Southeast

Passco Acquires 380-Unit Apartment Community in Jacksonville for $70M

by Camren Skelton July 10, 2018

JACKSONVILLE, FLA. — Passco Cos. has acquired The Point at Tamaya, a 380-unit apartment community located at 3050 Tamaya Blvd. in Jacksonville, for $70 million. Brian Moulder and Dhaval Patal of Walker & Dunlop arranged the transaction on behalf of both Passco and the seller, a partnership between Waypoint Residential and Rohdie Management. Waypoint Residential completed construction on the property in 2017. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. The Point at Tamaya features a Peloton studio, fitness center, resort-style pool, yoga pavilion, outdoor sports bar, coffee bar, outdoor fire pit, business center and a pet park. The property is located near St. Johns Town Center, one of Florida’s largest retail centers, as well as the

July 10, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $49M Sale of Multifamily Community in Central Florida

by Camren Skelton July 10, 2018

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $49 million sale of Arrow Ridge Apartment Homes, a 320-unit multifamily community in the Central Florida community of Kissimmee. Jay Ballard and Ken Delvillar of Cushman & Wakefield arranged the transaction on behalf of the seller, Waypoint Residential. Mitch Sinberg and Matthew Robbins of Berkadia arranged a $37.9 million Freddie Mac acquisition loan on behalf of the buyer, Insula Cos. The 10-year loan features five years of interest-only payments. Arrow Ridge includes 16 three-story buildings and features a mix of one- to four-bedroom units. Community amenities include a business center, swimming pool, gazebo, covered picnic areas, sand volleyball court, children’s play area and a fitness center. Waypoint Residential recently upgraded all unit interiors, which allowed the company to increase rental rates.

July 10, 2018

Acquisitions North Carolina Retail Southeast

CBRE Negotiates Sale of Publix-Anchored Center in Metro Charlotte

by Camren Skelton July 10, 2018

MOORESVILLE, N.C. — CBRE has arranged the sale of Brawley Commons, a 122,054-square-foot retail center in Mooresville, roughly 30 miles north of Charlotte. Mike Burkard and Steve Shields of CBRE arranged the transaction on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co. Atlanta-based New Market Properties, an affiliate of Preferred Apartment Communities, acquired the property. The purchase price was not disclosed, but the company financed the acquisition using an $18.5 million, first mortgage loan from Nationwide Financial Services Inc. Brawley Commons was constructed in 1998 and redeveloped in 2016 with the addition of a new 49,098-square-foot Publix. Additional tenants at the center include Pet Supermarket, MOD Pizza, Orangetheory Fitness, SuperCuts and Jersey Mikes.

July 10, 2018

Loans Multifamily North Carolina Southeast

Trez Forman Capital Provides $42M Construction Loan for Apartment Community in Metro Charlotte

by Camren Skelton July 9, 2018

HUNTERSVILLE, N.C. — Trez Forman Capital Group has provided a $42 million construction loan for a new 297-unit apartment community located at 17355 Old Statesville Road in Huntersville, roughly 15 miles north of Charlotte. Brett Forman of Trez Forman originated the loan on behalf of the project developer, Caldwell Station NC LLC. The 20-building community will include a mix of garden-style apartment units and for-rent townhomes. Community amenities will include a saltwater pool, clubhouse, fitness center, lounge area and a dog park. A construction timeline for the project was not disclosed.

July 9, 2018

Development Florida Multifamily Southeast

Trammell Crow, AvalonBay to Develop 350-Unit Multifamily Community Near Miami

by Camren Skelton July 9, 2018

DORAL, FLA. — Trammell Crow Residential, in partnership with AvalonBay Communities Inc., has unveiled plans to develop a 350-unit apartment community located at the corner of N.W. 36th Street and N.W. 79th Avenue in Doral, roughly 16 miles northwest of Miami. The residences will be part of a horizontally integrated mixed-use development that will feature 80,000 square feet of retail, which is under development by the Terra Group. The site currently houses the 139,000-square-foot Atrium Office space. Demolition of the property is scheduled for later this month. The community will include a mix of one- to three-bedroom apartment units and will feature a pool, park and bike path. Trammell Crow and AvalonBay expect to wrap up construction in 2020.

July 9, 2018

Hospitality Loans North Carolina Southeast

NorthMarq Secures $28M Construction Loan for EVEN Hotel in Charlotte’s CBD

by Camren Skelton July 9, 2018

CHARLOTTE, N.C. — NorthMarq Capital has secured a $28 million construction loan for a new EVEN Hotel in Charlotte’s Central Business District. Mark Ebersold of NorthMarq arranged the financing through a local bank and a New York-based mezzanine lender on behalf of the borrower. According to local media reports, Mayfair Street Partners acquired the hotel site in 2017 with plans to develop the 176-room property. The hotel is part of Stonewall Station, a mixed-use project under development by Crescent Communities. The development includes a Whole Foods, 458 multifamily units, a 1,350-space parking deck and a 180-room Home2Suites hotel. A construction timeline for the EVEN Hotel was not disclosed. EVEN Hotels is an InterContinental Hotels Group brand.

July 9, 2018

Arkansas Development Office Southeast

CBRE Arranges Sale of 17-Acre Parcel Near Bentonville, Buyer to Develop Office/Flex Space

by Camren Skelton July 9, 2018

ROGERS, ARK. — CBRE has arranged the sale of a 17-acre parcel of land located at 5911 W. Myers Ranch Blvd. in Rogers, roughly eight miles southeast of Bentonville. David Erstine of CBRE arranged the transaction on behalf of the buyer, Venture Park LLC, which acquired five of the six available lots for the development of Class B office/flex space. A separate party acquired the sixth lot for the development of a restaurant. The land, formerly known as Myers Ranch, will be rebranded as Venture Park. The office/flex space will range from 20,000 to 60,000 square feet and will offer open, collaborative workspaces. A construction timeline for the project was not disclosed.

July 9, 2018

Acquisitions Florida Healthcare Southeast

NKF Capital Markets Negotiates $9.8M Sale of Medical Office Building in South Florida

by Camren Skelton July 9, 2018

DELRAY BEACH, FLA — NKF Capital Markets has arranged the $9.8 million sale of a 32,987-square-foot medical office building located at 4675 Linton Blvd. in Delray Beach. Adam Greenberg, Michael Lapointe and Michael Lohmann of NKF Capital Markets arranged the transaction on behalf of the seller, Delray Outpatient Properties LLC. Flagler Investment Healthcare LLC acquired the asset. The two-story, Class A building was constructed in 2005 and was 75 percent leased at the time of sale. ASC, an affiliate of Tenet Health, occupies approximately 10,000 square feet at the building. Additional tenants include South Palm Gastro Health, Total Vein & Skin Dermatology and the South Florida Gastro Association. The building is located across from Delray Medical Center, a 493-bed acute care hospital that serves the southern Palm Beach County region and staffs roughly 1,600 employees and 600 doctors.

July 9, 2018

Washington-Dulles-Gateway-Loudoun-County-Virginia

Acquisitions Data Centers Industrial Southeast Top Stories Virginia

Sentinel Acquires 280 Acres for Data Center Development in Northern Virginia for $82.5M

by Taylor Williams July 9, 2018

LOUDOUN COUNTY, VA. — New York-based Sentinel Data Centers has acquired Washington Dulles Gateway, a 280-acre tract in northern Virginia, for $82.5 million. The site features 140 acres of net developable land for a new data center project, which equates to a purchase price of about $589,000 per developable acre. The site is one of the largest contiguous tracts for data center development in in Loudoun County, located northwest of Washington, D.C. “Seventy percent of the world’s internet activity runs through Loudoun County,” says Jay Taustin, a representative for the seller. “We are extremely pleased to have sold this important land parcel to Sentinel Data Centers, which provides world-class facility infrastructure, engineering acumen, technical personnel and operations protocols to its users.” Mark Levy, Matthew Gallagher and Jonathan Walk of JLL represented the seller, which according to datacenterdynamics.com was developer and majority owner H. Christopher Antigone, in the sale. “Significant demand continues to exist for data center product in Loudoun County,” says Levy. “When we began the conversation with Sentinel, it was clear it had the market knowledge and sophistication necessary to execute a complex transaction such as this.” Sentinel also acquired 65 acres in Loudoun County for the same purpose …

July 9, 2018

Georgia Industrial Market Reports Property Type Southeast Southeast Market Reports

Booming Atlanta Industrial Market Continues Surge Thanks to E-Commerce

by John Nelson July 9, 2018

Atlanta is the logistics hub and economic engine of the Southeast, which is the fastest growing region in the country. Its 700 million square feet of industrial space makes it the fifth largest logistics market in the United States. Traditionally, population and job growth are key drivers of industrial demand, and Atlanta has had strong growth in each. The metro added 78,000 people in 2017, or nearly 214 new residents every day, which is reminiscent of the solid population growth of the 1990s when Atlanta averaged nearly 100,000 new residents every year. Additionally, Atlanta has had solid job growth, growing 2.5 percent last year, second only to Dallas/Fort Worth among the 12 largest metro areas in the U.S. E-commerce has caused a surge in demand for industrial space that has benefitted the Atlanta industrial market. Online retail sales now make up over 9 percent of total retail sales, according to the U.S. Census Bureau, up from 5 percent in 2012. A recent report from Cushman & Wakefield stated that while e-commerce accounted for just 5 percent of leases in 2013, it now commands over 20 percent of all warehouse leasing. As Amazon and others ramp up delivery times from two-day …

July 9, 2018

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