Southeast

Williams Realty, Partners Receive Construction Loan for Mixed-Use Project in Raleigh’s CBD

by Camren Skelton February 20, 2018

RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.

February 20, 2018

Florida Multifamily Southeast

CBRE Brokers Sale of Newly Constructed Apartment Community Near Orlando

by Camren Skelton February 20, 2018

KISSIMMEE, FLA. — CBRE has brokered the sale of Lugano, a newly constructed, 288-unit apartment community located at 3021 Savosa Ave. in Kissimmee, roughly 20 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and developer, Fore Property Co. Cortland Partners acquired the property for an undisclosed price. Constructed in 2017, the LEED Silver-certified community features a resort-style pool, 24/7 fitness center, spinning room, yoga room, clubhouse, fishing pond, dog park, car care center, business center and barbecue grills. Individual units average 1,025 square feet.

February 20, 2018

Florida Restaurant Retail Southeast Tennessee

CBL Properties Signs New Restaurants to Mall Redevelopment Projects in Florida, Tennessee

by Camren Skelton February 20, 2018

DAYTONA BEACH, FLA. AND CHATTANOOGA, TENN. — CBL Properties has signed leases with five new restaurants at shopping malls in Daytona Beach and Chattanooga. The new dining options are part of the redevelopment of two former Sears Auto Centers, which CBL acquired in 2017. Bonefish Grill, Metro Diner and The Casual Pint will join the tenant mix at Volusia Mall in Daytona Beach. Tennessee-based Aubrey’s and Panda Express will open at Northgate Mall in Chattanooga. Construction on both mall redevelopments will begin in March, with an expected opening for all five eateries this fall.

February 20, 2018

Industrial South Carolina Southeast

Miller-Valentine Breaks Ground on 200,000 SF Spec Industrial Building in Columbia

by Camren Skelton February 20, 2018

COLUMBIA, S.C. — Miller-Valentine Construction has broken ground on Midway Logistics III, a 200,000-square-foot speculative industrial building located in Columbia’s 350-acre Lexington County Industrial Park. Magnus Development Partners is developing the project. The building, designed for distribution and light manufacturing tenants, will feature 30-foot clear heights, LED lighting, an ESFR sprinkler system, 21 dock doors, two drive-ins and entries for tenant offices. In addition, the site is designed to allow for a shared dock apron to support a future distribution facility on an adjacent lot. The project is on a 30-week construction schedule. In November, Miller-Valentine completed construction on the nearby Midway Logistics II. Lexington County Industrial Park is home to tenants such as Husqvarna, JamPak, Home Depot and Republic National Distributing Co. Colliers International is handling leasing for Midway Logistics III.

February 20, 2018

Florida Office Southeast

IPA Brokers $43.2M Sale of Two-Building Office Portfolio in Broward County

by Camren Skelton February 19, 2018

PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-square-foot office portfolio in Plantation. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of Gramercy Property Trust sold the portfolio for $43.2 million. Douglas Mandel and Todd Everett of IPA arranged the transaction on behalf of the seller and procured the buyer, a joint venture between IP Capital Partners LLC and a fund managed by Westport Capital Partners LLC. Both buildings are leased to Crawford & Co. through 2021, and Centerfield and Aetna Life Insurance Co. are subleasing at the property. Plantation Corporate Center I & II is located at 1600 and 1601 S.W. 80th Terrace, within one mile of two shopping malls, retail plazas and five golf courses.

February 19, 2018

Florida Loans Multifamily Seniors Housing Southeast

BMO Harris Provides $35.3M Construction Loan for 171-Unit Seniors Housing Asset in Jacksonville

by Camren Skelton February 19, 2018

JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon, fitness center, library, putting green, pet grooming center and a piano and instrumental practice room. The community is expected to open in 2019.

February 19, 2018

Affordable Housing Loans Multifamily Southeast Tennessee

Dwight Capital Funds $31M HUD Loan for Affordable Housing Rehabilitation in Nashville

by Camren Skelton February 19, 2018

NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.

February 19, 2018

Florida Multifamily Southeast

Phoenix Realty Acquires Multifamily Community in Tampa Bay Area for $28.2M

by Camren Skelton February 19, 2018

BRANDON, FLA. — Phoenix Realty Group (PRG) has acquired Tuscany Villas, a 248-unit apartment community in Brandon, for $28.2 million. PRG will invest in a capital improvement program and will rename the community Alvista Sterling Palms. Planned upgrades include new signage, an enhanced amenity package, installation of faux wood flooring in all common areas, new countertops, new kitchen cabinet doors, new hardware and stainless steel appliances. The community was originally constructed in 1997. Of the units, 20 percent are reserved for residents earning less than 50 percent of the area median income (AMI). The acquisition marks PRG’s third apartment community in Florida.

February 19, 2018

Georgia Loans Multifamily Southeast

Berkadia Arranges $19.1M Sale, $14.3M Financing for Apartment Asset in Metro Atlanta

by Camren Skelton February 19, 2018

DORAVILLE, GA. — Berkadia has arranged the $19.1 million sale of Azalea Ridge, a 281-unit apartment community located at 3214 Valley Bluff Drive in Doraville, roughly 25 miles northeast of downtown Atlanta. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the sale on behalf of the seller, Alexander Property Group. Berkadia’s Richard Levine originated a $14.3 million Freddie Mac loan on behalf of the buyer, Zavala Capital. The seven-year loan features a floating interest rate, 30-year amortization schedule and a 75 percent loan-to-value ratio. Azalea Ridge offers one- and two-bedroom units and features a pool, community picnic area and a fitness center.

February 19, 2018

Market Reports North Carolina Retail Southeast Southeast Market Reports

Triangle Riding High Amid New Retail Development in Downtown Submarkets

by John Nelson February 19, 2018

The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking advantage of this momentum, and the local retail market is thriving as a result. At the conclusion of third-quarter 2017, the Triangle retail vacancy was 6.7 percent. This represents a 60-basis point increase year-over-year. However, there was over 340,000 square feet of positive net absorption during the same quarter. This stat marks the highest quarter of positive absorption for the market since the second quarter of 2014. There were several notable retail deliveries in 2017, such as Carolina Square, containing nearly 50,000 square feet of ground floor retail space. The mixed-use project is located along Franklin Street in Chapel Hill and is a joint venture between Cousins Properties and Northwood Ravin. The retail portion of Carolina Square delivered 84 percent preleased and is anchored …

February 19, 2018

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