Southeast

Trinity Capital, SilverCap Sell 272,282 SF Industrial Building in Durham

by Camren Skelton February 26, 2018

DURHAM, N.C. — Trinity Capital Advisors, in a joint venture with SilverCap Partners, has sold 3508 Tricenter Blvd., a 272,282-square-foot industrial building in Durham. Dalfen America Corp. acquired the asset for an undisclosed price. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the joint venture, which originally acquired the asset in 2016 at 53 percent occupancy. Trinity and SilverCap implemented capital improvements during their ownership, including additional docks and storefront space, bringing the property to full occupancy. The building features 31 dock-high loading doors, 22-foot clear heights, a 150-foot truck court and parking space for 24 trailers. At the time of sale, the building was home to tenants such as Amcor Rigid Plastics and HatchBeauty Laboratories.

February 26, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Hunt Provides $5.4M Freddie Mac Loan for New Affordable Housing Project in Metro Atlanta

by Camren Skelton February 26, 2018

MABLETON, GA. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the development of Wisteria Place at Mableton, a 104-unit affordable housing community in Mableton, roughly 15 miles northwest of Atlanta. The loan is an 18-month Unfunded Forward Commitment that will include two six-month extension options. Following the construction phase, the loan will convert to a 16-year permanent loan with a 35-year amortization schedule. The loan was arranged on behalf of the borrower, BJS Floyd Wisteria LP. The Unfunded Forward Commitment loan provides construction-to-permanent financing for multifamily properties that are eligible for 9 percent low income housing tax credits (LIHTC). Wisteria Place of Mableton will be an age-restricted (55 and older) community with 21 of the units reserved for those earning 50 percent of the area median income (AMI), 62 reserved for those earning 61 percent of the AMI and 21 units at market rate. Missouri-based Sterling Bank is providing construction financing for the project. The community will feature a picnic area, koi pond, vegetable gardens, butterfly garden, gas grill area, covered gazebo, computer lab, theater, beauty salon and a classroom.

February 26, 2018

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Investment Activity for Class B, C Multifamily on the Rise in Triangle

by John Nelson February 26, 2018

Solid fundamentals in tandem with soaring population growth in the Triangle market continues to drive rents and occupancy to record highs. Raleigh is repeatedly recognized as one of the nation’s best places to live, work and start a business. As a result, the market has a projected population growth of over 73 percent through the year 2044, outpacing cities such as Boston, Atlanta, Nashville and San Francisco, creating a snowball effect of investment and interest. Investors are finding the greatest opportunities in the value-add space in Raleigh for B and C-class product. Significant shortage of single-family home availability in the Triangle region has forced young and new families to turn to multifamily properties as a housing solution. Due to the demand for mid-size accommodation within middle-class budgets, and very few neighborhoods in that criteria, Class B and C apartments have seen a surge in interest, and in turn, attraction of investor attention. Of the 84 multifamily properties sold through Dec. 1 in 2017, 75 were considered Class B or C and totaled over $1.3 billion, or 76 percent of total Raleigh-Durham multifamily market investment in that time frame. Developers have slightly overbuilt Class A property downtown, resulting in a softening …

February 26, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $53M Sale of New Multifamily Community in Downtown Fort Lauderdale

by Camren Skelton February 23, 2018

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $53 million sale of The Queue Apartments, a 191-unit multifamily community located at 817 S.E. 2nd Ave. in downtown Fort Lauderdale. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller and property developer, a joint venture between Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset. The seven-story apartment community offers a mix of studio to three-bedroom units ranging in size from 529 to 1,275 square feet. Community amenities include a courtyard pool, Zen garden, two-story fitness center, dog park, clubroom, outdoor dining area, entertaining suite and an electric car charging station. The property was completed in 2017 and was 95 percent occupied at the time of sale. The project team includes interior designer Big Time Design Studios, general contractor Hooper Construction and architect MSA.

February 23, 2018

Multifamily North Carolina Southeast

HFF Arranges $31.5M in Financing for Development of Apartment Community in Metro Raleigh

by Camren Skelton February 23, 2018

CARY, N.C. — HFF has arranged $31.5 million in financing for the development of Hillstone Alston Town Center, a 205-unit apartment community in Cary, roughly 12 miles west of Raleigh. Travis Anderson, Cory Fowler and Roger Edwards of HFF arranged a $21.3 million, floating–rate loan through UBTNC — a division of Union Bank & Trust — and $10.2 million in preferred equity from Marble Capital on behalf of the project developer, Leon Capital Group. Hillstone Alston Town Center will be situated adjacent to Alston Town Center, a newly constructed, 550,000-square-foot shopping center anchored by Whole Foods Market. The four-and-five story community will feature units averaging 948 square feet with granite countertops, stainless steel appliances, wood cabinetry, walk-in closets, faux wood flooring and private balconies. Community amenities will include a resort-style pool, grilling area, fitness center and a pet park. Leon Capital Group expects to deliver the community in spring 2019.

February 23, 2018

Georgia Healthcare Southeast

Grover Corlew Sells Medical Office Buildings, Adjacent Land South of Atlanta for $16.3M

by Camren Skelton February 23, 2018

FAYETTEVILLE, GA. — Grover Corlew has sold Fayette Surgical Building, Fayette Medical Building and a parcel of undeveloped land in Fayetteville, roughly 22 miles south of Atlanta, for $16.3 million. The Florida-based real estate investment group developed the 17,500-square-foot Fayette Medical Building approximately 10 years ago, and completed the 30,195-square-foot Fayette Surgical Building in October. Resurgens Fayette Surgery Center occupies 16,644 square feet in the Fayette Surgical Building, and Resurgens Orthopaedics and Spine Center occupies 13,551 square feet. The Fayette Medical Building is also leased to Resurgens Orthopaedics.

February 23, 2018

Industrial North Carolina Southeast

M. David Properties Acquires 30-Acre Site in Charlotte to Build 300,000 SF Industrial Park

by Camren Skelton February 23, 2018

CHARLOTTE, N.C. — M. David Properties has acquired a 30-acre site at the intersection of Hucks and Old Statesville roads in Charlotte, with plans to develop a 300,000-square-foot industrial park dubbed SilverPark North. Matthew Greer of JLL arranged the transaction on behalf of the seller, Kathy Godley, while JLL’s Brad Cherry and Pete Pittroff represented M. David Properties. SilverPark North will include three buildings, the first of which will be a 136,000-square-foot speculative building that is due for completion in the first quarter of 2019. The site is situated less than two miles from Interstates 77 and 485.

February 23, 2018

Hospitality South Carolina Southeast

Condor Acquires 93-Room Hilton Hotel Near Charleston for $16.3M

by Camren Skelton February 23, 2018

SUMMERVILLE, S.C. — Condor Hospitality Trust Inc. has acquired a 93-room Home2 Suites by Hilton in Summerville, roughly 25 miles northwest of Charleston. The Maryland-based hospitality REIT acquired the asset for $16.3 million. Everest Hotels Group developed the property, according to The Post and Courier. Inn Ventures, Condor’s management partner, will manage the property, which opened in 2017. The hotel features a business center, convenience shop, Spin2Cycle fitness and laundry facility, barbecue grills, a heater indoor pool and a firepit.

February 23, 2018

California Florida Hawaii Hospitality Illinois Midwest Southeast Top Stories Western

Hyatt to Sell Three-Property Hotel Portfolio for $1B

by Kristin Harlow February 23, 2018

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March. The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center. Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor. Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space. The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt. Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately …

February 23, 2018

Loans Multifamily Retail Southeast Virginia

HFF Arranges $115.4M Construction Financing for Retail, Residential Project in Metro D.C.

by Camren Skelton February 22, 2018

FAIRFAX, VA. — HFF has arranged $115.4 million in construction financing for Scout on the Circle, a 551,000-square-foot residential and retail project in Fairfax, roughly 20 miles west of Washington, D.C. Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged a $100 million floating-rate loan and $15.4 million in preferred equity on behalf of the developer, Washington, D.C.-based Combined Properties Inc. Scout on the Circle will feature a 54,000-square-foot, single-story grocery store, two five-story apartment towers totaling 400 units and 29,000 square feet of ground-floor retail. Apartment units will feature stainless steel appliances, quartz countertops, plank flooring and private outdoor terraces or balconies. Community amenities will include a coffee bar, business center, clubroom, screening room, pool table, fitness center, dog park and two outdoor courtyards with a swimming pool, grilling areas, shuffleboard and a ping pong table. The transit-oriented property will be located one mile from the Vienna Metrorail station and less than four miles from George Mason University’s campus. Combined Properties expects to complete Scout on the Circle in 2021.

February 22, 2018

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