Southeast

HFF Arranges $104M Acquisition Financing for Office Portfolio in Northern Virginia

by John Nelson June 27, 2018

TYSONS, VA. — HFF has arranged $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons, about 16 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF arranged the five-year, floating-rate loan through JP Morgan Chase & Co. on behalf of the borrowers, Velocis and Altus Realty. Greensboro Park features a 14-story and an 11-story office tower located at 8180 and 8200 Greensboro Drive. The office campus is anchored by BB&T and is collectively 83 percent leased to 59 tenants. Amenities include a fitness center, conference facilities, tenant lounges, an on-site café and concierge services.

June 27, 2018

Acquisitions Georgia Multifamily Southeast

NAP Sells 244-Unit Apartment Community in Atlanta’s Old Fourth Ward for Record Price

by John Nelson June 27, 2018

ATLANTA — North American Properties (NAP) has sold Anthem on Ashley, a 244-unit multifamily community in Atlanta’s Old Fourth Ward neighborhood, to Invesco Advisers Inc. Built in 2017 by NAP, the asset sold for $370 per square foot, a record price for wood-framed multifamily development in metro Atlanta. JLL Multifamily Investment Sales team represented NAP in the transaction. Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the Class A community is located two blocks from Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park. Community amenities include a saltwater pool with a sundeck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking the park; outdoor grilling stations and a fire pit; clubhouse with bar lounge; bike storage; Wi-Fi enabled micro-offices; and an event stylist who programs resident experiences like wine tastings. NAP is continuing to develop Edge, a nearby apartment community that will open in December. The project will feature a pedestrian bridge over the BeltLine Eastside Trail and include 29,000 square feet of loft office, retail and restaurant space.

June 27, 2018

Acquisitions Healthcare Mississippi Southeast

Colliers Brokers $42.9M Sale-Leaseback of Two Medical Office Buildings in Mississippi

by John Nelson June 27, 2018

JACKSON AND VICKSBURG, MISS. — Colliers International has brokered the $42.9 million sale-leaseback of two medical office buildings in Mississippi. Combining for 91,526 square feet, the two assets are triple-net leased by a single tenant, GI Associates & Endoscopy Center. The facilities include GI Associates’ headquarters facility in Jackson and its satellite office located in Vicksburg. Josh Randolph of Colliers International’s Birmingham, Ala., office represented GI Associates in the sale. The buyer was not disclosed.

June 27, 2018

Alabama Development Industrial Southeast

Amazon to Build First Fulfillment Center in Alabama, Bringing 1,500 Jobs to Bessemer

by John Nelson June 26, 2018

BESSEMER, ALA. — Amazon has announced plans for its first fulfillment center in Alabama. The Seattle-based e-commerce company will operate an 855,000-square-foot facility located in Bessemer, roughly 16 miles southwest of Birmingham. The development cost was not disclosed, but local media outlets report that the facility represents a $325 million investment. Amazon, which currently operates a sortation center in Mobile, expects to bring 1,500 jobs to the new facility, which will utilize Amazon Robotics. The Birmingham Business Alliance led several aspects of the project, including presentation of the site, infrastructure issues and local incentives. According to Bessemer Mayor Kenneth Gulley, Amazon’s new facility will be the single-largest private investment in the history of the city. No construction timeline was given.

June 26, 2018

Development Georgia Multifamily North Carolina Southeast

PointOne Holdings Breaks Ground on Two Apartment Projects Totaling $90M

by John Nelson June 26, 2018

NEWNAN, GA. AND HOLLY SPRINGS, N.C. — PointOne Holdings has broken ground on two multifamily communities in Georgia and North Carolina totaling 614 units. Combined, the projects are valued at $90 million. In the Atlanta metro of Newnan, PointOne started construction on The Promenade at Newnan Crossing, a 298-unit community comprising three-story apartments and townhomes. In the Raleigh-Durham suburb of Holly Springs, the South Florida-based apartment owner and developer has broken ground on The Exchange at Holly Springs, a 316-unit, garden-style property. PointOne expects the first residents of both apartment communities to move in during the second quarter of 2019.

June 26, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group, Starwood Sell Broward County Community to Harbor Group for $55M

by John Nelson June 26, 2018

POMPANO BEACH, FLA. — Jefferson Apartment Group, in a joint venture with Starwood Asset Management, has sold Jefferson Lighthouse Place, a 243-unit apartment community located in Broward County’s Pompano Beach. Norfolk, Va.-based Harbor Group International purchased the property for $55 million. Built in 2015, Jefferson Lighthouse Place features nine-foot ceilings, granite countertops and full-sized washer and dryers in each unit. Community amenities include a resort-style pool, fitness center, outdoor living room, kitchen and grill area with a TV, billiards and lounge seating.

June 26, 2018

Florida Loans Office Southeast

Regions Bank Provides $44M Refinancing for Office Building in South Florida

by John Nelson June 26, 2018

SUNRISE, FLA. — Birmingham, Ala.-based Regions Bank has provided a $44 million non-recourse loan for Sawgrass Lake Center, a 239,373-square-foot office building in Sunrise, a city in Broward County. The owner, Foundry Commercial, will use the loan proceeds to refinance debt on the six-story property. Sawgrass Lake Center is LEED certified and features a five-level parking garage and an onsite café.

June 26, 2018

Development Florida Restaurant Retail Southeast

Triforce to Develop 14,000 SF Retail Center in Jacksonville

by John Nelson June 26, 2018

JACKSONVILLE, FLA. — Triforce Development is set to break ground on Tinseltown Plaza, a 14,000-square-foot shopping center located in Jacksonville. The development is an outparcel property at the Tinseltown Movie Theatre complex. Franklin Street’s North Florida office has secured three tenants for the center, including Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Each of the new retailers will occupy 2,000 square feet. Construction is scheduled to begin this fall, with completion expected in early 2019.

June 26, 2018

Acquisitions Florida Multifamily Southeast

Pollack Shores Sells 400-Unit Apartment Community in Tampa for $82M

by John Nelson June 25, 2018

TAMPA, FLA. — Pollack Shores has sold Lexington Park at Westchase, a 400-unit apartment community in Tampa. The Tampa Bay Business Journal reports the Atlanta-based developer and owner sold the asset to Greystar for $82 million. Walker & Dunlop arranged the transaction. Pollack Shores originally acquired the asset in 2015 and invested $7 million in renovations. The project included the renovation of 50 percent of the residential units and upgrades to exterior elements. Lexington Park at Westchase is located adjacent to a Publix-anchored shopping center and features a swimming pool, business center, playground, clubhouse, movie theater and social room.

June 25, 2018

Acquisitions Industrial North Carolina Southeast

HFF Brokers $39.8M Sale of Four-Building Industrial Portfolio in Charlotte, Durham

by John Nelson June 25, 2018

CHARLOTTE AND DURHAM, N.C. — HFF has brokered the sale of a four-building industrial portfolio totaling 681,346 square feet in Charlotte and Durham. A joint venture between Trinity Capital Advisors and SilverCap Partners sold the buildings to Rialto Capital Management. The sales price was not disclosed, but the Charlotte Business Journal reports the portfolio sold for $39.8 million. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the sellers. In Charlotte, the sold portfolio includes a two-building facility located at 1001 Bond St. The property is less than one mile from the North Carolina State Port Authority and the CSX Intermodal Terminal, the only CSX intermodal terminal in North Carolina. The Durham buildings are located at 2710 and 2910 Weck Drive. The facilities are located within the Research Triangle Park submarket and are fully leased to two tenants.

June 25, 2018

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