Southeast

Morgan Properties Enters Nashville Market with $91M Multifamily Portfolio Acquisition

by Camren Skelton September 27, 2018

NASHVILLE, TENN. — Morgan Properties has acquired a four-property, 826-unit multifamily portfolio in Nashville for $91 million. Cardone Capital sold the garden-style properties, which include Hickory Creek, Lincoya Bay, Sheffield Heights and Jackson Grove. The transaction is the first acquisition in Tennessee for Morgan Properties, a national real estate investment and management company headquartered in King of Prussia, Penn. “Entering Nashville is a major milestone for Morgan Properties,” says Jonathan Morgan, president of Morgan Properties JV, an affiliate of Morgan Properties. “Nashville is a hot market and we have been targeting it for quite some time. We felt this portfolio gave us a foundation to build on as we continue to seek follow-on investment opportunities to scale our footprint in the market.” Morgan Properties plans to invest $8.7 million in renovations to the properties that will include enhancing curb appeal and signage; upgrades to kitchens and bathrooms; washer and dryer installations; and enhancements to the fitness center, playgrounds, dog parks, pool areas, exterior fitness areas and other amenities. In addition, the company will provide new tech features such as electronic locks, Wi-Fi enabled thermostats and light switches, and an Amazon Echo with voice control over all devices in select units. Morgan …

September 27, 2018

Development Florida Office Southeast

Kaufman Lynn Breaks Ground on $150M Headquarters Expansion for South Florida-Based Automotive Company

by Camren Skelton September 26, 2018

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction (KL) has broken ground on a $150 million headquarters renovation and expansion for JM Family Enterprises in Deerfield Beach. JM Family Enterprises is a privately owned automotive company whose subsidiaries include Southeast Toyota Distributors, JM&A Group and JM Lexus. The renovation will take place over the next three years. KL will demolish seven of the campus’ existing buildings, and will build eight new structures, including three office buildings, a two-story dining hall, 20,000-square-foot sports complex, 55,000-square-foot conference/training center and a 900-car parking garage. Three of the campus’ existing buildings will remain. Other features in the renovated, open-style campus will include a café, collaboration space, outdoor central plaza, fountains and walkways. Jacksonville-based architect Robert Broward, former apprentice to Frank Lloyd Wright, designed the campus’ master plan. KL is working with Boca Raton-based PGAL Architects to complete the project.

September 26, 2018

Acquisitions District of Columbia Office Southeast

JBG Smith Sells Office Building in D.C.’s East End to Exan Capital for $121.4M

by Camren Skelton September 26, 2018

WASHINGTON, D.C. — JBG Smith has sold Executive Tower, a 130,000-square-foot office building in Washington, D.C. Exan Capital acquired the asset for $121.4 million. The 11-story building is located at 1399 New York Ave. in D.C.’s East End submarket. Collins Ege and Nicholas Pappas of Eastdil Secured arranged the transaction on behalf of JBG Smith. Executive Tower was 93 percent leased as of June 30.

September 26, 2018

Acquisitions Florida Multifamily Southeast

Camden Property Trust Acquires New Apartment Community in Orlando for $90M

by Camren Skelton September 26, 2018

ORLANDO, FLA. — Camden Property Trust has acquired a newly constructed apartment community in downtown Orlando for $90 million. The nine-story property, formerly known as 420 East, includes 299 units and features a pool, 24-hour concierge, retail space and a three-story parking garage. Camden will rename 420 East as Camden Thornton Park. The community includes a mix of one- to three-bedroom units with monthly rents ranging from $1,741 to $3,369, according to Apartments.com.

September 26, 2018

Development Mixed-Use Office Southeast Tennessee

Third & Urban, FCP Unveil Plans for 160,000 SF Mixed-Use Redevelopment in Nashville

by Camren Skelton September 26, 2018

NASHVILLE, TENN. — Third & Urban and FCP have acquired the former Madison Mill, located along Charlotte Avenue in Nashville, with plans to redevelop the site into a 160,000-square-foot office and retail project. Dubbed Sylvan Supply, the project will be divided into six buildings connected by open corridors and terraces, providing outdoor workspaces for tenants. The development will feature 130,000 square feet of creative office space with open floor plans, large windows and outdoor space, as well as 27,000 square feet of retail and dining space. The redevelopment will preserve the existing buildings, which were originally used for the production of high-quality wood products. Centric Architecture and landscape architect Hodgson Douglas are designing the project, and Gay Construction is the general contractor. Bo Tyler, Bill Adair and Ashley Albright of JLL are handling the office leasing, while Elliott Kyle of Equitable Property Co. is handling the retail leasing. The development team will break ground on Sylvan Supply next month, with completion scheduled for the fourth quarter of 2019.

September 26, 2018

Acquisitions North Carolina Retail Southeast

Regency Centers, Partner Acquire Whole Foods-Anchored Center in Raleigh for $46M

by Camren Skelton September 26, 2018

RALEIGH, N.C. — Regency Centers Corp. and its joint venture partner have acquired Ridgewood Shopping Center, a 95,300-square-foot retail center in Raleigh. Regency acquired a 20 percent interest in the asset. Other terms of the deal were not disclosed, but the Triangle Business Journal reports the Richards family sold the asset for $46 million. Ridgewood Shopping Center was originally developed in 1951, and Raleigh’s first Whole Foods Market anchors the center. Additional tenants include Walgreens, Orvis, Fleet Feet Sports and a collection of local tenants. The acquisition marks Regency’s 13th property in the Raleigh market.

September 26, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $52.1M Sale of Multifamily Community in Metro Atlanta

by Camren Skelton September 25, 2018

DULUTH, GA. — Cushman & Wakefield has brokered the $52.1 million sale of The Marquis on Berkeley, a 323-unit apartment community in Duluth, approximately 30 miles northeast of Atlanta in Gwinnett County. Mike Kemether, Travis Presnell and Josh Goldfarb of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. A local private operator acquired the property. The Marquis on Berkeley includes a mix of one-, two- and three-bedroom floor plans. Community amenities include a playground, sundeck, fitness center, garages, lighted tennis courts and a resort-style pool.

September 25, 2018

Acquisitions Office Southeast Virginia

Bridge Acquires 255,000 SF Office Campus in Metro D.C.

by Camren Skelton September 25, 2018

RESTON, VA. — Bridge Investment Group has acquired The Campus at Sunrise, a 255,000-square-foot office campus in Reston. The three-building property is situated on 12 acres, roughly 22 miles west of Washington, D.C. Bridge will renovate all three buildings, constructed between 1987 and 1990, with updated lobby areas, an enhanced tenant amenity center, flexible spec suites, communal outdoor areas and special events and entertainment for tenants. The Campus at Sunrise is situated within walking distance to the Wiehle-Reston East Metro station and a half-mile from the planned Reston Station mixed-use community, which will include 100,000 square feet of restaurants and retail, as well as residential units. The office campus was 85 percent leased at the time of sale. The name of the seller and sales price were not disclosed.

September 25, 2018

Acquisitions Multifamily Southeast Virginia

Colliers Arranges $39.5M Sale of Apartment Community in Richmond

by Camren Skelton September 25, 2018

RICHMOND, VA. — Colliers International has arranged the $39.5 million sale of Axis 147, a 290-unit apartment community in Richmond. Will Matthews, Carter Wood, Jason Hetherington and Bruce Milam of Colliers International arranged the transaction on behalf of the seller, a joint venture between Lincoln Property Co. and Ritz Banc Group. Capital Square 1031 acquired the asset. Axis 147 features a pool, playground, pet play area, sundeck and private balconies or patios.

September 25, 2018

Florida Loans Mixed-Use Southeast

TREO Group Receives $33M Construction Loan for Mixed-Use Waterfront Project in Miami’s Coconut Grove

by Camren Skelton September 25, 2018

MIAMI — The TREO Group has received a $33 million loan from FirstBank Florida for the construction of Regatta Harbour, a mixed-use waterfront development located in Miami’s Coconut Grove neighborhood. The project will be located at Dinner Key, a marina complex situated along the shore of Biscayne Bay. Upon completion, the 100,000-square-foot development will include retail space, three waterfront restaurants and a rooftop event space, dubbed Harbour Terrace. Historic airplane hangars dating back to the early 1900s will be used to create approximately 40,000 square feet of space for a food hall, specialty market, fitness or entertainment concept. In addition, Regatta Harbour will include marina services with dry storage slips for more than 400 vessels, an upgraded and relocated fueling station and 700 feet of transient floating docks. Architecture firm Arquitectonica is designing the project, which will be delivered in multiple phases. The new dry-storage marina is scheduled for completion in November, the retail component in the summer of 2019 and the waterfront restaurants in 2020. Lyle Stern and Sara Wolfe of Koniver Stern Group are handling the project’s leasing assignment.

September 25, 2018

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