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AcquisitionsFloridaGeorgiaMultifamilyNorth CarolinaProperty TypeSouth CarolinaSoutheastTop Stories

Carroll Organization, PGIM Acquire $600M, 13-Property Multifamily Portfolio in Southeast

by David Cohen

ATLANTA — Carroll Organization and PGIM Real Estate have acquired three multifamily portfolios in the metro areas of Raleigh-Durham, N.C.; Ponte Vedra Beach, Fla.; and Charleston, S.C. valued at $600 million. The combined properties total 4,043 residential units. The three acquisitions by the joint venture include an eight-property, 2,883-unit portfolio in Raleigh-Durham; a two-property, 480-unit portfolio in Ponte Vedra Beach; and a three-property, 680-unit portfolio in Charleston. The sellers and price were not disclosed. “These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.” The acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Atlanta-based Carroll Organization. The transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To …

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DevelopmentDistrict of ColumbiaMixed-UseSoutheast

Former Fannie Mae Headquarters to Get New Life with $640M Mixed-Use Redevelopment

by Alex Tostado

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have announced that the redevelopment of Fannie Mae’s former headquarters in Washington, D.C. will be named City Ridge. The name originates from the site’s location on Wisconsin Avenue, a geological ridgeline that separates the two stream valleys of Rock Creek Park to the east and Foundry Branch to the west. The $640 million, 1.1 million-square-foot project will break ground Dec. 1. The site sits on 10 acres and is set to include 687 residential units and 100,000 square feet of office space in the historic building, plus 62,000 square feet of new office space, 153,000 square feet of retail space and more than 750 parking spaces. Grocery store chain Wegmans Food Markets will anchor City Ridge.

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DevelopmentIndustrialSouth CarolinaSoutheast

Miller-Valentine Construction Finishes Midway Logistics III in South Carolina

by Alex Tostado

WEST COLUMBIA, S.C. — Miller-Valentine Construction has completed Midway Logistics III, a 200,000-square-foot speculative building in the Lexington County Industrial Park (LCIP) in West Columbia. The building is designed for multi-tenant, Class A distribution and light manufacturing. The facility, developed by Magnus Development Partners, features 21 dock doors, two drive-ins and entries for tenant offices. It was designed to allow for a shared dock truck court to support a future distribution facility on the adjacent lot. LCIP sits on 350 acres and is home to Midway Logistics I and II, Husqvarna, JanPak, Home Depot, Republic National Distributing Co., Scholastic Book Fairs and Garden State Lumber Corp.

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AcquisitionsFloridaIndustrialSoutheast

Terreno Realty Sells 25,000 SF Industrial Property in Miami for $4.3M

by Alex Tostado

MIAMI — Terreno Realty Corp. has sold an industrial property in Miami to an undisclosed buyer for $4.3 million. The property consists of one light industrial building totaling approximately 25,000 square feet on 1.2 acres, which was fully leased at the time of the sale to one tenant on a short-term basis.

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AlabamaLoansRetailSoutheast

Mag Mile Capital Arranges $2M Loan for Alabama Retail Property

by Alex Tostado

HUNSTVILLE, ALA. — Mag Mile Capital has arranged financing for a single-tenant retail property in Huntsville. Rob Bernstein originated the $2 million, 10-year loan. The specific location of the property, its tenant and the lender were not disclosed. The borrower is an entity controlled by Ari Benmosche and Randall Briskin that owns a portfolio of assets in the Midwest and Northeast.

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AcquisitionsGeorgiaRetailSoutheast

Site Centers Sells 266,247 SF Shopping Center in Metro Atlanta

by Alex Tostado

DOUGLASVILLE, GA. — Site Centers Corp. has sold Douglasville Pavilion, a 266,247-square-foot shopping center in Douglasville. The Ainbinder Co. bought the property, which is located about 20 miles west of downtown Atlanta. The property’s anchors include Marshalls, Ross Dress for Less, Michaels, PetSmart, Big Lots and Office Max. Target is a shadow anchor. The center was 97 percent leased at the time of the sale. The sales price was not disclosed. CBRE represented Beachwood, Ohio-based Site Centers in the transaction.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

PAC Acquires 200-Unit Multifamily Community in Charlotte

by Alex Tostado

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired CityPark View South, a 200-unit multifamily community in Charlotte. Amenities include a saltwater pool, complimentary bike rentals for residents, grilling areas, 24-hour package locker system and a fitness club. PAC had the opportunity to purchase the community, which opened in 2017, through an investment loan made over two years ago, according to PAC. The sales price and seller were undisclosed. PAC financed the acquisition using a $24.1 million loan from Prudential Affordable Mortgage Co.

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DevelopmentFloridaMultifamilySoutheast

Altman Cos. Tops Off Nine-Story Apartment Building in Tampa

by Alex Tostado

TAMPA, FLA. — The Altman Cos. has topped out Altis Grand Central, a nine-story apartment building that will offer studio, one- , two- and three-bedroom floor plans. The community is located less than one mile south of the University of Tampa and will include amenities such as a sky lounge and pool on the roof, Zen garden, dog park and a clubroom. The 314-unit complex is scheduled to be complete in summer 2019.

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DevelopmentFloridaOfficeSoutheast

Pipeline Workspaces Opens Downtown Tampa Coworking Location

by Alex Tostado

TAMPA, FLA. — Pipeline Workspaces, a shared workspace concept, has opened a new location in downtown Tampa. Pipeline Tampa occupies the 15th floor of Park Tower, which is located at 400 N. Tower St., across from The Tampa Riverwalk. Pipeline Tampa is Pipeline Workspace’s seventh location and sixth in Florida, joining offices in Brickell, Coral Gables, Doral, Fort Lauderdale and Orlando. Pipeline also has a location in Philadelphia. Amenities for Pipeline members include high-speed internet, color printer/copiers, access to conference rooms, mailboxes, a kitchen and complimentary coffee and tea.

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