Southeast

JBG Smith, Canada Pension Plan Form Joint Venture for Equity Stake in $225M D.C. Office Development

by Camren Skelton February 28, 2018

WASHINGTON, D.C. — JBG Smith has formed a joint venture with Canada Pension Plan Investment Board (CPPIB) to develop and own 1900 N Street, a $225 million office development under construction in Washington, D.C.’s central business district. CPPIB will invest approximately $101 million in the 11-story building, giving it a 45 percent stake in the project. JBG Smith will continue to develop, manage and lease the asset. The property was 29.6 percent preleased as of the third quarter of 2017. International law firm Goodwin Procter LLP has preleased 80,329 square feet at the building, according to the Washington Business Journal. JBG Smith’s portfolio comprises more than 20 million square feet of office, multifamily and retail assets in the D.C. area. As of Dec. 31, 2017, the CPP Fund totaled $337.1 billion.

February 28, 2018

Industrial North Carolina Southeast

Greycor Completes 324,480 SF Warehouse Expansion Near Charlotte for Food Packaging Company

by Camren Skelton February 28, 2018

HUNTERSVILLE, N.C. — Greycor Construction Co. Inc. has completed the 324,480-square-foot expansion of a manufacturing and distribution facility in Huntersville leased to Pactiv LLC, a food packaging company. Prairie Brookwood LLC owns the facility, which is located at 14201 Meacham Farm Drive, roughly 15 miles north of Charlotte. The facility remained fully operational during the expansion, which more than doubled the size of the building. The $14 million expansion included eight concrete placements of roughly 40,000 square feet each, 70 concrete tilt-up walls, structural steel, metal decking, TPO roofing and 35 new loading docks. In addition, the build-out created new jobs in the area. The original facility was constructed more than 10 years ago and was the first building within Commerce Station Park, a public-private partnership between Prairie Brookwood and the towns of Cornelius, Davidson and Huntersville.

February 28, 2018

Florida Hospitality Loans Mixed-Use Multifamily Southeast

Madison Realty Capital Provides $26M Construction Loan for Mixed-Use Project in Miami

by Camren Skelton February 28, 2018

MIAMI — Madison Realty Capital has provided a $26 million first mortgage loan for the development of Triton Center, a new mixed-use project in Miami. The loan is collateralized by two development sites located at 7880 and 8540 Biscayne Blvd. The 7880 Biscayne Blvd. site currently houses a vacant 11-story office building that was previously home to the U.S. Immigration and Naturalization Service (INS). The undisclosed borrower acquired the site in 2013 and has since demolished the interior of the building, with plans to convert it into a 139-room Hilton Garden Inn hotel. Triton Center will also include two apartment buildings totaling 324 units, 585 parking spaces and 25,000 square feet of retail space. Stantec will design the development. The 8540 Biscayne Blvd. site comprises six sub-parcels. The developer plans to construct an additional large-scale multifamily community at the site. A timeline for the projects was not disclosed.

February 28, 2018

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $13.4M Sale of Affordable Housing Community in Southwest Florida

by Camren Skelton February 28, 2018

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $13.4 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. Evan Kristol of Marcus & Millichap arranged the transaction on behalf of the seller, a limited liability company, and the buyer, a private investor. Crossings at Cape Coral features a fitness center, pool, playground, laundry facilities, car wash area, business center and a volleyball court. All of the units at the property are reserved for residents earning 60 percent or less of the area median income.

February 28, 2018

Georgia Hospitality Southeast

Waramaug Acquires 97-Room Candlewood Suites Hotel in Athens, Georgia

by Camren Skelton February 28, 2018

ATHENS, GA. — Waramaug LS Hotels LLC has acquired a 97-room Candlewood Suites in Athens, located roughly six miles west of the University of Georgia campus. The name of the seller and sales price were not disclosed. Waramaug plans to renovate the property, which was constructed in 2009, with updated guest rooms, public spaces and exterior. Interstate Hotels & Resorts will manage the property. The hotel features free Wi-Fi, a fitness center, business center, on-site laundry service, outdoor gazebo, grill and picnic tables.

February 28, 2018

Georgia Loans Southeast

SunTrust Awarded $70M in Tax Credit Authority to Finance Community Development Projects

by Camren Skelton February 28, 2018

ATLANTA — Atlanta-based SunTrust Banks Inc. has been selected to receive $70 million in tax credit allocation authority from the U.S. Treasury Department’s Community Development Financial Institutions Fund. The financing is part of the New Markets Tax Credit (NMTC) program, which permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The program is designed to attract private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs. SunTrust’s subsidiary, SunTrust Community Development Enterprises, was one of 73 recipients to receive credit from the program. This is the ninth time SunTrust has been selected as a recipient, with awards totaling $578 million in allocation authority.

February 28, 2018

Florida Loans Multifamily Seniors Housing Southeast

NorthMarq Arranges $4M Permanent Loan for Seniors Housing Community in Deland, Florida

by Camren Skelton February 28, 2018

DELAND, FLA. — NorthMarq Capital has arranged a $4 million permanent loan for Whisperwood Manufactured Home Park, a 396-unit seniors housing/manufactured home park located at 3070 Whisper Blvd. in Deland, roughly 40 miles north of Orlando. Larry Curry of NorthMarq arranged the loan on behalf of the undisclosed borrower through its correspondent relationship with a life insurance company. The community features a 9-hole pitch and putt golf course, two swimming pools, billiard and poker tables, lighted tennis courts, shuffleboard courts, bocce ball courts, horseshoes, library and a fully equipped kitchen.

February 28, 2018

Multifamily Southeast Virginia

Aimco Acquires Apartment Community in Metro D.C. for $160M

by Camren Skelton February 27, 2018

CENTREVILLE, VA. — Denver-based Apartment Investment and Management Co. (Aimco) has acquired Bent Tree, a 748-unit apartment community in Centreville, roughly 25 miles southwest of Washington, D.C., for $160 million. The name of the seller was not disclosed. Bent Tree offers a mix of one- to three-bedroom units with average monthly rents of roughly $1,500. Community amenities include a swimming pool, fitness center, clubhouse, sports courts and a playground. Aimco plans to achieve rent growth through capital improvements, but did not specify what renovations would be implemented.

February 27, 2018

North Carolina Office Southeast

KBS, Kane Sell Office Building in Raleigh’s North Hills Development for $127M

by Camren Skelton February 27, 2018

RALEIGH, N.C. — Newport Beach, Calif.-based KBS Realty Advisors and Raleigh-based Kane Realty Corp. have sold Midtown Plaza, a 12-story office building in Raleigh, for $127 million. The newly built office property is located within North Hills, a mixed-use development that features hotels, apartment units, a movie theater, retail and restaurant space. KBS and Kane completed construction on the building last spring. Healthcare technology company Allscripts occupies nine of the 12 floors. James Cassidy and Jud Ryan of Newmark Knight Frank represented KBS and Kane in the transaction. The name of the buyer was not disclosed.

February 27, 2018

Georgia Retail Southeast

FCA Signs Two New Tenants at 44,500 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton February 27, 2018

ATLANTA — Charlotte-based FCA Partners has inked leases with two new tenants at The Exchange, a 44,500-square-foot shopping center located on Peachtree Road in Atlanta’s Buckhead district. Tootsie’s, a Houston-based women’s apparel and accessories retailer, relocated from Buckhead’s Shops Around Lenox to a new 7,000-square-foot location at The Exchange on Feb. 7. OVME Aesthetics, a skincare boutique, will open a 2,500-square-foot location at the center on March 1. The new-to-market concept offers services including Botox, Dysport, dermal fillers and volumizers, microneedling, CoolScuplting, hormone replacement therapy and laser hair removal. Stephanie McCall of The Shopping Center Group arranged the lease transactions on behalf of FCA. The new tenants join The Exchange’s existing retailers including Sephora, SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar. Dancing Goats Coffee Bar is expected to open at The Exchange this spring, and a restaurant concept from the creator of Yeah! Burger and Upbeet is expected to resume construction this spring. The Exchange is currently 83 percent leased.

February 27, 2018

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