Southeast

EDGE Realty Brokers Sale of Two Retail Centers in Southern Louisiana

by Camren Skelton August 14, 2018

NEW IBERIA, LA. — EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Village and Iberia Plaza. Lagniappe Village totals 201,360 square feet and is home to tenants such as T.J. Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods anchors the center. EDGE arranged the transaction on behalf of the seller, Brixmor Property Group. The name of the buyer and purchase price were not disclosed.

August 14, 2018

Acquisitions Multifamily Southeast Virginia

Akelius Residential Acquires Apartment Community in Metro D.C. for $170M

by Camren Skelton August 13, 2018

ARLINGTON, VA. — Swedish investor Akelius Residential has acquired Ballston Place, a 383-unit apartment community in Arlington, for $170 million. AvalonBay Communities sold the property, according to Real Estate Alert. Constructed in 1999, Ballston Place is located roughly seven miles west of Washington, D.C., and is within walking distance to the Ballston Metro station and near numerous restaurants and retailers. The community features a swimming pool with sundeck, fitness center, package acceptance services, an onsite convenience store and an underground parking garage. AvalonBay recently renovated unit interiors with granite countertops, vinyl plank wood flooring, dark cabinetry and stainless steel appliances.

August 13, 2018

Florida Industrial Loans Multifamily Office Retail Southeast

Walker & Dunlop Secures $120M Refinancing for Mixed-Property Portfolio in Metro Miami

by Camren Skelton August 13, 2018

MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., which developed the properties within the portfolio. An unnamed life insurance company provided the loan. All of the properties included in the Graham Portfolio are located within a mile of downtown Miami Lakes and many are anchored by tenants such as CVS/pharmacy, Burger King and Publix.

August 13, 2018

Alabama Development Industrial Southeast

Burton Property Group to Break Ground on New Headquarters for Aircraft Engine Manufacturer in Mobile

by Camren Skelton August 13, 2018

MOBILE, ALA. — Burton Property Group (BPG) will soon break ground on a new corporate headquarters and manufacturing facility for Continental Motors Group at the Mobile Aeroplex at Brookley, an industrial complex and airport in Mobile. The facility will consolidate the aircraft engine manufacturer’s operations from 11 buildings situated on 45 acres to two buildings on approximately 20 acres. The buildings will total 275,000 square feet, with the majority being dedicated to aircraft engine and parts manufacturing. BPG partnered with Atlanta-based investment firm Stonemont Financial Group to fund the development. Clayco Inc. is designing and building the project, which is expected to take 11 months to complete. Continental Motors Group employs approximately 450 people in Alabama’s Mobile and Baldwin counties.

August 13, 2018

Florida Loans Multifamily Southeast

Berkadia Provides $36.2M Fannie Mae Loan for New Apartment Community in Jacksonville

by Camren Skelton August 13, 2018

JACKSONVILLE, FLA. — Berkadia has provided a $36.2 million Fannie Mae loan for the acquisition of Portiva, a 260-unit apartment community located at 6898 Skinner Parkway in Jacksonville. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia arranged the 12-year, fixed-rate loan on behalf of the borrower, Myers Apartment Group, which acquired the property for $50.7 million. Portiva was constructed in 2018 and includes a mix of one- to three-bedroom apartment units. Community amenities include a saltwater pool, pet park and spa, bocce ball court, yoga/cross-training center, outdoor fire pits, bike storage and repair station and a car wash station.

August 13, 2018

Acquisitions Florida Retail Southeast

Time Equities Acquires Shopping Center in Southwest Florida for $15.5M

by Camren Skelton August 13, 2018

INVERNESS, FLA. — Time Equities Inc. (TEI) has acquired Citrus Center, a 142,196-square-foot shopping center in Inverness, for $15.5 million. Casey Rosen and Dennis Carson of CBRE arranged the transaction on behalf of the seller, an affiliate of McKinley Cos. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company internally. T.J. Maxx anchors Citrus Center, which was 98 percent leased at the time of sale. Additional tenants include Regal Cinemas and Office Max. Bealls Outlet shadow-anchors the center.

August 13, 2018

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Renter Demand, Investor Interest are Strong in Carolinas’ Top Multifamily Markets

by John Nelson August 13, 2018

Several Carolinas markets continue to top national lists for job and population growth, particularly Charlotte and the Triangle. The quality of living and strong fundamentals draw both millennial renters and empty nesters, with no slowdown in demand in sight. In turn, capital continues to pour into the region’s multifamily sector as investors chase higher yields and lower supply pressure while cap rates linger near historical lows. Multifamily Momentum With the record-setting pace of single-family pricing in these markets, renting remains a more attractive option. Developers are responding accordingly and now build product squarely aimed at specific renter demographics. Specifically, developers have raised the level of quality and amenities in the suburban product similar to that of the urban infill movement earlier in the cycle. Strong demographics in these locations produce a renter accustomed to a high level of quality in the unit interiors while also placing value on the convenience and quality of onsite amenities. That’s because empty-nesters are challenging a singular focus on millennials. To many developers’ surprise, the active-adult demographic has shown up to rent much of the luxury product in both the urban core and suburban locations. Steady Inventory Most data providers that track new supply do …

August 13, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $53.6M Bridge Loan for Acquisition of Multifamily Portfolio in Jacksonville

by Camren Skelton August 10, 2018

JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington Eagle, Eagle Court, Jacksonville Village and Eagle Ridge. The properties were originally constructed in the 1960s. S2 Capital plans to complete a value-add program for each property, including improvements to common amenities, interior upgrades and rebranding. Community amenities across the portfolio include pools, outdoor space, laundry facilities, fitness centers and leasing offices.

August 10, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $52M Sale of Office Portfolio in Tampa

by Camren Skelton August 10, 2018

TAMPA, FLA. — Cushman & Wakefield has brokered the $52 million sale of The Collection at Sabal Park, a 435,837-square-foot office portfolio in Tampa. The portfolio includes eight buildings located at 10117, 10002, 9950 and 9720 Princess Palm Ave. and 3923-3295, 3901, 3829 and 3922 Coconut Palm Drive. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, IP Capital Partners. Priam Capital acquired the assets, which are located within Sabal Park, a 4.8 million-square-foot, master-planned business park located less than 10 miles northeast of downtown Tampa. The portfolio was 86 percent leased at the time of sale to tenants such as Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales & Marketing and Taylor Morrison. Priam Capital has retained Mercedes Angell and Lauren Coup of Cushman & Wakefield to handle the portfolio’s leasing assignment. The team was originally awarded the listing when IP Capital Partners acquired the portfolio in 2014.

August 10, 2018

Loans Retail Southeast Virginia

Avison Young Secures $32M Acquisition Loan for Shopping Center in Metro D.C.

by Camren Skelton August 10, 2018

VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores.

August 10, 2018

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