Southeast

IPA Negotiates Sale of Three-Property Seniors Housing Portfolio in Tennessee, Arkansas

by Camren Skelton August 6, 2018

CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal arranged a 75 percent bridge-to-HUD loan through Dwight Capital on behalf of the buyer, an owner/operator based in the Southwestern United States. The sale of the Clarity Pointe portfolio marks IPA’s fifth standalone memory care facility closing in the last 10 months.

August 6, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Secures $23M Sale of Industrial Campus Near Miami Airport

by Camren Skelton August 6, 2018

MIAMI — Cushman & Wakefield has brokered the $23 million sale of Airport East Distribution Center, a 397,585-square-foot industrial campus located at 7000 N.W. 32nd Ave., roughly five miles north of Miami International Airport. Wayne Ramoski, Mike Davis, Gian Rodriguez, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Equitable Real Estate Partners. CenterPoint Properties acquired the three-building campus, which features 18- to 22-foot clear heights, truck courts and exterior storage. The complex was 76 percent leased at the time of sale.

August 6, 2018

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Industrial Developers are Building for the Long Term in Charlotte

by John Nelson August 6, 2018

As demand for e-commerce and corporate distribution space continues to drive supply chain expansion in the Southeast, many developers are designing facilities to accommodate the truck-dependent, labor-driven operations present today and for the near-term. While robotics and automated vehicles are exciting to dream about, the reality is that these innovations are not expected to impact industrial building design any time soon in the Southeast. Modern industrial buildings that can support heavier than average employee parking needs while also providing abundant trailer storage are the standard for new projects. At the same time, these buildings need to support advanced technology, automation and extensive stacking and sorting operations. By building with an eye toward long-term tenant needs, developers are working to differentiate themselves in this highly competitive environment. These trends are particularly apparent in the Charlotte market, where developers have added 4.5 million square feet of industrial space over the past year. With a 5.3 percent vacancy rate in the first quarter of 2018, the market is well positioned to absorb the additional 4.7 million square feet of projects in the pipeline. Of that total, 62 percent is either preleased or set to be owner-occupied. Modern Design Demands At the core of …

August 6, 2018

Acquisitions Florida Retail Southeast

Sterling Organization Sells Shopping Center Near Orlando to AEW Capital for $72.8M

by Camren Skelton August 3, 2018

WINTER PARK, FLA. — Sterling Organization has sold Center of Winter Park in suburban Orlando to AEW Capital Management for $72.8 million. The 244,977-square-foot shopping center is located at the southwest corner of Orlando Avenue and Lee Road in Winter Park, roughly eight miles northeast of Orlando. Sterling’s value-add institutional fund, Sterling Value Add Partners LP, originally acquired the asset in 2013 for $27.7 million and re-tenanted the property after Kmart shuttered its store at the center in 2014. Sterling backfilled the vacant box with a Marshalls/HomeGoods combination store, Ross Dress for Less and DSW. An adjacent Office Depot was downsized to its smaller prototype and Five Below opened in what was Kmart’s garden center. Sterling Organization also upgraded the property’s façades, lighting, parking lot, signage and landscaping. In addition, the firm signed leases with Petco, Zoës Kitchen, Blaze Pizza, Tropical Smoothie Café, Great Clips, MetroPCS and Stretch Zone, and negotiated lease extensions with existing anchors LA Fitness and Michaels. Center of Winter Park was 97 percent occupied at the time of sale. HFF arranged the transaction on behalf of Sterling Organization.

August 3, 2018

Development Multifamily North Carolina Southeast

Dominion Realty Partners Breaks Ground on $59M Apartment Community in Triangle

by Camren Skelton August 3, 2018

MORRISVILLE, N.C. — Dominion Realty Partners (DRP) has broken ground on The Residences at Shiloh Crossing, a $59 million apartment development in Morrisville, about 14 miles west of Raleigh. The 318-unit community will feature a resort-style swimming pool and a 5,000-square-foot clubhouse and community center. In addition, Shiloh Crossing will be designed to obtain a green designation from the National Association of Home Builders (NAHB). DRP expects to deliver the first units at Shiloh Crossing in mid-2020, and wrap up construction on the project in late 2020. Capital Bank — formerly First Tennessee Bank — is providing construction financing to DRP. Rule Joy Trammell + Rubio is the architect, Batson Cook Construction Co. is the general contractor and Priest Craven & Associates is the civil engineer. Justin Good of HFF brokered the land sale on behalf of the seller, as well as provided financial advisory services to DRP.

August 3, 2018

Acquisitions Multifamily Southeast West Virginia

Marcus & Millichap Negotiates $29.2M Sale of Two Multifamily Assets Near West Virginia University

by Camren Skelton August 3, 2018

MORGANTOWN, W.VA. — Marcus & Millichap has arranged the $29.2 million sale of two multifamily communities in Morgantown. The sale included Bon Vista and The Villas, a 350-unit complex located on Stewartstown Road, and the 59-unit Barrington North, located roughly two miles away on Wedgewood Drive. Both properties are near West Virginia University and the 1,000-acre WestRidge Business Park development. Community amenities across the properties include basketball and tennis courts, covered parking, swimming pools and private balconies. The transaction was handled in partnership with Jane Scott of Old Spruce Realty. Scott is Marcus & Millichap’s broker of record in West Virginia. The names of the buyer and seller were not disclosed.

August 3, 2018

Leasing Activity North Carolina Retail Southeast

Lat Purser Arranges Leases With Five Tenants at New Retail Center in Metro Charlotte

by Camren Skelton August 3, 2018

HARRISBURG, N.C. — Lat Purser & Associates has arranged leases with five new tenants at Harris Square, a newly developed, 67,200-square-foot shopping center in Harrisburg, located 20 miles northeast of Charlotte. Burgerim, a fast-casual gourmet burger restaurant, will open a 1,800-square-foot location at the center this fall for one of its first locations in the Charlotte area. Chick-fil-A has leased an outparcel at Harris Square for a new restaurant. Construction on the store is expected to start this month, with an opening scheduled for the first quarter of 2019. Dough Re Mi Donuts has leased space at Harris Square for its first ever physical store. The locally owned and operated retailer will serve made-to-order doughnuts, cupcakes, doughnut parfaits, doughnut sundaes and specialty items such as bacon, egg and cheese on a doughnut when it opens later this month. The Groomery by PetSmart — a concept launched in 2017 — has leased 1,800 square feet at Harris Square for its first North Carolina store. The Groomery offers traditional pet grooming services as well as pampering “spaw” treatments and a self-service dog wash. The fifth tenant — Harrisburg Animal Hospital — has leased 2,400 square feet at the center, and is expected to open in …

August 3, 2018

Leasing Activity Louisiana Retail Southeast

O’Connor Capital Signs Three Tenants at Upscale Shopping Center in New Orleans

by Camren Skelton August 3, 2018

NEW ORLEANS — O’Connor Capital Partners has signed three tenants to The Shops at Canal Place, an upscale, 260,000-square-foot shopping center in New Orleans. Louis Vuitton, Tory Burch and G Star Raw will each open their first and only Gulf Region locations at the center between now and the first quarter of 2019. The retailers join tenants such as Saks Fifth Avenue, Brooks Brothers, Tiffany & Co., lululemon athletica, Anthropologie and Vineyard Vines. Louis Vuitton will open a 4,000-square-foot store on the first floor of Canal Place in February 2019. Tory Burch will open a 2,300-square-foot location in mid-September. G Star Raw, a luxury denim brand, will open this September, concentrating on men’s apparel. O’Connor Capital Partners, which leases and manages Canal Place, is also planning a renovation program that will take place over the next two years. The New York-based firm has partnered with architectural firm Gensler to revitalize the property, transforming the aesthetics and implementing other capital improvements.

August 3, 2018

Acquisitions North Carolina Office Southeast

PAC Receives $114.4M Loan to Acquire Wells Fargo-Anchored Office Tower in Raleigh’s CBD

by Camren Skelton August 2, 2018

RALEIGH, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Wells Fargo Capitol Center, a 559,591-square-foot office building located at 150 Fayetteville St. in Raleigh’s central business district. PAC acquired the 29-story asset through its wholly owned subsidiary, Preferred Office Properties LLC. The sales price was not disclosed, but PAC financed the acquisition using a $114.4 million, first-mortgage loan from New York Life Insurance Co. The 10-year loan features a fixed interest rate of 4.27 percent. The Triangle Business Journal reports HighBrook Investors, which bought a majority stake in the tower last year, sold the asset. Wells Fargo Capitol Center serves as the regional headquarters for Wells Fargo Bank and features a bank branch on the first floor. City Club Raleigh, a private dining club, is located on the building’s 28th and 29th floors.

August 2, 2018

Acquisitions Florida Office Southeast

Colliers Arranges $59M Sale of Office Building in Downtown Jacksonville

by Camren Skelton August 2, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $59 million sale of a 23-story office tower located at 76 S. Laura St. in downtown Jacksonville. VyStar Credit Union acquired the asset from a joint venture between CarVal Investors LLC and Mainstreet Capital Partners. Colliers arranged the transaction on behalf of the joint venture, which originally acquired the building in 2015 for $31.1 million. The previous ownership invested $2 million to update to property, which was originally constructed in 1989. In addition to mechanical and common area improvements, notable changes included the completion of a 612-space parking garage adjacent to the building, new elevator cabs, lobby improvements, food and beverage options, a fitness center, tenant lounge and a conference center. The new ownership will rename the property VyStar Tower. Colliers International Northeast Florida has been retained as the leasing agent for the building, which was more than 90 percent leased as a result of the sale.

August 2, 2018

Newer Posts

Older Posts