Southeast

Avison Young Brokers Sale of Vacant 79,880 SF Office Building in Metro D.C.

by Camren Skelton February 15, 2018

MCLEAN, VA. — Avison Young has brokered the sale of a 79,880-square-foot office building located at 1764 Old Meadow Lane in McLean, roughly 14 miles west of Washington, D.C. Rob Walters, Chip Ryan, John Kevill and Jim Kornick of Avison Young arranged the transaction. Young Group Inc. acquired the six-story building for an undisclosed price. The vacant building is situated on 1.9 acres of land. Young Group plans to convert the building into a self-storage facility. Butz-Wilbern is providing design services for the project.

February 15, 2018

Florida Office Retail Southeast

East End Capital, GreenOak Acquire Office, Retail Building in Miami Beach for $38M

by Camren Skelton February 14, 2018

MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Avenue, an office and retail building in Miami Beach. EOSII at 555 Washington LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 million, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Arquitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion houses tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property’s office leasing, while Zach Winkler of JLL is overseeing the leasing of the building’s retail portion.

February 14, 2018

Affordable Housing Florida Loans Multifamily Southeast

Hunt Capital Provides $13.4M in LIHTC for New Affordable Housing Community North of Orlando

by Camren Skelton February 14, 2018

DELAND, FLA. — Hunt Capital Partners has provided $13.4 million in low-income housing tax credits (LIHTC) for the development of The Pines, a 100-unit affordable housing community in DeLand, roughly 50 miles north of Orlando. Hunt Capital Partners structured the funding through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27, on behalf of the project developer, Roundstone Development LLC. The Pines will offer a mix of one- to four-bedroom units, all set aside for households earning up to 40 and 60 percent of the area median income (AMI). Five units will have a preference for “Special Needs Households,” or households consisting of families considered to be homeless, survivors of domestic violence, persons with disabilities or youth aging out of foster care. Community amenities will include onsite management, a clubhouse with a community kitchen, business center, library, fitness center, laundry room, swimming pool and a playground. The development cost for the project is $18.6 million. Bradley Construction Co. Inc. is the general contractor for the project, Brian Rumsey is the architect and Sunchase American Ltd. is the property manager. Construction on The Pines began in December and is slated for completion in January 2019.

February 14, 2018

Alabama Multifamily Southeast Student Housing

CREI Sells 574-Bed Student Housing Community Near Auburn University

by Camren Skelton February 14, 2018

AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.

February 14, 2018

Industrial South Carolina Southeast

Binswanger Brokers Sale of 310,000 SF Industrial Building in Upstate South Carolina

by Camren Skelton February 14, 2018

LIBERTY, S.C. — Binswanger has brokered the sale of a 310,000-square-foot industrial facility located at 7240 Moorefield Memorial Highway in Liberty, a city in Upstate South Carolina. The single-story building is located roughly 17 miles west of Greenville and 35 miles from the Greer Inland Port. Doug Faris and Shaun Kirchin of Binswanger arranged the transaction on behalf of the buyer, Eliken Property Management LLC. Kidco Liberty LLC sold the property for an undisclosed price. Eliken plans to renovate the property to attract new tenants or investors.

February 14, 2018

Industrial Self-Storage Southeast Tennessee

Platinum Storage Group to Develop 828-Unit Self-Storage Facility in Metro Nashville

by Camren Skelton February 14, 2018

BRENTWOOD, TENN. — Platinum Storage Group has unveiled plans to develop Brentwood Self Storage, an 828-unit, 120,000-square-foot self-storage facility in Brentwood, roughly 10 miles south of Nashville. The property is situated on 2.8 acres at the intersection of Old Hickory Boulevard and Cloverland Drive. The storage facility will feature climate-controlled units, 24/7 surveillance, automatic door locks, individually alarmed units, electronic secured floor access and Wi-Fi throughout. Construction on the building is scheduled to begin in March.

February 14, 2018

District of Columbia Loans Southeast

MBA Projects Commercial, Multifamily Mortgage Maturities Held by Non-Bank Lenders to Decline 42 Percent in 2018

by Camren Skelton February 13, 2018

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) forecasts the volume of commercial and multifamily mortgages maturing in 2018 will decrease by 42 percent. According to MBA’s 2017 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes, 6 percent, or $102.2 billion, of the $1.76 trillion in mortgages held by non-bank lenders and investors will mature in 2018, down from the $175.9 billion that matured in 2017. “Because many commercial and multifamily mortgages are 10-year loans, and few loans were made in 2008 during the onset of the credit crunch, mortgage maturities will be 42 percent lower in 2018,” says Jamie Woodwell, vice president of commercial real estate research at MBA, a national real estate finance association based in Washington, D.C. “2017 marked the official end of the so called ‘wall of maturities.’” The loan maturities vary by investor group: 2 percent of mortgages held by Fannie Mae, Freddie Mac, the FHA and Ginnie Mae will mature in 2018; 4 percent of life insurance companies’ outstanding mortgages will mature in 2018; 7 percent of loans held in CMBS will come due this year; and among mortgages held by credit companies and other investors, 22 percent will mature in 2018. Woodwell points out …

February 13, 2018

District of Columbia Georgia Industrial North Carolina Southeast

Brennan, Arch Street Acquire 2.3 MSF Industrial Portfolio Across Four States in Sale-Leaseback Deal

by Camren Skelton February 13, 2018

CHICAGO — Chicago-based Brennan Investment Group LLC, in a joint venture with Arch Street Capital Advisors LLC, has acquired a 2.3 million-square-foot industrial portfolio located throughout four states in a sale-leaseback transaction. The sales price was not disclosed. The four buildings were net-leased back to the seller, BlueLinx Corp., a building and industrial product distributor. The buildings are located in Boston, Raleigh-Durham, Atlanta and Washington, D.C. Since 2011, Brennan and Arch Street have acquired more than $1 billion of single-tenant, net-leased industrial assets.

February 13, 2018

Industrial South Carolina Southeast

CBRE Brokers Sale of 201,500 SF Industrial Park Near Charleston

by Camren Skelton February 13, 2018

MONCKS CORNER, S.C. — CBRE has brokered the sale of Foxbank Industrial Park, a 201,500-square-foot manufacturing and distribution facility located at 2550 U.S. Highway 52 in Moncks Corner, roughly 30 miles north of Charleston. Patrick Gildea, Bob Barrineau, Brandon Redeyoff and Matt Smith of CBRE arranged the transaction on behalf of the seller, JL Woode. CCP Commercial Real Estate acquired the park for an undisclosed price. Foxbank Industrial Park is situated on more than 30 acres and features 25- to 35-foot clear heights, 10,280 square feet of office space, existing bridge cranes, 18 oversized ground-level doors and an outdoor storage area. Sea Fox Boats, a manufacturer of saltwater boats, anchors the property.

February 13, 2018

Healthcare Southeast Tennessee

OGA Completes 27,500 SF Medical Facility Redevelopment for Vanderbilt Health in Nashville

by Camren Skelton February 13, 2018

NASHVILLE, TENN. — Nashville-based Oman-Gibson Associates (OGA) has completed the conversion of a former bowling alley into a 27,500-square-foot outpatient dialysis clinic for Vanderbilt Health. The facility is located at 2906 Foster Creighton Drive in Nashville. As part of the redevelopment, OGA added 7,000 square feet to the existing 20,500-square-foot property. Southeast Venture was the project architect, Fulmer Engineering was the civil engineer and Olympian Construction was the construction manager. The redevelopment brings OGA’s portfolio to more than 350 outpatient medical facilities throughout the United States.

February 13, 2018

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