Southeast

Cedano, UrbaniZa Realty Broker $56M Sale of Apartment Community in Broward County

by Camren Skelton July 23, 2018

HOLLYWOOD, FLA. — Cedano Realty Advisors and UrbaniZa Realty have arranged the sale of Park Colony Apartments, a 316-unit multifamily community located at 812 S. Park Road in Hollywood, roughly 11 miles south of downtown Fort Lauderdale. Ronald Meyerson of Cedano, along with Ray Jourdain of UrbaniZa, represented the buyer, Asset Development & Management Group LLC, an entity owned by American Landmark. RSE Capital provided joint venture equity for the acquisition. Dallas Wharton of Dalmar Real Estate Group LLC represented the undisclosed seller. Constructed in 1987, Park Colony Apartments includes a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, dog park, business center and gated access.The new ownership will invest $3.5 million to upgrade the property’s common areas and amenities, rebranding the community as The EnV. The renovation will include the addition of granite countertops, new plumbing and lighting fixtures, plank flooring, landscaping and improvements to the clubhouse, fitness center and swimming pool.

July 23, 2018

Development Florida Industrial Southeast

Exeter Property Group to Develop Four New Industrial Buildings in South Florida

by Camren Skelton July 23, 2018

CORAL SPRINGS, FLA. — Exeter Property Group will break ground on four new industrial buildings along the Sawgrass Expressway in South Florida’s Coral Springs. The Pennsylvania-based development company is finishing work on 4030 N.W. 126th St., a 215,486-square-foot, cross-dock facility that is fully preleased to a private flooring company. Exeter has started construction on the second building at the park, which will complete build-out of Coral Springs Commerce Center Phase I. The 215,486-square-foot building is located at 4050 N.W. 126th St. and is scheduled to deliver in January 2019. Less than a mile away, Exeter will break ground on the second phase of Coral Springs Commerce Center. The 40-acre site on Coral Ridge Drive will include three speculative buildings. Exeter acquired the site in 2017 from Swiss manufacturer Hoerbiger. The sale included an existing 193,211-square-foot building that Exeter plans to remodel with a new roof and modern tilt-wall front. Exeter will break ground on Phase II of the project this summer.

July 23, 2018

Loans Maryland Office Southeast

WPC Receives $35M Loan for Refinancing of Office Building in Metro D.C.

by Camren Skelton July 23, 2018

SILVER SPRING, MD. — Washington Property Co. (WPC) has received a $35 million loan for the refinancing of 8757 Georgia Avenue, a 242,000-square-foot office building in Silver Spring, roughly six miles north of Washington, D.C. Tyler Blue and Paul Wallace of Berkadia arranged the loan through Wells Fargo. WPC acquired 8757 Georgia Avenue in 2001 and invested $20 million to renovate the property. At the time of sale, the building was 87 percent leased to tenants including Conflulytics, Social & Scientific Systems and Synergy Enterprises. The property is situated within walking distance to the Silver Spring Metro station and the planned Purple Line light rail station. In addition, the building has been awarded the LEED for Existing Buildings certification for its incorporation of energy-efficient lighting, low-flow plumbing fixtures and green cleaning products and equipment.

July 23, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $30M Sale of Multifamily Community South of Atlanta

by Camren Skelton July 23, 2018

COLLEGE PARK, GA. — Cushman & Wakefield has arranged the $30 million sale of The Parc at 1875, a 352-unit apartment community in College Park, roughly four miles south of Hartsfield-Jackson Atlanta International Airport. Tyler Averitt and Nathan Swenson of Cushman & Wakefield arranged the transaction on behalf of the sellers, Sage Equities and M. Banks Realty Partners. Two Waters Capital Management acquired the property. Constructed in 1988, The Parc at 1875 features a car care center, fitness center, pet walk and care stations, playground, sports court and a swimming pool.

July 23, 2018

Market Reports Mississippi Property Type Retail Southeast Southeast Market Reports

Jackson’s Retail Market on Cruise Control as It Drives Into Expansion Phase

by John Nelson July 23, 2018

It’s safe to say that the Jackson MSA, as a whole, responds slower to national trends than the vast majority of markets in the United States. In regards to the economic recovery, Jackson is about two years behind the national economy post-recession. The retail market is just now moving from the recovery phase and into the expansion phase of its growth cycle, which is evidenced by decreasing vacancy rates and stabilizing lease rates. A limited amount of new construction has been a main driver for absorption in this area. There is approximately 35 million square feet of retail inventory in the Jackson MSA, with a moderate amount of new construction scheduled to deliver in the next 12 months. The first phase of expansion for the retail market is beginning to occur and is expected to gain in strength over the next 12 to 18 months. From an investment sales standpoint, Jackson has seen continued interest and stable transaction velocity from local and national retail investors in the last 12 to 24 months. As cap rates have compressed nationally, investors have continued to look to tertiary markets like Jackson in search of higher yields. The current going-in cap rate for acquisitions …

July 23, 2018

Loans Office Southeast Tennessee

Cushman & Wakefield Arranges $48.8M Acquisition Loan for Two Office Buildings in Nashville’s Cool Springs District

by Camren Skelton July 20, 2018

FRANKLIN, TENN. — Cushman & Wakefield has arranged a $48.8 million acquisition loan for Corporate Centre 8 and 9, two office buildings located at 6640 and 6550 Carothers Parkway in Franklin, roughly 14 miles from downtown Nashville. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the three-year, floating-rate loan with two one-year extension options on behalf of the borrower, KBS Capital Advisors. JPMorgan Chase Bank Strategic Property Fund sold the assets, according to local media reports. The five story buildings, which total 311,864 square feet, are located within the 1 million-square-foot Corporate Centre office park. The property features walking paths, underground utilities, fiber-optic technology and broadband service.

July 20, 2018

Loans Office South Carolina Southeast

HFF Secures $18.2M Loan for Refinancing of Office Portfolio in Columbia

by Camren Skelton July 20, 2018

COLUMBIA, S.C. — HFF has secured an $18.2 million loan for the refinancing of Fontaine Business Park, a four-building office portfolio totaling 253,038 square feet in Columbia. Jamie Leachman, Cory Fowler and Drake Greer of HFF arranged the five-year, floating-rate loan through Bridge Investment Group on behalf of the borrower, Diversified Real Estate Ventures. Fontaine Business Park has historically been around 90 percent leased due to demand from state and local government tenants.

July 20, 2018

Loans Multifamily Seniors Housing Southeast Virginia

STCC Provides $11.2M Financing for Two Seniors Housing, Retail Redevelopment Projects in Richmond

by Camren Skelton July 20, 2018

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood. The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail. The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The second project will provide 82 units of mixed-income housing and 6,000 square feet of retail in one building that will be located adjacent to the seniors housing building. CPDC’s Jackson Ward project is part of a larger redevelopment effort to provide replacement housing for 200 units at the Fay Towers Senior Public Housing site in Richmond’s Gilpin neighborhood. CPDC is utilizing the United States Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program to fund the . CPDC is currently developing replacement housing at three other sites in Richmond.

July 20, 2018

Acquisitions Healthcare Southeast Tennessee

Bull Realty Brokers $10.4M Sale of Medical Office Building in Knoxville

by Camren Skelton July 20, 2018

KNOXVILLE, TENN. — Bull Realty has brokered the $10.4 million sale of a medical office building in Knoxville. The property is fully leased to Knoxville Dermatology Group, which has been in the Knoxville market for more than 40 years. Michael Bull and Paul Zerman of Bull Realty arranged the transaction on behalf of the seller, Dermatology Investment Group LLC. The name of the buyer was not disclosed.

July 20, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Waypoint Residential Acquires 576-Bed Student Housing Community Near UNC Charlotte

by Camren Skelton July 20, 2018

CHARLOTTE, N.C. — Waypoint Residential LLC has acquired 901 Place, a 576-bed student housing community located less than two miles from the University of North Carolina (UNC) at Charlotte. The name of the seller and sales price were not disclosed. Constructed in 2000, the garden-style community features a clubhouse, computer room, game room, swimming pool, fitness center, yoga studio, sand volleyball courts, tennis courts and basketball courts. Waypoint plans to invest $3 million in property upgrades across unit interiors, common areas and amenities.

July 20, 2018

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