Southeast

GBT Realty Signs Six New Tenants to 170,000 SF Shopping Center Near Little Rock

by Camren Skelton August 21, 2018

BENTON, ARK. — GBT Realty Corp. has signed six new tenants to The Shoppes of Benton, a 170,000-square-foot shopping center in Benton, roughly 25 miles southwest of Little Rock. Fast-casual restaurant chains Red Robin and Freddy’s Frozen Custard & Steakburgers just opened at the center, and Flowers + Home, Avalon Nails, Mathnasium and Hotworx opened this summer. The new retailers are joining existing tenants including Hobby Lobby, T.J. Maxx/HomeGoods, PetSmart, Ulta Beauty, Tuesday Morning, Rack Room Shoe’s, Maurices’s and Texas Road House. With the new storefronts, The Shoppes of Benton is 97 percent leased.

August 21, 2018

Development Mixed-Use Southeast Tennessee Top Stories

Propst Development Unveils Plans for $500M Mixed-Use Project in Nashville

by John Nelson August 21, 2018

NASHVILLE, TENN. — Propst Development LLC, a real estate development firm based in Huntsville, Ala., has unveiled plans for Broadwest, a 1.2 million-square-foot mixed-use development in Nashville. The two-tower project will be located at 1600 W. End Ave., near the intersection of Broadway and West End in Nashville’s Midtown district. Construction costs and financing details were not disclosed, but local media outlets are reporting that Broadwest will cost nearly $500 million to develop. Broadwest will feature a 21-story tower that will include more than 510,000 square feet of Class A office space. The second tower will rise 34 stories and include a 14-floor, 245-room hotel, plus 20 floors featuring roughly 200 condominium units. Approximately 125,000 square feet of office and retail space, along with a one-acre park in the center of the development, will connect the two towers. Plans also call for a 2,500-space parking deck. The project team includes Chartwell Hospitality, which will co-own and operate the hotel; Parks Realty, which will lead the condominium sales; JLL, which will handle leasing for the office portion; Cooper Carry, the project architect; general contractors Turner Construction Co. and Hoar Construction; and Premier Parking, which will oversee the parking component. The site …

August 21, 2018

Features Georgia Multifamily Southeast

2018 Multifamily Investment Volume to Surpass Last Year, Say Apartment Association Panelists

by Camren Skelton August 21, 2018

ATLANTA — Multifamily investors are anticipating another solid year for U.S. apartment sales. Annual transaction volume is robust, price per unit is increasing and fundamentals like rent growth and occupancy are strong, leaving buyers confident that apartment properties remain a safe investment. “Investors are so sophisticated now, and they have the option of going into whatever sector, whatever geography, with whatever strategy they want, and they are scanning it all,” said Malcolm McComb, vice chairman of CBRE. “But what’s coming out again and again for many years in a row now is multifamily and industrial are stealing the show.” McComb’s comments were made during the opening presentation at the Atlanta Apartment Association’s (AAA) “2018 Apartment Market Outlook: Disruption in the Apartment Industry.” The conference was held on Friday, Aug. 10, at the Cobb Galleria Centre in Atlanta. Back on the Upswing After a slight decrease in total transaction volume in 2017 — the first time since 2009 that U.S. multifamily annual sales volume didn’t surpass the preceding year — 2018 transaction volume is on track to match or slightly surpass last year’s output. Through the first half of 2018, apartment investment sales totaled $69.9 billion, a 7.9 percent increase compared to …

August 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $59.8M Sale of Multifamily Community in Miami

by Camren Skelton August 20, 2018

MIAMI — Cushman & Wakefield has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 S.W. 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public university with an enrollment of more than 55,000 students. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated a $44.3 million Freddie Mac loan to fund Advenir’s acquisition. The 11-year, fixed-rate loan features six years of interest-only payments. Approximately 20 percent of the units at Vista Verde have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings. Originally constructed in 1993, Vista Verde includes a mix of studio to two-bedroom units and features a pool, fitness center, playground and picnic areas. In addition, the community is situated adjacent to 300,000 square feet of retail in two shopping centers anchored by Publix and YouFit Health Clubs.

August 20, 2018

Acquisitions Industrial South Carolina Southeast

Monmouth Acquires FedEx-Leased Industrial Building in Charleston for $47.2M

by Camren Skelton August 20, 2018

CHARLESTON, S.C. — Monmouth Real Estate Investment Corp. has acquired a 265,318-square-foot industrial building located at 6850 Weber Blvd. N. in Charleston for $47.2 million. The name of the seller was not disclosed, but the Post & Courier reports an affiliate of SunCap Property Group completed construction on the warehouse building earlier this year. The property is net-leased for 15 years to FedEx Ground Packaging System Inc. The building is located roughly 18 miles northwest of the Port of Charleston, and less than 10 miles from Charleston International Airport. The transaction marks Monmouth’s fourth acquisition in the Charleston market.

August 20, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Secures $30.6M HUD-Insured Construction Loan for Apartment Property in Melbourne, Florida

by Camren Skelton August 20, 2018

MELBOURNE, FLA. — Walker & Dunlop has secured a $30.6 million construction loan for The Highline, a 171-unit, market-rate apartment community in Melbourne. Jeremy Pino, Livingston Hessam, Keith Melton and David Strange of Walker & Dunlop arranged the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Zimmerman Development. The Highline will feature a pool, sundeck, gated dog walk area, fire pit, catering kitchen, sports bar, game room and a fitness center with a yoga studio. A construction timeline for the project was not disclosed.

August 20, 2018

Acquisitions Multifamily North Carolina Southeast

Avison Young Brokers $14.8M Sale of Apartment Community in Greenville, North Carolina

by Camren Skelton August 20, 2018

GREENVILLE, N.C. — Avison Young has brokered the $14.8 million sale of Signature Place Apartments, a 171-unit apartment community located at 410 Beasley Drive in Greenville. Craig Cadwallader and Gary Lyons of Avison Young arranged the transaction on behalf of the buyer, CMF Signature Place LLC, a subsidiary of Carter Multifamily. Waterstone Multifamily represented the seller, a joint venture between Taft Family Ventures and Drucker & Falk. Constructed in 1980, Signature Place includes a mix of one- to three-bedroom units and features a pool, dog park, courtyard, grilling area, fitness center and a clubhouse.

August 20, 2018

Acquisitions Florida Office Retail Southeast

HFF Negotiates $9.3M Sale of Retail, Office Building in Palm Beach County

by Camren Skelton August 20, 2018

PALM BEACH GARDENS, FLA. — HFF has brokered the $9.3 million sale of the Shoppes & Offices at PGA West, a retail and office property located in Palm Beach Gardens. Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi of HFF arranged the transaction on behalf of the seller, LNR Partners Inc., and procured the buyer, Juster Development Co. Constructed in 2001, the Shoppes & Offices at PGA West includes 18,348 square feet of retail space and 19,434 square feet of office space. The property was 98.3 percent leased at the time of sale to a mix of experiential retailers, restaurants and boutique office tenants.

August 20, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Charlotte Companies Getting in on Amenities Arms Race to Attract Top Office Users

by John Nelson August 20, 2018

Companies looking to attract and retain talent are now offering top amenities, a modern office space and a healthy work environment with a sense of community. Employees are a company’s most vital asset, and firms are willing to pay a higher rate for office space if it provides a place that employees want to work. One of the trends this year in commercial office space is enhancing the work environment. According to a recent Pew Research Center analysis, millennials have become the largest generation in the U.S. workforce. To attract today’s workers, office users must offer an overabundance of amenities. Companies are now providing gaming lounges that include video games, foosball, air hockey and darts. They are also offering napping rooms, coffee shops with baristas and even onsite bars with wine and craft beer on tap. This type of atmosphere enhances employee interaction and provides the employee a place to relax while at work. Technology allows employees to be more efficient, but it will never replace the connection that happens with face-to-face conversations. Companies are looking to create an atmosphere where employees can collaborate throughout the workday, which in turn has a positive effect on worker productivity. The key to …

August 20, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

by Camren Skelton August 17, 2018

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.

August 17, 2018

Newer Posts

Older Posts