Southeast

New Office Developments Take Shape in Orlando’s Core Submarkets

by John Nelson October 15, 2018

At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017. Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to fuel economic growth in Orlando with a rise in non-farm employment of 46,840 over the trailing 12 months ending in May. There has been a sustained decline in the unemployment rate as well, which stood at 3 percent in May. Spec, Mixed-Use Projects Development activity has been restrained over the last several years. However, a handful of key office projects have recently broken ground in high-demand areas. The most exciting development activity is occurring in the urban core, where a number of projects are moving forward. Speculative Class A office construction is once again rising with the $100 million Church Street Plaza going vertical after a slight construction delay. SunTrust Banks Inc. recently announced plans to relocate its Orlando headquarters from the SunTrust Center building into 90,000 square feet at …

October 15, 2018

Development District of Columbia Loans Retail Southeast

Walker & Dunlop Arranges $61M in Financing for Retail Development in D.C.

by Amy Works October 12, 2018

WASHINGTON, D.C. — Walker & Dunlop has structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a trophy retail center in Washington, D.C. Jamie Butler of Walker & Dunlop led the team that replaced the existing construction financing with a senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Located on New York Avenue, the 140,000-square-foot shopping center is 98 percent pre-leased to national and local tenants, including the city’s first Costco, Lowe’s Home Improvement Warehouse, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A and Starbucks Coffee.

October 12, 2018

Acquisitions Hospitality South Carolina Southeast

Union Investment Acquires New Dual-Branded Hotel in Historic Charleston

by Amy Works October 12, 2018

CHARLESTON, S.C. — Union Investment has purchased a dual-branded hotel property located on King Street in Charleston’s historic district for an undisclosed price. Opened in 2015, the property includes a modern Hyatt House apartment-style hotel and a Hyatt Place hotel. In total, the two hotels offer 304 rooms. Hyatt House features 113 guest rooms designed for extended-stay guests with a living area and integrated kitchen, while Hyatt Place features 191 rooms and 800 square feet of conference space. Additional on-site amenities include a fitness center, swimming pool, market and a rooftop bar. Regent/BN Charleston Holdings is the vendor of the properties, and the hotels are leased for 30 years to Pyramid Hotel Group, the operator. Germany-based Union Investment is adding the hotel property to the portfolio of its open-ended real estate fund, Unilmmo: Global.

October 12, 2018

Acquisitions Georgia Multifamily Southeast

Magnolia Capital Acquires 323-Unit Multifamily Property in Atlanta’s Central Perimeter Submarket

by Amy Works October 12, 2018

DUNWOODY, GA. — Magnolia Capital has purchased Flats at Perimeter Place, an apartment community located at 60 Perimeter Place in Dunwoody. Northwestern Mutual sold the property for an undisclosed price. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller in the deal. Situated in Atlanta’s Central Perimeter submarket, the 323-unit community features a rooftop lounge with a tennis court, grilling station and bocce ball court; resort-style swimming pool; fitness center with a yoga studio, cardio theater and fitness classes; and four electric car charging stations.

October 12, 2018

Acquisitions Retail South Carolina Southeast

Madison Capital Acquires Kmart-Anchored Retail Asset in Metro Charlotte for $6M

by Amy Works October 12, 2018

ROCK HILL, S.C. — Charlotte, N.C.-based Madison Capital has purchased Kmart Plaza, a retail property located off of Cherry and North Anderson roads in Rock Hill, a suburb of Charlotte in South Carolina. Seritage Growth Properties sold the center for $6 million. The property features 89,298 square feet of retail space. Marc Ozburn and Alex McDonald of Berkeley Capital Advisors represented the seller in the deal.

October 12, 2018

Florida Southeast

Southeast Dominates ULI, PwC’s Markets to Watch in 2019

by Amy Works October 12, 2018

BOSTON — In their annual Emerging Trends in Real Estate report, Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) have emphasized their bullishness on the Southeast. Following the top two metros in the report’s “Markets to Watch in 2019″ list (Dallas-Fort Worth and Brooklyn) are three Southeastern markets: Raleigh-Durham, Orlando and Nashville, none of which qualify as traditional gateway cities. “Survey respondents favored markets with potential for more growth over the traditional gateway markets,” cites the report. “With the search for qualified labor intensifying, markets that can attract new residents have a definite advantage.” ULI and PwC rank Raleigh-Durham 14th in terms of investor demand, seventh in development/redevelopment opportunities, sixth in availability of debt and equity capital and fourth in its overall local economy. Survey respondents are attracted to the strong urban revitalization movement in both downtown Raleigh and Durham, as well as the market’s population growth, diversified economy and three top-tier research universities: Duke University, University of North Carolina at Chapel Hill and North Carolina State University. Orlando, the No. 4 overall market, provides value compared to other markets, strong population and job growth and a lucrative tourism base with Walt Disney World, Universal Studios and Sea World, among …

October 12, 2018

Georgia Leasing Activity Restaurant Retail Southeast

Atlanta’s Shopping Centers Reflect Changing Consumer Preferences

by John Nelson October 12, 2018

Atlanta is recognizing that the nature of retail has changed. Shopping centers and mixed-use projects in Atlanta emphasize restaurants, fitness, entertainment and service retail. The changes in the market are happening quickly and consumers want the urban environment where everything they need is at their fingertips. Destination Retail The BeltLine is providing an unmatched opportunity for this business model. The Eastside trail proves that Atlanta has welcomed this type of retail. New developments without a true parking option or main street access have started to capture the population who use the BeltLine on a daily or weekly basis. Ponce City Market encapsulates experiential retail, taking an existing warehouse structure and transforming it into a food hall, rooftop entertainment and a place to work, congregate or live your daily life. It’s not a shopping center — it’s a destination. The modern shopping center isn’t about being a shopping center, it’s about providing all you need at once. Restaurants, Food Halls The restaurant business is always evolving, and the variety in Atlanta is unparalleled. Yet, while there are an abundance of restaurant openings, there are still several that will need to reinvent themselves to stay relevant. The biggest buzz has been food …

October 12, 2018

Acquisitions Florida Office Southeast

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

by Amy Works October 11, 2018

MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million renovation, which included a redesigned and updated building lobby, common area upgrades and a full elevator modernization, as well as a new conference center and tenant lounge. The new ownership plans to continue the renovation program to the property’s common areas, including capital to activate a large terrace adjacent to the conference center and tenant lounge on the 17th floor for tenant use. Brickell City Tower’s notable tenants include Beacon Council, South Florida Business Journal, Uber Technologies, Max Borges, TMF USA Inc., Rumberger Kirk Caldwell and Regus. Chase Bank operates a bank branch on the ground floor.

October 11, 2018

Acquisitions Multifamily Southeast Virginia

HFF Arranges $90M Sale of New Multifamily Property in Northern Virginia

by Amy Works October 11, 2018

ARLINGTON, VA. — HFF has arranged the sale of 672 Flats, a newly completed multifamily community located in Arlington’s Ballston submarket. The Chevy Chase Land Co. acquired the property from a joint venture between The Penrose Group and Clark Enterprises for $90 million. Walter Coker and Brian Crivella of HFF represented the seller in the deal. The buyer purchased the property free and clear of existing debt. Jamie Leachman, Chris Hew and Nicole Brickhouse of HFF’s debt placement team arranged a 12-year, fixed-rate acquisition loan through USAA Real Estate for the buyer. The six-story community features 173 apartment units, ranging from studio to two-bedroom loft- and flat-style floorplans, with open layouts, stainless steel appliances, custom cabinetry and pantries with built-in microwaves, fixed and movable kitchen islands, hardwood-style flooring and full-sized washers/dryers. Community amenities include a resident lounge with bar, game room with billiards, poker table shuffleboard, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.

October 11, 2018

Acquisitions Loans Multifamily North Carolina Southeast

Hunt Provides $18.3M Fannie Mae Loan for Acquisition of Charlotte Multifamily Property

by Amy Works October 11, 2018

CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.

October 11, 2018

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