Southeast

Topgolf to Open Second Miami-Area Location on Friday

by Camren Skelton August 8, 2018

DORAL, FLA. — Golf entertainment concept Topgolf will open its second Miami-area location on Friday, Aug. 10. The three-level, 65,000-square-foot venue is located at 11850 N.W. 22nd St. in Doral, roughly 15 miles northwest of Miami. Topgolf features food and beverage options, big screen TVs, private event spaces and music in climate-controlled hitting bays. The entertainment concept has four existing locations in Florida in Jacksonville, Miami Gardens, Orlando and Tampa. The Doral location marks the brand’s 45th venue worldwide.

August 8, 2018

Acquisitions District of Columbia Southeast Top Stories

Paramount to Sell 208,776 SF Office Building in Washington D.C. for $220M

by David Cohen August 8, 2018

WASHINGTON, D.C. — New York-based real estate investment trust Paramount Group has agreed to sell 2099 Pennsylvania Ave., a 12-story, 208,776-square-foot office building in Washington, D.C. for $220 million. The buyer is undisclosed. Designed by architectural firm Pei Cobb Freed & Partners, the building is situated in the heart of the nation’s capital, within walking distance of the White House, U.S. Treasury and Executive Office Building. The floor-to-ceiling glass façade and outdoor terraces offer views of national monuments, the Potomac River, White House and the city skyline. The LEED Gold-certified property features 24-hour security, floor sizes ranging from 12,100 to 17,500 square feet, a two-story marble lobby, tenant-only fitness center and on-site parking. Paramount acquired the building in 2012 from Vico Capital for $155 million. At the time, the property had large blocks of vacancy. “We have been creating value at 2099 Pennsylvania Ave. by increasing leased occupancy to 98.5 percent from 31.6 percent. With this sale, we are harvesting that value,” says Albert Behler, CEO and president of Paramount. “Our strong leasing team converted an asset with large blocks of vacancy into one of the best Class A properties in the Washington, D.C. market, valued at over $1,050 per square …

August 8, 2018

Acquisitions Florida Georgia Healthcare North Carolina Southeast Tennessee Virginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

August 7, 2018

Development Multifamily South Carolina Southeast

Beach Co. Breaks Ground on Mixed-Use Building in Charleston’s Historic District

by Camren Skelton August 7, 2018

CHARLESTON, S.C. — The Beach Co. has broken ground on The Jasper, a 12-story mixed-use building located at 310 Broad St. in Charleston’s Harleston Village neighborhood. The property, situated at the western gateway to Charleston’s historic district, will feature views of the Ashley River and offer 75,000 square feet of office space, 219 multifamily units and 25,000 square feet of ground-floor retail and restaurant space. The residential portion of the project will feature a rooftop pool and garden, resident clubhouse and lounge and enclosed parking. Chicago-based Antunovich Associates is designing the community in partnership with LS3P Architects and Charleston-based DesignWorks. The Beach Co. expects to wrap up construction on The Jasper in 2020.

August 7, 2018

Development Multifamily Southeast Tennessee

GBT Realty Completes $20M Multifamily Community in Nashville’s Hillsboro Village

by Camren Skelton August 7, 2018

NASHVILLE, TENN. — GBT Realty Corp. has completed construction on Belcourt Park, a 76-unit multifamily community located in Nashville’s Hillsboro Village neighborhood. The $20 million project replaced the former home of Belmont Nursing Home, which closed in 2015. Belcourt Park is located across the street from the main entrance to Belmont University and three blocks from Vanderbilt University Medical Center. The four-story development includes a mix of studio to two-bedroom units with monthly rents ranging from $1,500 to $2,500. Community amenities include a Wi-Fi workspace, espresso bar, fitness center, patio with grills and fire pits and resident-only bike racks. Belcourt Park is currently 50 percent occupied after opening for resident move-ins in June.

August 7, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Office Tower in Downtown Norfolk

by Camren Skelton August 7, 2018

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $18.6 million sale of Main Street Tower, a 14-story office building located at 300 E. Main St. in downtown Norfolk. A Chicago-based investment fund acquired the asset from an undisclosed seller. Eric Robison and Rob Wright of Cushman & Wakefield | Thalhimer arranged the transaction. The 199,621-square-foot office building was 73 percent leased to seven tenants at the time of sale. The United States Coast Guard anchors the building.

August 7, 2018

Acquisitions Florida Retail Southeast

HFF Brokers Sale of 178,557 SF Retail Center in Florida Panhandle

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — HFF has brokered the sale of Tradewinds Shopping Center, a 178,557-square-foot retail center in Pensacola. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the undisclosed seller. Hackney Real Estate Partners acquired the asset. Tradewinds Shopping Center was 91.8 percent leased at the time of sale to a T.J. Maxx/HomeGoods combination store, Jo-Ann Fabric & Crafts, Shoe Station, Tuesday Morning, Dollar General, Sprint, Massage Envy, GNC and Advanced Dental Care.

August 7, 2018

Features Midwest Multifamily Northeast Southeast Texas Western

Yardi: Average U.S. Multifamily Rent Hit All-Time High in July

by Katie Sloan August 7, 2018

The average monthly rent for multifamily communities in the United States rose $3 to an all-time high of $1,409 in July, according to a recent report by Yardi Matrix. The increase is thanks in part to strong second-quarter economic growth and healthy demand. Year-over-year, rents are up 2.8 percent. Yardi is a California-based software company serving the commercial real estate industry. The company’s Yardi Matrix data branch researches and compiles data through a combination of original research studies and references to secondary sources. Numbers are representative of 127 U.S. markets, though the 30 largest metros are highlighted specifically. Average rents have risen $41, or 3 percent, year-to-date. This is in line with growth figures during the same period in recent years. This statistic is encouraging, according to Yardi, because it exemplifies the fact that the expansion of multifamily has not run out of steam, despite headwinds of increased supply and affordability issues. Rent increases are healthy across the board, led by growing secondary markets. At the top of the list is Orlando, which saw year-over-year rent increase of 6.9 percent, followed by Las Vegas, which saw a growth of 5.8 percent. On the West Coast, the Inland Empire saw an increase …

August 7, 2018

Acquisitions Multifamily South Carolina Southeast

RADCO Acquires Two-Property Multifamily Portfolio in Charleston for $30M

by Camren Skelton August 6, 2018

CHARLESTON, S.C. — The RADCO Cos. has acquired a two-property multifamily portfolio in Charleston for $30 million. Dubbed the West Ashley Portfolio, the Class B communities total 300 units. The properties have been renamed Ashford Riverview and Ashford Palmetto Square. The Atlanta-based firm plans to invest more than $5 million to update the buildings, which were constructed in the late 1960s. The communities are located less than a mile apart and include a mix of one- to three-bedroom floor plans. Community amenities across the portfolio include swimming pools, a community garden, dog parks, fitness centers, business centers, laundry facilities, barbecue and picnic areas and fire pits. RADCO Residential, the company’s management platform, will manage the communities. RADCO financed the acquisition using its private capital platform, as well as debt funded by SunTrust Bank. The name of the seller was not disclosed.

August 6, 2018

Acquisitions Florida Loans Office Southeast

Berkadia Brokers $25.6M Sale, Green Financing for Multifamily Community in Palm Beach County

by Camren Skelton August 6, 2018

LAKE WORTH, FLA. — Berkadia has arranged the $25.6 million sale of Oakwood Apartments, a 160-unit, townhome-style multifamily community in Lake Worth, a city in Palm Beach County. Yoav Yuhjtman, Tal Frydman and Nicholas Perrone of Berkadia arranged the transaction on behalf of the seller, Coast Capital Partners. Brad Williamson and Jared Hill of Berkadia arranged a $19.2 million Freddie Mac loan on behalf of the buyer, One Real Estate Investment. The seven-year, fixed-rate loan was arranged through Freddie Mac’s Green Up program. Constructed in 1993, Oakwood Apartments comprises two-story, attached townhome units, each with four bedrooms and two-and-a-half baths. Community amenities include a pool, resident clubhouse, business center, fitness center, internet café and onsite management.

August 6, 2018

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