Southeast

Transwestern Secures 60,402 SF Lease for Newell Brands at Office Park in Metro Atlanta

by Camren Skelton March 13, 2018

SANDY SPRINGS, GA. — Transwestern has secured a 60,402-square-foot lease for Newell Brands Inc. at Morgan Falls Office Park, a five-building office complex located at 7840 Roswell Road in Sandy Springs, roughly 15 miles north of downtown Atlanta. Newell Brands, a Hoboken, N.J.-based marketer of consumer and commercial brands including Yankee Candle, Rubbermaid and Sharpie, will occupy almost all of Building 100. The lease brings the recently renovated building to full occupancy. Jeff Taylor of Transwestern and Garrett Backman of REO Fund 2 LLC, the building owner, arranged the lease on behalf of the ownership. CBRE represented Newell Brands.

March 13, 2018

Mixed-Use Retail Southeast Virginia

Broad Street Realty Breaks Ground on Mixed-Use Redevelopment in Williamsburg, Virginia

by Camren Skelton March 12, 2018

WILLIAMSBURG, VA. — Broad Street Realty has broken ground on Midtown Row, a mixed-use redevelopment in Williamsburg. The Bethesda, Md.-based firm is transforming Williamsburg Shopping Center and the adjoining Monticello Shopping Center, which it acquired in 2017 for $13.3 million and $4.2 million, respectively. The project will include ground up construction, as well as renovations. At full build-out, Midtown Row will feature 233,047 square feet of retail, including 56,243 square feet of new retail; up to 628 apartment units; 6,319 square feet of office space; and a $3 million streetscape improvement, developed in partnership with the City of Williamsburg. Earth Fare is the first tenant to break ground at the former Monticello Shopping Center. The Fletcher, N.C.-based organic grocer is expected to open this June or July. Ace Peninsula Hardware, a division of Ace Hardware, will relocate within Midtown Row by the fall. Other restaurants and businesses that already exist in the shopping center, including Sal’s by Victor, the ABC Store and Food Lion, plan to remain in the new development, according to local media reports. Broad Street Realty will deliver Midtown Row in phases between this year and 2020.

March 12, 2018

Affordable Housing District of Columbia Multifamily Southeast

NHP Foundation Acquires Affordable Housing Community in D.C. for $44.6M

by Camren Skelton March 12, 2018

WASHINGTON, D.C. — The NHP Foundation (NHPF) has acquired Woodmont Crossing Apartments, a 176-unit affordable housing community in Washington, D.C., for $44.6 million. The District of Columbia Housing Finance Agency (DCFHA) provided a $25.5 million acquisition loan for NHPF through the U.S. Department of Housing and Urban Development (HUD). In addition, the Royal Bank of Canada provided $12.1 million in low-income housing tax credits (LIHTC) on behalf of the NHPF. The Woodmont Crossing United Tenants Association selected NHPF to acquire the property as part of the D.C. Tenant Opportunity to Purchase Act (TOPA). The deal marks NHPF’s fifth TOPA acquisition in the D.C. area. As part of the agreement, NHPF will invest $42,000 per unit to upgrade kitchen and bath areas, as well as making 5 percent of the units fully handicap accessible. The property was originally constructed in 2002. All of the units are reserved for residents earning 60 percent of the area median income (AMI).

March 12, 2018

Industrial Southeast Virginia

CBRE | Richmond Brokers $31.3M Sale of Industrial Park Near Richmond Airport

by Camren Skelton March 12, 2018

RICHMOND, VA. — CBRE | Richmond has brokered the $31.3 million sale of Byrd Corporate Park, a 10-building industrial park located at the intersection of South Laburnum Avenue and Charles City Road in Richmond. The 475,738-square-foot property is located less than two miles from Richmond International Airport. Will Bradley and Matt Anderson of CBRE | Richmond, Scott Adams of CBRE | Hampton Roads and Frank Fallon of CBRE’s Atlanta office arranged the transaction on behalf of the seller, a joint venture between Adler Real Estate Partners and Trigate Capital (AF Byrd Center VA LLC). WestDulles Station LLC, a joint venture between Dreyfuss Investments and Wells Holding Group, acquired the property. The buildings at Byrd Corporate Park were constructed between 1978 and 2003. At the time of sale, the industrial park was 80 percent leased to tenants such as McKesson, Fastenal, Wawa, CarMax and DPR.

March 12, 2018

Georgia Industrial Southeast

GSK US Acquires 227,735 SF Distribution Center in Metro Atlanta

by Camren Skelton March 12, 2018

TUCKER, GA. — GSK US Properties, a joint venture between Canada-based Cité Industrielle Lasalle and Perceptive Capital, has acquired a 227,735-square-foot distribution center in Tucker. The facility is located at 120 Royal Woods Court, roughly 21 miles northeast of downtown Atlanta. Constructed in 1998, the building features 30-foot clear heights, 45 dock doors and a 160-foot truck court. At the time of sale, the property was fully leased to Lehigh Technologies, a rubber recycling company that was recently acquired by Michelin.

March 12, 2018

Georgia Loans Multifamily Southeast

Trez Forman Provides $13.5M Construction Loan for Multifamily Development in Metro Atlanta

by Camren Skelton March 12, 2018

HIRAM, GA. — Trez Forman Capital Group has provided a $13.5 million construction loan for the development of Greystone, a 115-unit apartment community in Hiram, roughly 26 miles northwest of Atlanta. Greystone Development Partners LLC is developing the community, which will feature townhome-style units. Community amenities will include a pool, outdoor cooking station, dog park, fitness center and a WiFi café. Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group, is projected to complete more than $400 million in deals in 2018.

March 12, 2018

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Is Nashville’s Multifamily Market Overbuilt? Maybe, But Not for Long

by John Nelson March 12, 2018

Nashville has set several notable records in recent years for job growth, rent growth, population growth, tourism and tax revenue, among others. But for the multifamily industry, the most notable benchmarks lately have been related to the amount of inventory that has been delivered. However, the more interesting and less obvious data point is the record level of renter demand that Nashville is currently experiencing. As of third-quarter 2017, Nashville led the country in relative net absorption, with 4.9 percent of the existing inventory being absorbed. This equates to approximately 6,300 units. This demand is fueled by incredibly resilient job creation, as Nashville has increased its employed labor force by 20 percent over the last five years — more than 160,000 jobs. With that as the backdrop, the big question on everyone’s mind is the impact of new supply. In short, yes, there are pockets of oversupply, with approximately 8,500 units delivered in 2017 compared with net renter demand of roughly 6,300. However, with urban deliveries projected to drop off 40 percent in 2018, and 80 percent in 2019, and no slowdown in renter demand on the horizon, the current imbalance is likely to correct itself in relatively short order. …

March 12, 2018

Georgia Industrial Southeast

Capital Development to Build $125M, 2.3 MSF Logistics Center Near Port of Savannah

by Camren Skelton March 9, 2018

POOLER, GA. — Capital Development Partners Inc. plans to develop the Savannah Port Logistics Center, a 2.3 million-square-foot industrial project situated on 197 acres in Pooler, less than 10 miles from the Port of Savannah. The $125 million development will be built in two phases and will offer space for lease with modern specifications, transload capabilities, cross-dock, high cube and trailer storage facilities. Capital Development will break ground on Phase I of the project, totaling 537,000 square feet, in April. The facility will be on the GWRR rail line servicing the port and will be ready for occupancy in April 2019. The second phase will include a 1.3 million-square-foot build-to-suit facility, which will also be on the rail line. Construction is expected to begin on Phase II this year. Savannah Port Logistics Center will offer direct connection onsite to dual Class I railroads via CSX and Norfolk Southern, as well as easy access to the 1,200-acre Georgia Ports Authority Garden City Terminal, the largest and busiest single-container site in North America. Colliers International’s Savannah office and Atlanta-based NAI Brannen Goddard will handle the facility’s leasing assignment, which will offer spaces ranging from 300,000 square feet to 2.3 million square feet.

March 9, 2018

District of Columbia Multifamily Southeast

HFF Arranges $96M in Joint Venture Equity for Apartment Development in D.C.

by Camren Skelton March 9, 2018

WASHINGTON, D.C. — HFF has arranged $96 million in joint venture equity for the development of a 176-unit apartment community in northwest Washington, D.C. Walter Coker, Brian Crivella and Stephen Conley of HFF worked on behalf of the developer, EastBanc Inc., to arrange a joint venture partnership with Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Inc. Overall project costs will total approximately $110 million. The property will be constructed on a former surface parking lot next to the Scottish Rite Center at 2800 16th St. N.W. The Grimshaw Partners-designed building will feature an open-air courtyard, resort-style rooftop pool, fitness center and a residents-only café. The joint venture expects to break ground on the project in early 2019.

March 9, 2018

Georgia Hospitality Loans Southeast

Arriba Capital Provides $40.7M Construction Loan for Dual-Branded Hotel in Midtown Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Arriba Capital has provided a $40.7 million construction loan for the development of a 194-room, dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The two-year, non-recourse loan features three six-month extension options for the borrower, a privately held hospitality management and development company. The seven-story hotel will be located atop a 220-space, five-story parking deck. Hotel amenities will include a market pantry, meeting space, fitness center and business center. The two hotels will share a common front-of-house area, including registration and a breakfast area. The property is located across the street from Emory University Hospital and within walking distance to attractions including the World of Coca-Cola, Georgia Aquarium, Fox Theatre, College Football Hall of Fame and the Mercedes-Benz Stadium. The project is slated for completion in May 2020.

March 9, 2018

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