Southeast

Matthews Real Estate Arranges $18M Sale of Sprouts-Occupied Property in Tampa

by Camren Skelton August 27, 2018

TAMPA, FLA. — Matthews Real Estate Investment Services has arranged the $18 million sale of a freestanding retail property leased to Sprouts Farmers Market in Tampa. Built in 2017, the 36,320-square-foot building is located at 1547 S. Dale Mabry Highway. Aron Cline of Matthews Real Estate represented the seller and procured the Southern California-based buyer in the transaction. Other terms of the deal were not disclosed. The property is leased to Sprouts for 15 years with four, five-year renewal options. The store is located near tenants such as Trader Joe’s, Whole Foods Market, Publix, Target, T.J. Maxx, Total Wine & Beer and HomeGoods. Sprouts Farmers Market is a Phoenix-based organic grocer with more than 285 stores located throughout 13 states.

August 27, 2018

Loans Multifamily South Carolina Southeast

Hunt Real Estate Capital Provides $17M Acquisition Loan for Apartment Community in Greenville

by Camren Skelton August 27, 2018

GREENVILLE, S.C. — Hunt Real Estate Capital has provided a $17 million loan for the acquisition and rehabilitation of Azalea Hill, a 160-unit apartment community in Greenville. The borrower, Willow Creek Partners, plans to use proceeds of the loan to renovate the property and stabilize operations. Constructed in 1998, Azalea Hill includes a mix of studio, one- and two-bedroom units and features a fitness center, dog park, resident clubhouse, swimming pool, coffee bar and concierge dry cleaning and package service.

August 27, 2018

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Land Constraints, Demand from Big Data Spur Rent Growth in D.C. Industrial Market

by John Nelson August 27, 2018

The 195 million-square-foot Washington, D.C., metropolitan industrial market features various sectors and centers of demand across the region. The overall market has been extremely healthy, with unique forces impacting the area’s primary regions of Northern Virginia, Suburban Maryland and Washington, D.C. The overall metro market expanded between first-quarter 2017 and first-quarter 2018. Net absorption in the period was 1.7 million square feet, albeit a significant slowdown from the previous 12-month cycle (4.2 million square feet). After falling significantly during the past five years, vacancy remained relatively flat in first-quarter 2018 and settled at 6.8 percent, a 10-basis-point drop year-over-year. A lack of available space limited opportunities for occupancy gains but allowed owners to increase asking rents. The average asking rent rose sharply to $10.04 per square foot, up from $9.58 per square foot one year earlier. Of the 1.9 million square feet of new supply under construction, 1.3 million square feet was in Northern Virginia’s less constrained but in-demand Loudoun County. Overall new supply was 55 percent preleased at the end of the first quarter. The Washington metro industrial market inside the Interstate 495 Beltway contrasts in many ways to the market outside the Beltway. The most significant difference is …

August 27, 2018

Development Florida Multifamily Southeast

Gables Residential Opens 200-Unit Apartment Community in South Florida

by Camren Skelton August 24, 2018

CORAL GABLES, FLA. — Gables Residential has opened Gables Columbus Center, a 200-unit apartment community located at 60 Minorca Ave. in Coral Gables, roughly six miles south of Miami. The 19-story community features a mid-level, resort-style pool, outdoor fireplace area, fitness center with Peloton bikes and virtual fitness classes, 24-hour automated package room, laundry lockers, electric vehicle charging stations and a rooftop sky lounge for penthouse residents. The community includes a mix of studio to three-bedroom units ranging from 700 square feet to more than 1,500 square feet, and penthouse units ranging from 865 square feet to 1,552 square feet. Rental rates start at $2,306 per month for a studio and range up to $6,120 for a penthouse, according to Apartments.com. Architect Behar Font & Partners designed the community, and CallisonRTKL was the interior designer.

August 24, 2018

Development Georgia Mixed-Use Multifamily Southeast

Pollack Shores to Build Residential Component of Mixed-Use Project in Metro Atlanta

by Camren Skelton August 24, 2018

ROSWELL, GA. — Pollack Shores Real Estate Group has purchased a site at 11060 Alpharetta Highway in Roswell, roughly 23 miles north of Atlanta, with plans to develop a new multifamily community. The project is part of a greater mixed-use development that Pollack Shores is building in partnership with Fuqua Development. The site currently houses a strip shopping center that will be razed this fall to make way for the new development. Dubbed Sun Valley, the community will include 300 multifamily units developed by Pollack Shores and 115,000 square feet of retail that Fuqua will develop, according to the Atlanta Business Chronicle. The Atlanta-based firms had a similar arrangement at The Battery Atlanta, where Pollack Shores developed the multifamily portion, dubbed Home at The Battery Atlanta, and Fuqua developed the retail and restaurants. The residential portion of the Roswell project will include a mix of one- to three-bedroom units with granite countertops, stainless steel appliances, a mix of vinyl-plank wood flooring and carpet flooring and walk-in closets. Community amenities will include a dog park, pet washing station, pool, lounge area and a fitness center with a yoga room. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.

August 24, 2018

Acquisitions Hospitality Office Southeast Virginia

Avison Young Arranges Sale of 75,191 SF Medical Office Park in Northern Virginia

by Camren Skelton August 24, 2018

ASHBURN, VA. — Avison Young has arranged the sale of Ashburn Farm Professional Plaza, a 75,191-square-foot medical office park in the Northern Virginia city of Ashburn. The three-building property is located at the center of Ashburn Park, a 1,200-acre planned, mixed-use community. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster, John Kevill and Mark Johnson of Avison Young arranged the transaction on behalf of the seller, Harrison Street Real Estate Capital LLC. A joint venture between MBRE Healthcare and Kayne Anderson Real Estate acquired the asset for an undisclosed price. The buildings at Ashburn Farm Professional Plaza were constructed between 1999 and 2002. Tenants at the park include family practices, pediatricians, OB-GYNs, radiology specialists, orthopedists, dentists and a daycare center. The property is located three miles from Inova Loudoun Hospital and less than 10 miles from StoneSprings Hospital Center.

August 24, 2018

Loans Multifamily Southeast Tennessee

Alliant Credit Union Provides $38.4M Acquisition Loan for Apartment Portfolio in Memphis

by Camren Skelton August 24, 2018

MEMPHIS, TENN. — Alliant Credit Union has provided acquisition financing for a six-property apartment portfolio in Memphis. The loan was structured with an initial funding of $31.7 million, with performance earn-out provisions up to $38.4 million. The borrower plans to renovate the communities, which include a total of 1,240 units. Community amenities across the portfolio include on-site parking, clubhouses, swimming pools, playgrounds and onsite laundry facilities. The name of the borrower and specific property names were not disclosed.

August 24, 2018

Hospitality Loans South Carolina Southeast

Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

by Camren Skelton August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.

August 24, 2018

Acquisitions Georgia Office Southeast

HFF Brokers $96.5M Sale of Office Tower in Atlanta’s Buckhead District

by Camren Skelton August 23, 2018

ATLANTA — HFF has brokered the sale of Buckhead Tower, a 19-story office tower located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. Richard Reid, Ed Coco, Ryan Clutter, Dek Potts and Ralph Smalley of HFF arranged the transaction on behalf of the seller, a joint venture led by Parmenter Realty Partners Fund IV. The team also procured the undisclosed buyer. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports an affiliate of TPA Group acquired the asset for $96.5 million. Additionally, the HFF team arranged a floating-rate acquisition loan through MetLife Real Estate on behalf of the buyer. The 348,000-square-foot Buckhead Tower is directly connected to Lenox Square Mall and the JW Marriott Hotel and is located adjacent to the Buckhead MARTA station. The building features a full-service café, fitness center, structured parking and 24/7 controlled access. Buckhead Tower is home to tenants such as State Bank, Gables Residential, Applied Systems, Networx Systems and Crowe Hogarth.

August 23, 2018

Acquisitions Florida Industrial Southeast

Ridge Sells 490,000 SF Industrial Campus in Tampa Bay Area

by Camren Skelton August 23, 2018

LAKELAND, FLA. — Ridge, the industrial development arm of Transwestern Development Co., has sold Lakeland Logistics Center, a 490,000-square-foot industrial campus located at 2015-2025 W. Memorial Blvd. in the Tampa Bay community of Lakeland. Boston-based Cabot Properties acquired the two-building campus for an undisclosed price. Chris Riley and David Murphy of CBRE brokered the transaction. Each building at Lakeland Logistics Center totals 245,000 square feet and is divisible to 44,000 square feet. The buildings each feature front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a 3.5-acre staging base. Ridge broke ground on Lakeland Logistics Center in 2015 and fully delivered the facilities in early 2017. The project was 50 percent leased at the time of sale to Parksite Inc. and Recleim Nova LLC. Julia Silva Rettig and Jared Bonshire of Cushman & Wakefield are handling the property’s leasing assignment.

August 23, 2018

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