA. — Barton Malow will construct an 11-story, 225,000-square-foot glass building for Brown & Brown Insurance Co. in Daytona Beach. The building will be situated on more than 10 acres and will include terraces on the second and 11th floors overlooking the Halifax River. Brown & Brown has worked in the area before, having remodeled Daytona International Speedway and built Embry-Riddle Aeronautical University’s four-story student union. The Daytona Beach-based insurance company will house more than 600 workers at the building upon completion. A timeline for construction was not disclosed.

February 8, 2019

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $48.4M Sale of Seniors Housing Portfolio in Upstate South Carolina

by Alex Tostado February 8, 2019

GREENVILLE, S.C. — Cushman & Wakefield has arranged the $48.4 million sale of a seniors housing portfolio in Upstate South Carolina. Atlas Senior Living acquired the three-property portfolio totaling 198 units in metro Greenville. The assets include Spring Park, a 66-unit community constructed in 2014 in Travelers Rest; Fairview Park, a 66-unit community delivered in 2015 in Simpsonville; and Oakview Park, a 66-unit community built in 2016 in Powdersville. Paul Carr, David Kliewer and Allen McCutry of Cushman & Wakefield represented the seller, Tampa, Fla.-based Graycliff Capital Senior Housing LLC, in the transaction.

February 8, 2019

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