MCLEAN, VA. — Freddie Mac has announced that Deborah Jenkins will be named executive vice president and head of its Multifamily division, effective immediately. Additionally, Jenkins has assumed a role as member of the company’s Senior Operating Committee. “Debby’s transition into her role as head of the Multifamily business has progressed very well,” said Donald Layton, CEO of Freddie Mac. “Debby is dedicated to ensuring this growing segment of our company continues to be an industry leader, innovator and a critical financier of rental housing that is affordable to low- and moderate-income families.” In September, Freddie Mac announced the retirement of CEO Donald Layton taking place in the second half of 2019, as well as the commencement of the CEO Succession Plan and the elevation of former head of Freddie Mac Multifamily, David Brickman, to president of the company. Since 2010, Jenkins has led Multifamily Underwriting and Credit, overseeing all credit approvals and due diligence processes, asset level securitization activities, as well as credit policies and governance for all Multifamily’s products.
DENHAM SPRINGS, LA. — Birmingham, Ala.-based Doster Construction Co. has completed the construction of Springs at Juban Crossings, a multifamily development located at 10077 Juban Crossing Blvd. in Denham Springs, about 17 miles east of Baton Rouge. Wisconsin-based Continental Properties is the developer. The townhome-style community features 272 units in a mix of studio, one-, two- and three-bedroom layouts with ground-level private entries. On-site amenities include a clubhouse, resort-style pool, 24-hour fitness center, business center, dog park and attached and detached garages.
WEST PALM BEACH, FLA. — Cabot Properties has purchased a three multi-tenant warehouse and distribution portfolio located in Palm Beach County, Fla. McCraney Property Co. sold the asset for $25.8 million, or $148 per square foot. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in the transaction. Situated in West Palm Beach’s Vista Business Park, the 173,812-square-foot portfolio includes 2211, 2213 and 6935-6965 Vista Parkway. At the time of sale, all three buildings were fully leased. Notable tenants include Trane, Shred-It and United Subcontractors (USI). The buildings at 2211 and 2213 Vista Parkway span 44,234 square feet and 51,400 square feet, respectively, and feature 28 rear dock doors, two drive-in doors, 24-foot clear heights and an ESFR fire safety system. The two buildings share a 150-foot truck court and 106 car parking spaces. 6935-6965 Vista Parkway is a one-story, 77,177-square-foot light warehouse and distribution center, which was developed in 2008. The building features hurricane-impact glass, at least 18-foot clear heights, 10 rear-dock doors, seven drive-in doors, two ramps and an ESFR fire safety system.
FORT SMITH, ARK. — Vanguard Real Estate Advisors (Vanguard REA) has completed the sale of a two-property multifamily portfolio in Fort Smith. A Dallas-based private investor acquired the asset from Fort Smith-based Fairway FSM Properties LLC and Southbrook Properties of Fort Smith LLC for an undisclosed price. The portfolio includes the 128-unit Southbrooke Apartments and the 77-unit The Fairway at Fianna Hills. The properties are located less than two miles from each other. Jordan Cortez of Vanguard REA, along with Flake & Kelley Commercial, represented the sellers. Vanguard REA also helped procure the buyer in the deal.
GULF SHORES, ALA. — Hilton Hotels & Resorts has rebuilt and reopened The Lodge at Gulf State Park, A Hilton Hotel, located at 21196 E. Beach Blvd. in Gulf Shores, after the property was irreparably damaged by Hurricane Ivan. Originally established in 1974, the newly rebuilt hotel features 350 rooms with views of the Gulf of Mexico and Lake Shelby. Designed by LakeFlato and Rabun Architects, the new hotel features more than 40,000 square feet of flexible indoor and outdoor meeting space, including The Gulfview Ballroom that can accommodate indoor events up to 1,000 guests. On-site restaurant options include Foodcraft, Perch, Roasted Oak Coffee & Wine Bar and Dragon Pool Bar & Grill. Guests will also have direct access to more than 6,150 acres of trails and activities within Gulf State Park. Valor Hospitality Partners manages the property. Sasaki Associates provided native landscape design, while Dallas-based Looney & Associates served as interior designer for the redevelopment.
RALEIGH, N.C. — In a new report released by the North Carolina Office of State Budget and Management, the updated damage estimate from Hurricane Florence has increased to $17 billion, up from an earlier estimate of $13 billion. “Six weeks ago, Hurricane Florence’s powerful storm surges, winds and rains brought unprecedented devastation to our state, causing an estimated $17 billion in damage,” said North Carolina Gov. Roy Cooper. “I’ve spent time since then visiting with families, businesses and local officials in the impacted area and it’s clear that we have to recover smarter and stronger to better withstand future storms.” Damage from Hurricane Florence has topped the charts for storm damage across North Carolina. Hurricane Matthew caused $4.8 billion, and when adjusted for inflation, Hurricane Floyd caused between $7 billion and $9.4 billion. To date, more than 130,000 people have registered with FEMA for individual assistance and more than $108 million in individual assistance has been approved for homeowners and renters. Additionally, Small Business Administration loans have been approved for nearly 400 hurricane-affected small businesses. The updated figure is based on new data from the North Carolina Department of Insurance, as the original $13 billion figure was based on estimates …
If you mention the phrase “retail apocalypse” to anyone in the Richmond market, you will immediately receive a puzzled look back. The Richmond retail market is about as far away from a retail apocalypse as any market in the country. Yes, we have seen the Toys ‘R’ Us, Sears, Macy’s and Kmart closures, but with close to 83 million square feet of retail space in the Richmond MSA, the current retail vacancy rate is below 5 percent. The vacancy rate is at, or near, a record low and demand for more space remains robust. New retail development projects are leasing quickly and several noteworthy redevelopment projects are in the works. In May 2016, Wegmans opened its first 120,000-square-foot Richmond store at Stonehenge Village along Midlothian Turnpike. In August of that same year, Wegmans opened its second store at West Broad Marketplace in Short Pump. Since those two openings, Richmond has received new attention from many national tenants, developers, and investors looking to enter the market. Market activity has been driven by the likes of Wegmans, Kroger, Publix, Aldi, Lidl and Whole Foods Market, as well as Gold’s Gym, Planet Fitness and Crunch Fitness. In 2016, Ahold announced it would sell …
CARY, N.C. — New York-based HLM Realty has purchased Crescent Lakeside I and II, an office complex located within The Crescent business park in Cary, a suburb of Raleigh. Crescent Lakeside LLC sold the asset for $69 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF, along with Frank Baird of Capital Associates Management, represented the seller in the transaction. Located at 1225 and 1255 Crescent Green Drive, the two-building asset features 254,796 square feet of Class A office space. Completed in 2001 and 2009, respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II were 98.9 percent leased to a variety of tenants at the time of sale, including Hill-Rom and Precision Lender. Capital Associates Management, in partnership with Boddie-Noell Enterprises, developed the office properties. The Crescent is a mixed-use development featuring entertainment, retail, lifestyle amenities, the Koka Booth Amphitheater, walking/jogging trails and the 30-acre Symphony Lake.
DURHAM, N.C. — TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has completed the sale of Southpoint Glen, a multifamily property located at 5800 Tattersall Drive in Durham. Washington, D.C.-based StoneBridge Investments acquired the property for $42.7 million. Located within minutes of Research Triangle Park (RTP), the garden-style apartment community features 346 units, a swimming pool and a fitness center. The buyer plans to renovate portions of the property, including adding upgraded cabinets, faux granite countertops, tile backsplashes, two-inch blinds and plank flooring with soundproofing to individual apartments. StoneBridge also plans to expand the swimming pool and fitness center, add an outdoor fitness area and repurpose the existing sand volleyball court. Elliott Throne and Roger Edwards of HFF secured a seven-year fixed-rate acquisition loan through Freddie Mac’s CME Program for Stonebridge.
PIKESVILLE, MD. — Blue Ocean has purchased the DoubleTree by Hilton Hotel and Conference Center located at 1726 Reisterstown Road in Pikesville, for an undisclosed price. Situated on 10 acres in Baltimore County, the hotel features 171 guestrooms, a 50,000-square-foot indoor tennis and fitness facility and office and retail buildings spanning 32,000 square feet. Steven Cornblatt and Gary Olschansky of Trout Daniel & Associates assisted Blue Ocean in the off-market deal. This transaction marks Blue Ocean’s first hotel acquisition. The Baltimore-based firm plans to renovate the asset in the coming years.