Southeast

Cushman & Wakefield Brokers $20.3M Sale of Office Park in Tampa

by Camren Skelton January 30, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $20.3 million sale of Bay West, a 195,558-square-foot office park located at 5660 to 5840 W. Cypress St. in Tampa’s Westshore district. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based Equus Capital Partners Ltd. Greenville, S.C.-based RealOP Investments acquired the asset. Bay West includes eight office buildings, constructed between 1983 and 1985. At the time of sale, the office park was 95 percent leased to tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s. Paula Buffa and Lauren Coup of Cushman & Wakefield have been retained to handle the property’s leasing assignment.

January 30, 2018

Kentucky Retail Southeast

Albanese Cormier Holdings Acquires Two Shopping Centers in Kentucky Totaling 425,930 SF

by Camren Skelton January 30, 2018

NEWPORT, KY. — Albanese Cormier Holdings has acquired a two-property shopping center portfolio in Newport for an undisclosed price. The adjacent properties — Newport Plaza and Newport Shopping Center — are located at 82 Carothers Road and 1727 Monmouth St., respectively. Newport Plaza is home to tenants including Dollar Tree, Fresh Thyme, Planet Fitness and Verizon Wireless. The 264,196-square-foot Newport Shopping Center houses tenants such as Aaron’s, ACE Hardware, Defender Direct, Dollar General, Family Dollar and Taco Bell. Scott Katz of Midland Retail arranged the transaction on behalf of the undisclosed seller.

January 30, 2018

District of Columbia Multifamily Southeast Top Stories

Urban Investment Partners, Atalaya Acquire Apartment Community in Washington D.C. for $95.5M

by Katie Sloan January 30, 2018

WASHINGTON, D.C. — A partnership between Urban Investment Partners (UIP) and Atalaya Capital Management has acquired Onyx on First, a 266-unit apartment community located in Washington, D.C.’s Capitol Riverfront neighborhood for $95.5 million. The seller was J.P. Morgan, according to the Washington Business Journal. Constructed in 2008, Onyx on First was originally developed by Faison Development as condominiums, but was converted to rental apartments upon delivery. The property is located at 1100 First St. S.E., two blocks from Washington Nationals Park and near the Navy Yard Metro station. The community features shared amenities including a rooftop deck and pool, fitness center, picnic area with grills, courtyard, underground parking and controlled-access entry. The new ownership will update the property by installing cell phone repeaters to improve cell phone service, expanding the outdoor kitchens, installing dog runs and adding other building enhancements. Upon closing, UIP and Atalaya separated the land and building and sold the land to Safety, Income & Growth Inc. (SAFE), a publicly traded owner of ground-net leases. SAFE then leased the land to UIP under a 99-year ground lease. Andy Weiss of Gem Equity structured the placement of the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae …

January 30, 2018

District of Columbia Office Southeast

ASB Sells Office Building in D.C.’s East End for $144M

by Camren Skelton January 29, 2018

WASHINGTON, D.C. — ASB Real Estate Investments has sold 900 G Street N.W., a 112,635-square-foot office building in Washington, D.C.’s East End submarket, for $144 million. The firm completed the transaction on behalf of the Allegiance Fund, its $7.4 billion core investment vehicle. Eastdil Secured LLC arranged the transaction on behalf of ASB, and DLA Piper LLC served as ASB’s counsel. An affiliate of Masaveu Real Estate US, advised by EXAN Capital, acquired the building. Masaveu is a subsidiary of Corporacion Masaveu of Spain. ASB developed 900 G Street in partnership with MRP Realty, and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The Gensler-designed building was 95 percent leased at the time of sale to tenants including Simpson Thacher, Swiss RE, Rin Tinto, Herman Miller, Truth Initiative and BMW.

January 29, 2018

Georgia Loans Multifamily Southeast

Trillium Capital Arranges $37.5M HUD Loan for New Apartment Community in Metro Atlanta

by Camren Skelton January 29, 2018

CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.

January 29, 2018

North Carolina Office Southeast

Keith Corp. Breaks Ground on Pharmaceutical Company’s Headquarters in Research Triangle Park

by Camren Skelton January 29, 2018

DURHAM, N.C. — The Keith Corp. has broken ground on a 159,000-square-foot corporate headquarters for Rho Inc., a contract research organization that provides clinical drug development services. Located at the corner of Highway 54 and TW Alexander Drive in Durham, the building is situated within Triangle 54 Office Park, a 39-acre office park under development in North Carolina’s Research Triangle Park submarket. The Rho project is the first of three phases within the park. At full build-out, Triangle 54 will include up to 477,000 square feet of office space, a parking ratio of 4.5 per 1,000 square feet, walking trails and other outdoor amenities. The new corporate headquarters building will be five stories tall and will feature glass exteriors, a game room, café, work lounges and exterior gathering spaces. Rho Inc. will occupy the entire building, which is slated for completion in spring 2019. The project team includes general contractor Choate Construction, architects LS3P and Little Diversified Architectural Consultants, civil engineer McAdams Co. and planning and design firm Kimley Horn.

January 29, 2018

Affordable Housing Georgia Multifamily Seniors Housing Southeast

Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M

by Camren Skelton January 29, 2018

ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.

January 29, 2018

Florida Loans Retail Self-Storage Southeast

HFF Secures $14.2M Loan for Retail, Self-Storage Property in South Florida

by Camren Skelton January 29, 2018

PEMBROKE PINES, FLA. — HFF has arranged a $14.2 million senior loan for Sheridan Village, a 63,654-square-foot retail center and self-storage facility in Pembroke Pines. Scott Wadler and Jesse Wright of HFF arranged the seven-year, fixed-rate loan through Mercantil Bank NA on behalf of the borrowers, construction firm ANF Group Inc. and its affiliate Sheridan Real Estate Group LLC. The borrowers will use the loan proceeds to retire the existing construction loan. Phase I of Sheridan Village was completed in December 2016 and includes 15,098 square feet of retail fronting Sheridan Street. The second phase, completed in December 2017, includes an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self-storage space, situated on two floors above the ground-floor retail space. Both phases are fully leased or preleased to tenants including Dunkin’ Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy and an Italian restaurant.

January 29, 2018

Florida Market Reports Retail Southeast Southeast Market Reports

Seller’s Market for Jacksonville Retail Creates Opportunities for Investors

by John Nelson January 29, 2018

The Jacksonville and North Florida retail markets are seeing an increase and influx in new investment activity. Analysts are watching the volume, vacancy rate and new construction, and all signs point to a seller’s market, but compared with other Florida cities, the cap rate and the opportunities are still attractive to retail investors. What sets Jacksonville apart from other cities in Florida and across the country is the area’s strong employment growth and the amount of developable land still available. The rate of employment in Jacksonville is growing at double the national average. In addition, the city continues to attract back-office facilities for major banks and for Amazon, and its seaport is busier than ever. Housing also continues to boom in areas like Northern St. Johns County. According to third-quarter 2017 analyst reports, Jacksonville’s retail vacancy rate went down slightly from 4.6 percent in the previous quarter to 4.5 percent, or 93.5 million total square feet. Absorption totaled 710,101 square feet through the first three quarters of 2017, with about 590,000 square feet ready for occupancy or delivered, and 700,109 square feet under construction. Retail Tenant Shift Nationally, we saw stalled volume of sales during the downturn along with declining …

January 29, 2018

District of Columbia Loans Multifamily Southeast

Record Year: Fannie Mae Multifamily’s Deal Volume Tops $67B in 2017

by Camren Skelton January 26, 2018

WASHINGTON, D.C. — Fannie Mae generated more than $67 billion in multifamily financing in 2017, the highest volume ever recorded for its Delegated Underwriting and Servicing (DUS) program, which is in its 30th year of operation. The agency financed more than 750,000 multifamily units last year, breaking records in several segments including green financing, seniors housing, structured transactions and affordable housing. Fannie Mae’s biggest gains came in its seniors housing and green products. The agency generated $5.5 billion in seniors housing loans last year, up 267 percent from 2016. For its green product — loans on properties with Green Building Certification or those targeting a 20 percent reduction in energy/water consumption — Fannie Mae closed $27.6 billion in financing last year, a 667 percent jump from its 2016 volume. Walker & Dunlop closed approximately $9.1 billion of Fannie Mae financing last year, making the firm the No. 1 DUS lender of 2017. The company also produced the most green loans last year for the agency. The top affordable housing DUS lender was Wells Fargo Multifamily Capital, the top small loan DUS lender was Arbor Commercial Funding I LLC and the top DUS lender in the seniors housing space was KeyBank NA.

January 26, 2018

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