Southeast

PREIT Redevelops Maryland Mall, Backfills Former Department Store Anchors

by Alex Tostado February 21, 2019

HAGERSTOWN, MD. — Pennsylvania Real Estate Investment Trust (PREIT) has redeveloped Valley Mall in Hagerstown. Three department stores are being replaced by four tenants that are expected to open within two years. Dick’s Sporting Goods will occupy 59,000 square feet within a former Sears. Onelife Fitness and Tilt Studio will occupy 118,000 square feet of a former Macy’s. Belk will occupy 123,000 square feet of a former Bon-Ton. In addition, Regal Cinemas will be remodeled. PREIT upgraded dining amenities at the mall with the addition of BJ’s Brewhouse and the recently executed Black Rock Bar & Grill, joining Primanti Bros., Mission BBQ and Red Robin.

February 21, 2019

Acquisitions Alabama Connecticut Indiana Industrial Iowa Massachusetts Midwest New Jersey Northeast Pennsylvania Southeast Top Stories

Rubenstein Properties Sells 28 Industrial Properties for $197M

by Alex Tostado February 21, 2019

LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …

February 21, 2019

Features Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Paul Ryan: Positive Reforms Will Come to Seniors Housing, but Slowly

by David Cohen February 21, 2019

SAN DIEGO — Politics may slow down progress, but positive changes are on their way to the seniors housing industry and U.S. healthcare system, according to former Speaker of the House of Representatives Paul Ryan. Ryan’s comments during the opening general session Feb. 21 at the National Investment Center for Seniors Housing & Care (NIC) 2019 Spring Conference. The event drew nearly 1,700 seniors housing professionals to the Hilton San Diego Bayfront. Ryan, a Wisconsin Republican, gave a speech before sitting down for a discussion with moderator John Kelliher, managing director of Berkeley Resource Group. Ryan identified Kelliher as a long-time friend with a deep background in legislation, law and the military. The event was Ryan’s first speech since retiring from his political office six weeks prior. “We’ve got a lot of work to do because we are not ready for the baby boomer generation,” Ryan said regarding seniors housing. Ryan identified the top political challenges facing the seniors housing industry as healthcare reform, immigration reform and entitlements such as Medicare, Medicaid and Social Security. Facing the labor shortage Ryan said low unemployment is good for the economy as a whole, but creates struggles for business owners who simply can’t …

February 21, 2019

Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Hunt: Evolution is the Solution to Today’s Lending Success

by Jaime Lackey February 21, 2019

Chad Thomas Hagwood, senior managing director and Southeast regional manager at Hunt Real Estate Capital, believes times are changing. Hagwood asserts a change in perception is what originally made multifamily such a popular investment years ago. He believes another change is necessary to address our nation’s housing and affordability crises. Hagwood sees manufactured housing as being a partial solution to these challenges. Like the broader multifamily market, this specialty product has suffered from an image problem in the past. While lenders have been willing, borrowers haven’t always been sold on the product. Hagwood is confident that the industry will come around, however, as increased competition leads to creativity — and an opportunity may be staring investors right in the face. Watch the video to hear more about Hagwood’s predictions for 2019.

February 21, 2019

Alabama Loans Office Southeast

Arbor Realty Trust Provides $61.2M Bridge Loan for Office Tower in Birmingham

by Alex Tostado February 20, 2019

BIRMINGHAM, ALA. — Arbor Realty Trust Inc. has provided a $61.2 million bridge loan for AT&T City Center, a 30-story office building in Birmingham. Joseph Charneski of Arbor Realty Trust originated the loan for VCP City Center, which bought the building in November 2018 for $31 million. The borrower plans to use the funds to convert the 617,453-square-foot building into a mixed-use building, offering residential, retail and office space. The loan also covered acquisition costs for the borrower.

February 20, 2019

Development District of Columbia Office Southeast

Akridge, Stars REI Deliver 102,000 SF Office Building Near White House

by Alex Tostado February 20, 2019

WASHINGTON, D.C. — Akridge and Stars REI have delivered a 102,000-square-foot office complex at the corner of 16th and L streets in Washington, D.C. The site at 1101 Sixteenth St. was formerly two obsolete office buildings that housed the American Association of University Women and the American Beverage Association. HOK was the architect on the project, Clark Construction Group was the general contractor and EagleBank provided construction financing. Amenities include a fitness facility, penthouse lounge and a rooftop terrace with White House views.

February 20, 2019

Loans Multifamily North Carolina Southeast

Hunt Real Estate Capital Provides $21M Acquisition, Renovation Loan for Apartment Complex in Greensboro

by Alex Tostado February 20, 2019

GREENSBORO, N.C. — Hunt Real Estate Capital has provided a total of $21 million in acquisition and renovation financing for Village 1373, a 332-unit apartment complex in Greensboro. The asset consists of 17 two-story buildings that were built in 1987 and 1996. RJ Guttroff of Hunt Real Estate Capital said the undisclosed borrow plans to rebrand the property and implement more than $4 million worth of upgrades. Interior upgrades will include granite countertops, new cabinets, stainless steel appliances, wood-vinyl plank flooring, painting and new fixtures. Exterior improvements will include new signage, security gate, landscaping, replacing and painting exterior siding, replacing sliding glass doors and windows, asphalt repairs, roof access repairs and amenity upgrades to the fitness center, clubhouse and pool area, including the addition of a dining area with grills. The property was 90 percent occupied at the time of sale.

February 20, 2019

Acquisitions Alabama Multifamily Southeast

Castle Lanterra Sells Multifamily Property in Tuscaloosa for $20.7M

by Alex Tostado February 20, 2019

TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of the University of Alabama and about six miles south of downtown Tuscaloosa.

February 20, 2019

Georgia Leasing Activity Office Southeast

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

by Alex Tostado February 20, 2019

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building is now 91 percent leased. Claire Ross and Mike Werner of JLL represented the landlord, in the lease transaction. Bruce Propst of Cushman & Wakefield represented the tenant.

February 20, 2019

Acquisitions Florida Hospitality Southeast Top Stories

HST Purchases South Beach Hotel for $610M

by John Nelson February 20, 2019

MIAMI BEACH, FLA. — Host Hotels & Resorts Inc. (NYSE: HST) has purchased 1 Hotel South Beach, a 429-room hotel and resort in Miami’s South Beach neighborhood. A partnership between Starwood Capital Group and LeFrak sold the property for $610 million, or a little over $1.4 million per room. Hodges Ward Elliot represented Starwood Capital and LeFrak in the sale. The property features 600 linear feet of ocean frontage and has direct beach access, as well as four pools with elevated decks that provide ocean views. SH Hotels & Resorts, an affiliate of Starwood Capital, will continue to operate and manage the 1.1 million-square-foot property as 1 Hotel South Beach. “We are excited about the opportunity to acquire one of the absolute best luxury hotels in the country and partner with SH Hotels & Resorts as our operator,” says James Risoleo, president and CEO of HST. “1 Hotels is redefining the luxury hotel industry and we could not be more proud to own its flagship hotel. We look forward to being a big part of the brand’s future growth.” Starwood Capital acquired the 1970s-era beachfront hotel in 2012 and executed a $300 million overhaul, including adding 155 condominiums and updating the …

February 20, 2019

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